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Deutsche Börse launches US dollar hedged version of HDAX

Wed, 20/08/2014 - 10:00

Deutsche Börse has launched the HDAX Hedged USD Index, which measures the performance of the underlying HDAX while eliminating foreign currency fluctuations.

The HDAX Index measures all 110 stocks listed in the DAX, MDAX and TecDAX indices, representing more than 95 per cent of Germany’s free-float market capitalisation.
 
The HDAX Hedged USD Index can be used as an underlying for financial products or as a benchmark for active portfolios.
 
The HDAX Hedged USD Index combines the performance of the underlying index with a hypothetical, rolling investment into one-month foreign exchange forward contracts. By selling foreign exchange forward contracts, market participants are able to lock in current exchange forward rates and manage their currency risk. Profits and losses from the forward contracts are offset by losses and profits in the value of the currency. 


 
The DAX measures the development of the 30 largest and most liquid companies on the German equities market and represents around 80 percent of the market capitalisation in Germany.

MDAX contains 50 medium-sized German companies and foreign companies operating primarily in Germany from traditional industrial sectors. These stocks are ranked directly behind the 30 DAX components in terms of market capitalization and exchange turnover. 


 
TecDAX includes 30 of the largest technology companies in Germany based on market capitalisation and order book turnover. All components are capped at 10 per cent. 


 
The HDAX Hedged USD Index is available back to 30 December 2004 with a base value of 100.


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