An exchange-traded fund based on the S&P/MIB index will be listed by Lyxor Asset Management on Borsa Italiana, pending regulatory approval. It will be the market's first ETF based on an Italian index. The S&P/MIB ETF will cover the Italian equity universe tracking the S&P/MIB index, which was created by Standard & Poor's and Borsa Italiana and launched earlier this year.
The S&P/MIB Master Unit ETF will be listed on 'Mercato Telematico Fondi - MTF,' the Borsa Italiana segment dedicated to ETFs. There are currently 12 ETFs trading in Italy offered by six different asset managers. The MTF says it continues to show significant growth, both in terms of transactions and trading volume.
'We are proud to launch a new ETF on the S&P/MIB index. Private and professional investors will enjoy the flexibility of being exposed in a single transaction through the ETF to the new Italian index which combines high liquidity and wide market coverage. We thank Standard & Poor's for expressing their confidence in Lyxor AM. We strongly believe that the Italian domestic "S&P/MIB Master Unit" will be as successful as the French ETF, the "CAC40 Master Unit,' said Isabelle Bourcier, Global ETF Co-ordinator.
'Developed by Standard & Poor's and Borsa Italiana, the S&P/MIB is designed to track the leading companies in Italy, offering the necessary liquidity to form the basis for investable products such as the S&P/MIB Master Unit ETF,' said Eudald Canadell, managing director, Standard & Poor's. 'This ETF is a milestone for the S&P/MIB and for the Italian marketplace as Lyxor AM provides the first opportunity for investors to gain quick, easy and cost-effective exposure to Italian equities through this new index."
The launch date and the characteristics of the Lyxor ETF will be communicated later this year, subject to regulatory approvals.