Van Eck Global will launch a new fund-of-funds ETF, Index Universe reports. The Market Vectors Fixed Income Closed-End Fund ETF will track the Market Vectors Fixed Income Closed-End Fund Index.
The underlying index is focused on U.S. closed-end funds that own taxable fixed-income securities, such as investment-grade and/or high-yield securities. The weighting of each individual closed-end fund in the ETF will be limited to 3%, which could contribute to the proposed ETF’s tracking error.
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