Close Fund Managements Close Ftse Euro eTX fund has been designed to take advantage of the new Ftse Euro eTx index.
Close Ftse Euro eTX, an open-ended investment company (Oeic) will track the index, which contains 50 small to medium sized European technology companies that are involved in sectors such as software, computer hardware, telecommunications and semiconductors. The Oeic is medium to high risk and is aimed at investors who want to get exposure to the technology market.
The Oeics initial charge of 4.75 per cent is slightly on the high side but is still competitive when compared to the Framlington Nasdaq fund, which tracks the technology-orientated Nasdaq composite index and has an initial charge of 5 per cent.
According to Standard & Poors the Close European escalator fund is ranked 2 out of 17 funds, based on £1,000 invested on a bid to bid basis with gross income reinvested over one year to October 16 , 2000.