Details on NY Fed's announcement of ETF.........>

FED: Details on NY Fed's announcement of ETF purchases as part of Secondary

Market Corporate Credit Facility (SMCCF):

- Eligibility for purchase: U.S.-listed ETFs "whose investment objective is to

provide broad exposure to the market for U.S. investment-grade corporate bonds"

and U.S.-listed ETFs "whose primary investment objective is exposure to U.S.

high-yield corporate bonds".

- "In some cases, the holdings of ETFs may include underlying bonds that have a

remaining maturity longer than 5 years at the time of purchase, or include

underlying bonds that would otherwise be ineligible for purchase by the SMCCF."

Compared w 5 years maximum for purchase of bonds themselves.

- Limited to buying at most 20% of an ETF's outstanding shares.

- Expected to begin purchasing eligible ETFs in "early May".

- Buys to cease no later than Sep 30, 2020 unless extended (as noted before).

- Further detail in FAQ:

https://www.newyorkfed.org/markets/primary-and-secondary-market-faq/corporate-cr

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