The fund's value began to climb quickly, from its launch and was quoted as being already eleven cents higher than its launch value.

Director of Butterfield Asset management, Mr. Preston Hutchings, said: "It's going well.

The interesting thing is that as a result of the recent stamp duty ruling, there has been a great deal of business that has been transacted off the exchange.

Some of it we are involved in.'' Last week, the fund was listed with a bid of $10.11.