Mon, 27/01/2014 - 12:00
Nikko Asset Management is to launch the Listed Index Fund JPX-Nikkei Index 400, an exchange-traded fund that will be listed on the Tokyo Stock Exchange (TSE) and track the JPX-Nikkei Index 400.
The index, which was introduced on 6 January, was co-developed by Japan Exchange Group, Tokyo TSE and Nikkei.
The index is expected to be used by a wide range of overseas and domestic investors, such as Japanese public and private pensions and overseas institutional investors.
TSE president and chief executive Akira Kiyota says: "I am delighted that we have today approved the first ETF tracking the JPX-Nikkei Index 400. As you may know, this index is made up of 400 highly attractive listed companies that satisfy criteria required by global investors such as efficient capital use, and it has been gaining a lot of interest from the market. I believe that this product will be able to meet the needs of many investors and I hope that the listing of this ETF will enhance the appeal of the Tokyo market and further invigorate trading."
Nikko AM chairman Takumi Shibata says: "We are very pleased that the JPX-Nikkei Index 400, a new Japanese stock index focused on medium-term corporate profitability, has been successfully introduced. Nikko Asset Management is proud to make the Listed Index Fund JPX-Nikkei Index 400 available to investors as an exchange-traded fund listed on the Tokyo Stock Exchange. This is excellent news for both retail and institutional investors as the new ETF allows investors to access a diversified portfolio of companies with good prospects for medium-term profitability, through the convenience of the ETF market. We will continue to endeavour to offer more cutting-edge products in the future."
The Listed Index Fund JPX-Nikkei Index 400 is a cash creation/redemption-type ETF. For large-lot trading, a cash creation-type ETF that does not require actual securities to be used for subscriptions and redemptions allows for more flexibility than an in-kind type fund. This product attribute can meet the needs of institutional investors who engage in such large-lot transactions.
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