The Nasdaq 100 European TrackerSM has been registered for sale in the UK, Belgium and Ireland and is...
The Nasdaq 100 European TrackerSM has been registered for sale in the UK, Belgium and Ireland and is trading on Nasdaq EuropeSM under the symbol EQQQSM.
EQQQ is an exchange traded fund (ETF) registered with the Central Bank of Ireland and listed and traded on Nasdaq Europe.
It is structured for the European market, denominated in euros and designed to closely follow the Nasdaq 100 Index. It will clear and settle in Europe, helping to reduce trading costs.
John Jacobs, chief executive officer of Nasdaq Financial Products, believes there is great opportunity in the European market, which has accounted for the majority of new ETF product launches in 2002.
'This is a major step forward in Nasdaq's plans to extend the geographical reach of its investment products,' he said.
'The Nasdaq 100 index is composed of the 100 largest non-financial services firms listed on Nasdaq, which means investors gain instant exposure to a wide variety of sectors, including computer hardware and software, media, retail, life science and biotechnology.
'Some of the world's most visionary companies are among those included in the Nasdaq 100 Index, including Microsoft, Dell, Starbucks, Cisco, Oracle, Intel and Amazon.com.'
Morgan Stanley research published in November 2002 found ETF listings in Europe had grown from about $430m in April 2000 to $9.5bn by the end of October 2002. When the US market reached this level, the ETF market achieved critical mass and expanded rapidly thereafter, Jacobs noted.
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