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SINGAPORE: UOB Asset Management (UOBAM) said it is changing the underlying index that its China exchange traded fund (ETF) tracks, with immediate effect.
The ETF will now track the Shanghai Stock Exchange (SSE) 50 Index, which is provided by China Securities Index Co, as the underlying index to monitor the China A-share market. Previously, the ETF tracked the performance of the FTSE/Xinhua China A50 index.
UOBAM's China ETF will also change its name to the "United SSE 50 China ETF".
The SSE 50 Index represents the top 50 largest stocks of good liquidity listed in the SSE.
UOBAM said this index was selected because it correlates closely with the China A50 index in terms of sector representation, number of component stocks and historical performance.
UOBAM is also offering to buyback units from investors at S$2.50 per unit or at the prevailing net asset value per unit at the time of redemption, for those who want to liquidate their positions following this change.
The asset management firm is extending the redemption period to noon on November 25.
-CNA/sc
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