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Fractionalized phases are studied in a low energy theory of exciton bosecondensate in a multi-band insulator. It is shown that U(1) gauge theory witheither fractionalized boson or fermion can emerge out of a single modeldepending on the coupling constants. Both the statistics and spin of thefractionalized particles are dynamically determined, satisfying thespin-statistics theorem in the continuum limit. We present two mutuallyconsistent descriptions for the fractionalization. In the first approach, it isshown that fractionalized degree of freedom emerges from reduced phase spaceconstrained by strong interaction and that the U(1) gauge field arises as acollective excitation of the low energy modes. In the second approach,complimentary descriptions are provided for the fractionalization based onworld line picture of the original excitons. The emergent gauge structure isidentified from the fluctuating web of exciton world lines which, in turn,realizes the string net condensation in a space-time picture.Comment: 25 pages, 16 figure

Emergent U(1) gauge theory with fractionalized boson/fermion from the Bose condensation of excitons in a multiband insulator