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http://www.investopedia.com/terms/o/open-endfund.asp


http://biz.yahoo.com/edu/ed_fund.html
http://www.chinaamc.com/english.htm

ChinaAMC to launch China’s first Exchange Traded Fund

State Street to launch China's first exchange traded fund with China AMC
871 words
19 July 2004
18:18
AFX International Focus
English
Copyright AFX News, 2004 All reproduction and presentation rights reserved.
BEIJING (AFX-ASIA) - US institutional money manager State Street Global Advisors has teamed up with one of China's top fund managers to launch the first fund that will allow Chinese investors to trade shares in an entire index just like they would any individual stock.
Exchange Traded Funds (ETF), listed securities designed to track the performance of an established index, were given the final go-ahead by China's regulators in early July as part of a strategy to widen the investment choices for both institutional and private investors and encourage them to view the stock market as a vehicle for long-term investment rather than for short-term speculation.
If successful, ETFs could provide the government with a vehicle to solve the thorny problem of selling off state-owned shares in listed companies, and over the longer term provide domestic investors with exposure to overseas stock markets.
State Street's ETF, which is being launched with China Asset Management Company will allow investors to buy and sell all the shares in the Shanghai 50 Index, which is made up of blue-chip stocks listed on the domestic currency A-share index including Baoshan Iron & Steel Co Ltd (SHA 600019), China Petroleum & Chemical Corp (Sinopec) (SHA 600028; HK 0386; NYSE SNP), Huaneng Power International Inc (SHA 600011; HK 0902; NYSE HNP) and China Merchants Bank Co Ltd (SHA 600036).
'ETFs have gained interest worldwide as they offer investors very flexible and low cost access to markets. Given these advantages, we are confident that this ETF will be popular amongst both Chinese and international investors,' State Street chief executive Vincent Duhamel told a news conference in Beijing.
The Shanghai 50 ETF is expected to be launched at the end of the third quarter or the beginning of the fourth quarter this year, subject to final approval from the China Securities Regulatory Commission.
ETFs are hybrid securities combining some of the characteristics of an ordinary share with those of a mutual fund, but have very low or even no fees and charges. Consequently, they provide investors with a cheap way to track an index and gain broad exposure to the stock market.
Mutual funds have become popular investment vehicles in China, with 124 funds attracting 259 bln yuan of funds as of the end of April this year.
But the immaturity of China's capital markets makes it difficult to measure potential demand for an ETF and to set investment targets, Duhamel said, warning that if the fund can't attract 500 mln usd within three years, it won't be viable.
'We will start with one ETF, see how that works, what's the acceptance in the market place and what are the glitches in the system, ' Duhamel said.
'I would say that the product wouldn't be viable if three years down the road there's not half a billion usd invested.'
But, if State Street's Taiwan ETF is anything to go by, the outlook for the China fund is positive.
In July last year, State Street launched an ETF with an investment target of 300 mln usd within 18 months. A year later, 1.3 bln usd has been invested.
The establishment of China's first ETF comes amid speculation that the government may relaunch plans to sell off billions of yuan of shares in state-owned companies that are already listed on the stock markets to raise money to fund the fledgling but underfunded social security system.
About two-thirds of the shares of listed state-owned companies are held by the government in non-traded stock kept off the market.
Investors are concerned that at some point these shares will flood the stock market, sending current share prices tumbling.
Some market watchers believe that the government may use ETFs as a vehicle to sell its shares.
Duhamel said State Street and the government have not discussed setting up an ETF to sell state-owned shares, but he is 'aware of a number of studies being done by the government and requests by the government for information'.
He said an ETF would ensure a market-driven, orderly disposal of shares without 'any stock specific risk'.
Longer term, ETFs could also give Chinese investors a way of accessing overseas markets which are currently closed to them because of currency controls on the yuan which don't allow money to be transferred overseas for investment.
The government has in principle agreed to allow some domestic institutional investors, mainly insurance companies and the social security fund, to invest in overseas equity markets through the Qualified Domestic Institutional Investor Scheme, to help them spread their risk and earn a better return.
An ETF based on an overseas index could be one way to give private investors some exposure to overseas stock markets.
'The currency control issue in this case makes it somewhat difficult,' Duhamel said.
'If there's demand at some point and we are allowed to, it's something that might become attractive. But I don't foresee that at the moment.'

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