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New UniCredit ETF on convertible bonds launches on Xetra


A second ETF on European convertible bonds issued by Structured Invest SA, a wholly-owned subsidiary of UniCredit Bank AG, has begun trading on Xetra.

The UC Thomson Reuters Balanced European Convertible Bond UCITS ETF (dis) enables investors to participate in the performance of European convertible bonds. The ETF provides diversified investment opportunities in large, liquid convertible bonds from European issuers in various sectors. 

The reference index comprises highly convex bonds only. High convexity is generally a desirable feature; it means that the price of a bond will fall less severely when interest rates rise, and will rise more strongly when rates fall than a bond with lower convexity. Bonds tracked by the reference index may have an investment grade rating and a fixed or variable rate of interest. The bonds are required to reach a specific issue volume in the local currency; a bond position is limited to 8 per cent per issuer. 

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