China’s first iron ore futures-based exchange traded fund (ETF) has raised $11-million from institutional investors and clients at private banks, according to the manager of the fund, which will list in Hong Kong on Friday. The ETF, managed by the Hong Kong unit of Chinese broker Shanxi Securities Co Ltd – Shanxi Securities International Asset Management Ltd – will track the Dalian Commodity Exchange (DCE) iron ore futures index and use its closing price on March 20 as a benchmark.
