866:. This is defined such that if all future interest and principal repayments are discounted back to the present, at an interest rate equal to the gross redemption yield (gross means pre-tax), then the discounted value is equal to the current market price of the bond (or the initial issue price if the bond is just being launched). Fixed income investments such as bonds and loans are generally priced as a credit spread above a low-risk reference rate, such as LIBOR or U.S. or German Government Bonds of the same duration. For example, if a 30-year mortgage denominated in US dollars has a gross redemption yield of 5% per annum and 30 year US Treasury Bonds have a gross redemption yield of 3% per annum (referred to as the risk free yield), the credit spread is 2% per annum (sometimes quoted as 200 basis points). The credit spread reflects the risk of default. Risk free interest rates are determined by market forces and vary over time, based on a variety of factors, such as current short-term interest rates, e.g.
920:(in the US this is the CPI-U for urban consumers). This means that these bonds are guaranteed to outperform the inflation rate (unless (a) the market price has increased so that the "real" yield is negative, which is the case in 2012 for many such UK bonds, or (b) the government or other issuer defaults on the bond). This allows investors of all types to preserve the purchasing power of their money even at times of high inflation. For example, assuming 3.88% inflation over the course of one year (just about the 56 year average inflation rate, through most of 2006), and a real yield of 2.61% (the fixed US Treasury real yield on October 19, 2006, for a 5 yr TIPS), the adjusted principal of the fixed income would rise from 100 to 103.88 and then the real yield would be applied to the adjusted principal, meaning 103.88 x 1.0261, which equals 106.5913; giving a total return of 6.5913%. TIPS moderately outperform conventional US Treasuries, which yielded just 5.05% for a one-year bill on October 19, 2006.
149:
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36:
2406:
678:(often referred to as stocks and shares) that create no obligation to pay dividends or any other form of income. Bonds carry a level of legal protections for investors that equity securities do not: in the event of a bankruptcy, bond holders would be repaid after liquidation of assets, whereas shareholders with stock often receive nothing.
849:
Investors in fixed-income securities are typically looking for a constant and secure return on their investment. For example, a retired person might like to receive a regular dependable payment to live on like gratuity, but not consume principal. This person can buy a bond with their money and use
892:
Supply and demand affect prices, especially in the case of market participants who are constrained in the investments they make. Insurance companies and pension funds usually have long term liabilities that they wish to hedge, which requires low risk, predictable cash flows, such as long dated
690:
and repay the principal on the loan (bonds or bank loans). Fixed-income securities also trade differently than equities. Whereas equities, such as common stock, trade on exchanges or other established trading venues, many fixed-income securities trade over-the-counter on a principal basis.
681:
For a company to grow its business, it often must raise money – for example, to finance an acquisition; buy equipment or land, or invest in new product development. The terms on which investors will finance the company will depend on the risk profile of the company. The company can give up
2385:
1035:– that the buyer will require the principal funds for another purpose on short notice, prior to the expiration of the security, and be unable to exchange the security for cash in the required time period without loss of fair value
1038:
call risk - that the issuer will redeem or call back a fixed-income security before its maturity date, which can result in the investor receiving the principal earlier than expected and potentially at a lower interest rate or
850:
the coupon payment (the interest) as that regular dependable payment. When the bond matures or is refinanced, the person will have their money returned to them. The major investors in fixed-income securities are
774:
share some of the characteristics of fixed interest bonds. Securitized bank lending (e.g. credit card debt, car loans or mortgages) can be structured into other types of fixed income products such as ABS –
709:
The term "fixed income" is also applied to a person's income that does not vary materially over time. This can include income derived from any combination of (1) fixed-income investments such as bonds and
1588:
889:
In buying a bond, one is buying a set of cash flows, which are discounted according to the buyer's perception of how interest and exchange rates will move over its life.
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2025:
706:. In contrast, if a company misses a quarterly dividend to stock (non-fixed-income) shareholders, there is no violation of any payment covenant and no default.
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The term "fixed" in "fixed income" refers to both the schedule of obligatory payments and the amount. "Fixed income securities" can be distinguished from
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Fixed income securities have risks that may include but are not limited to the following, many of which are synonymous, mutually exclusive, or related:
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1029:
reinvestment risk – that the purchaser will be unable to purchase another security of similar return upon the expiration of the current security
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Some fixed-income securities, such as mortgage-backed securities, have unique characteristics, such as prepayments, which impact their pricing.
