GLOBAL - Turkish asset management firm Finans Portfoy and Dow Jones Indexes have launched Turkey's first exchange-traded fund.
The Dow Jones Istanbul 20 is Europe’s first emerging market ETF and provides a gateway to investment in the Top 20 Turkish stocks against the background of resurgent macroeconomic trends in the country, global index provider, Dow Jones Indexes, said in a release.
The new ETF is expected to be listed for trading on the Istanbul Stock Exchange within the next two months.
“The Dow Jones Titans index series was created to meet market demand for efficient tools that could be used as the underlying benchmark for investment products,” commented Lars Hamich, managing director of STOXX Ltd, the joint venture responsible for Dow Jones Indexes’ business development in Europe, Asia and the Middle East.
“Due to its rule-based methodology and data transparency, the Dow Jones Turkey titans 20 Index is an ideal proxy for the Turkish market.”
Finans Portfoy is an affiliate of Finansbank.
Finansbank executive board member Dr Omer Aras (pictured) said: “We believe our Dow Jones Istanbul 20 ETF will help the retail and institutional investors to develop additional tools to invest in a rapidly developing market, which is on its way to becoming a member of the European Union.”
The 20 stocks selected are the largest and most liquid securities in the Turkish market, Dow Jones said.
The index’s free-float market capitalisation amounts to US$14bn as at September 16, 2004.
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