Van Eck Files For Short-Term Junk Muni ETF
Van Eck Global, the parent company of ETF issuer Market Vectors, has filed plans with the Securities and Exchange Commission to possibly introduce an ETF focusing on short-dated, non-investment grade municipal bonds.
The Market Vectors Short High-Yield Municipal Index ETF will track the Short High Yield Index. The new fund will use a sampling strategy, which means it will not include all of the issues in the index, Index Universe reported. Van Eck's SEC filing did not include a ticker or expense ratio.
Market Vectors currently sponsors six muni bond ETFs, including the popular Market Vectors High-Yield Municipal Index ETF (NYSE: HYD), which has almost $804 million in assets under management, and the $159 million Market Vectors Short Municipal Index ETF (NYSE: SMB).
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