German issuer ETFlab has launched its first short (inverse) ETF, the ETFlab DJ Euro Stoxx 50 Short ETF.

The fund offers exposure to the inverse daily return of the DJ Euro Stoxx 50 index.

ETFlab, which commenced operations in April 2008, is a subsidiary of DekaBank Deutsche GiroZentrale. The firm has just over €5 billion in assets under management, according to the company website, placing it sixth in the ranking of European ETF issuers by funds controlled.

The fund will trade on the German Stock Exchange’s XETRA platform and will carry a management fee of 0.4% per annum.

The new ETF is the first swap-based offering from ETFlab. It joins four other DJ Euro Stoxx 50 ETFs on offer from other European providers. Fees for these funds range from 0.3% to 0.6% per annum.

The db x-trackers DJ Euro Stoxx 50 ETF is by some margin the largest fund of this type, with €448 million under management as at 10 December 2009.