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iShares launches Peru ETF listed in the US


Exchange-traded fund provider iShares has launched the first Peru ETF listed in the US.

Exchange-traded fund provider iShares has launched the first Peru ETF listed in the US.

The iShares MSCI All Peru Capped Index Fund began trading on 19 June on NYSE Arca.

The fund will track the MSCI All Peru Capped Index, holding the top 25 Peruvian equity securities by free-float adjusted market cap, including those classified in Peru according to MSCI’s methodology as well as securities of certain companies that are headquartered in Peru and have the majority of their operations based in Peru.

Thirteen of the 25 index constituents are materials producers, providing investors with significant exposure to commodities. The top three index constituent names as of 31 March 2009 are Buenaventura Minas, Southern Copper, and Credicorp. The fund’s annual expense ratio is 0.63 per cent.

The underlying assets for the fund are in the following sectors: financials, industrials, consumer staples, energy, utilities, and S-T securities.

"This new ETF is an excellent complement to BGI’s existing Latin America funds, providing cost-efficient access and liquidity to the Peruvian market," says Robert Broadwell, iShares regional business director, GCC. "With the fastest growing economy in Latin America and one of the lowest inflation rates in the region, Peru’s essentially untapped market offers diversification benefits and poses an attractive opportunity to investors."

Peru’s Finance Minister Luis Carranza says: "This represents a great opportunity to invest in the Peruvian capital markets, which posted the best performance globally year to date. Peru represents one of the fastest-growing economies of Latin America. I am glad we can now trade Peru globally."

Peru has the third lowest emerging market bond index spread in Latin America, after Mexico and Chile, and an estimated economic growth rate of 3.5 per cent in 2009. With the lowest average inflation rate in the Latin American region, strong macroeconomic fundamentals and a recent decline in fiscal and external vulnerabilities, the Peruvian market is now rated investment grade by S&P, Moody’s and Fitch.

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