The Nigerian Stock Exchange (NSE), on Monday, announced the listing of the Greenwich Alpha ETF by Greenwich Asset Management Limited, on its Daily Official List Monday, August 19, 2019, at N100 each, following an Initial Public Offer (IPO).
A statement by the NSE said Greenwich Alpha is an open-ended ETF that tracks the NSE 30 Index; an index comprising of 30 of the most liquid and capitalized stocks trading on the Exchange.
The fund, it said, is designed to enable investors to access the constituent companies of the NSE 30 index, thereby getting the performance of the index.
According to Managing Director, Greenwich Asset Management Limited, Dayo Obisan, “the Greenwich Alpha ETF Fund is designed for and offered to investors seeking exposure to the Nigerian equities market, particularly to the constituents of the NSE-30 index. It offers the full benefits of diversification through a single transaction thereby reducing associated transaction cost and helping investors spread their risk. We will continue to encourage retail and institutional investment in this Fund based on its potentials.”
Also commenting, Jude Chiemeka, Head, Trading Business Division, NSE expressed delight that the Greenwich Assets is adding to its growing list of ETF providers, even as global “ETFs continue to make an impact as effective tools for accessing the market, diversifying investments, and serves as an alternative investment solution for intermediaries to recommend to their clients.”
The NSE, he assured, “will continue to lead innovation in the market as well as support the issuance of products and investment vehicles that meet the objectives of investors. We operate an efficient, orderly and transparent market based on cutting edge technology, to support product development efforts for the benefit of all investors. We remain resolute in our commitment to partnering with all market stakeholders, to continue to build and develop the Nigerian capital market while offering a wide range of investment vehicles for all investors”.