Stanbic IBTC Asset Management Limited has said that efforts at enhancing Nigerian capital market have been boosted with the introduction of Stanbic IBTC Exchange Traded Fund 30 (ETF 30).

The initial public offering had opened on september 15, 2014 and expected to close on October 15, 2014, with 10 million units of the fund available at N100 each at par.

The offer is for a minimum subscription of 10,000 units and multiples of 5,000 units thereafter.

The chief executive officer (CEO) of Stanbic IBTC Asset, Olumide Oyetan, made this known at an investors’ forum in Lagos, yesterday. He said that a deep financial sector as well as vibrant capital market was pivotal in enhancing economic efficiency, attracting investment and driving faster growth.

Oyetan said that the company was seeking to expand participation of domestic investors in the capital market, which would help in the capital formation process and in turn generate significant returns to investors while fuelling wealth creation as well as economic growth.

“The opening of the Stanbic IBTC ETF 30 is a direct response to increased investor demand for passive investment strategies that will deliver the market return for the index being tracked, which in this case is the NSE 30 of the Nigerian Stock Exchange (NSE). The Stanbic IBTC ETF 30 provides a transparent and flexible structure that allows investors efficiently gain exposure to the securities of these companies that have over time out-performed the broad equity market,” said Oyetan.

Oyetan stated that the fund was designed to track the performance of the NSE 30 Index which comprises the top 30 companies listed on the NSE in terms of market capitalisation and liquidity.

According to him, the fund represents a convenient and efficient way for investors to have access to the top 30 most capitalised and liquid stocks on the NSE, in a cost-effective manner.