Invesco has listed its first Exchange-Traded Funds (ETFs) on the Tel Aviv Stock Exchange . The move reflects the growing demand for ETFs in Israel and the popularity of Invesco’s product suite. The direct listing will simplify access for investors and support Invesco’s ambition for further market share in a key jurisdiction. The firm plans to expand its range of ETFs listed on TASE in the coming months.
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The initial products are a mix of Invesco’s flagship UCITS ETFs as well as ones most popular with investors in the region. These include core portfolio holdings such as the Invesco S&P 500 UCITS ETF, the lowest-cost ETF in the EMEA market tracking the world’s most widely followed index, and the Invesco MSCI Emerging Markets UCITS ETF. The firm is also listing the Invesco KBW NASDAQ Fintech UCITS ETF and two of the UCITS ETFs in its US sectors range for investors wanting more targeted exposure. An ESG version of the S&P 500 UCITS ETF is due for listing shortly.
Invesco’s ETF business has had a physical presence in Israel since 2014, with growing demand from local investors contributing towards the firm’s total USD 67.5 bn in EMEA ETF assets under management (AUM) as at the end of 2021. The firm saw 36% growth in AUM across the year, the largest percentage increase of any European ETF issuer with more than USD 20 billion in AUM. Of the USD 10.8 billion in net new assets gathered during 2021, the strongest capital flows were into its core US equity products, including over USD 3 billion into its S&P 500 UCITS ETF.
The TASE has become a major hub for ETFs in the region, although most of the products currently available are from local issuers. Following these initial Invesco listings, the exchange now has just over 30 ETFs from foreign issuers.
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Gary Buxton, Head of EMEA ETFs at Invesco, said: “Israel has grown in importance for us as a business and this latest step to locally list some of our core and more innovative products is a natural reflection of this relationship and market dynamic. The country’s investors, from institutions to retail, have welcomed ETFs as a low-cost, transparent and liquid investment vehicle and we expect further growth in 2022.”
Shay Yona, Head of Israel Distribution at Invesco added: “We are pleased to expand our footprint outside of the traditional European exchanges and be joining the growth of the Israeli economy by being a member in the local financial eco-system. It is the first and important step both for Invesco and the local investors community to join forces and experience the advantages of our ETF’s platform.”
Ittai Ben Zeev, TASE CEO, said: “We’re delighted to welcome Invesco’s suite of products into the TASE. The move further illustrates the demand for ETFs in Israel and the attractiveness of the exchange in meeting the needs of both investors as well as large, global asset management firms such as Invesco. The listing will allow local investors to access to a wider range of investments and is part of our strategic plan to expand the range of services and products available to Israeli investors”.
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