Deutsche Asset & Wealth Management announces the launch of db X-trackers Harvest CSI 300 China A-Shares Fund (NYSE ticker: ASHR), an exchange-traded fund (ETF) that offers a direct investment opportunity in the world’s second largest economy. The fund will be listed on NYSE Arca beginning Wednesday, November 6.
ASHR is the first U.S.-listed ETF to provide investors direct equity exposure to the many Chinese sectors and companies that are available exclusively via the China A-shares market, in which foreign investment has historically been limited.
“As a truly global bank, we are uniquely positioned to provide global access and perspective to U.S. investors,” said Jerry Miller, Head of Asset & Wealth Management Americas.
“Unprecedented and sophisticated products such as ASHR exemplify our strategic vision for the exchange-traded products business in the Americas.”
In order to bring this groundbreaking new fund to market, Deutsche Asset & Wealth Management has partnered with the experienced team at Harvest Global Investments Limited, a wholly owned subsidiary of Deutsche Bank Group’s asset management joint venture in China, Harvest Fund Management Co., Ltd.
“Harvest is very pleased to collaborate with Deutsche Asset & Wealth Management to list the db X-trackers Harvest CSI 300 China A-Shares Fund on the New York Stock Exchange,” explains Dr. Henry Zhao, Chairman of Harvest Global Investments. “ASHR will provide American investors with direct access to China A-shares with the added benefit of our depth of experience as one of the most established Chinese fund management companies.”
Harvest Fund Management Co., Ltd is the second-largest asset management company in China, with in excess of $47 billion in assets under management. Harvest Global Investments Limited’s status as a Renminbi Qualified Foreign Institutional Investor (RQFII) enables it to obtain a RQFII quota on behalf of ASHR.
“ASHR will provide American investors with direct access to a key international market for the first time, as other ETFs that seek to provide exposure to China A-shares must do so indirectly via derivatives or other instruments,” said Martin Kremenstein, Head of Passive Asset Management for Deutsche Asset & Wealth Management Americas. “This milestone ETF demonstrates our commitment to introducing first-of-their-kind products that use innovative strategies to fill previously unmet gaps in investor demand.”
China A-shares are equity securities issued by companies incorporated in mainland China, demoninated and traded in the Chinese renminbi. Controls imposed by the Chinese government limit direct investments in A-shares, and only a very restricted pool of foreign investors have been approved as Qualified Foreign Institutional Investors or Renminbi Qualified Foreign Institutional Investors by the China Securities Regulatory Commission.
ASHR seeks to track the CSI 300 Index, which includes the 300 largest and most liquid securities trading on the Shanghai and Shenzhen Stock Exchanges.
Deutsche Asset & Wealth Management’s U.S. exchange-traded products (ETP) platform was the first to provide U.S. investors with convenient access to broad-based commodity exposure when it launched in 2006. Currently the platform has $12 billion in assets under management. The Deutsche Asset & Wealth Management global ETP platform, which was launched in 2006, has risen to become the fifth largest in the world with approximately $66 billion in assets under management as of September 30, 2013.
For more information about the ETPs available in the U.S., visit: www.dbxus.com. For further information about this press release, please call:
Deutsche Bank AG
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