Bolsas y Mercados Españoles (BME) has granted Lyxor International Asset Management a new licence to issue an Exchange Traded Fund (ETF) on the IBEX 35® SHORT.
The IBEX 35® SHORT index tracks the daily changes in the IBEX 35® TOTAL RETURN in the opposite direction, that is, if on a trading session the return on IBEX 35® TOTAL RETURN is positive, the return on IBEX 35® SHORT on the same trading session will be negative in a similar proportion. However, the formula for the calculation of IBEX 35® SHORT incorporates a risk-free, fixed income investment component, which is why the performance of this index is not perfectly symmetrical with that of the IBEX 35® TOTAL RETURN.
The real time calculation and dissemination of the IBEX 35® SHORT will start the first week of May.
The Spanish stock market’s ETF segment started on 20 July 2006 and currently comprises 30 ETFs. The number of trades on the ETF segment in the first quarter of 2009 was up 53.3% on the figure posted in the same period in 2008 and the trading volume in the first quarter of this year totaled €604 million.
