HSBC launches S&P 500 ETF tracker

HSBC Asset Management is to launch an ETF offering exposure to the S&P 500 Index.

The launch today coincides with the end of a decade-long exclusive agreement between Standard and Poor's and iShares which ensured the US firm was the only provider with the right to use the S&P 500 to underlie its ETFs. The new fund has a total expense ratio (TER) of 0.15% and aims to invest in the underlying shares of the index in the same proportions in which they are included in order to replicate the performance as closely as possible. It is the latest in a range of ETFs unveiled by HSBC following the launch of the FTSE 100 ETF in August 2009 and the subsequent Dow Jones, Eurosto...