The iShares family of exchange-traded funds has launched an ETF version of an actively managed mutual fund that invests in floating-rate securities. Dynamic iShares Active Investment Grade Floating Rate (symbol: DXV) opened for trading today on the Toronto Stock Exchange.
The ETF is a collaboration between iShares sponsor BlackRock Asset Management Ltd. and 1832 Asset Management LP, best known as portfolio manager for the Dynamic and Scotia mutual funds.
DXV aims to provide monthly distributions of interest income at variable rates, primarily through Canadian investment-grade corporate bonds and interest-rate derivatives. This exposure will be obtained by investing primarily in units of Dynamic Active Investment Grade Floating Rate.