Wed, 29/01/2014 - 06:03
Exchange-traded product provider Source and CSOP Asset Management, a Hong Kong-based provider of on-shore Chinese exposure, have filed with the SEC to launch an ETF providing exposure to shares in Chinese companies.
The ETF will aim to track the performance of the FTSE China A50 Index, which comprises the top 50 companies in mainland China.
The index is a recognised benchmark for ‘A shares’ and has been calculated by FTSE since 2003. The intention of Source and CSOP to enter the US ETF market follows a similar co-operation in Europe.
In Europe, Source offers equity, fixed income, commodity and alternative market exposure through ETFs and exchange-traded commodities (ETCs). Since its launch in April 2009, Source has collected over USD15bn in total assets and its products have traded over USD510bn.
CSOP was the first Hong Kong-based asset manager to be established by a regulated Chinese asset manager. CSOP has delivered a number of products in Hong Kong to reference Chinese ‘A shares’ market. The ‘A shares’ market is widely viewed as the most authentic Chinese equity market. A shares are shares of mainland Chinese companies, traded on mainland Chinese exchanges and denominated in Chinese renminbi (RMB). This market represents over four per cent of the global equity market but has been difficult to access, particularly for smaller investors.
Peter Thompson, chief strategy office at Source, says: “The FTSE China A50 Index has established itself as the leading reference index for China exposure globally. We are pleased to be filing with the SEC for a fund tracking the same highly sought after benchmark.”
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