Santa Barbara firm set to launch new ETF fund
Jumping on the fast-moving trend is Santa Barbara-based Peritus Asset Management, which launches the first actively managed, high-yield ETF in the country on Dec. 3. The Peritus ETF will focus on corporate bonds — already the investment firm’s niche — and other high-yield debt securities and will trade on the New York Stock Exchange under the ticker symbol HYLD.
ETFs are like mutual funds, but more flexible and user-friendly, offering investors a chance to buy in to a diversified portfolio while retaining the ability to buy or sell at any time during the trading day. In contrast, mutual funds can only be traded once a day.