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iShares launches iShares Barclays GNMA Bond Fund
By Toni Weeks
San Diego, Feb. 13 - iShares, Inc. said it has launched a new exchange-traded fund sponsored by BlackRock, Inc., according to an N-1A filing with the Securities and Exchange Commission.
The iShares Barclays GNMA Bond Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays Capital U.S. GNMA Bond Index.
The index is a market capitalization-weighted index that measures the performance of mortgage-backed pass-through securities issued by the Government National Mortgage Association, or GNMA. The index includes securities issued by GNMA that have 30- or 15-year maturities, and all securities must have a weighted average maturity of at least one year and an outstanding face value of at least $250 million. The index securities are updated monthly.
The fund invests at least 90% of its assets in the securities of the index and in investments that provide substantially similar exposure to the securities in the index. The fund may, at times, invest up to 20% of its assets in futures, options and swap contracts, cash, cash equivalents and other bonds.
The portfolio managers will be James Mauro and Scott Radell.
The fund trades on the Nasdaq under the symbol "GNMA."
Management fees will be 0.25%. An investment advisory agreement between iShares and San Francisco-based BlackRock Fund Advisors, the investment adviser to the fund, provides for BFA to pay all fund operating expenses, with the exception of some taxes and fees. Acquired fund fees and expenses will run 0.07%, bringing the expected total annual fund operating expenses to 0.32%.
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