The first black empowerment exchange traded fund (ETF) will launch on the South African stock exchange Sept. 19. Investment banks Absa Capital and Vunani Capital announced that the new fund, NewSA, will create an investable black economic empowerment (BEE) financial instrument, according to Business Report. NewSA comes from a family called NewFunds Collective Investment Scheme, which is a joint venture between the two aforementioned banks. The new ETF is aimed at institutional investors, and the theme is to recognize and reward transformation. NewSA will track a modified version of the Top40 index and will weigh companies based upon their respective BEE status.
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