BlackRock, Inc. begun trading the iShares Convertible Bond ETF (BATS: ICVT) on Thursday, June 04, 2015.
Here is a synopsis of the new ETF:
FUND INFORMATION:
| Symbol: ICVT | Exchange: BATS |
| Name: iShares Convertible Bond ETF | Net Expense Ratio: 0.35% |
FUND OBJECTIVE:
The iShares Convertible Bond ETF seeks to track the investment results of the Barclays U.S. Convertible Cash Pay Bond > $250MM Index.
REFERENCE INDEX:
The Barclays U.S. Convertible Cash Pay Bond > $250MM Index is a subset of the Barclays U.S. Convertibles: Cash Pay Bonds Index, which is one of the 4 classes of the Barclays U.S. Convertibles Index (i.e., cash pay, zero coupon, preferred and mandatory convertible bonds) and measures the performance of the U.S. dollar-denominated convertibles market. The Index is market capitalization-weighted and consists of only cash pay convertible bonds. Cash pay convertible bonds allow the holder of the bond the option to convert into a pre-specified number of shares of the issuer’s common stock, but does not require conversion. The universe of securities that are eligible for inclusion in the Underlying Index includes U.S. dollar-denominated securities with maturities of 31 days or more and $250 million or more of outstanding face value issued by financials, industrials and utilities corporations. The securities may be investment-grade, high yield or non- rated. The Underlying Index is rebalanced on the last business day of each month.
Fund Top Consituents (06/04/15):
| INTEL CORPORATION | 4.18% |
| SUNEDISON INC | 2.82% |
| TESLA MOTORS INC | 2.70% |
| PRICELINE GROUP INC | 2.66% |
| SANDISK CORPORATION | 2.39% |
| MICROCHIP TECHNOLOGY INCORPORATED | 2.26% |
| MYLAN INC | 2.12% |
| MICRON TECHNOLOGY INC | 1.92% |
| VERISIGN INC | 1.91% |
| GILEAD SCIENCES INC | 1.78% |
Fund Sector Breakdown (06/04/15):
| Technology | 41.94% |
| Consumer Non-Cyclical | 19.98% |
| Consumer Cyclical | 11.02% |
| Other/Undefined | 5.96% |
| Energy | 5.37% |
| Reits | 4.62% |
| Basic Industry | 2.55% |
| Financial Other | 2.52% |
| Insurance | 2.46% |
| Cash and/or Derivatives | 1.90% |
| Transportation | 1.68% |
Useful Links:
ICVT Home Page
Category: Bonds> US Bonds> US Convertible Bonds