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Finnish exchange to get first ETFs

FINLAND – The Helsinki Stock Exchanges (HEX) is to see the introduction of the first exchange traded funds (ETFs) on the Finnish market early next year, to be managed by Seligson & Co Rahastoyhtiö Oyj.

The ETF based on the HEX25 index, formerly known as the FOX, will be the first index share of its kind to be listed on HEX.

The HEX25 comprises the Helsinki Exchanges’ 25 most traded shares and is also the underlying index for derivatives.

Features of the HEX25 ETF include:
•a share basket of 25 shares in a single transaction, known as the Finnish portfolio.
•the transparency of the portfolio
•real time market value of the investment
•continuous trading possibility
•ownership to the book-entry account

ETF trading is expected to begin early next year once the HEX has amended its trading principles to allow ETF inclusion and the market infrastructure has been modified.

Issuers of ETFs on HEX will be able to list them based on both foreign and domestic indices.

ETFs are a listed unit of an index fund, and investors can buy and sell the shares included in the index in a single transaction.

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