STOXX Limited has announced that the EURO STOXX 50 Daily Short Index has been licensed to Korea Investment & Securities (KIS) to serve as the underlying for an exchange-traded note (ETN). The product will be listed on KRX Korea Exchange. …
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“The EURO STOXX 50 Daily Short Index is part of our innovative strategy index family, and is aimed at sophisticated market participants who seek to take a short position to Europe’s leading blue-chip index during bearish markets,” said Hartmut Graf, chief executive officer, STOXX Limited. “By licensing this index to Korean Investment & Securities, STOXX is further expanding its presence in the Asian market.”
Peter Kim, head of Structured Products & Trading at Korea Investment & Securities, said, “The EURO STOXX 50 DAILY SHORT Index is the first STOXX index to be introduced to the Korea ETN market. By licensing the EURO STOXX 50 DAILY SHORT Index, KIS is able to offer Korean investors an alternative tool that can be used either for hedging or speculating on exposure to the euro zone. This launch is an example of KIS’s commitment to expanding into overseas markets, and it comes at a time when the euro tone is coming into sharp focus.”
The EURO STOXX 50 Daily Short replicates a short investment strategy that is inversely linked to the daily performance of the EURO STOXX 50 Index. For example, a negative performance of the blue-chip index results in a positive change of the same amount in the performance of the EURO STOXX 50 Daily Short Index, and vice versa (not taking into account the additional positive effect from the financing term).
The index is calculated in euro and U.S. dollars. Daily historical index values are available back to Dec. 31, 1991. The cost of borrowing and the benefit of earning interest are positively taken into account in the index methodology.
Source: ETFWorld.com
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