Cross-listings of ETFs
SUPPLEMENT - THE IFLR GUIDE TO JAPAN 2009 - December 01, 2008
In November 2007, the amended Securities Listing Regulations of the Tokyo Stock Exchange (TSE) took effect, accepting cross-listings of exchange-traded funds (ETFs) formed in a foreign country. Following that, beneficiary certificates of Kodex200 ETF were newly listed on the TSE on November 19 2007, and SPDR(r) Gold Shares, being beneficiary certificates of SPDR(r) Gold Trust, were newly listed on the TSE on June 30 2008. These are Japan's first direct cross-listings of foreign ETFs tracking a stock index (Kodex200 ETF) and a gold price (SPDR(r) Gold Shares).
What is an ETF?
An ETF is a fund that typically tracks an index such as a stock or bond market index. Units of an ETF can be bought and sold at any time through a securities exchange, just like shares of a company.
In Japan, ETFs are usually formed as investment trusts (a trust-type mutual fund) and are sometimes described as investment...
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