Europe's first Dow Jones blue chip ETF launched
FRANCE – Lyxor Asset Management, a subsidiary of Société Générale Group, has today (May 17) issued the first exchange-traded fund (ETF) in Europe based on the Dow Jones Industrial Average. The fund, Dow Jones Industrial Average Master Unit, will be traded on Euronext and seek to track the stock performance of the 30 biggest US blue-chip companies.
The Lyxor fund is the first European ETF to receive such a licence to track the index.
“Dow Jones Industrial Average Master Unit is our third ETF structured as a French FCP Fonds Commun de_Placement offered in France,” says Isabelle Bourcier, responsible for ETF marketing in Europe at Société Générale Group.
“The tax-efficient structure adopted and the appeal for such a well-known US global equity index will attract many retail and institutional investors,” she adds.
Mike Petronella, managing director of Dow Jones Indexes says that the French company was chosen because it is one of the pioneers in the European ETF market.
The fund begins trading on Euronext Paris today.