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Autor
Jonathan Hobbs, CFA
Fecha
22 Jul 2025
Categoría
Market Insights
New IncomeShares ETPs Cross-Listed in Germany
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The new listings follow the launch of these same products on the London Stock Exchange in late June. The ETPs trade in euros.
Which IncomeShares ETPs have been cross-listed?
A cross-listing means the same product (same ISIN, strategy, and base currency) is made available on another exchange. In this case, the eight IncomeShares ETPs first listed in London in late June have now listed in Germany. Nothing else changes – except that European investors can now trade the ETPs directly in euros.
As with the original June London listing, the eight IncomeShares ETPs can be split into three groups:
- Five single-stock ETPs
- One Magnificent 7 diversified income ETP
- Two asset class ETPs (silver and long-dated US Treasury bonds)
Just like the London listings, the ETPs have total expense ratios (TeRs) ranging between 0.35% and 0.55%. That means investors pay a fee of between 0.35% and 0.55% per year based on the value of their investment. The fee covers all ongoing costs and gets priced into the ETP each day.
The table below shows the eight ETPs, their fees, and German tickers:
Strategy in brief
Each newly cross-listed IncomeShares ETP aims to generate monthly income by selling options on the ETP’s underlying asset. Depending on market conditions, the ETPs may also have some potential upside exposure to the underlying investment.
The single-stock ETPs use a cash-secured put strategy, where the fund holds cash and sells put options on individual stocks like Alibaba or AMD. If the stock falls, the fund may buy shares at a lower price – which may create partial upside if the stock rebounds.
The Silver+ Yield and 20+ Year Treasury ETPs use a covered call strategy. This involves holding the underlying asset (iShares Silver Trust or iShares TLT ETF) and selling call options on that asset. These ETPs aim to generate income from selling call options, while retaining some upside exposure to price movements in silver or long-duration US Treasury bonds.
The Magnificent 7 ETP invests in a basket of IncomeShares single-stock ETPs. It rebalances semi-annually, which means trimming outperformers and adding to laggards. This approach may keep risk more evenly distributed over time.
What the German listing means for European investors
Trading in euros removes the need for currency conversion when buying or selling shares from EU-based brokers. For European investors, this may help reduce friction and simplify portfolio management.
It also brings the range closer to investors who may already hold income or options products on European platforms – but want access to strategies not dependent on dividends or bonds.
Key takeaways
- Eight IncomeShares ETPs cross-listed on Deutsche Börse Xetra on 15 July, trading in euros.
- These are cross-listings of the June London listings – the strategy, structure, and fees remain unchanged.
- Products remain Ireland-domiciled and not subject to US withholding tax at source.
Su capital está en riesgo si invierte. Podría perder toda su inversión. Por favor, consulte la advertencia de riesgos completa aquí.
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