666:
under which the borrower or issuer is obliged to make payments of a fixed amount on a fixed schedule. For example, the borrower may have to pay
1189:
513:
797:
is the entity (company or government) who borrows the money by issuing the bond, and is due to pay interest and repay capital in due course.
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of a bond – also known as maturity value, face value, par value – is the amount that the issuer borrows which must be repaid to the lender.
2018:
1512:
1507:
1026:– that the issuer will be unable to pay the scheduled interest payments or principal repayment due to financial hardship or otherwise
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1020:– that exchange rates with other currencies will change during the security's term, causing loss of buying power in other countries
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100:
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854:, such as pension plans, mutual funds, hedge funds, sovereign wealth funds, endowments, insurance companies and others.
734:, or both) as their dominant source of income, the term "fixed income" can also imply that they have relatively limited
702:, and depending on the relevant law and the structure of the security, the payees may be able to force the issuer into
698:, variable-interest rate notes, and the like. If an issuer misses a payment on fixed income security, the issuer is in
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886:. If the coupon on the bond is lower than the yield, then its price will be below the par value, and vice versa.
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762:
to finance projects or other major spending initiatives. Debt issued by government-backed agencies is called an
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1005:– that the buying power of the principal and interest payments will decline during the term of the security
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815:(of a bond) is the annual interest that the issuer must pay, expressed as a percentage of the principal.
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political risk – that governmental actions will cause the owner to lose the benefits of the security
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are also included into this definition. There is a wide range of fixed income derivative products:
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event risk – the risk that externalities will cause the owner to lose the benefits of the security
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916:. The interest and principal repayments under this type of bond are adjusted in line with a
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908:—fixed-income securities linked to a specific price index. The most common examples are US
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at a fixed rate once a year and repay the principal amount on maturity. Fixed-income
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market risk – the risk of market-wide changes affecting the value of the security
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which can be traded over-the-counter just like corporate and government bonds.
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The main number which is used to assess the value of the bond is the gross
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is the end of the bond, the date that the issuer must return the principal.
840:, in some cases, is the contract that states all of the terms of the bond.
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726:). When pensioners or retirees are dependent on their pension (whether
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Some of the terminology used in connection with these investments is:
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in foreign currencies. State and local governments issue
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or obtain money from a bank through a corporate loan.
674:(more commonly known as bonds) can be contrasted with
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Securities
Industry and Financial Markets Association
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60:. Unsourced material may be challenged and removed.
1094:, §§ 2:39 to 2:41 (Thomson West, 2014–2015 ed.).
2133:Qualifying investor alternative investment fund
686:by issuing stock or can promise to pay regular
2019:
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742:to make large or discretionary expenditures.
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2093:Labour-sponsored venture capital corporation
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2012:
2004:
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1577:Commercial Mortgage Securities Association
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1130:Soft Dollars and Other Trading Activities
1092:Soft Dollars and Other Trading Activities
120:Learn how and when to remove this message
1583:International Capital Market Association
1145:, § 5:12 (Thomson West, 2014–2015 ed.).
1083:
910:Treasury Inflation Protected Securities
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227:
178:
139:
1132:, Ch. 2 (Thomson West, 2014–2015 ed.).
7:
1773:Debtor-in-possession (DIP) financing
956:. The most widely traded kinds are:
831:is another term for the bond itself.
