New York-based asset manager, Van Eck Global, has launched a new floating rate exchange-traded fund (ETF). The Market Vectors Investment Grade Floating Rate ETF will track the Market Vectors Investment Grade Floating Rate Index, which consists of a portfolio of corporate U.S. dollar-denominated investment grade floating rate notes. The portfolio carries a gross expense ratio of 0.49% and a net expense ratio of 0.19%. The Floating rate ETF is the 33rd Market Vectors ETF by Van Eck and the seventh of its fixed-income ETFs spanning municipal, international and corporate bond categories.
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