Thus for investors keen on riding the current uptrend in the broker/dealer space, we have highlighted some of the details about IAI below.
IAI in Focus
This fund tracks the Dow Jones U.S. Select Investment Services Index to provide exposure to the Investment Services industry of the broader Financial sector of the U.S. economy. Investment Services includes U.S. investment banks, discount brokerages and stock exchanges.
The product holds 22 stocks in its basket with the largest allocation going to Goldman Sachs (GS), Morgan Stanley (MS) and Schwab Charles (SCHW). These three firms collectively make up for one-fourth share in the basket.
IAI has a definite tilt towards large caps with a little less than half of the total fund allocation, though mid caps and small caps also form parts of the fund. The product manages an AUM of $244.4 million and sees moderate average daily volume of a little more than 50,000 shares.
The expense ratio came in at 0.43% and the product has a decent yield of 1.24% per annum. IAI has a Zacks ETF Rank of 3 or ‘Hold’ with a High Risk outlook.
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