Van Eck Planning High Yield Global Bond ETF

Van Eck, parent company of Market Vectors and the sixth-largest U.S. ETF issuer, has filed plans with the SEC to introduce the Market Vectors International High Yield Bond ETF. The filing did not contain a ticker or an expense ratio for the new ETF.

The new Market Vectors ETF will track an index comprised of high yield corporate bonds issued in developed and emerging markets. The issues will be denominated in U.S. and Canadian dollars, euros, British pounds or local currencies.

The Index includes taxable corporate bonds that have a remaining maturity of at least one year, are rated Ba1/BB+ or lower by either Moody's Investors Service or Standard & Poor's, according to the filing. The new ETF will be passively managed.

Market Vectors currently has eight bond funds in its lineup of 34 total ETFs. The Market Vectors Emerging Markets Local Currency ETF (NYSE: EMLC) and the newly minted Market Vectors LatAm Bond ETF (NYSE: BONO) both offer exposure to international bond issues. Those ETFs have $338.6 million and $7.5 million in assets under management, respectively.

Van Eck had about $23 billion in ETF assets under management at the end of April.