Taiwan’s Financial Supervisory Commission said Tuesday it approved an application from….
Polaris International Securities Investment Trust Co. to launch a feeder fund for the CSI 300 exchange-traded fund listed in Hong Kong.
The feeder fund will track the net asset value of the CSI 300 ETF, the commission said in a statement. It will give Taiwan investors their first opportunity to buy ETFs linked to Chinese shares.
The CSI 300 ETF is a capitalization-weighted stock market index designed to replicate the performance of 300 stocks traded on the Shanghai and Shenzhen stock exchanges.
The statement didn’t give the size of the feeder fund.
Wu Kuei-Mao, a secretary-general at the financial regulator’s Securities and Futures Bureau, said in June Polaris is seeking to raise up to NT$10 billion ( US$304.89 million) for the fund.
Under Taiwanese regulations, Polaris will have to raise the funds within three months of the approval date and set up the feeder fund within 30 days of the fundraising date.
Source: ETFWorld.co.uk – Nasdaq
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