Hong Kong’s securities regulator last week issued new guidelines for synthetic exchange traded funds in a bid to improve disclosure to investors. The funds will have to carry a marker to distinguish them from physical ETFs.
The ETF industry hopes the regulator will now begin clearing a backlog of new funds awaiting approval.
The majority of the 67 ETFs listed on the Hong Kong Stock Exchange are synthetic, using derivatives to track indices. The Securities and Futures Commission began expressing concern in July over the lack of retail investor understanding of the structure of synthetic ETFs and the counterparty risk they involve.
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