(IYZ) U.S. Telecommunications - BATS

The iShares U.S. Telecommunications ETF (IYZ) is a passively managed fund that tracks the U.S. telecommunications sector, as defined by FTSE Russell. Under its investment policy, the fund commits at least 80% of its assets to the component securities of its underlying index, or to investments with substantially identical economic characteristics. The fund is structured as a non-diversified ETF, which allows for greater concentration in individual securities within the telecommunications sector relative to diversified funds. Listed on BATS since May 2000, IYZ provides targeted exposure to U.S.-listed companies operating in the communications industry.

The U.S. telecommunications sector encompasses a range of business activities, including the provision of fixed-line and wireless voice services, broadband internet access, data transmission, and the manufacture of related networking infrastructure and equipment. Companies in this space typically generate revenue through subscription-based service models, usage fees, and long-term contracts with both consumer and enterprise customers. The sector is generally characterized by high capital expenditures due to the ongoing need to maintain and upgrade physical network assets.