Finally the very first ETF(exchange traded fund) is now listed in the Philippine Stock Exchange.
Managed by FAMI(First Metro Asset Management Inc.) the FMETF(First Metro Philippine Equity Exchange Traded Fund Inc.) made its debut today, December 2, 2013, in the local stock market after some months of preparation. It is a basket of 30 stocks which are primarily the PSEi itself.
It open at a NAV of Php 99.20 and closed today at 100.00. This new investment vehicle which acts like a mutual fund but is actively traded is now as most analyst would say just in the right timing specially for those who just wanted to invest and not bother or get crazy with analyzing so many individual stocks.
Again we would like to welcome the very first ETF and we hope that the investing public and more newbies would look into this and consider investing more here in our own backyard. We hope to hear new ETFs soon in the Philippine Stock Exchange.