Xetra. The market.
ETF TRADING ON XETRA st
Facts & figures 1 half-year 2016
Overview Deutsche Börse‘s XTF segment for exchangetraded index funds (ETFs) was launched on 11 April 2000. ® Xetra was thus the first trading platform for ETFs in Europe and since then is the market leader in terms of listed ETFs (1,136) and trading turnover (€14.6 billion monthly average). The market share of Xetra for the on-exchange volume of ETFs in Europe for the first half-year 2016 was 31 per cent.
In Germany 90 per cent of exchange-traded ETF turnover is generated on Xetra. ETFs can be traded on Xetra every trading day from 9 a.m. to 5.30 p.m. and on the Börse Frankfurt trading venue from 8 a.m. to 8 p.m. All ETFs traded in euro on Xetra are also tradable through Börse Frankfurt.
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Top 10 reference indices with trading turnover on Xetra in the 1 half-year 2016 Benchmark
Turnover in €bn Instrument
Turnover in €bn
DAX index
20.450 iShares Core DAX UCITS ETF (DE)
9.597
EURO STOXX 50 index
12.900 iShares EURO STOXX 50 UCITS ETF (DE)
5.231
STOXX Europe 600 index
5.073 iShares STOXX Europe 600 UCITS ETF (DE)
3.658
S&P 500 index
2.466 iShares S&P 500 UCITS ETF (Dist)
0.632
MSCI Emerging Markets index
2.270 db x-trackers MSCI Emerging Markets Index UCITS ETF 1C
0.968
MSCI World index
2.216 iShares Core MSCI World UCITS ETF
0.550
EURO STOXX Banks 30-15 index
1.989 iShares EURO STOXX Banks 30-15 UCITS ETF (DE)
1.989
ShortDAX index
1.782 db x-trackers ShortDAX Daily UCITS ETF 1C
1.644
MSCI Europe index
1.560 db X-trackers MSCI Europe Index UCITS ETF (DR) 1C
0.506
MDAX index
1.526 iShares MDAX UCITS ETF (DE)
1.356
Development of trading turnover & liquidity The average monthly order book volume in the first half-year 2016 was €14.6 billion. Therefore 2016 has been the third-strongest year since the existence of the segment. In general the trading turnover highly correlates with the volatility on the stock market. The higher the volatility the higher the trading turnover. The spread for the 20 most liquid equity index ETFs on Xetra stood at an average of only six basis points in the first half-year 2016.
Xetra turnover in € billions (monthly average) 18 16 14 12 10 8 6 4 2 0 2000
2002
2004
2006
2008
2010
2012
2014
2016
ETF TRADING ON XETRA – FACTSHEET 1st half-year 2016
2
Average spread of the 20 most liquid equity index ETFs on Xetra
39.74
26.73
15.87
14.56
11.62 12.67 8.95 8.52 7.88 7.96
6.16 6.10 5.64 5.79
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
The spread of all Xetra-listed ETFs stood at an average of 44 basis points in the first half-year of 2016. 19 Designated Sponsors provide liquidity in ETF trading on Xetra. Measured by ETF trading volume in the first half1 year of 2016, the share of private investors stands at 5 per cent; measured by the number of transactions, it stands at 35 per cent. In the first half-year of 2016, the average order size for ETFs on Xetra was €68,000; in the first half-year of 2015, it amounted to €73,000.
Development of tradable products on Xetra since the year 2000 ETF 1,200.0
active investment strategy to surpass the performance of a reference index. 62 new ETFs were listed on Xetra since 1 January 2016. The 1,123 index ETFs facilitate trading of 825 different reference indices (price index and performance index both taken into account). During the past 15 years, a total of 353 ETFs have been delisted due to market exits of individual issuers as well as the consolidation or closing of individual funds. It is a sign of healthy market development when issuers close products without sustainable market demand and thereby provide a clear and concise offering to investors.
