First ETF listed on Astana Intl Exchange comes from ITI Funds

By Andrei Skvarsky.

The Astana International Exchange (AIX) recently listed the first exchange-traded fund (ETF) to be traded on the bourse.

Units of ITI EFT, which is a Russia-focused USD Eurobond ETF and is an instrument of Guernsey-based investment manager ITI Funds, are due to start being traded this month, according to a statement from the AIX, a two-year-old bourse which is part of Kazakhstan’s ambitious Astana International Financial Centre (AIFC) project.

The ETF is a Société d’investissement à Capital Variable (SICAV) fund compliant with the Undertakings for the Collective Investment in Transferable Securities (UCITS), a European Commission regulatory framework.

Units of the fund are also traded on the London Stock Exchange and Moscow Exchange for US dollars, euros and roubles.

The AIX, which, according to its statement, bases its business on English law, is a subsidiary of the AIFC company.

Other shareholders of the exchange are NASDAQ, which provides the trading platform for it, Goldman Sachs, the Shanghai Stock Exchange, and the Silk Road Fund, which is a Chinese state-owned fund to promote investment in countries lying along the Silk Road Economic Belt.

The AIX is located in the Kazakh capital city of Nur-Sultan, which was known as Astana before March 2019.

ITI Funds, which, besides St Peter Port in Guernsey, has offices in London, Luxembourg, Moscow and Hong Kong, offers a range of products to individualand institutional investors.

It has more than 10 funds running on its platform, including ETFs, private equity funds, a distressed assets fund, and a cryptocurrency index fund.  

ITI Funds’ shareholders include private equity funds under the management of the Da Vinci Capital investment manager and investment firm Mantra Investment Partners.

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