Dec 20 2010 | 10:27am ET

UBS has launched an exchange-traded fund designed to track a major hedge fund index.

The new UCITS III-compliant vehicle launched on the Deutsche Börse earlier this month, UBS and Hedge Fund Research said. The UBSETFs plc-HFRX Global Hedge Fund Index SF is based on the latter’s HFRX Global Hedge Fund Index.

The new fund “represents the first in a new generation of hedge fund index ETFs, offering investors the ability to gain passive exposure to hedge fund performance in a transparent, liquid and UCITS III-compliant manner,” HFR’s Kenneth Heinz said. “The construction and versatility of the ETF enables it to be used broadly both by institutional and retail investors to obtain hedge fund exposure efficiently.”

UBS and HFR said they anticipate further share-class listings in the coming weeks.

“This is a unique opportunity for investors to access the world-leading hedge fund benchmark in a liquid, exchange-traded, UCITS-complaint form,” Nicolas Samaran, an executive director in UBS’ fund derivatives structuring group, said.

The new fund is the first based on an HFRX index.

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