Influence of the growing ETF industry on active investor relations work 25Fundamentals of passive investments and ETFs able on the market Deutsche Börse 2018 pp 18 One example is the Screened Index which screens out companies associated with problem atic areas such as weapons or tobacco Wiebe 2021 p 37 Other ETFs focus on cross sector meg atrends for example digitalization or robotics Deutsche Börse 2018 p 17 Weighting In addition to different classifications the type of weighting also plays a central role in distinguishing indices In index calculation a fundamental dis tinction is made between price weighted and cap italization weighted indices whereby weighting according to the market capitalization is applied more often In a price weighted index the share prices of all stocks in the index are accumulated and then divided by the number of shares An example is the Japanese benchmark index Nikkei 225 which is the most important stock index in Asia Eibl 2008 p 42 However a price weighted index has the consequence that shares with high prices are stronger considered in the index than those with low prices Deutsche Börse 2018 p 39 In a capitalization weighted index the weighting is proportional to the market value of a company The market value is calculated from the number of shares issued multiplied by the current stock mar ket price Stevenson and Tuckwell 2019 p 5 The DAX and the S P 500 for example are based on such a weighting Deutsche Börse 2018 p 39 Examples of indices Some of the world s most important shares indices are listed in the next paragraph The MSCI World is published and calculated by Morgan Stanley Cap ital International and tracks the development of the world economy containing over 1 600 com panies from 23 countries Stevenson and Tuck well 2019 p 96 The index is dominated by the finance and IT sector especially by US tech stocks like Apple Classified by country the US make up around two thirds of the index the largest Euro pean representatives are the UK with 4 3 and France with 3 4 Overall the top ten companies account for 17 of the index With a focus on a long investment horizon the timing of the entry is not decisive as in the long term the prices of the weighty representatives of the world index have good chances of profit increases Wiebe 2021 p 36 The MSCI Emerging Markets tracks over 800 companies from 24 emerging countries Ste venson and Tuckwell 2019 p 101 China 38 and Taiwan 14 account for more than half of the index The dominant sectors are technology 20 finance 17 and irregular consumption 18 The advantage is the return opportunities far from established markets which are how ever strongly dependent on the risk appetite of investors Wiebe 2021 p 36 In contrast to the above mentioned MSCI World the MSCI Emerg ing Market is exposed to the risk of sharp price falls resulting from the risk of lack of financing needs and political instability A combination of both indices exists in which the whole world economy is covered with nearly 2 500 companies Heinrich Jänner 2018 p 370 There is no issuer risk with world indices as most providers buy the shares directly and not via the futures market as it is sometimes the case with less liquid shares Wiebe 2021 p 36 The STOXX Europe 600 introduced 1998 by the STOXX AG a subdivision of the German stock exchange includes 600 large mid and small cap companies from 17 European countries Hein rich Jänner 2018 p 376 The 30 soon to be 40 largest German companies in terms of company value and daily order volume are represented in the DAX Eibl 2008 p 40 The S P 500 is com posed of the 500 most successful US companies in terms of market capitalization It is often used as an indicator of the US stock market since over 75 of the US market capitalization is represented Heinrich Jänner 2018 p 379

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