Mirae to base ETF on S&P GSCI Cash Copper index
17 December 2012
News, Asia, Korea
By ETFI Asia
S&P Dow Jones Indices has licensed Mirae Asset Global Investments to create an ETF to be listed on the Korea Exchange based on the S&P GSCI Cash Copper, a commodity-based index which tracks the value of copper.
“We are proud to create the first physical copper ETF product in Asia Pacific region,” Joo Young Yun, head of the ETF division at Mirae Asset Global Investments, said. “Copper presents a highly noteworthy investment proposition, and we are delighted to be able to offer it to our clients in an easily investable form. We are also proud to be able to do this with S&P Dow Jones Indices, whose commodity indices are widely known and followed.”
The S&P GSCI Cash Copper seeks to track the return of an investment in physical copper on a daily basis by valuing the holding of physical copper, after taking into account the daily rent associated with storing the metal in a warehouse approved by the London Metals Exchange (LME). The index is part of the S&P GSCI family, which is one of the most widely recognised series of commodity measures to represent the global commodity market beta.
“Copper has become one of the most interesting and exciting themes for investors worldwide given its direct linkage to electronics, technology and industrial development,” said Reid Steadman, head of global ETF licensing at S&P Dow Jones Indices. “We are pleased to license the S&P GSCI Cash Copper to Mirae Asset Global Investments, one of Asia’s leading financial services companies.”
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