The index fund on the DAX (DAX EX) was the highest-turnover index fund in January, with volume of 1.3 billion euros traded in the DAX EX. This represents an increase of some 8 percent in DAX EX volume for the month compared with the previous year's figure (January 2001: 1.2 billion euros). The DAX EX is the highest-volume ETF (exchange-traded fund) in Europe, with a European market share of 25 percent. The two index funds on the Euro STOXX 50 were the second- and third-highest turnover index funds. With volume of 912 million euros traded in January, the Euro STOXX 50 EX showed about 44 percent growth in volume compared with January 2001 (635 million euros). In the Euro STOXX 50 LDRS, volume of 317 million euros was traded in January, roughly 21 percent higher than the January 2001 figure (262 million euros).
The XTF segment has shown exponential growth since its inception; 14 new index funds have been included in XTF since the beginning of 2002 alone. Further listings of approx. 15 ETFs, both passive and active, are anticipated in the months ahead.
There are 32 index funds and 11 actively managed equity funds listed in the XTF market segment. There are no loads for the purchase of fund shares through the stock exchange; all the investor has to pay are the usual transaction costs for the purchase and sale of securities. Investors can buy the shares through any bank that offers trading in equities.
Roughly 98 percent of the volume traded in fund products in Germany is posted through Xetra, which means that all of the main trading parameters from equities trading are also valid for XTF. These include continuous trading, auctions, a minimum lot of one fund share as well as Designated Sponsors who provide for liquidity.
