Nearly two months ago, Nuveen Investments jumped into the ETF business by way of a deal with State Street Global Advisors, under which Nuveen became the sub-adviser to SSgA's municipal bond ETFs.

Yesterday, the two firms rolled out a new ETF, the first product they jointly developed since unveiling their deal in March. The new offering, SPDR Nuveen Barclays Capital Build America, started trading on the NYSE Arca and sports an expense ratio of 35 basis points. 

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