The composition of the new mutual fund’ assets reflects the structure of the MICEX Index portfolio, calculated by the MICEX on the basis of prices of stocks traded in the MICEX Stock Market Section. This enables to monitor the current market situation, as the MICEX accounts for about 85% of the total volume of exchange trading in securities in Russia. The MICEX Index calculation base includes 18 stocks of Russia’s 12 leading issuers: RAO UES, Norilsk Nickel, LUKoil, Surgutneftegaz, Tatneft, Sberbank and others.
In compliance with the Rules of mutual fund "Birzhevaya Ploshchad – the MICEX Index", its formation will take three months and will be completed when the value of the funds’ property reaches 2.5 million rubles. During the formation period, the price of one mutual fund’s share will be 1000 rubles. The minimum amount of investment is 100 000 rubles.
When investing in an index-based mutual fund, investors get certain advantages. First, they avoid risks connected with mistakes that a management company may make when forming an investment portfolio. When a management company purchases securities included in a stock average, it simply can not demonstrate results worse than the average market results. Second, the investor does not need to understand trends in the prices of particular securities. In the case of "Birzhevaya Ploshchad – the MICEX Index", it is enough to monitor the dynamics of only one indicator, the MICEX Index.
According to the MICEX Deputy CEO Marina Medvedeva, the emergence of a new mutual fund, based on the MICEX Index, demonstrates the high quality and representativeness of the main index of the Moscow Interbank Currency Exchange, which objectively reflects the dynamics of the Russian stock market.
The MICEX established its Sector for trading in the shares of mutual funds in February 2003. At present, the shares of 19 mutual funds circulate in the MICEX market. There are 170 mutual funds in Russia, the total value of their net assets exceeding 92 billion rubles.
