This week saw the debut of China’s second logistics-focused exchange trade fund, despite the strict Omicron-related lockdowns that are stretching global supply chains, reports the Financial Times. Yinhua Fund Management’s CSI Modern Logistics ETF was listed on the Shanghai Stock Exchange on January 17 after raising RMB 269 million ($42.4 million) in initial assets, public records show.
The listing comes seven months after the country’s first such thematic product, Fullgoal Fund Management’s CSI Modern Logistics ETF, was launched in June last year with marginally bigger first-round subscriptions of RMB 281 million.
As of January 10, the Yinhua ETF held only 27.2% of its assets in Chinese stocks as it was still building its portfolio, according to its listing announcement. Both supply chain thematic ETFs track the CSI Modern Logistics Index, which has 46 constituents covering the country’s largest vendors, warehouses, transportation companies, distribution centers and online retailers.