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Stock market most profitable investment
January 12, 2010--Investors who directed their money toward the stock exchange in 2009 ended the year with an average 84.56 percent net profit, despite a shaky economy during the global financial crisis.
Data from the Turkish Statistics Institute (TurkStat) released yesterday revealed that the greatest income gained from financial instruments was obtained from the stock market, with a whopping 84.56 percent inflation-adjusted profit, with gold bullion, usually deemed one of the safest investments, trailing behind with a still abnormally high profit rate of 26.03 percent in 2009.
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New Exchange Traded Funds (ETFs) on SIX Swiss Exchange
January 12, 2010--Two new products have been listed in the Exchanged Traded Funds segment of
SIX Swiss Exchange, taking the total to 305 ETFs. The new funds are:
UBS Index Solutions - Gold (USD) ETF A
UBS Index Solutions - Gold (USD) ETF I
UBS AG will perform the market making for these funds.
NYSE Euronext European ETF Activity - December 2009
January 12, 2010--European ETF activity highlights:
* At the end of December, NYSE Euronext had 449 ETF s with 497 listings from 15 issuers. NYSE Euronext ETF s cover more than 290 indices including an extended range of assets and strategies (Equity, Fixed Income, Commodities, Short, Leverage, etc…).
* In 2009, the number of ETF s increased by more than 29% compared to end of 2008. At the end of December, NYSE Euronext European markets had registered 107 ETF listings and 6 delistings for the year 2009.
* Daily average turnover in December 2009 remained stable at just over €263 Million, while the daily average number of trades continued the strong 2009 upward trend, increasing from 5 378 to 6 074, or 12.94%, compared to December 2008.
* The median spread of all listed ETF s was 34.36 bps in December 2009, down from 71.03 bps in December 2008.
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Optimized Return and Security-ETFlab offers exchange-traded bond funds for Jumbo bonds
ETFlab iBoxx € Liquid Germany Covered Diversified-(ISIN: DE 000 ETF L35 9)
January 12, 2010--With the ETFlab iBoxx € Liquid Germany Covered Diversified, ETFlab Investment GmbH, the Munich specialist for exchange traded funds, provides access to the segment of the biggest and most liquid German covered bonds, also known as Jumbo Pfandbriefe. “The ETF allows investors to achieve more return than with a Government bond, without having to accept disadvantages as regards the security of the papers”, Andreas Fehrenbach, the managing director of ETFlab, points out. This is granted by the high requirements of the German Pfandbrief Act.
At the moment, 15 issuers with at least an AA rating are providing broad diversification of the fund. The return of the ETF is currently about 0.20% above the SWAP interest rate with an identical residual maturity. A nice result, which can be traced back, among others, to ETFlab’s consistent and lean fees policy. With an annual All-in-Fee of only 0.09 %, the ETFlab iBoxx € Liquid Germany Covered Diversified counts among the most favourable ETFs worldwide.
A maximum of up to 30 so-called Jumbo bonds qualifies for the underlying index. They must have an outstanding volume of at least Euro 1.0 billion and a residual maturity between 1.5 and 10.5 years. In order to guarantee high liquidity, only papers that have been in the market for maximally four years since their issue will be considered.
Due to experiences made during the financial crises there are further security requirements. The maximum number of bonds by which an issuer is represented in the index may not exceed four, and the maximum weight of an issuer has been restricted to 15 percent. Any issuer must have a rating of at least BBB, whereby the weight of the bonds with this rating must not account for more than a total of 50 percent in the index. There are quarterly reviews as to whether the papers contained in the index meet these criteria. “This is to avoid risk concentration and to ensure that trade goes on smoothly even in difficult periods”, Andreas Fehrenbach explains.
The new exchange traded fund follows the approach of full replication, i.e. the respective papers are bought into the fund directly. In the past, the duration period was constantly between 3.5 and 4 years. Trade on the German stock exchange will start on January 12, 2010.
Rendite und Sicherheit optimiert-TFlab bietet Renten-ETF auf Jumbo-Pfandbriefe
ETFlab iBoxx € Liquid Germany Covered Diversified -(ISIN: DE 000 ETF L35 9)
12. Januar 2010. Der Münchener Spezialist für börsengehandelte Indexfonds, die ETFlab Investment GmbH, ermöglicht mit dem ETFlab iBoxx € Liquid Germany Covered Diversified Zugang zum Segment der größten und liquidesten deutschen Pfandbriefe, auch als Jumbo-Pfandbriefe bekannt. „Damit können Investoren mehr Rendite als bei einer Bundesanleihe erzielen“, hebt Andreas Fehrenbach, Geschäftsführer von ETFlab, hervor, „ohne Abstriche bei der Sicherheit der Papiere hinnehmen zu müssen.“ Dies ist durch die hohen Anforderungen des deutschen Pfandbriefgesetzes gewährleistet.
Momentan sorgen 15 Emittenten mit mindestens „AA“-Rating für eine breite Diversifizierung des Fonds. Die Rendite des ETF liegt derzeit um 0,20% über dem SWAP-Zinssatz mit identischer Restlaufzeit. Ein schönes Ergebnis, das unter anderem auf die konsequent schlanke Gebührenpolitik von ETFlab zurückzuführen ist. Mit einer jährlichen All-in-Fee in Höhe von nur 0,09 % zählt der ETFlab iBoxx € Liquid Germany Covered Diversified zu den günstigsten ETFs weltweit.
Für den zu Grunde liegenden Index qualifizieren sich bis maximal 30 so genannte Jumbo-Pfandbriefe. Sie müssen ein ausstehendes Volumen von mindestens 1,0 Mrd. Euro und eine Restlaufzeit zwischen 1,5 und 10,5 Jahren aufweisen. Um eine hohe Liquidität zu sichern, werden nur Papiere berücksichtigt, die höchstens vier Jahre seit Emission am Markt sind.
Aus den Erfahrungen der Finanzkrise gibt es weitere Sicherheitsanforderungen. Jeder Emittent darf nur mit höchsten vier Anleihen im Index vertreten sein und das maximale Gewicht eines Emittenten ist auf 15 Prozent beschränkt. Ein Emittent muss mindestens ein Rating von BBB aufweisen, wobei Anleihen mit diesem Rating insgesamt nur 50 Prozent Gewicht im Index ausmachen dürfen. Viermal jährlich wird überprüft, ob die im Index enthaltenen Papiere die Kriterien erfüllen. „So sollen Klumpenrisiken vermieden und sichergestellt werden, dass der Handel auch in schwierigen Phasen reibungslos läuft“, erläutert Andreas Fehrenbach.
Der neue Pfandbrief-ETF folgt dem Ansatz der vollen Replikation, das heißt, die entsprechenden Papiere werden direkt in den Fonds hinein gekauft. Historisch lag die Duration konstant zwischen 3,5 bis 4 Jahren. Der Handel an der Deutschen Börse wird am 12. Januar 2010 aufgenommen.
