The exchange traded funds (ETF) segment is heating up with the Abu Dhabi Exchange (ADX) looking to get ahead of its regional rivals. Tom Healy, CEO of ADX told Zawya.com he expects the first ETF to be launched in the second quarter, and not the first as the exchange had earlier hoped.
"We would like to be the first one in the Gulf to launch ETF," said Healy.
ETF is a class of mutual fund considered less expensive and simpler than its better-known cousin. Offering the diversity of mutual funds, they can be sold like stocks on an exchange. The use of ETFs to implement exposure to cash, fixed income, commodities and equity indices is making them popular, notes a Barclays report.
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