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EasyETF launches credit derivative and infrastructure index trackers on Euronext Paris


EasyETF has launched two new trackers of credit derivatives indices, EasyETF iTraxx Europe HiVol and EasyETF iTraxx Crossover, and two infrastructure index trackers, EasyETF NMX30 Infrastr

EasyETF has launched two new trackers of credit derivatives indices, EasyETF iTraxx Europe HiVol and EasyETF iTraxx Crossover, and two infrastructure index trackers, EasyETF NMX30 Infrastructure Global and EasyETF NMX Infrastructure Europe, on NextTrack, the Euronext segment dedicated to exchange-traded funds.

The four ETFs are Luxembourg-domiciled Ucits III funds managed by Axa Investment Managers Paris and are also listed on Deutsche Börse.

‘EasyETF iTraxx Europe HiVol and EasyETF iTraxx Crossover provide simple and transparent access to the European credit derivatives market at minimal cost,’ says Danièle Tohmé-Adet, co-head of the EasyETF platform at BNP Paribas Asset Management.

‘They offer investors the opportunity to take an exposure or cover their credit portfolios, set up trading strategies or profit from the positive outlook for the credit derivatives market.’

The iTraxx Europe HiVol index is constructed on the basis of a group of 30 of the most volatile credit derivatives among the 125 names covered by iTraxx Europe. With a greater level of risk, iTraxx Crossover offers higher yields and volatility than iTraxx Europe HiVol, being made up of 50 credit derivatives in European companies actively managed at the frontiers of investment grade and high yield.

Since the funds were established on July 27 last year, the iTraxx Europe HiVol and iTraxx Crossover funds have enjoyed inflows of EUR214m and EUR97m respectively. The market-maker for both funds is JP Morgan.

The EasyETF NMX30 Infrastructure Global and NMX Infrastructure Europe funds are the first trackers listed in France to follow the NMX infrastructure indices. ‘These indices are exclusively made up of companies in a naturally monopolistic position which succeed in producing constant and long-term liquidity flows with a high credit rating,’ says Marie-Pierre Ravoteur, co-head of the EasyETF platform at Axa Investment Managers.

Pedro Fernandez, head of ETFs for the European cash market at NYSE Euronext, adds: ‘ETFs are attractive investment products as they are flexible, transparent and cost-efficient. With today’s introduction, we now have 318 ETFs listed on NextTrack, including 86 since the beginning of the year.’

NMX30 Infrastructure Global is a widely diversified world index covering sectors including water distribution, communication networks and airports and reflecting the 30 largest companies in the world specialising in infrastructure and with a natural monopolistic position in their sector.

The NMX Infrastructure Europe index concentrates on Western Europe and is made up of 16 companies. NMX determines the composition of the indices using the criteria of growth, asset composition and liquidity, and their composition is rebalanced every six months. The market-makers for funds are Susquehanna and BNP Paribas.

The launch of the two trackers on Euronext Paris reflects the strong demand for investment in infrastructure. The World Bank says USD370bn will be invested in infrastructure globally between now and 2010, but stronger than expected growth in developing countries may result in greater demand for infrastructure investment than expected.

The EasyETF range offered by Axa Investment Managers and BNP Paribas now comprises 32 trackers, of which 28 are listed on Euronext Paris, 10 on Deutsche Börse, two on the Swiss Stock Exchange and seven on Borsa Italiana, and accounts for a total of EUR4.7bn in assets under management.

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