Another 7 ETFs issued by Db x-trackers land today in Piazza Affari. It's about passive replication funds of indices on sovereign debt and corporate credit risk. But they are not the first of 2012: several debuts on the stock market in the ETF world in the first month of the year. From the emerging Rbs to Lyxor's Indonesia and Thailand, or Lyxor's US small caps. But it is also Etc, with 8 new Deutsche Bank funds. Here is a brief overview of the new products.
DB X-TRACKERS ON SOVEREIGN DEBT AND CREDIT RISK
Today, 7 new ETFs issued by Db x-trackers II arrive on the Etfplus market. In detail, these are:
– Global Sovereign Index ETF (1D)
– iTraxx Europe 5-year 2x Daily Total Return Index ETF
– iTraxx Europe 5-year 2x Short Daily Total Return Index ETF
– iTraxx Crossover 5-year 2x Daily Total Return Index ETF
– iTraxx Crossover 5-year 2x Short Daily Total Return Index ETF
– IBOXX € Sovereign Eurozone 1-3 Total Return Index (1D)
– IBOXX € Sovereign Eurozone 3-5 Total Return Index (1D)
The Global Sovereign index ETF references the Deutsche Bank Global Investment Grade Government EUR Hedged Index which is designed to reflect the composite total return of globally issued debt instruments and represents a large proportion of the worldwide market for government debt securities issued by issuers of developed countries with investment grade ratings. The objective of the index is to provide hedging against fluctuations in the exchange rates of the euro against the currencies in which the bonds included in it are denominated through forward contracts with a fixed monthly maturity.
Then there are the IBOXX € Sovereign Eurozone 1-3 Total Return Index and the IBOXX € Sovereign Eurozone 3-5 Total Return Index, whose reference indices they represent all public debt securities denominated in euro with a maturity of between 1 and 3 years, respectively, the first, and 3-5 years, the second, issued by the governments of the countries of the Euro area. The indices are composed solely of investment grade rated securities.
The iTraxx Europe 5-year 2x Daily Total Return Index Etf, whose benchmark index replicates twice the return(x2) obtained from a strategy offering protection against the credit risk associated with investment in debt/bond securities issued by a variable set of corporate entities, 125 equally weighted corporate entities (10 in the automotive sector, 30 in the consumer sector, 20 in the energy sector, 20 in the telecommunications sector, 25 in the financial sector). Corporate entities have an investment grade rating. Priority is given to institutions on which the highest volumes of credit default swaps have been traded in the six months preceding the selection, which is semi-annual.
Similarly the iTraxx Crossover 5-year 2x Daily Total Return Index Etf refers to an index that replicates twice the return(x2) obtained from a strategy of offering protection against the credit risk associated with investment in debt/bond securities issued by a variable set of corporate entities. These are 50 equally weighted corporate entities which, however, this time have a rating below BBB-/Baa3/BBB- and therefore involve a higher risk than an investment grade rating. Again, priority is given to institutions on which the highest volumes of credit default swaps were traded in the six months prior to selection.
Finally, the iTraxx Europe 5-year 2x Short Daily Total Return Index Etf and the iTraxx Crossover 5-year 2x Short Daily Total Return Index Etf. The first is based on an index that represents double the yield (x2) that would be obtained from a strategy this time of buying protection against the credit risk associated with investment in debt/bond securities issued by a variable set of companies . This is a variable set of 125 equally weighted corporate entities (10 in the auto sector, 30 in the consumer sector, 20 in the energy sector, 20 in the telecommunications sector, 25 in the financial sector). The second refers to an index that represents double the yield (x2) that would be obtained by a strategy again of purchasing protection against the credit risk associated with investment in debt/bond securities issued by a variable set of entities corporate entities, a variable set of 50 equally weighted corporate entities. However, they have a rating lower than BBB-/Baa3/BBB- and therefore with a higher risk than institutions with an investment grade rating.
EMERGING AND FRONTIER FOR RBS
Since January 24, five funds on emerging and frontier countries issued by RBS Market Access have been listed, which replicate free float-weighted capitalization indices, calculated and distributed by MSCI, relating to otherwise difficult to access markets.
