Northern Trust (NASDAQ: NTRS) has announced the launch today of the first exchange traded fund (ETF) that is dedicated to the Real Estate Investment Trust sector in JAPAN. The underlying stock holding this REIT ETF will be comprised entirely of the components in the Tokyo Stock Exchange REIT Index. NETS(TM) Tokyo Stock Exchange REIT Index Fund (Japan) now trades on the NYSE under the "JRE" stock ticker.
According to the data in the release about this, Japanese real estaterepresents over 10% of investment opportunities in the global realestate market. This is under Northern Trust’s NETS(tm) program, itsNorthern Exchange Traded Shares(tm). This will be the sixteenth NETSproduct, but is the first which is exclusively dedicated to the JapaneseREIT sector.
The Tokyo Stock Exchange REIT Index is a market capitalization weightedindex of all REITs listed on the Tokyo Stock Exchange. The index is aprice return index and was assigned a base index value of 1000 as ofMarch 31, 2003. From its launch date to its peak in mid-2007 the indexrose to above 2,500 and Bloomberg now lists this index at 1,196.40.
Many of the ETF’s listed in the NETS program are still very thinly traded ETF’s with low average daily volume.
Jon C. Ogg
September 8, 2008
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