HONG KONG - Barclay's Global Investors (BGI) North Asia is set to launch the first exchange traded fund (ETF) tracking China.
The iShares MSCI China Tracker is expected to begin trading on the Stock Exchange of Hong Kong (SEHK) on on November 28, 2001.
The China Tracker has been authorised by the Securities & Futures Commission (SFC) and will be the second locally domiciled ETF to be traded on the SEHK1, the first being the Tracker Fund of Hong Kong introduced in 1999.
Joseph Ho, BGI's regional director for North Asia, said that China's move into the World Trade Organisation is expected to improve its overall trade position globally and trigger a fundamental restructuring of the economic system.
The China Tracker, which follows the MSCI China IndexSM will trade like a stock under code 2801. The MSCI China Index is made up primarily of H-shares and red chips trading in Hong Kong as well as selective B-shares.
According to recent figures from the London Stock Exchange, ETF take-up is still greatest in the US, with the fund vehicle comprising around 50% of all trades on the American Stock Exchange, and accounting for $70bn in market assets. On a global basis, the ETF market has grown from $1bn at the end of 1995, to $86bn, year ending June 2001. By Madhu Kalia
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