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Source launches Dax ETF

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Source has launched a Ucits III compliant German domiciled exchange-traded fund which tracks the Dax total return index.

It will aim to provide the performance of the Dax total return index by directly investing in the shares of the German companies making up the index and will be listed on Deutsche Börse (Xetra).
 
The Dax index is comprised of 30 German blue chip stocks traded on the Frankfurt stock exchange (Xetra), currently representing 80 per cent of the market capitalisation of all German listed companies.

Source’s decision to replicate the Dax by investing directly in shares of German companies, a departure from the derivative based approach it has employed for its other ETFs, reflects the relative simplicity of replicating the benchmark.
 
The Dax Source ETF is managed for Source by BayernInvest, who will purchase and manage a portfolio of equities that seeks to replicate the Dax total return index. Gross dividends will be reinvested on a continuous basis.

As in other Source ETFs, Assenagon Asset Management is the investment manager.
 
Ted Hood, chief executive of Source, says: "We are pleased to offer investors a simple approach to managing exposure to the Dax. Tapping BayernInvest and Assenagon’s asset management skills highlights Source’s commitment to providing the right solution for each investment opportunity."

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