The Pfandbrief 2011 | 2012
The Pfandbrief 2011 | 2012
The Pfandbrief 2011 | 2012
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eb.rexx INDEX FAMILY<br />
eb.rexx Overall (overall and maturity indices)<br />
eb.rexx Government<br />
eb.rexx Non-Government<br />
eb.rexx Government<br />
Germany<br />
eb.rexx Collateralized<br />
eb.rexx sub-Sovereigns<br />
eb.rexx<br />
Money Market<br />
Eurozone<br />
Covered Bond<br />
eb.rexx<br />
Other Government<br />
Eurozone<br />
Covered Bond<br />
Source: UniCredit Research<br />
ETFs as Practical Applications of Indices<br />
A practical application of indices can be found in the use of exchange-traded funds (ETFs).<br />
ETFs based on covered bonds or <strong>Pfandbrief</strong>e were first set up in 2004 by iShares. Prior to that<br />
point, however, ETFs based on covered bonds occupied no more than a niche status. Currently,<br />
the market consists of six funds with a total volume of approximately EUR 1.8 billion. However,<br />
the market is extremely concentrated. <strong>The</strong> oldest covered-bond ETF, set up by iShares in 2004,<br />
has a volume of EUR 1.17 billion.<br />
53<br />
MARKETS SHARES OF ETF ISSUERS (ASSETS UNDER MANAGEMENT)<br />
40%<br />
35%<br />
30%<br />
25%<br />
20%<br />
15%<br />
10%<br />
5%<br />
0%<br />
iShares<br />
Lyxor<br />
db x-trackers<br />
Credit Suisse AM<br />
ZKB<br />
UBS Global AM<br />
Comstage<br />
Amundi<br />
Source<br />
ETFlab<br />
EasyETF<br />
Swiss & Global AM<br />
XACT<br />
Others<br />
Source: Blackrock, UniCredit Research
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