Nikko Asset Management has entered the Hong Kong ETF market for the first time with the launch of a global internet product.

The Nikko AM Global Internet ETF (9072) is listed on the Hong Kong Exchanges and Clearing Limited (HKEx) with a total expense ratio (TER) of 0.88%.

Tracking the iEdge-FactSet Global Internet index, 9072 will offer investors exposure to 30 stocks across major themes in the internet space.

This includes areas such as e-commerce, internet of things, social networking, cloud services and e-gaming.

The index currently features names such as Alibaba, Alphabet, Amazon, eBay, Facebook, Netflix, Tencent and Twitter.

Each individual stock in the index cannot have a bigger weighting than 10%.

BNP Paribas Securities Service has been appointed custodian and administrator of 9072 and will provide middle office, custody services, trustee, transfer agent and fund administration in support.

Eleanor Seet, head of Asia ex-Japan at Nikko Asset Management, commented: “As we continue to grow our business across the Asia ex-Japan region, we are excited to be listing our first ETF in Hong Kong.

“The launch of this ETF solution is testament to our commitment to growth in Asia and Hong Kong as an important hub.

“This is a strategic milestone for our global ETF business. Hong Kong has a diverse and global investor base, and we remain positive on the long-term outlook of the market.”

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The firm currently has $72bn assets under management (AUM) across its ETF business, as at June, making it Asia’s number two ETF provider.