Commerzbank subsidiary ComStage has expanded into France with the launch of three ETFs based on the country’s benchmark CAC 40 index. The funds were listed on NYSE Euronext Paris on 10 February. All three ETFs use swap-based replication, in common with the rest of the ComStage range.

The ComStage ETF CAC 40 tracks the index of the same name, using swap-based replication. With an annual fee of 0.20%, it undercuts competing products from EasyETF, Lyxor, CASAM/Amundi and HSBC by five basis points and is priced in line with db x-trackers’ ETF on the same index. Lyxor’s CAC 40 ETF is the largest tracker in this category by some margin, with €2.8 billion under management.

The ComStage ETF CAC 40 Short TR tracks the performance of the CAC 40 short index, which offers inverse exposure to the daily returns of the CAC 40 index, plus a money market return. It has an annual fee of 0.35%, in line with CASAM/Amundi’s offering but undercutting similar funds from Lyxor and db x-trackers by five basis points.

The ComStage ETF CAC 40 Leverage replicates the performance of the CAC 40 leverage index, which offers double (200%) daily exposure to the CAC 40 index, minus an adjustment for the cost of financing the leveraged position. It has an annual fee of 0.30%, again in line with CASAM/Amundi’s offering, while undercutting a similar fund from Lyxor by ten basis points.