PIMCO announced Tuesday that two new exchange-traded funds, the PIMCO Build America Bond Strategy Fund and the PIMCO Investment Grade Corporate Bond Index Fund.

The BAB fund is an actively managed ETF that will sidestep municipalities that PIMCO believes face deteriorating credit quality, while the corporate bond fund is an index fund tracking the BoA Merrill Lynch U.S. Corporate Index. John Cummings, head of PIMCO’s municipal bond desk, manages the BAB fund, and Vineer Bhansali, managing director, is running the corporate bond fund.

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