New ETF Makes Debut

A new exchange-traded fund joins Iran Fara Bourse, the junior equity market, on Saturday with 10% of its units for subscription. 
The ETF is worth 1 trillion rials ($4.6 million) and subscribers can buy units worth 100 billion rials in five working days, according to a notice on the IFB website. 
Individual or institutional investors can buy a minimum of 9 units and maximum 99 million units of the ETF, out of a total of 100 million units. 
The ETF is a fixed-income type. Fixed-income ETFs are bond funds whose shares are listed on the stock exchange and traded throughout the day. There are fixed-income ETFs that focus on corporate, government, municipal, international, and global debt. 
The new ETF is added to a total of 45 ETFs already operating in the domestic capital market, the largest of which is a state-controlled ETF holding government shares in three banks and two insurance companies.