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Source launches ETF to track European small-caps

Source launches ETF to track European small-caps

Source has launched an exchange-traded fund (ETF) that will follow European small and mid-cap (Smid) businesses.

The Source Russell Europe Smid 300 Ucits ETF will contain the 300 European companies falling between the 75th and 95th percentile by market capitalisation of the Russell Global index, excluding those with an average daily trading volume lower than €2 million (£1.7 million).

Constituents include FTSE 100 members Barratt Developments, easyJet and Hargreaves Lansdown.

Over the past year the Europe Smid 300 index has returned 35.1%, compared with 26.2% by the broader MSCI Europe index.

‘The Russell Europe Smid 300 index has been designed with considerable input from the trading community,’ said Ron Bundy, chief executive for indices at Russell Investments.

The ETF has an annual management fee of 0.35%.

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