European ETF range exceeds US following new launch

GERMANY - Europe now has more ETFs than the US following the launch of fourteen new ETFs by Munich-based exchange traded fund (ETF) specialist company, IndExchange.

Europe now accounts for 106 ETFs with 168 listings and assets under management of $8.5bn (€8.4bn) while the US has 102 ETFs with 102 listings but $90.1bn (€88.9bn) under management.

The new funds will be listed on the Deutsche Börse and be based on Dow Jones STOXX 600 sector indices.

They will complement IndExchange’s existing 17 ETFs which already includes Dow Jones STOXX sector ETFs for telecommunications, healthcare, banks and technology. This existing range currently has some €1.8bn under management.

The new funds will track the following Dow Jones STOXX sector indices: automobiles; basic resources; chemicals; construction; cyclical goods and services; energy; financial services; food and beverage; industrial goods and services; insurance; media; non-cyclical goods and services; retail and utilities.

Andreas Fehrenbach, a spokesman for IndExchange, a subsidiary of financial services group, HypoVereinsbank, says the launch reflects the increasing popularity of sector-based ETFs.

“Due to the very high correlation of country indices, many investors are switching from allocations based on country to investments based on sector,” he says.

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