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Global X, the New York-based provider of exchange traded funds, today announced that it is changing the index, name, ticker and primary listing exchange of the Global X China Technology ETF (NYSEArca: CHIB).
With the impending changes to its fund, which will take effect sometime around Dec. 15, CHIB will be moving from a Solactive China Technology Index to the Nasdaq OMX China Technology Index, the company said in a press release. The ticker for its China Technology fund will be changing from (NYSEArca: CHIB) to (NasdaqGM: QQQC).
This is a fund that looks like it needs a shot in the arm. China’s technology sector has boomed in recent years with the growth of companies such as China Mobile, the world’s largest mobile phone operator. However, two years after the launch of the Global X China Technology ETF, the ETF only had $4.3 million in assets, according to data compiled by IndexUniverse.
Perhaps by changing the underlying index for the China Technology ETF, the fund will get that needed boost. By switching to the Nasdaq index, Global X is also enlarging the underlying number of securities for the fund to 42 from 28.
Building out the Global X China Technology ETF’s market penetration may also position Global X to better compete with its only rival in the China technology sector, the Guggenheim China Technology Fund (NYSEArca: CQQQ), which has $25.3 million under management and has about 40 securities.
The changes in the Global X China ETF come at a time when the company has filed paperwork suggesting it is close to launching a broad-based trio of ETFs with Nasdaq indexes. The proposed ETFs happen to have similar tickers to the new trading symbol “QQQC” that Global X chose for its China technology ETF.
Those funds that are near launch, and their tickers, are: