The new funds XACT Europe Bull 2 and XACT Europe Bear 2 follow the Dow Jones EURO STOXX 50 Index, which tracks the 50 largest stocks in Euroland. The funds have a leverage of two, which means a daily increase in XACT Europe Bull 2 with approximately two percent if the index increases with one percent. XACT Europe Bear 2, which has an inverse or negative leverage, moves in the opposite direction to the index, with a factor of two. The funds are traded on NASDAQ OMX in SEK and are the only of its kind in Sweden. The management fee is 0.6%. Handelsbanken, Carnegie and Erik Penser will act as market makers for the funds.
About Exchange Traded Funds
An Exchange Traded Fund is a security that tracks an index, a commodity or a basket of assets like an index fund, but trades like a stock on an exchange. ETFs are a complement to actively managed funds and provide investors with the possibility to invest in well known global indices in the local currency. In the US, ETFs represent one of the most traded instruments with an annual total turnover of over 9000 billion USD in 2008. In Europe it is one of the fastest growing instruments in recent years and has more than ten folded its turnover
since 2002, reaching an annual turnover of over 400 billion EUR in 2008. ETFs have been available in the US since 1993 and in Europe since 1999.
Jenny Rosberg, NASDAQ OMX and Henrik Norén, CEO at XACT Funds is ringing the bell for the first closed deal in XACT Europe Bull 2.
Henrik Norén signs the guestbook.
Peter von Euler-Chelpin, XACT Funds also signs the guestbook.
Peter von Euler-Chelpin and Henrik Norén with the framed first trades in XACT Europe Bear and Bull.
