The New York Fed notes that "The Federal........>

FED: The New York Fed notes that "The Federal Reserve Bank of New York today

announced that the Secondary Market Corporate Credit Facility (SMCCF) will begin

purchases of exchange-traded funds (ETFs) on May 12. As specified in the term

sheet, the SMCCF may purchase U.S.-listed ETFs whose investment objective is to

provide broad exposure to the market for U.S. corporate bonds. The preponderance

of ETF holdings will be of ETFs whose primary investment objective is exposure

to U.S. investment-grade corporate bonds, and the remainder will be in ETFs

whose primary investment objective is exposure to U.S. high-yield corporate

bonds. The SMCCF will consider several additional factors in determining which

ETFs will be eligible for purchase. Those considerations include: the

composition of investment-grade and non-investment-grade rated debt, the

management style, the amount of debt held in depository institutions, the

average tenor of underlying debt, the total assets under management, the average

daily trading volume, and leverage, if any."

- Link: https://www.newyorkfed.org/newsevents/news/markets/2020/20200511