Nasdaq today announced that Recon Capital will list a new exchange traded fund, The Recon Capital DAX Germany ETF (Symbol: DAX), on The Nasdaq Stock Market. DAX will begin trading on Nasdaq Thursday, October 23, 2014.
“We are giving U.S. investors access to one of Europe’s largest and strongest economies on a premier exchange, The Nasdaq Stock Market, with The Recon Capital DAX Germany ETF. The German economy, and equity market, have proved to be comparably robust against its European counterparts and continue to pave the way in Europe,” said Garrett Paolella, CEO of Recon Capital. “Recon Capital focuses on using its investment expertise and operational infrastructures to deliver market-driven, value-added products that meet the evolving needs of global investors.”
The DAX Index tracks the segment of the largest and most important companies – known as blue chips – on the German equities market. It contains the shares of the 30 largest and most liquid companies admitted to the Frankfurt Stock Exchange (FWB). The exchange listed portion of the German equity market is concentrated around just a few highly capitalized global players. The largest 30 German stocks cover about 80% of the capitalization of the entire German prime standard.
“As home to some of the world’s most innovative ventures, Nasdaq generates opportunities for issuers to access new markets and deliver original concepts that change the way the industry develops, manages and applies ETFs,” said Walt Smith, Vice President, Head of U.S. Equities at Nasdaq. “We are thrilled to list DAX with our partners at Recon Capital and appreciate their confidence in choosing The Nasdaq Stock Market to list and trade ETFs.”
Nasdaq operates an efficient platform for successfully introducing a product suite into one of the single largest pools of liquidity, including market participants which represent a full spectrum of investors. ETF issuers benefit from an end-to-end solution that provides ongoing product support including index licensing, listings opportunities, data offerings and trading services. As the home to some of the world’s most innovative ventures, Nasdaq generates opportunities for issuers to access new markets and deliver new concepts that change the way the industry develops, manages and applies ETFs.