A new fixed-income ETF that tracks an index of floating rate securities was launched this week by Van Eck Global.

The Market Vectors Investment Grade Floating Rate ETF (FLTR) tracks an index of floating rate notes or “floaters” with coupons that are linked to three-month LIBOR or other standard reference rates. The floating rate notes in the index are issued by corporations and are rated investment grade by at least one of the three ratings services.

Although most of the notes in the index are issued by financial services companies, the issuers range from investment banks (Goldman Sachs and Morgan Stanley) to insurance companies (MetLife) to commercial and consumer credit companies (American Express CreditGE Capital).

Designed to be an income product, the exchange traded fund will payout monthly and has a current yield of about 1.01%. The net expense ratio for the fund is 19 basis points.

For more ETF investing choices, see the list of Short Term Fixed Income ETFs.