Asset manager Imantia Capital has launched a passive fund that replicates the behaviour of the Spanish stock market index Ibex-35.
The Spanish firm claims Imantia Ibex-35 is the cheapest equity index fund of the Spanish market.
The fund has a management fee of 0.35%, which compares with the average fee of 1.7% for equity funds.
Imantia’s new product “combines low costs of ETFs with the tax advantage of funds”, Imantia said.
The fund, with is aimed to Spanish investors, has a reduced tracking error, so its behaviour is easily predictable for investors, it said.
Last month, Imantia announced a restructuring of its fund offer, in a move to define its new corporate strategy.
Imantia converted Ahorrofondo into Imantia Decidido, a fund of funds of international mixed fixed income, which will invest between 30% and 75% in domestic and international equities, that include EM countries, all cap companies and sectors.
Imantia Flexible, which results in the merger of Imantia Inversion Selectiva Flexible with Imantia Inversion Selectiva, will be a fund of global funds with the possibility to invest between 0% and 100% in equities.
“The restructuring aims to adjust the product range in order to fit customers’ needs in line with the current market environment. It covers various risk profiles as well as management styles,” Imantia Capital said at the time.
In October last year, Ahorro Corporación Gestión was rebranded as Imantia Capital, in order to complete revamping of the company.