58:adding citations to reliable sources
1513:Commercial mortgage-backed security
1508:Collateralized mortgage obligation
984:on 90-day interbank interest rates
25:
928:Fixed income derivatives include
2404:
2397:
2396:
978:on 2/10/30-year government bonds
147:
34:
718:that guarantee a fixed income (
390:Over-the-counter (off-exchange)
45:needs additional citations for
2230:Socially responsible investing
2160:Split capital investment trust
1503:Collateralized debt obligation
1379:Reverse convertible securities
1:
2118:Open-ended investment company
1107:. FINRA. 2011. Archived from
882:in the UK, and the Euro Zone
616:Sustainable development goals
2376:Returns-based style analysis
2139:Real estate investment trust
2311:Efficient-market hypothesis
1319:Contingent convertible bond
912:(TIPS) and UK Index Linked
2450:
2150:Short-term investment fund
1359:Inverse floating rate note
1143:Mortgage-Backed Securities
754:in their own currency and
2394:
2098:Listed investment company
2067:Fonds commun de placement
1968:
1205:
1158:UK Debt Management Office
930:interest rate derivatives
499:Diversification (finance)
2306:Arbitrage pricing theory
1518:Mortgage-backed security
1287:Types of bonds by payout
1229:Types of bonds by issuer
1105:"Glossary of Bond Terms"
766:. Companies can issue a
2434:Fixed-income securities
2381:Traditional investments
2366:Commodity pool operator
2340:Noisy market hypothesis
2335:Modern portfolio theory
2185:Unitised insurance fund
2113:Open-ended fund company
2055:Common contractual fund
1942:Consumer leverage ratio
1853:Tax refund interception
988:Forward rate agreements
906:inflation-indexed bonds
852:institutional investors
777:asset-backed securities
696:inflation-indexed bonds
18:Fixed income securities
2361:Alternative investment
2275:Institutional investor
1452:Option-adjusted spread
1354:Inflation-indexed bond
900:Inflation-linked bonds
662:refers to any type of
464:Alternative investment
2175:Unit investment trust
2035:Investment management
1947:Debt levels and flows
1498:Asset-backed security
1462:Weighted-average life
1299:Auction rate security
1073:Fixed income analysis
982:Interest rate futures
938:inflation derivatives
596:Investment management
509:Environmental finance
2165:Tax transparent fund
2061:Exchange-traded fund
1768:Debt snowball method
1491:Securitized products
961:Credit default swaps
918:Consumer Price Index
736:discretionary income
728:a private-sector one
724:defined contribution
54:improve this article
2220:Manager of managers
2128:Private-equity fund
1268:Infrastructure bond
1056:tax adjustment risk
1050:credit quality risk
966:Interest rate swaps
732:a public-sector one
722:as contrasted with
621:Sustainable finance
135:Part of a series on
2330:Martingale pricing
2240:Thematic investing
2205:passive management
1344:Floating rate note
1009:interest rate risk
934:credit derivatives
893:government bonds.
750:Governments issue
746:Types of borrowers
611:Speculative attack
376:Structured product
27:Type of investment
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2194:Investment styles
2001:
2000:
1848:Strategic default
1813:Collection agency
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1725:
1708:Predatory lending
1598:
1597:
1551:Exchangeable bond
1477:Yield to maturity
1329:Exchangeable bond
1251:Subordinated debt
954:forward contracts
950:futures contracts
740:financial freedom
676:equity securities
657:
656:
484:Banks and banking
474:Asset (economics)
300:Credit derivative
268:Stock certificate
141:Financial markets
130:
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122:
104:
16:(Redirected from
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2249:growth investing
2215:Impact investing
2083:Investment trust
2028:
2021:
2014:
2005:
1693:Consumer lending
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1625:
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1611:
1602:
1541:Convertible bond
1384:Zero-coupon bond
1324:Convertible bond
1309:Commercial paper
1192:
1185:
1178:
1169:
1146:
1141:Lemke and Lins,
1139:
1133:
1128:Lemke and Lins,
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1120:
