The newly listed index funds on the DAX, Dow Jones Euro Stoxx 50 and Dow Jones Stoxx 50 in Deutsche Börse's XTF trading segment got off to a very successful start, as the company reports: volume of 67.9 million euros was traded in the products in Frankfurt on Wednesday. On the first day of trading, the funds already achieved a share of more than 70 percent of the total turnover in this segment, in which index products have been traded since April. Almost all of the turnover in the newly listed fund products was posted through Xetra.The most heavily traded index fund was the DAX equities fund with turnover of 67.9 million euros. The trading volume amounted to five times the volume recorded in the most active index fund to date, LDRS on the Euro Stoxx 50 with an average daily volume of 12.4 million euros in December.
The index fund on the DAX tracks the DAX performance index, the other two products the Stoxx price indices. The new products are the first to be set up on index funds under German law; the issuer is IndEXchange Investment AG, a subsidiary of HypoVereinsbank. Prices in these products are also quoted on a continuous basis. HypoVereinsbank, Morgan Stanley, Goldman Sachs, Lehman Brothers and Merrill Lynch are active as Designated Sponsors.
