FinEx Group has launched what it says is the first exchange-traded fund (ETF) on the Moscow Exchange, tracking short maturity Eurobonds issued by quasi-sovereign and corporate issuers in Russia.
The fund will track the Barclays EM Tradable Russian Corporate Bond index, which was launched in December. FinEx already launched an ETF tracking the index on the London Stock Exchange in February.
“The entrance of the first ETF on to the Moscow Exchange signals an important step in the development of financial infrastructure in Russia,” says Alexander Afanasiev, chief executive of the Moscow Exchange.
BNY Mellon is the custodian and administrator for the fund.
“Russia is an enormous untapped market for ETFs and it is highly likely we will see accelerated development of ETFs that offer investors greater exposure to Russian securities over the next 12 months,” says Joseph F Keenan, head of global ETF services, BNY Mellon.
©2013 funds europe
