Amundi adds five ETFs to Borsa Italiana

Jan 30th, 2018 | By | Category: Equities

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Amundi has cross-listed a medley of five equity ETFs to Borsa Italiana in Milan, expanding its footprint in the Italian market.

Amundi cross-lists five ETFs to Borsa Italiana

Amundi cross-lists five ETFs to Borsa Italiana.

The ETFs – which offer a varied assortment of exposures – provide a locally listed access point for domestic Italian investors.

They include sector-specific exposures to energy, financials and luxury goods; Italian large-caps; and a play on US share buybacks.

Global energy

The Amundi MSCI World Energy UCITS ETF (CWE IM) trades in euros with a TER of 0.35%. The underlying MSCI World Energy Index captures the performance of energy sector companies (as defined by the Global Industry Classification Standard (GICS)) across 23 developed market countries.

Despite its global reach, companies listed in the US (56.6%), the UK (16.6%), and Canada (12.1%) collectively account for over 85% of the total index weight. Over half (54.8%) of the index is exposed to integrated oil & gas companies, while those firms engaged in oil & gas exploration and production account for a further fifth (19.5%) of the total weight.

Global financials

The Amundi MSCI World Financials UCITS ETF (CWF IM) trades in euros and has a TER of 0.35%. It tracks the MSCI World Financials Index, capturing the performance of large- and mid-cap GICS-defined financial sector firms from across 23 developed market countries.

The US equals 48.1% of the index followed by Canada (8.3%), the UK (8.1%) and Japan (6.3%). Banks (52.9%) and insurance companies (22.3%) make up over 75% of the total exposure.

Global luxury

The Amundi S&P Global Luxury UCITS ETF (GLUX IM) trades in euros and has a TER of 0.25%. The underlying S&P Global Luxury Index tracks 80 of the largest companies globally which are engaged in the production or distribution of luxury goods or the provision of luxury services.

Companies are selected for inclusion by S&P’s equity research team according to primarily qualitative factors such as companies’ revenues by business area and market perception of their industry segment.

The index comprises securities from 12 different countries and across several sectors. The US (37.8%), France (16.3%), Germany (12.8%) and the UK (10.9%) are the largest country exposures, while the sector weights are dominated by consumer discretionary companies which account for four-fifths.

Italian large-cap

The Amundi FTSE MIB UCITS ETF (FMI IM) trades in euros and has a TER of 0.18%. The underlying FTSE MIB is the flagship benchmark index for the Borsa Italiana, consisting of the 40 most-traded stocks on the exchange which cover approximately 80% of the domestic market capitalization.

Banks dominate the index, taking up just over a quarter (26.5%) of the total weight, followed by utility stocks (17.9%), oil & gas companies (10.8%) and industrial goods & services firms (10.1%). The index is relatively concentrated at the individual stock level with four constituents (Enel, Intesa Sanpaolo, Unicredit, and Eni) each accounting for over 10% of the total weight.

US share buybacks

The Amundi S&P 500 Buyback UCITS ETF (B500 IM) trades in euros and has a TER of 0.15%. The fund tracks the S&P 500 Buyback Index, providing exposure to those constituents of the S&P 500 with the most meaningful stock buyback (also known as ‘share repurchase’) programmes.

The index measures the performance of the top 100 stocks with the highest buyback ratio over the previous 12 months. Constituents are equally weighted, enabling a pure exposure to the buyback theme. Share buyback programmes can be initiated by strong balance sheets or undervalued share prices: either a cash rich company chooses to return capital to shareholders or, if their stock is undervalued, they choose to take advantage of this low valuation.

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