The fund currently holds 38 stocks in its basket, with only 37.82% of assets in the top 10 holdings with weightage of around 3% each. From a commodities perspective, the product is heavily weighted toward steel with 42% sector weightage, followed by diversified metal and mining (16%), coal and consumable fuels (16%), aluminum (9%), gold (8%), silver (6%) and precious metals (3%).
Among individual holdings, top stocks in the ETF include AK Steel Holding Corporation (AKS), United States Steel Corp. (X) and Steel Dynamics Inc. (STLD), with asset allocation of 5.14%, 4.86% and 3.97%, respectively.
iShares MSCI Glbl Metals & Mining Prdcrs (PICK)
The ETF seeks to match the price and yield performance of MSCI ACWI Select Metals & Mining Producers Ex Gold & Silver Investable Market Index. This index measures the equity performance of companies in both developed and emerging markets that are mainly involved in the extraction and production of diversified metals, aluminum, steel and precious metals and minerals, excluding gold and silver.
Launched in Jan 2012, the fund has so far attracted AUM of $185 million. It has a trading volume of roughly 33,069 shares a day. The ETF is currently charging a net expense ratio of 39 basis points a year, with a dividend yield of 3.16%
The fund currently holds 227 stocks with 97.5% sector weightage toward basic materials. The fund allocates nearly 52% of the assets in the top 10 firms, which suggests that company-specific risks are somewhat high, as the top 10 holdings dominate half of the returns. Among individual holdings, top three stocks in the ETF include BHP Billiton Limited, Rio Tinto plc and BHP Billiton plc (BBL), with asset allocation of 12.06%, 7.66% and 7.35%, respectively.
The fund is widely diversified across various countries, and Australia tops the list, holding 25.5% of the fund, followed by the United Kingdom and the United States. These three nations constitute nearly 46.47% of the assets.
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