ProShares, the fourth largest U.S. exchange traded fund provider known for its alternative leveraged and inverse offerings, recently launched a German sovereign debt ETF.

Proshares released the ProShares German Sovereign/Sub-Sovereign ETF (NYSEArca: GGOV), which tries to reflect the performance of the Markit iBoxx EUR Germany Sovereign & Sub-Sovereign Liquid Index. The ETF will hold investment-grade fix-rate debt securities issued from the German government, local governments and government-backed agencies.

No component may be weighted more than 24%, and the sum of the issuers that have a weight of 5% or more will account for less than 50% of the overall fund.

The fund has 33 components, with an average maturity of 5.53 years and an average coupon of 3.52%.

GGOV has a a fee waiver of 0.33% for the first year, so the fund will maintain an expense ratio of 0.45% for the first year, according to the fund prospectus.

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