Spa ETF has signed an agreement with NYSE Euronext and Portuguese bank Caixa-Banco de Investimento, ...
Spa ETF has signed an agreement with NYSE Euronext and Portuguese bank Caixa-Banco de Investimento, to list and distribute the first exchange-traded fund in Portugal.
The Spa ETF PSI-20 will be listed on the NYSE Euronext in Portugal, tracking the Portuguese index, and will be available to retail and institutional investors.
According to Spa ETF, Portugal represents a significant investment opportunity for local and international investors.
Spa ETF said the ETF segment is having much success in all the European NYSE Euronext markets. A daily average turnover of EUR357m was traded on NextTrack in 2008, which is an increase of 22% compared with the 2007 average of EUR292m, it added.
The agreement with CaixaBI represents the first European distribution deal for Spa ETF. Giovanna Marcondes, executive director at Spa ETF, said: "As Portugal's leading banking institution for almost 130 years, CaixaBI was the obvious distribution partner."
Valentim Martins at Caixa-Banco de Investimento said the bank is excited to bring ETFs to the Portuguese market.
"The huge growth of the ETF industry worldwide has been remarkable and we are convinced that this launch will be a great development for investors in Portugal," he commented.
"The first ETF to be launched in Portugal tracks the PSI-20, so now Portuguese investors can buy the market in just one share."
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Launching later in 2019
£80bn funds under calculation