By Ivan Anderzhanov
State Street Global Advisors, the US investment giant which terminated its seven-year Russian joint venture in 2005, today launched its first Russia ETF.
The Boston-based manager is one of only two fund managers offering investment exposure to Russia using Exchange Traded Funds.
The SPDR S&P Russia ETF seeks to track the performance of the S&P BMI Russia Capped Index, which includes companies domiciled in Russia with a float-adjusted market cap of $100 million or more and a minimum value traded of $50 million for the last 12 months at the time of annual reconstitution.
As of February 26, the index included 72 stocks.
“The launch of the SPDR S&P Russia ETF provides investors and investment professionals with diversified, convenient access to a country poised for potential growth as the global economy recovers,” said Anthony Rochte, senior managing director at State Street, said in a statement.
Street Global pulled out of Moscow in 2005 after ending a partnership with local fund manager Pallada Asset Management.
