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Nigerian Stock Exchange lists second ETF

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The Nigerian Stock Exchange (NSE) has listed its second exchange-traded fund with the admission to trading of the Vetiva Griffin 30 Exchange Traded Fund (VG 30 ETF).

The Nigerian bourse listed its first ETF back in 2011 with the launch of the Newgold Exchange Traded Fund, a commodity based ETF.
 
The new fund is designed to track the NSE 30 Index, which comprises the exchange’s top 30 companies by market capitalisation, replicating both the price and performance of the index.
 
“The NSE30 Index securities represents a convenient investment vehicle for exposure to the Nigerian equities market via a single security,” says Damilola Ajayi, managing director of Vetiva Fund Managers Limited.
 
Haruna Jalo-Waziri, executive director, business development at the NSE, says: "We are using the ETF product category to open up cost-effective diversification opportunities for investors, while giving the broker-dealer community an instrument to better service their clientele. This listing of the VG 30 ETF is anticipated to help advance the investor market in Africa’s fastest growing economy by further broadening the choice of asset classes open to local investors.”

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