NEW YORK, Dec. 9 /PRNewswire/ -- New York-based asset manager Global X Management Company today launched the Global X China Technology ETF (NYSE Arca: CHIB), offering targeted access to the China Technology sector.
The Global X China Technology ETF seeks to replicate the S-BOX China Technology Index, which is designed to reflect the performance of the technology sector in China. As of November 30, 2009, internet companies represent 51% of the index, telecommunications 28%, and hardware & software firms 20%. The largest index components were internet companies Ctrip.com, SINA Corp, and Baidu, and software firm Longtop Financial Technologies.
China is the world's largest cell phone and internet market, with over 600 million cell phone customers and over 300 million internet users. Internet users grew by 13.5% over the last year, and there is room for continued rapid growth, as penetration of internet users is still low at 25% of total population vs. 70% in the U.S. " China is driving its efficient manufacturing and rapidly expanding consumer base into higher value, technology-based products and services," said Bruno del Ama, CEO of Global X Management.
The fund is the latest launch in a comprehensive family of China sector ETFs offered by Global X Funds, including the China Industrials ETF (ticker: CHII) and China Consumer ETF (ticker: CHIQ), trading on the NYSE Arca, as well as the upcoming China Energy ETF (ticker: CHIE), China Financials ETF (ticker: CHIX) and China Materials ETF (ticker: CHIM), which are not yet available for purchase. All funds have a 0.65% expense ratio.About Global X Management Company LLC Global X Management Company, LLC, a New York-based asset manager, serves as the investment adviser to Global X Funds. The firm, registered as an investment adviser with the Securities and Exchange Commission, specializes in innovative international ETFs. For more information, visit www.globalxfunds.com. Disclosures: Investing involves risk, including the possible loss of principal. International investing may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles, or from economic or political instability in other nations. Securities focusing on a single country and narrowly focused investments may be subject to higher volatility. Structured Solutions AG Indexes have been licensed for use by Global X Management Company, LLC. Global X Funds are not sponsored, endorsed, issued, sold, or promoted by Structured Solutions AG, nor does this company make any representations regarding the advisability of investing in the Global X Funds.