Allianz ETF gets green light

SHANGHAI - Allianz SE's China joint venture fund management company has received approval from the Shanghai Stock Exchange to develop an exchange-traded fund (ETF) tracking Chinese commodities stocks.

The ETF will track an index of 50 Chinese stocks with large market capitalization from the energy, agricultural and industrial materials industries, Shanghai-based Guotai Jun'an Allianz Fund Management Co said on Thursday.

The index "will provide a benchmark for performance of commodities stocks and also serve as a barometer of investor expectations for commodity prices", the company said.