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SSGA launches SPDR MSCI China A Shares IMI ETF

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State Street Global Advisors (SSGA) has launched the SPDR MSCI China A Shares IMI ETF (XINA) began trading on the NYSE Arca. 

XINA offers investors access to A shares of companies incorporated in mainland China which represents approximately 51 per cent of the Chinese equity market1 and was available only to China-domiciled investors until recently. Unlike some China A shares ETF offerings that are managed through third-party sub-advisors, XINA will be managed directly by State Street Global Advisors Asia Limited, based in Hong Kong.

“Given that China is both the second largest economy and the second largest equity market in the world, we feel it’s important to have exposure in your portfolio,” says Michael Arone, chief investment strategist for State Street Global Advisors’ US intermediary business. “Broader exposure, with the benefits of diversification may be valuable in the long term as these market developments create potentially long-term investment opportunities for A shares even as short-term volatility may remain high.”

“As the Chinese market becomes more accessible to investors outside of China, clients have asked for an A shares ETF designed to track a broad-based and well known index,” says Nicholas Good, chief operating officer of the US intermediary business at SSGA. “While volatility in the A shares market has been elevated recently, the Chinese government has announced near-term policy actions to restore investor confidence and we believe that the domestic Chinese equity market will continue to emerge as a long term staple of investor portfolios.”

The SPDR MSCI China A Shares IMI ETF seeks to track the performance of the MSCI China A International IMI Index. The index captures large, mid and small cap representation of Chinese companies with A share listings on the Shanghai or Shenzhen Stock Exchanges. As of 30 September, 2015, the Index was comprised of 1795 constituents. Alternative exposures to the A share market, such as the CSI 300 index and the FTSE A 50 index, can potentially limit exposure to only large and midcap stocks. XINA has a gross and net expense ratio of 0.655 per cent.

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