(Bloomberg) — Investment manager MacKay Shields has launched an exchange-traded fund that will buy asset-backed securities, mortgage bonds and other investment-grade products in the structured finance market.

MacKay, which is owned by insurer New York Life, launched the IQ MacKay Value Income ETF on May 31. As of Wednesday, the actively managed fund had $86 million in assets, according to data compiled by Bloomberg.

“The goal is to give investors diversified exposure to an asset class that has very attractive yields while also staying in the highest quality credit,” said Zachary Aronson, a portfolio manager at MacKay Shields.

The fund will also purchase products including collateralized mortgage obligations and commercial mortgage bonds.

With the exception of mortgage-backed securities, structured finance markets have often been relatively illiquid. This can make it more difficult for an ETF fund manager to deal with investors looking to cash out of their funds when there are few buyers for the funds' shares.

But ETFs have entered the space. Last year saw the launch of at least 11 funds, including vehicles from BlackRock Inc. and DoubleLine Capital LP.

Part of the growth is due to Securities and Exchange Commission rules passed in 2019, which modernized the regulatory framework for ETFs and made it cheaper and easier to bring funds to market.

ETFs have proved particularly popular in the collateralized loan obligation market. There, a single ETF from Janus Henderson has arrived 10 billion dollars in assets.