In detail:
1. Rbs Market Access Msci Gcc Countries ex Saudi Arabia Top 50 Capped Index Etf which allows exposure to the countries of the Cooperation Council of the Arab States of the Gulf, i.e. Kuwait, Qatar, United Arab Emirates, Oman and Bahrain (excluding Saudi Arabia);
2. Rbs Market Access Msci Frontier Markets Index Etf which offers the performance of the so-called frontier markets: Argentina, Bulgaria, Croatia, Estonia, Kazakhstan, Lithuania, Romania, Serbia, Slovenia, Ukraine, Kenya, Mauritius, Nigeria, Tunisia, Bahrain, Jordan, Kuwait, Lebanon, Oman, Qatar, United Arab Emirates, Bangladesh, Pakistan, Sri Lanka, Vietnam;
3. Rbs Market Access Msci Emerging and Frontier Africa ex South Africa Index ETF which allows exposure to African stock markets, excluding South Africa;
4. Rbs Market Access Msci Em LatAm (Brazil Adr) Eur Hedged Index ETF;
5. Rbs Market Access Msci Brazil (Adr) Eur Hedged Index Etf which, with the previous one, offer access to the performances of the Latin American countries of Brazil, Chile, Colombia, Mexico and Peru, and give access to the shares of Brazilian companies through American Depositary Receipt (Adr) with exchange rate hedging.
All the new ETFs are managed with an "unfunded" type synthetic replication technique (with 100% investment in securities, and a variable swap from 0% to 7% of the fund's NAV) and provide for the capitalization of dividends.
FROM INDONESIA AND THAILAND TO THE GLOBAL FUND WITH LYXOR
January of quotations also for Lyxor. The latest funds listed in the month are Lyxor Etf Msci Indonesia and Lyxor Etf Thailand. The first tracks the MSCI Indonesia (Net Total Return) index, made up of 24 stocks representing 85% of the capitalization of the Jakarta Stock Exchange. The top five sectors are Financial (31,61%), Consumer Discretionary (16,82%), Consumer Staples (13,10%) Telecommunication Services (10,46%) and Energy (10,25%). The top five companies are: Astra International (16,82%), Bank Central Asia (11,30%), Telekomunikasi Indonesia (8,69%), Bank rakyat Indonesia (8,37%) and Banl Mandiri (6,93 %).
The second tracks the Set 50 (Net Total Return) index made up of the 50 most capitalized and liquid stocks on the Thailand Stock Exchange. The top five sectors are Oil%Gas (29,16%), Financials (24,24%), Telecommunications (10,17%), Consumer Services (9,87%) and Industrials (8,99%). The top five companies are: Ptt (13,66%), Ptt exploration & production (8,07%), Advanced Info Service (6,48%), Siam Cement (5,91%) and Siam Commercial Bank (5,75, XNUMX%). Both instruments (harmonized Ucits IV) are traded in euros and provide for the capitalization of dividends.
However, Lyxor had already opened the year with the launch of the Lyxor ETF Russell 2000 on the Italian Stock Exchange, which allows exposure, in a diversified and economic way, to the broad universe of American small caps: it aims to replicate the performance of the Russell 2000 Index, an index composed of approximately 2 small-cap companies listed in the United States with an average individual capitalization of $1,2 billion. And a novelty in the panorama of passively replicated funds: the Lyxor Etf Msci All Country World, a global fund which invests in both developing and emerging countries (24 developed and 21 emerging countries) and which tracks the MSCI AC World TR index (harmonised and provides for the capitalization of dividends).
8 ETC ON WTI AND BRENT OIL, GAS, GOLD AND SILVER
From Deutsche Bank also comes the listing in January of 8 Etc which add to the 141 already present on the Italian Stock Exchange. These funds allow 2x leveraged long exposure to Brent oil, WTI oil, natural gas, gold and silver futures indices, and short (short) WTI oil, natural gas, and silver futures indices. The benchmarks are denominated in Euros.
