Van Eck launches long muni bond ETF

Van Eck Associates Corp. launched trading of the Market Vectors-Lehman Brothers AMT-Free Long Municipal Bond Index exchange traded fund on the American Stock Exchange today. The fund, which is traded under the ticker symbol "MLN," is designed to give investors exposure to investment-grade municipal bonds with a nominal maturity of 17 years or more. The ETF seeks to replicate the price and yield of the Lehman Brothers AMT-Free Long Continuous Municipal Index, which includes issues that are investment grade and not subject to the alternative minimum tax. The fund carries an expense ratio of 0.24%. This new ETF joins the Market Vectors-Lehman Brothers AMT-Free Intermediate Municipal Index ETF, which was launched by Van Eck on the Amex on Dec. 6. Van Eck of New York managed over $9.2 billion in assets as of Dec. 31, 2007, including seven ETFs had a total of over $3.6 billion in assets under management.