Van Eck Global’s Market Vectors ETF Trust has launched an exchange-traded fund that will focus on U.S.-issued “Fallen Angels”— corporate bonds that were rated investment grade at the time of their original issuance but which have since been downgraded to below investment grade status.

The fund, Market Vectors Fallen Angel High Yield Bond ETF, is marketed by the company as the the first U.S.-listed ETF designed to specifically address this segment of the U.S. corporate high yield bond market.

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