According to the firm’s Web site, PICB is an exchange-traded fund (ETF) that offers exposure to investment-grade corporate bonds issued solely in developed markets outside of the U.S.
The fund seeks results that correspond (before fees and expenses) generally to the price and yield performance of the S&P International Corporate Bond Index. The fund will normally invest at least 80% of its total assets in the securities that comprise the Index.
The firm said one key aspect of the index’s construction methodology is its focus on higher yielding bonds. At each monthly rebalance, any currency with more than 10 eligible bonds will have the lowest yielding quartile of bonds removed from that currency’s eligible universe.
More information is at http://www.invescopowershares.com/icb/.