HHYX tracks an index composed of euro, British pound sterling and Canadian dollar denominated high-yield debt. Consequently, the new ETF largely focuses on developed economies, including 22.2% Italy, 15.1% U.K., 14.7% Germany, 12.6% France, 5.9% U.S., 5.8% Spain, 4.8% Luxembourg, 3.1% Canada, 2.5% Ireland, 2.2% Netherlands, 1.5% Greece and 1.4% Sweden. [High-Yield Europe Bond ETF Options]

The sector exposures include banking 19.1%, capital goods 17.0%, consumer cyclical 16.7%, communications 16.1%, consumer non-cyclical 9.5% and basic industry 6.5%.

The ETF’s credit quality breakdown includes BB 63.1%, B 30.5% and CCC 4.8%.

HHYX has 0.43% expense ratio, a slightly more expensive than its non-hedged HYXU’s 0.40% expense ratio. To get a sense of HHYX’s likely yield, HYXU shows a 3.83% 30-day SEC yield.

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

Max Chen contributed to this article.