A new bond exchange traded fund (ETF) launched on the American Stock Exchange today. The SPDR Lehman High Yield Bond ETF (JNK) joins the State Street Global Advisors ETF family, and brings the Amex listed ETFs to 377. The company states JNK uses a passive management strategy designed to track the performance of the Lehman Brothers High Yield Very Liquid Index. It measures the performance of publicly issued U.S. dollar denominated high yield corporate bonds with above-average liquidity. There are 105 holdings with a duration of 5.03.  Top sector weights include communications at 23.6%; basic industry at 14.4%; and consumer non-cyclical at 14.3%.

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