NEW YORK ( TheStreet) -- Recently we looked at multi-asset class funds and whether they could serve as a one-holding portfolio. The latest fund to join the discussion is the ETRACS Diversified High Income ETN ( DVHI). The new fund seeks to offer a 60% equities/40% fixed-income target allocation, a common mix for individual investors.The equity portion is comprised of business development companies (15%); master-limited partnerships (15%); and mortgage real estate investment trusts, non-mortgage REITs, U.S. equities and foreign equities (all 7.5%). PCY) is the sole holding for emerging-market debt. For high-yield debt, DVHI goes with iShares iBoxx High Yield Corporate Bond ETF ( HYG). The two largest individual holdings in the fund are Ares Capital ( ARCC), a business development company, and Energy Transfer Partners ( ETP), an MLP. The composition of the fund should make it clear that the two priorities under the hood are diversification and yield. That should appeal to many investors. The fund, however, is exposed to a lot of interest rate risk. Earlier this week, markets were granted a reprieve when the Federal Reserve's Open Markets Committee announced that it wouldn't begin to reduce its bond-buying program.