For the first time U.S.-based investors can purchase a basket of Israel securities online.
E*Trade Group Inc. said today that it is expanding its fund supermarket by adding the
Amidex35 Mutual Fund, a new index fund of Israeli stocks.
Amidex35 will be available through the E*Trade Mutual Fund Center. The fund will be offered on a no transaction-fee basis to E*Trade customers.
The index consists of the 35 most highly capitalized Israeli companies that are publicly traded on the Tel Aviv Stock Exchange, the New York Stock Exchange, the Nasdaq, or the American Stock Exchange.
"By offering the Amidex35 Mutual Fund, E*Trade is now enabling its customers to invest in Israel's growing securities market without the inconvenience of tracking these securities individually, and on a no transaction fee basis,"
Brian Murray, vice president and general manager of E*Trade's Mutual Funds Group.
The fund was launched in early June -- compared to other major indices the fund has performed well. As of September 30 Amidex35 was up 38.76%, Morgan Stanley Emerging Markets was up 30.8%, Lipper's emerging market was up 25.66% and Dow Jones World was up 7.44%,
David Moore, senior manager of fund relations at E*Trade said.
Some of the fund's top holdings are Comverse, Amdocs, Check Point, Peva, Hapoaliam Bank and Bezeq. Moore said a lot of Israel's excitement is its high tech market, comprising 2/3 of the index.
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