ETF arrives in Taiwan

State Street and Polaris launch TaiwanÆs first exchange traded fund.

Taiwan's first exchange traded fund ETF will be launched today Monday by the Taipei-based consortium of State Street Global Advisors and Polaris International Securities Investment Trust. The Taiwan ETF is based on the TSEC Taiwan 50 Index, the relatively new index, launched last November by the Taiwan Stock Exchange and the FSTE Group. The fund is called the Taiwan Top 50 Tracker Fund, or TTT.

The fund size is currently $100 million, with seed money from the 17 participating brokers. All the participating brokers bar one are local, with the odd one out being a locally based Japanese brokerage. Foreign brokers were barred from the primary market of the ETF due to...

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