etf

AMEX and Singapore Exchange Begin Trading Cross-Listed ETFs

etf

The American Stock Exchange (AMEX) and the Singapore Exchange (SGX) today began trading cross-linked exchange-traded funds (ETFs) on SGX Securities Trading, a joint venture company owned equally by the two exchanges.

AMEX chairman and CEO Salvatore Sodano said that the exchange is "on track to execute our core strategy of providing a fully fungible, 24-hour trading global platform for our ETF product line."

Five AMEX-listed ETFs began trading today in Singapore:

  • S&P 500 SPDRs (SPY)
  • Diamond Series Trust I (DIA)
  • iShares MSCI Singapore Index Fund (EWS)
  • iShares Dow Jones U.S. Technology Sector Index Fund (IYW)
  • iShares S&P 500 Index Fund (IVV)

Investors in Singapore now have two ETF options for the S&P 500 index - SPY, which is managed by State Street Global Advisors, and IVV, which is managed by rival Barclays Global Investors.

In the U.S., SPY is the largest ETF in terms of assets under management with $28.2 billion, just ahead of the heavily-traded Nasdaq 100 Tracking Stock (QQQ). SPY currently holds 38.71% of the total assets for all AMEX-listed exchange-traded funds, according to AMEX. The iShares S&P 500 ranks fifth in terms of total assets with about $2.4 billion, or 3.35% of all AMEX-listed ETF assets. A recent court verdict stymied The Vanguard Group's efforts to bring an S&P 500 ETF to market, at least in the short term while the firm considers an appeal.

According to a statement released by AMEX, the exchange plans to create a global ETF trading platform that will incorporate Europe and potentially Latin America and Japan.

To read about the AMEX and SGX announcement last month to cross-list ETFs, please click here.