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Michael L Sapir, Chairman and CEO of ProShare Advisors LLC

ProShares launches USD Covered Bond

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ProShares, a provider of alternative exchange traded funds (ETFs), has launched the ProShares USD Covered Bond. This new ETF is the only corporate bond fund – mutual fund or ETF – in the US with substantially all of its assets rated AAA. COBO lists on NYSE Arca.

COBO invests in covered bonds, a type of collateralised corporate debt typically issued by non-US financial institutions. Covered bonds are a popular investment outside the US but not broadly accessible in the US until today.

"Many investors are interested in high credit quality bonds, but the supply of AAA-rated corporate debt in the US is very limited," says Michael L Sapir (pictured), Chairman and CEO of ProShare Advisors LLC, ProShares’ investment advisor. "COBO, a first-of-its-kind ETF, fills the gap by accessing the highest-rated segment of the USD3 trillion, 240-year-old covered bond market."

COBO seeks to match the performance of the BNP Paribas Diversified USD Covered Bond Index, before fees and expenses. The index tracks the performance of a portfolio of AAA-rated covered bonds, which are denominated in US dollars. Each bond must be AAA-rated by at least one independent rating agency.

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