ISHARES CANADIAN BOND INDEX FUND $28.67 (CWA Rating: Income) (Toronto symbol XBB; buy or sell through a broker) mirrors the performance of the DEX Universe Bond Index.
This index consists of a diversified range of investment grade Canadian government and corporate bonds, with a term to maturity of more than one year.
At last report, the bonds in the index were 41.5% Government of Canada bonds, 26.7% Provincial government bonds, 2.1% municipal bonds and 28.8% corporate bonds.
The fund sticks with high-quality government bonds from issuers such as Canada Housing Trust, Government of Canada and Province of Ontario, plus high-quality corporate bonds from issuers such as Bank of Montreal, TransCanada Pipelines and Bank of Nova Scotia.
The average term to maturity of the 159 bonds in the portfolio is 9.7 years. Expenses for this fund are 0.30% per year.
The Canadian Broad Bond Index Fund yields 4.7%, just above the yield on the Canadian Short Bond Index Fund. The only reason to hold this fund for the extra 0.3% yield is if you think that interest rates are going to move down further. Otherwise, buy the Short Bond Index Fund.
Canadian Broad Bond Index Fund is a hold.
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