Number of products by issuer ETF issuer
Number
iShares
240
db x-trackers
218
ComStage ETF
112
Lyxor ETF
112
SPDR
89
UBS-ETF
82
Amundi ETF
81
Source Markets
48
Deka ETFs
43
HSBC ETFs
25
PowerShares
17
WisdomTree ETFs
16
ETF Securities
11
Ossiam
10
1,000.0 800.0 600.0 400.0 200.0 0.0 2000
2002
2004
2006
2008
2010
2012
2014
2016
Market Access
9
BNP Paribas Easy
7
Commerzbank
4
PIMCO Source
4
VanEck
3
UniCredit ETF
2
ZyFin
2
First Trust Total
1
As of June 30, 2016, 1,136 ETFs were listed on Xetra. The 1,136 ETFs cover six categories: equities (650), pension products (284), commodities (18), strategies (162), Active ETFs (13) and other (9, among them hedge funds, volatility and mixed funds); Active ETFs pursue an
Assuming that all orders in an amount of up to €25,000 were placed by private investors.
1 1,136
ETF TRADING ON XETRA – FACTSHEET 1st half-year 2016
The product offering not only includes the major Bluechip-indices such as the DAX and EURO STOXX Europe 50 but also a wide range of country and regional indices as well as many sector indices. In the fixed-income segment a wide range of government and corporate bonds with different periods, high-yield bonds as well as money market ETFs are available for investors. The trend continues to grow in the direction of new index concepts which aim to generate higher profits compared to classical indices with a market capitalisation weighting. 128 strategy ETFs are currently listed on Xetra, these are also known as Smart-Beta-ETFs. ETFs by 22 issuers are currently tradable on Xetra. Deutsche Börse welcomed four new ETF issuers to Xetra in 2015: WisdomTree, Van Eck Global, UniCredit and ZyFin. In 2016 First Trust has made its debut so far.
Development of managed fund assets on Xetra (Assets under Management, AuM) AuM (€bn) 400.0
3
Managed fund assets by issuer ETF issuer iShares
194,089.2
db x-trackers
51,649.3
Lyxor ETF
35,021.7
Source Markets
16,475.2
UBS-ETF
13,399.8
SPDR
12,904.5
ComStage ETF
7,785.4
Amundi ETF
7,045.8
Deka ETFs
7,036.1
HSBC ETFs
3,767.1
WisdomTree ETFs
2,545.6
PIMCO Source
1,957.8
UniCredit ETF
1,729.7
Ossiam
951.0
ZyFin
867.4
First Trust
320.8
PowerShares
298.7
VanEck
167.2
Commerzbank
83.2
ETF Securities
45.7
Market Access
14.0
BNP Paribas Easy
350.0
AuM in €m
Total
1.9 358,157.0
300.0 250.0 200.0 150.0 100.0 50.0 0.0 2000
2002
2004
2006
2008
2010
2012
2014
2016
At the end of its first year of trading, December 2000, the ETF fund assets on Xetra stood at €0.4 billion; as of the end of the first half-year 2016, it had reached €358.2 billion, with a record high at the end of November 2015 of €361 billion. At the end of 2010, €165.3 billion in assets were under management – the annual growth rate of the fund assets over the past years thus amounts to 16%. Worldwide the assets under management reached a record high in April of $3.14 billion.
Milestones since the introduction of the segment 11 April 2000: the underlying reference indices of the initial two ETFs tradable on Xetra are the EURO STOXX 50 and STOXX Europe 50 – the issuer is Merrill Lynch International with the LDRS product family (today iShares product family of BlackRock). 2001: Indexchange, today also part of the iShares product family of BlackRock, issues the first ETF on the DAX® index globally. 2003: with “iShares eb.rexx Government Germany (DE)” by Indexchange and “iShares € Corporate Bond” the first European pension ETFs on German government bonds and European corporate bonds follow. 2005: inclusion of dividend strategy and commodities ETFs on DivDAX, EURO STOXX 50 Select Dividend 30 and STOXX50 Select Dividend 30 as well as on EasyETF GSCI.
ETF TRADING ON XETRA – FACTSHEET 1st half-year 2016
2006: a Lyxor ETF facilitates participation in the performance of the LevDAX, linked to the performance of the DAX and leveraged by a factor of 2. 2007/2008: first listing of pension ETFs with currency hedging and ETFs with inverse performance (short ETFs). 2010: first high-yield ETF on corporate bonds tradable. 2011: first issuance of ETFs on equal-weight approach indices instead of classic weighting by market capitalisation. 2011: first volatility ETF is listed. 2012: the 1,000th ETF becomes tradable on Xetra on 22 August.
