PowerShares filed registration Tuesday for a new exchange-traded fund that tracks the S&P International Corporate Bond Index. The PowerShares International Corporate Bond Portfolio will have an expense ratio of 50 basis points and should enter the market after the 60 day waiting period expires.

The fund is not the first corporate bond index tracking ETF. PowerShares competitor iShares launched the iBoxx $ High Yield Corporate Bond Fund in April 2007, which also has an expense of 50 bps. Passive powerhouse Vanguard has been offering the Vanguard Long-Term Corporate Bond ETF at the low price of 15 basis points since November.

The fund's portfolio will be managed by Peter Hubbard, Philip Fang and Jeffrey Kernagis.

BNY Mellon is the fund's custodian, accounting and transfer agent. Invesco will distribute the fund. Dechert provides legal counsel. 

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