SAB Invest Hang Seng Hong Kong ETF starts trading on TASI today

SAB Invest Hang Seng Hong Kong ETF started trading on the Main Market (TASI) today, Oct. 31, as an exchange traded fund (ETF), under symbol 9411 and ISIN Code SA165054J1K7.

The fund, managed by SAB Invest, will trade with +/-10% daily price fluctuation limits, according to a Tadawul statement.

For More IPOs

Earlier in this month, the Capital Market Authority (CMA) approved SAB Invest’s application to float units of SAB Invest Hang Seng Hong Kong ETF in a public offering, Argaam reported.

The fund aims to achieve long-term capital growth by tracking the performance of the Hang Seng Index (HIS) through investing in the foreign fund before deducting fees and expenses, while minimizing the deviation between the fund's performance and that of the index.

It will invest all its assets in a single foreign fund, which is the Tracker Fund of Hong Kong, listed on the Hong Kong Stock Exchange (HKEX). The foreign vehicle aims mainly to passively track the index performance by mirroring the companies in the index and their weights.