Market Vectors prepares to launch Global Fallen Angel Bond ETF

By Toni Weeks

San Diego, Jan. 30 - Market Vectors ETF Trust announced plans to launch the Global Fallen Angel Bond ETF, according to an N-1A filing with the Securities and Exchange Commission.

The fund will seek to replicate as closely as possible, before fees and expenses, the price and yield performance of the Bank of America Merrill Lynch Global Fallen Angel High Yield Index. It will invest at least 80% of its total assets in securities that comprise the index, which consists of high-yield corporate debt that was rated investment grade at the time of issue. The securities represent corporations located throughout the world, and the debt may be denominated in euros, dollars, Canadian dollars or pound sterling.

The portfolio manager will be Michael F. Mazier.

The fund will trade on the NYSE Arca. The ticker symbol has not been determined.

Fees and expenses have not yet been disclosed.

The fund's investment adviser will be New York-based Van Eck Associates Corp.

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