4
2014: first ETF with direct access to Chinese A shares is listed. 2015: first ETFs on Chinese and Indian government bonds (db x-trackers II Harvest CSI China Sovereign Bond UCITS ETF (DR) 1D and LAM Sun Global ZyFin India Sovereign Enterprise Bond UCITS ETF Class USD) are tradable on Xetra. 2015: first nine US sector ETFs are tradable. 2016: with the first ETF on the Israelian market the iShares TA-25 Israel UCITS ETF investors have the possibility to benefit from the performance of Israelian publicaly listed companies. 2016: first ETF on Turkish government bonds (LAM Alternatif ZyFin Turkey Sovereign Bond UCITS ETF) is included in trading.
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New listings in the 1 half-year 2016 Date
ETF name
ISIN
01/12/2016
UBS (Irl) ETF plc - Factor MSCI USA Quality UCITS ETF (hedged to EUR) A-acc
IE00BWT3KN65
01/12/2016
UBS (Irl) ETF plc - Factor MSCI USA Prime Value UCITS ETF (hedged to EUR) A-acc
IE00BWT3KL42
01/12/2016
UBS (Irl) ETF plc - Factor MSCI USA Low Volatility UCITS ETF (hedged to EUR) A-acc
IE00BWT3KJ20
01/12/2016
iShares Euro Corporate Bond BB-B UCITS ETF
IE00BYTSJG15
01/12/2016
iShares Sustainable Euro Corporate Bond 0-3yr UCITS ETF
IE00BYZTVV78
01/19/2016
Amundi ETF BBB Euro Corporate Investment Grade UCITS ETF
FR0012951044
01/21/2016
iShares TA-25 Israel UCITS ETF
IE00BP3QZG05
01/27/2016
db X-trackers II IBOXX USD TREASURIES UCITS ETF (DR) 1D
LU0429459356
01/28/2016
Ossiam Japan Minimum Variance NR - UCITS ETF 1C (EUR)
LU1254453738
02/09/2016
UBS ETF - Barclays USD Emerging Markets Sovereign UCITS ETF
LU1324516050
02/15/2016
PowerShares EURO STOXX High Dividend Low Volatility UCITS ETF
IE00BZ4BMM98
02/16/2016
BNP Paribas Easy NMX 30 Infrastructure Global
LU1291109293
02/18/2016
SPDR Barclays 3-10 Year U.S. Corporate Bond UCITS ETF
IE00BYV12Y75
02/18/2016
SPDR Barclays 3-5 Year U.S. Treasury Bond UCITS ETF
IE00BYSZ5R67
02/18/2016
SPDR Barclays 5-7 Year U.S. Treasury Bond UCITS ETF
IE00BYSZ5S74
02/18/2016
SPDR Barclays 7-10 Year U.S. Treasury Bond UCITS ETF
IE00BYSZ5T81
02/18/2016
SPDR Barclays 10+ Year U.S. Treasury Bond UCITS ETF
IE00BYSZ5V04
02/18/2016
SPDR Barclays 3-7 Year Euro Corporate Bond UCITS ETF
IE00BYSZ5W11
02/18/2016
SPDR Barclays 7+ Year Euro Corporate Bond UCITS ETF
IE00BYSZ5X28
02/18/2016
SPDR Barclays 5-7 Year Euro Government Bond UCITS ETF
IE00BYSZ5Y35
02/18/2016
SPDR Barclays 7-10 Year Euro Government Bond UCITS ETF
IE00BYSZ5Z42
02/18/2016
SPDR Barclays 10+ Year Euro Government Bond UCITS ETF
IE00BYSZ6062
02/18/2016
SPDR Barclays US Corporate Bond UCITS ETF
IE00B3VY0M37
02/26/2016
Lyxor Pan Africa UCITS ETF
LU1287022708
03/07/2016
db X-trackers Barclays USD Corporate Bond UCITS ETF (DR) (EUR)
IE00BZ036J45
03/08/2016
Source FTSE RAFI Europe Equity Income Physical UCITS ETF
DE000A143TJ9
03/09/2016
Ossiam Japan Minimum Variance NR - UCITS ETF Hedged Index 1C (EUR)
LU1254453902
03/22/2016
Amundi ETF Europe Equity Multi Smart Allocation Scientific Beta UCITS ETF
FR0013040292
03/22/2016
