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April 01, 2009 at 04:00 AM
Over the past several months, Van Eck Global has been one of the busiest issuers of new ETFs. In late January, Van Eck launched the Market Vectors Indonesia Index ETF (IDX) followed by the Market Vectors Pre-Refunded Municipal Index ETF (PRB).
More recently, the company has launched the Market Vectors High Yield Municipal Index ETF (HYD), which is pegged to the performance of high yielding municipal bonds.
The fund follows the Barclays Capital Municipal Custom High Yield Composite Index. The ETF, which owns just 46 securities, takes a sampling approach in its attempt to replicate the performance of the index, which holds 4,186 securities. The nominal maturity of the bonds is greater than one year.
