NEW YORK, Dec. 11 /PRNewswire-FirstCall/ -- New York-based asset manager Global X Management Company today launched the Global X China Financials ETF (NYSE Arca: CHIX), the first ETF offering targeted access to the China Financials sector. CHIX is the latest addition to the comprehensive family of China sector ETFs offered by Global X Funds.
The Global X China Financials ETF seeks to replicate the S-BOX China Financials Index, which is designed to reflect the performance of the financials sector in China, the largest segment of the Chinese equity market. As of November 30, 2009, banks represent 44% of the index, real estate companies 31% and insurance companies 24%. The largest index components were China Construction Bank, Industrial and Commercial Bank of China, China Life Insurance Company and Bank of China.
China is transitioning from a planned economy to a market-driven economy. Financial markets, still in the early stages of development, are the cornerstone of this transition. "Completely new market segments, such as the mortgage market, have developed over the last ten years, while relatively new markets, such as credit cards and wealth management, are rapidly expanding," said Bruno del Ama, CEO of Global X Management. "Companies in the China Financial ETF are poised to take advantage of the growth of these markets."
The fund is the latest launch in the family of China sector ETFs offered by Global X Funds, joining the China Industrials ETF (ticker: CHII), China Consumer ETF (ticker: CHIQ) and China Technology ETF (ticker: CHIB), trading on the NYSE Arca; the upcoming China Energy ETF (ticker: CHIE) and China Materials ETF (ticker: CHIM) 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.