In China, pigs symbolise good luck. Golden pig figurines are said to bring wealth. In recent years, real hogs have made investors rich. Pork prices and shares in producers and feedstock suppliers have soared. Indeed, this group has become an asset class of its own. Inevitably, an exchange traded fund now covers it.

China is the world’s largest market for pork, consuming more than half of the world supply. Pork plays a central role in cuisine and accounts for about an eighth of the consumer inflation basket. Pork prices have soared since African swine fever started wiping out supplies.

China already has a hog futures market that trades contracts for live pig deliveries. However, retail investors desiring exposure through futures must settle in physical hogs — 16 metric tons or about 130 pigs for one contract — at the expiry date. Awkward.