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Floating Rate Income ETF Starts Trading

A new fixed-income ETF that tracks an index of floating rate securities was launched this week by Van Eck Global.

The Market Vectors Investment Grade Floating Rate ETF (FLTR) tracks an index of floating rate notes or "floaters" with coupons that are linked to three-month LIBOR or other standard reference rates. The floating rate notes in the index are issued by corporations and are rated investment grade by at least one of the three ratings services.

Although most of the notes in the index are issued by financial services companies, the issuers range from investment banks (Goldman Sachs and Morgan Stanley) to insurance companies (MetLife) to commercial and consumer credit companies (American Express Credit, GE Capital).

Designed to be an income product, the exchange traded fund will payout monthly and has a current yield of about 1.01%.

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Van Eck Launches Small-Cap ETFs for Russia and Germany

Two international small-cap exchange traded funds were recently launched by Van Eck Global.

The Market Vectors Russia Small-Cap ETF (RSXJ) provides exposure to Russia's developing local economy through the country's small-cap companies.  The ETF tracks the Market Vectors Russia Small-Cap Index which is comprised of 35 companies with an average market cap of $2.3 billion.  Top sector weightings include Utilities (18%), Materials (17%) and Energy (17%). The fund's expense ratio is 0.67%.

The Market Vectors Germany Small-Cap ETF (GERJ) provides exposure to a group of 95 German companies with an average market cap of $1.2 billion.  The German economy has bounced back from the last recession better than most on the strength of domestic consumption and exports to fast growing Asian countries.

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