IndexIQ has started trading of the IQ Japan Mid Cap ETF, ETF Daily News reports. The new vehicle will track the performance of the IQ Japan Mid Cap Index, which was developed by Financial Development Holdco.

The fund will invest at least 80% of its total assets in securities of the index or depository receipts based on the securities of the index. The U.S. dollar-denominated market capitalizations of the IQ Japan Mid Cap Index ranged from nearly $2.2-3.6 billion, as of March 31, 2011.

Click here for the story from ETF Daily News.