STOXX Limited announced that the STOXX Europe 50 Index has been licensed to ICBC Credit Suisse to serve as the basis for an exchange-traded fund (ETF). The CEO of STOXX Limited and the CIO of ICBC Credit Suisse gathered at an official signing ceremony in Beijing today to mark this occasion.…
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It is the first time that the STOXX Europe 50 Index has been licensed to underlie an ETF in China. There are currently 6 exchange-traded products on the index available, globally.
“The STOXX Europe 50 Index comprises 50 of Europe’s largest companies, among them Nestlé, HSBC and Siemens. The index’s liquidity, transparency and rules based methodology make it an ideal tool to participate in the performance of Europe’s equity markets,” said Hartmut Graf, chief executive officer, STOXX Ltd. “Today’s signing ceremony marks the first time this index is licensed in China, and is a highlight for STOXX as we are further expanding our footprint in the Asian region.”
The top management personnel at ICBC Credit Suisse said: “As a top 10 asset management company in China (in terms of AUM), ICBC Credit Suisse initiated its index investment management business in 2009. With a focus on developing broad-based index products, ICBC Credit Suisse now has a portfolio of index products which includes index funds, ETFs, and structured index funds covering both equity and fixed-income markets with a top-tier tracking error records. When it comes to selecting the right index product for Chinese inventors, ICBC Credit Suisse considers first the region, then the country, then the theme of the relevant index. The licensing of the European blue chip equity index, STOXX Europe 50, is a major step forward for establishing the index investment management business’s global presence at ICBC Credit Suisse.”
The STOXX Europe 50 Index was launched in February 1998. It represents 50 supersector leaders in the 18 European countries Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. The index is weighted by float-adjusted market capitalization, and each component’s weight is capped at 10% of the index’s total free-float market capitalization. Through its outstanding methodology it ensures a well-balanced sector representation and simultaneously represents the overall market development. The index captures approximately 50% of the free-float market capitalization of the EURO STOXX TMI Index. Daily historical data are available back to December 31, 1986.
Source: ETFWorld – Stoxx
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