Mumbai, May 13 (IANS) The National Stock Exchange of India (NSE) on Friday said that a Nifty50 based leveraged ETF (exchange traded fund) has been launched in South Korea.
"Mirae Asset Global Investments has launched Korea's first-ever ETF that tracks Nifty50 2x Leverage Index. The product will be traded on the Korea Exchange (KRX)," the NSE said in a statement.
The NSE said the ETF will provide offshore investors access to the world's fastest growing economy and is expected to complement their investment portfolio.
Nifty50 2x Leverage Index was created and maintained by India Index Services and Products (IISL), an NSE group company.
"India is world's fastest growing major economy and by the listing of second Nifty based ETF in Korea it is evident that the investors are optimistic to take part in the India growth story through new and innovative products," said Mukesh Agarwal, chief executive of IISL.
"There are 10 international ETFs and 34 domestic ETFs based on Nifty indices which shows the widespread acceptability of Nifty indices for India access products."
The development comes after three of NSE's exchange-traded funds were launched on the Taiwan Stock Exchange (TWSE) in March.
Before that the IISL had launched India sector specific index futures contracts on Singapore Exchange.
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