📊 Launch of Unlisted-Share ETFs & Index Funds

Summary: The next frontier: ETFs tracking baskets of private-company shares. Learn how unlisted-share index products are packaged to offer liquidity, diversification, and low­-cost access.

1. Why Unlisted-Share ETFs?

By bundling pre-IPO and late-stage private-company equity, ETFs provide instant diversification and tradability on public exchanges.¹⁰

2. Structure & NAV Discovery

Authorized participants create/redeem ETF units against baskets of underlying unlisted shares, with NAV calculated weekly to reflect grey-market valuations.¹¹

3. Case Study: SGX’s “Pre-IPO ETF” Launch

Singapore Exchange’s 2024 pilot ETF bundles 20 unicorn stakes, raising US$300 million in the first quarter.¹²

4. Regulatory Considerations

SEBI’s consultation paper (May 2025) proposes guidelines on underlying valuation cadence, disclosure, and eligibility criteria for private-company indices.¹³

5. How to Invest

Indian investors can gain exposure via InvestoEdge’s feeder products or global ETF issuers like VanEck and WisdomTree.¹⁴

References

1. S&P Dow Jones – Unlisted Investments Index
2. iShares – Unlisted-Share ETF Guide
3. SGX – Pre-IPO ETF Launch
4. SEBI – Consultation on Private Equity Indices
5. InvestoEdge – Feeder Products