1119:
1117:
1116:
1101:
1095:
1090:Lemke and Lins,
1088:
1013:opportunity cost
864:redemption yield
772:Preferred stocks
752:government bonds
712:preferred stocks
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591:Impact investing
586:Growth investing
319:Foreign exchange
305:Futures exchange
253:Registered share
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2265:Closed-end fund
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1993:Promissory note
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1911:Deposit account
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1828:Debtors' prison
1782:
1748:Management plan
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1674:
1634:
1629:
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1556:Extendible bond
1546:Embedded option
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1486:
1388:
1349:High-yield debt
1339:Fixed rate bond
1334:Extendible bond
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1263:Government bond
1258:Distressed debt
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971:Inflation swaps
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904:There are also
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880:Bank of England
876:Federal Reserve
874:such as the US
860:
858:Pricing factors
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760:municipal bonds
756:sovereign bonds
748:
738:or have little
720:defined benefit
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494:Climate finance
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310:Hybrid security
248:Preferred stock
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209:High-yield debt
204:Government bond
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1152:External links
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1003:inflation risk
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781:
768:corporate bond
747:
744:
655:
654:
652:
651:
644:
637:
629:
626:
625:
624:
623:
618:
613:
608:
603:
598:
593:
588:
583:
578:
573:
572:
571:
566:
561:
556:
551:
546:
541:
536:
531:
526:
516:
511:
506:
501:
496:
491:
486:
481:
476:
471:
469:Angel investor
466:
458:
457:
453:
452:
451:
450:
445:
440:
432:
431:
425:
424:
422:
421:
416:
410:
408:
407:
402:
396:
393:
392:
386:
385:
384:
383:
381:Swap (finance)
378:
373:
368:
363:
358:
353:
348:
343:
335:
334:
328:
321:
317:
314:
313:
307:
302:
295:
291:
288:
287:
283:
282:
281:
280:
275:
273:Stock exchange
270:
265:
260:
255:
250:
245:
240:
232:
231:
225:
224:
223:
222:
220:Securitization
216:
214:Municipal bond
211:
206:
201:
196:
194:Corporate bond
191:
189:Bond valuation
183:
182:
176:
175:
174:
173:
161:
153:
152:
144:
143:
137:
136:
128:
127:
110:September 2020
69:"Fixed income"
42:
40:
33:
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
2446:
2435:
2432:
2430:
2427:
2426:
2424:
2411:
2403:
2393:
2387:
2384:
2382:
2379:
2377:
2374:
2372:
2369:
2367:
2364:
2362:
2359:
2358:
2356:
2352:
2346:
2343:
2341:
2338:
2336:
2333:
2331:
2328:
2325:
2321:
2317:
2314:
2312:
2309:
2307:
2304:
2303:
2301:
2297:
2291:
2288:
2286:
2285:Open-end fund
2283:
2281:
2278:
2276:
2273:
2271:
2268:
2266:
2263:
2262:
2260:
2256:
2250:
2246:
2243:
2241:
2238:
2236:
2233:
2231:
2228:
2226:
2223:
2221:
2218:
2216:
2213:
2211:
2208:
2206:
2202:
2199:
2198:
2196:
2192:
2186:
2183:
2181:
2178:
2176:
2173:
2171:
2170:Umbrella fund
2168:
2166:
2163:
2161:
2158:
2156:
2153:
2151:
2148:
2146:
2145:Royalty trust
2143:
2140:
2137:
2134:
2131:
2129:
2126:
2124:
2121:
2119:
2116:
2114:
2111:
2109:
2108:Offshore fund
2106:
2104:
2101:
2099:
2096:
2094:
2091:
2089:
2086:
2084:
2081:
2079:
2076:
2074:
2073:Fund of funds
2071:
2068:
2065:
2062:
2059:
2056:
2053:
2052:
2050:
2048:
2040:
2036:
2029:
2024:
2022:
2017:
2015:
2010:
2009:
2006:
1994:
1991:
1989:
1988:Interest rate
1986:
1984:
1981:
1979:
1976:
1974:
1971:
1970:
1967:
1961:
1957:
1953:
1950:
1948:
1945:
1943:
1940:
1939:
1937:
1933:
1927:
1924:
1922:
1919:
1917:
1914:
1912:
1909:
1907:
1904:
1902:
1899:
1897:
1894:
1892:
1889:
1887:
1884:
1882:
1879:
1877:
1874:
1872:
1869:
1868:
1866:
1864:
