ETFs: DAX trackers make a comeback
Buying mood, but at a low level - the summer break is making itself felt in ETF trading, without buying interest drying up completely. The recently reviled DAX trackers are in demand again. ESG shares are always well received.
17 August 2021. FRANKFURT (Börse Frankfurt). High prices, low turnover - this is the current situation in ETF trading. "There is not much going on," explains Carsten Schröder from Société Générale. "However, with 60 percent, the purchases outweighed this time particularly clearly." S&P 500 ETFs, such as the iShares Core S&P 500 (IE00B5BMR087), are once again popular. However, DAX trackers (DE0005933931), which were not so sought after in previous weeks, also find many followers. The DAX had climbed to a new all-time high of 16,028.60 points on Friday, and prices had also reached new highs on Wall Street. The new week will be somewhat more leisurely: At midday on Tuesday, the DAX will stand at 15,886 points.
(Kopie 6)
Schröder reports inflows and outflows in equal measure for MSCI World ETFs: While the tracker from HSBC (IE00B4X9L533) is on the shopping lists, the currency-hedged version from iShares (IE00B441G979) is sold. Also flying out of portfolios are Nasdaq ETFs such as the Invesco EQQQ Nasdaq-100 (IE00BYVTMS52).
In sector ETF trading, it continues to be technology, energy and financial ETFs that move, according to Schröder. Energy ETFs are predominantly sold, while tech and financial ETFs see a balance of buying and selling.
Schröder
Turnover in ESG ETFs on Deutsche Börse is rising and rising: With €2.7 billion in trading turnover per month, ESG ETFs accounted for more than 16 percent of total ETF trading turnover on Xetra in the first half of the year. In the first half of 2020, monthly turnover still averaged around €780 million - more than tripling within a year.
Inflation-linked bonds: no, thanks
Trading in bond ETFs is also quiet. Société Générale reports buying in investment grade European government bonds, such as the Amundi Government Bond EuroMTS Broad Investment Grade (LU1681046261), as well as European corporate bonds (LU1681039647). In contrast, investors are shedding inflation-linked paper (LU0290358224) and U.S. sustainable corporate bonds (LU1806495575).
If bitcoin rises, sales rise
Lang &Schwarz's Schröer also sees high turnover for ETFs that track volatility indexes, such as the Lyxor S&P 500 VIX Futures Enhanced Roll (LU0832435464). He also observes high turnover in ETNs that can be used to place leveraged bets on index performance, for example the WisdomTree Nasdaq-100 3x Daily Leveraged (IE00BLRPRL42), the WisdomTree Nasdaq-100 3x Daily Short (IE00BLRPRJ20) and the WisdomTree S&P 500 VIX Short-Term Futures 2.25x Daily Leveraged (<IE00BLRPRH06>).
Business in cryptocurrency ETNs has picked up with the significant recovery in bitcoin and other cryptocurrencies. "We're seeing a lot of business there again," Schröer notes. The bitcoin price had halved to around $30,000 by July after reaching an all-time high of $64,749, but is currently back at $46,272.
ETNs (Exchange Traded Notes) currently mainly track volatilities or currency pairs - including cryptocurrencies. Unlike ETFs, the funds invested in ETNs are not part of the issuer's special assets, but are debt securities. An investment is therefore associated with the risk that the issuer defaults as a debtor.
| Shares | |
| USA | Buys |
| Germany | Buys |
| World | Buys/Sales |
| ESG-Shares | Buys |
| Bonds | |
| Government bonds Europe | Buys |
| Infaltion-secured bonds | Sales |
| Cryptocurrency-ETNs | Buys/Sales |
by Anna-Maria Borse
17 August 2021, © Deutsche Börse AG
Deutsche Börse 
