Nomura Asset Management, a wholly owned subsidiary of Japan's Nomura Holdings, has said that it will launch two new US stock related exchange traded funds (ETFs).
These new ETFs are the Next Funds Nasdaq-100 Exchange Traded Fund and the Next Funds Dow Jones Industrial Average Exchange Traded Fund.
Next Funds is the brand name for the ETF product range of Nomura Asset Management, representing Nomura Exchange Traded Funds.
According to the company, both of these new ETFs were approved for listing by the Osaka Securities Exchange (OSE). The launch date will be August 13, and the listing date will be August 16, 2010. From the listing date, investors will be able to trade these new ETFs just like ordinary stocks on the OSE through securities dealers and traders in Japan.
To achieve their investment objectives, each ETF will directly hold a portfolio maintaining a correspondence between the composition and weights of the stocks held within the ETF assets and the stocks in their respective index. Hence, the ETFs are designed to provide investment results that generally correspond to the price and yield performance of the respective index, where performances both of the ETF and the index are measured in Japanese yen. The funds may also periodically take minor positions in stock index futures when necessary, said the company.