AdvisorShares said it expects to launch the first actively managed high-yield bond exchange-traded fund no later than Dec. 3. The Peritus High Yield ETF will invest in 40 to 60 senior and subordinated high-yield corporate-debt instruments. The fund sponsor said it will select investments based on its cash-flow analysis rather than ratings. The ETF will have a 1.35% expense ratio and trade on NYSE Arca.

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