14 Nov 2024
Tuesday 26 May 2020 - 17:28
Story Code : 376521

ETF rakes in $345m

Financial Tribune - With the subscription deadline set by the governments bank-based exchange-traded fund ending on May 21, the Ministry of Economy announced that more than 58.86 trillion rials ($345 million) were generated via subscription of ETF units.

More than 3.481 million people subscribed for the initial phase that lasted for three weeks, according to a notice on the ministrys news portal shada.ir.

The ETF, dubbed as the First Financial Intermediary offered government shares in three banks and two insurance companies.

ETF is a basket of securities that trade on an exchange, just like a stock. ETFs can contain all types of investments including stocks, commodities, or bonds.
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