Industry Updates

Amundi waives fees on Russia ETFs

BlackRock, DWS and Invesco also suspended TER

Theo Andrew

a pile of money

Amundi has become the latest issuer to waive fees on its Russia ETFs as it continues to remain suspended.

The firm confirmed it would be renouncing the total expense ratio (TER) on the Lyxor MSCI Russia UCITS ETF (RUS) and the Lyxor PEA Russie (MSCI Russia IMI Select GDR) UCITS ETF (PRUS) which charge 0.65%, respectively.

In addition to Amundi, BlackRock, DWS and Invesco said they would be waiving fees after suspending the creation and redemption process on their Russia ETFs earlier this month.

In a statement, Amundi said: “Effective 4 March, the fund has suspended its net asset value (NAV) and the subscription and redemption of its units until further notice. The TER will not be charged for this period.”

What next as Russia ETFs remain in unchartered territory?

All Russia-focused ETFs in Europe suspended primary market trading in early March due to Russia escalating the conflict in Ukraine. The Moscow Stock Exchange closed on 25 February and foreign investors were banned from selling their investments.

Secondary market trading of RUS was subsequently halted after exchanges across Europe stopped trading on all Russia ETFs.

The Moscow Stock Exchange partially reopened last week and will expand limited trading to all shares today, 28 March, in another shortened session.

HSBC Asset Management declined to comment.

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