The world’s first exchange traded fund investing in catastrophe bonds is set to list today on the New York Stock Exchange, opening up a potential source of returns uncorrelated to other asset classes.
Cat bonds are securities issued by insurers, reinsurers and governments to offload some of their risk from large-scale disasters. They typically offer double-digit yields, but buyers are on the hook for losses beyond a preset threshold.
Today’s launch is the latest move to expand the popular ETF format into new, often unlisted and relatively illiquid asset classes, such as private credit and equity.
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