Market Vectors gives details of new International High Yield Bond ETF

By Toni Weeks

San Diego, April 4 - Market Vectors ETF Trust provided more details about its new International High Yield Bond ETF, which launched on Monday.

According to a 497 filing with the Securities and Exchange Commission, the exchange-traded fund will trade on the NYSE Arca under the symbol "IHY."

The fund normally invests at least 80% of its total assets in securities that comprise its underlying benchmark index, the BofA Merrill Lynch Global Ex-US Issuers High Yield Constrained Index. The fund seeks to replicate, before fees and expenses, the price and yield performance of the index, which is composed of below-investment-grade debt issued by corporations located outside the United States, including emerging market countries, and denominated in euros, dollars, Canadian dollars or pound sterling.

Michael F. Mazier and Francis G. Rodilosso are the portfolio managers.

Total annual fund operating expenses, which consists solely of a management fee, is limited to 0.4% due to a fee waiver with the adviser. The agreement expires Sept. 1, 2013.

New York-based Van Eck Associates Corp. serves as the investment adviser.

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