Source and CSOP Asset Management („CSOP“), a leading Hong Kong-based provider of on-shore Chinese exposure, have filed with the SEC to launch a fund providing exposure to shares in Chinese companies. The ETF will aim to track the performance of the…
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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, successful, co-operation in Europe.
In Europe, Source offers market leading equity, fixed income, commodity and alternative market exposure through expertly engineered Exchange Traded Funds (ETFs) and Exchange Traded Commodities (ETCs). Since its launch in April 2009, Source has successfully collected over US$15 billion in total assets and its products have traded over US$510 billion.
CSOP was the first Hong Kong-based asset manager to be established by a regulated Chinese asset manager. CSOP have delivered a number ofsuccessful 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 4% of the global equity market but has been difficult to access, particularly for smaller investors. CSOP is the largest RMB Qualified Foreign Institutional Investor (“RQFII”) asset manager globally.
Peter Thompson, Chief Strategy Office at Source, commented: “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.”
Source: ETFWorld.co.uk
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