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PowerShares launches US High Yield Fallen Angels UCITS ETF on Xetra

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PowerShares Global Funds has launched a bond index fund, the PowerShares US High Yield Fallen Angels UCITS ETF, on Xetra.

The new ETF enables investors to participate in the performance of US-dollar-denominated bonds known as “fallen angels” issued by companies based in the US or Canada.
 
These are bonds that have been downgraded from an investment-grade rating or were classified as high-yield in the past and, following an upgrade to investment-grade rating, were downgraded again.
 
The bonds must have a residual maturity of at least one year. The weight in the index is based on a time factor, i.e. bonds that have only recently become fallen angels have a higher weight.

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