The iShares Convertible Bond ETF (bats:ICVT), an indexed bond ETF, has begun trading on BATS Exchange. The fund’s underlying index is a subset of the Barclays US Convertibles: Cash Pay Bonds Index.
It is one of four classes of the Barclays US Convertibles Index and measures the performance of the US dollar-denominated convertibles market.
The underlying index is market capitalisation-weighted and consists of only cash pay convertible bonds. More information is available on the iShares website.
There are now 22 ETFs from iShares listed on BATS Exchange in the US and earlier this week, BATS announced that the iShares MSCI India ETF (bats:INDA) had graduated from the Competitive Liquidity Provider (CLP) program as it had established consolidated average daily volume (CADV) of more than one million shares for three consecutive months.