The Nigerian Stock Exchange (NSE) on Monday listed Greenwich Alpha ETF (Greenwich Alpha), an exchange traded fund (ETF) promoted by Greenwich Asset Management Limited. The Greenwich Alpha ETF was listed at N100 per unit following the success of the fund’s initial public offering (IPO).
Greenwich Alpha is an open-ended ETF that tracks the NSE 30 Index; an index which comprises of the 30 most liquid and capitalised stocks on the Exchange. It is designed for investors to access the constituent companies of the NSE 30 index, thereby getting the performance of the index.
Managing Director, Greenwich Asset Management Limited, Mr Dayo Obisan, said, the Greenwich Alpha ETF Fund was designed for investors seeking exposure to the Nigerian equities market, particularly to the constituents of the NSE-30 index.
According to him, the portfolio offers the full benefits of diversification through a single transaction thereby reducing associated transaction cost and helping investors spread their risk.
“We will continue to encourage retail and institutional investment in this fund based on its potentials,” Obisan said.
Head, Trading Business Division, Nigerian Stock Exchange (NSE), Mr Jude Chiemeka, said ETFs have continued to make a global impact as effective tools for accessing the market, diversifying investments, and serving as an alternative investment solution for intermediaries to recommend to their clients.
He pointed out that given the position of the NSE as the leading stock exchange for listing and trading ETFs in West Africa, the Exchange will continue to lead innovation in the market as well as support the issuance of products and investment vehicles that meet the objectives of investors.