db X-trackers MSCI World Health Care Index UCITS ETF (DR)
IE00BM67HK77
ETF TRADING ON XETRA – FACTSHEET 1st half-year 2016
5
03/22/2016
db X-trackers MSCI World Financials Index UCITS ETF (DR)
IE00BM67HL84
03/22/2016
db X-trackers MSCI World Energy Index UCITS ETF (DR)
IE00BM67HM91
03/22/2016
db X-trackers MSCI World Consumer Staples Index UCITS ETF (DR)
IE00BM67HN09
03/22/2016
db X-trackers MSCI World Consumer Discretionary Index UCITS ETF (DR)
IE00BM67HP23
03/22/2016
db X-trackers MSCI World Utilities Index UCITS ETF (DR)
IE00BM67HQ30
03/22/2016
db X-trackers MSCI World Telecom Services Index UCITS ETF (DR)
IE00BM67HR47
03/22/2016
db X-trackers MSCI World Materials Index UCITS ETF (DR)
IE00BM67HS53
03/22/2016
db X-trackers MSCI World Information Technology Index UCITS ETF (DR)
IE00BM67HT60
03/22/2016
db X-trackers MSCI World Industrials Index UCITS ETF (DR)
IE00BM67HV82
03/30/2016
db X-trackers Harvest FTSE China A-H 50 INDEX UCITS ETF (DR)
LU1310477036
04/05/2016
BNP Paribas Easy S&P GSCI Energy&Metals Capped Component 35/20
LU1291109616
04/06/2016
First Trust Germany AlphaDEX UCITS ETF
DE000A2AEM85
04/12/2016
db X-trackers iBoxx USD Emerging Sovereigns Quality Weighted UCITS ETF (DR)
IE00BD4DX952
04/13/2016
UC Thomson Reuters Balanced European Convertible Bond UCITS ETF (dis)
LU1372156916
04/14/2016
Lyxor J.P. Morgan Multi-Factor World Index UCITS ETF
LU1348962132
04/18/2016
db X-trackers II iBoxx USD Treasuries 1-3 UCITS ETF (DR)
LU0429458895
04/18/2016
db X-trackers II iBoxx USD Treasuries Inflation-Linked UCITS ETF (DR)
LU0429459513
05/09/2016
UBS ETFs plc - CMCI ex-Agriculture SF UCITS ETF (USD) A-acc
IE00BZ2GV965
05/10/2016
UBS ETF - Barclays USD Emerging Markets Sovereign UCITS ETF (hedged to EUR) A-acc
LU1324516308
05/23/2016
iShares Sustainable MSCI Japan SRI EUR Hedged UCITS ETF
IE00BYVJRQ85
05/27/2016
iShares US Mortgage Backed Securities UCITS ETF
IE00BZ6V7883
06/07/2016
LAM Alternatif ZyFin Turkey Sovereign Bond UCITS ETF
IE00BYVJW411
06/07/2016
Amundi ETF Floating Rate USD Corporate UCITS ETF - Hedged EUR
FR0013141462
06/08/2016
UBS ETF - MSCI Japan Socially Responsible UCITS ETF (hedged to EUR) A-acc
LU1273488715
06/09/2016
UBS (Irl) ETF plc - MSCI United Kingdom IMI Socially Responsible UCITS ETF (hedged to EUR) A-acc
IE00BYNQMK61
06/09/2016
WisdomTree Enhanced Commodity UCITS ETF - USD Acc
DE000A2AE1R9
06/15/2016
db X-trackers iBoxx EUR Corporates Yield Plus UCITS ETF (DR)
IE00BYPHT736
06/17/2016
ETFS Lombard Odier IM Global Government Bond Fundamental GO UCITS ETF
DE000A14YKA5
06/20/2016
WisdomTree US Quality Dividend Growth UCITS ETF - USD Acc
DE000A2AGPX1
06/20/2016
WisdomTree Global Quality Dividend Growth UCITS ETF - USD Acc
DE000A2AHL75
06/20/2016
PowerShares FTSE Emerging Markets High Dividend Low Volatility UCITS ETF
IE00BYYXBF44
06/23/2016
iShares Fallen Angels High Yield Corporate Bond UCITS ETF
IE00BYM31M36
Published by Deutsche Börse Group 60485 Frankfurt am Main www.xetra.com
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