The fund will hold 80% of its assets in underlying index securities and the rest will be invested in closed-end funds (CEFs) to provide extra liquidity.

Fulton remarks that the loans are short-term and will reset, which are attractive features among investors who follow rate movements and want short-term products.

BKLN is clearly meeting a need with investors. In its first day of trading, 1.5  million shares had changed hands, with a half hour left in the trading day. Fulton says that both institutional and retail investors have expressed interest in the product.

“There are a lot of people who like this asset class because it may have a high yield that’s attractive for the duration of the portfolio,” Fulton says. Not only that, but it has all the usual benefits of ETFs: low pricing, liquidity, transparency. “We’re very encouraged by today’s volume and more excited about down the road.”

For more information on new ETFs, visit our new ETFs category.

Max Chen contributed to this article.