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First Nordic ETF starts trading on NYSE Arca

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New York-based asset manager Global X Management has launched the Global X FTSE Nordic 30 ETF, an exchange-traded fund listed on the NYSE Arca.

New York-based asset manager Global X Management has launched the Global X FTSE Nordic 30 ETF, an exchange-traded fund listed on the NYSE Arca.

The fund is the first ETF in the US that enables investors to gain diversified access to the largest and most liquid companies in Sweden, Denmark, Finland, and Norway.

The fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE Nordic 30 index, comprised of the 30 largest and most liquid companies in the Nordic region. The index is compiled by FTSE Group.

As of 31 July 2009, the FTSE Nordic 30 Index has outperformed the FTSE Developed Europe Index returning 56.5 per cent vs. 33.0 per cent in the last five years and 34.9 per cent vs. 19.3 per cent year-to-date, according to FTSE. In comparison, in the same five year and year-to-date period, the S&P 500 index returned -0.7 per cent and 11.0 per cent respectively.

These four countries are part of the select group of 15 countries globally that receive top AAA ratings with stable outlooks from Standard & Poor’s. In addition, Denmark, Sweden and Finland ranked third, fourth, and sixth respectively for global competitiveness in the World Economic Forum’s most recent Global Competitive Report, including the top three positions in higher education and training.

"In our view, the Scandinavian region offers a stable macroeconomic environment and a unique economic model that has historically produced higher returns than its European neighbours," says Bruno del Ama, chief executive at Global X Management. "The Scandinavian workforce is well positioned to continue capturing the growth opportunities of the future. Global leadership in education and training has produced high levels of technological adoption and innovation in the region."

As of 31 July 2009, the FTSE Nordic 30 index had a 46 per cent weighting in Sweden, 20 per cent in Denmark, 17 per cent in Norway, and 17 per cent in Finland. The index is diversified across a number of sectors including financials (28 per cent), industrials (16 per cent), technology (15 per cent), healthcare (eight per cent), and oil and gas (eight per cent). The largest companies in the index are Nordea Bank of Sweden, Novo-Nordisk of Denmark, and Nokia of Finland.

This is the second ETF from Global X Management following the launch of the Global X/Interbolsa FTSE Colombia 20 ETF, which has returned 50.6 per cent as of 30 June 2009 and 68.5 per cent as of 18 August 2009 from its inception on 5 February 2009.

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