Source announced today the launch of its new DAX Source ETF. The new UCITS III compliant German domiciled fund 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% of the market capitalisation of all German listed companies. This important benchmark is widely respected and followed as the leading barometer of the German equity market. 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 KAG, who will purchase and manage a portfolio of equities that seeks to replicate the DAX total return index. 100% of gross dividends will be reinvested on a continuous basis. As in other Source ETFs, Assenagon Asset Management SA is the investment manager.
Commenting on the launch, Ted Hood, CEO of Source said, “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.”
Product Summary
Product Name | DAX Source ETF |
Bloomberg Ticker | DAX30S GR |
Fund and trading currency | EUR |
Management Fee | 0.15% per annum |
Listing | Deutsche Börse (XETRA) |
Index Name | DAX Total Return Index |
Index Ticker | DAX |
Fund Domicile | Germany |
Dividends | Gross dividends reinvested |
Financial Year End | 30 November |
Source continues to focus on delivering incremental value to European ETF investors through a combination of enhanced indices, improved structuring and active trading.
Source: ETFWorld – Source
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