April 26, 2011 at 09:00 AM EDT
Van Eck Launches Floating Rate Debt ETF (FLTR)
Van Eck is best known in the ETF world for its suite of funds focusing on equities of hard asset producers and emerging markets. But the latest offering from the New York-based issuer targets a corner of the fixed income market that has historically not been readily accessible through exchange-traded products. The new Investment Grade Floating Rate ETF (FLTR) will seek to replicate the Market Vectors Investment Grade Floating Rate Index, a benchmark that consists of dollar-denominated floating rate notes issued by corporations. Component securities must be rated investment grade (BBB- / Baa3) or better by at least one of the three major ratings agencies. Most corporate debt securities pay a fixed coupon over the term of the issue. Floating rate securities, or “floaters,” feature coupons that are pegged to a reference rate, such as 3-month LIBOR, plus a spread. For example, debt may be issued with a coupon equal [...] Click here to read the original article on ETFdb.com. Related Posts: ETF Pipeline: Floating Rate Bonds, European Bonds, And More State Street Plans Active ETFs March ETF Roundup: Launches, Filings, and Closures Recapping Impressive Innovation In Bond ETF Space Bond ETFs That Steer Clear Of Interest Rate Risk
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