TradePlus Shariah Gold Tracker debuts at 1.5 sen premium

KUALA LUMPUR: Affin Hwang Asset Management Bhd’s (Affin Hwang AM) first exchange traded fund (ETF) began its trading on the Main Market of Bursa Malaysia today at RM1.73, 1.5 sen over its issue price, on a volume of 2,000 shares.

The ETF, known as TradePlus Shariah Gold Tracker, aims to closely track the performance of gold prices.

Speaking at a press conference after its listing ceremony today, Affin Hwang AM managing director Teng Chee Wai said the company believes that the fund’s size will grow to RM100 million to RM200 million within a year.

Teng said the company had previously invested RM20 million of its shareholders’ funds into the ETF as seed money.

“When people start to chase gold as an asset class during the (global) uncertainty, that is when we think the ETF will grow massively in size,” he added.