1860:
1854:
1851:
1849:
1846:
1844:
1841:
1839:
1836:
1834:
1831:
1829:
1826:
1824:
1821:
1819:
1816:
1814:
1811:
1809:
1806:
1804:
1801:
1800:
1798:
1796:
1793:
1789:
1785:
1779:
1776:
1774:
1771:
1769:
1766:
1764:
1763:Restructuring
1761:
1758:
1754:
1751:
1749:
1746:
1744:
1743:Consolidation
1741:
1739:
1736:
1735:
1733:
1729:
1719:
1716:
1714:
1711:
1709:
1706:
1704:
1701:
1699:
1696:
1694:
1691:
1689:
1688:Business loan
1686:
1685:
1683:
1681:
1677:
1671:
1668:
1666:
1663:
1661:
1658:
1656:
1653:
1652:
1650:
1648:
1644:
1641:
1637:
1633:
1626:
1621:
1619:
1614:
1612:
1607:
1606:
1603:
1590:
1587:
1584:
1581:
1578:
1575:
1574:
1572:
1568:
1562:
1561:Puttable bond
1559:
1557:
1554:
1552:
1549:
1547:
1544:
1542:
1539:
1537:
1536:Callable bond
1534:
1533:
1531:
1529:
1525:
1519:
1516:
1514:
1511:
1509:
1506:
1504:
1501:
1499:
1496:
1495:
1493:
1489:
1483:
1480:
1478:
1475:
1473:
1470:
1468:
1465:
1463:
1460:
1458:
1455:
1453:
1450:
1448:
1447:Nominal yield
1445:
1443:
1440:
1438:
1435:
1433:
1430:
1428:
1425:
1423:
1422:Current yield
1420:
1418:
1417:Credit spread
1415:
1413:
1410:
1408:
1405:
1403:
1400:
1399:
1397:
1395:
1391:
1385:
1382:
1380:
1377:
1375:
1374:Puttable bond
1372:
1370:
1367:
1365:
1362:
1360:
1357:
1355:
1352:
1350:
1347:
1345:
1342:
1340:
1337:
1335:
1332:
1330:
1327:
1325:
1322:
1320:
1317:
1315:
1312:
1310:
1307:
1305:
1304:Callable bond
1302:
1300:
1297:
1295:
1292:
1291:
1289:
1285:
1279:
1276:
1274:
1271:
1269:
1266:
1264:
1261:
1259:
1256:
1252:
1249:
1247:
1244:
1243:
1242:
1239:
1237:
1234:
1233:
1231:
1227:
1221:
1218:
1216:
1213:
1211:
1208:
1207:
1204:
1200:
1193:
1188:
1186:
1181:
1179:
1174:
1173:
1170:
1164:
1161:
1159:
1156:
1155:
1151:
1144:
1138:
1135:
1131:
1125:
1122:
1111:on 2011-07-20
1110:
1106:
1100:
1097:
1093:
1087:
1084:
1078:
1074:
1071:
1070:
1066:
1061:
1058:
1055:
1052:
1049:
1047:
1044:
1042:duration risk
1041:
1037:
1034:
1031:
1028:
1025:
1022:
1019:
1018:currency risk
1016:
1014:
1010:
1007:
1004:
1001:
1000:
999:
993:
989:
986:
983:
980:
977:
974:
972:
969:
967:
964:
962:
959:
958:
957:
955:
951:
947:
943:
939:
935:
931:
923:
921:
919:
915:
911:
907:
899:
897:
894:
890:
887:
885:
881:
877:
873:
872:central banks
869:
865:
857:
855:
853:
844:
839:
838:
833:
830:
826:
823:
822:
817:
814:
813:
808:
805:
804:
799:
796:
795:
790:
789:
788:
782:
780:
778:
773:
769:
765:
761:
757:
753:
745:
743:
741:
737:
733:
729:
725:
721:
717:
713:
707:
705:
701:
697:
692:
689:
685:
679:
677:
673:
669:
665:
661:
650:
645:
643:
638:
636:
631:
630:
628:
627:
622:
619:
617:
614:
612:
609:
607:
604:
602:
599:
597:
594:
592:
589:
587:
584:
582:
579:
577:
574:
570:
567:
565:
562:
560:
557:
555:
552:
550:
547:
545:
542:
540:
537:
535:
532:
530:
527:
525:
522:
521:
520:
517:
515:
512:
510:
507:
505:
504:Eco-investing
502:
500:
497:
495:
492:
490:
487:
485:
482:
480:
479:Asset pricing
477:
475:
472:
470:
467:
465:
462:
461:
460:
459:
456:Related areas
454:
449:
446:
444:
441:
439:
436:
435:
434:
433:
430:
426:
420:
417:
415:
412:
411:
406:
403:
401:
398:
397:
395:
394:
391:
387:
382:
379:
377:
374:
372:
369:
367:
364:
362:
359:
357:
354:
352:
349:
347:
344:
342:
339:
338:
332:
331:Exchange rate
329:
327:
323:
322:
320:
311:
308:
306:
303:
301:
297:
296:
294:
290:
289:
286:Other markets
284:
279:
278:Watered stock
276:
274:
271:
269:
266:
264:
261:
259:
256:
254:
251:
249:
246:
244:
241:
239:
236:
235:
234:
233:
230:
226:
221:
217:
215:
212:
210:
207:
205:
202:
200:
197:
195:
192:
190:
187:
186:
185:
184:
181:
177:
172:
169:
165:
162:
160:
159:Public market
157:
156:
155:
154:
150:
146:
145:
142:
138:
134:
133:
124:
121:
113:
102:
99:
95:
92:
88:
85:
81:
78:
74:
71: –
70:
66:
65:Find sources:
59:
55:
49:
48:
43:This article
41:
37:
32:
31:
19:
2429:Fixed income
2371:Robo-advisor
2316:Fixed income
2315:
2247: /
2203: /
2123:Pension fund
1958: /
1954: /
1921:Money market
1916:Fixed income
1915:
1843:Phantom debt
1823:Debt bondage
1791:
1570:Institutions
1528:Bond options
1472:Yield spread
1364:Lottery bond
1294:Accrual bond
1220:Fixed income
1219:
1163:Fixed Income
1142:
1137:
1129:
1124:
1113:. Retrieved
1109:the original
1099:
1091:
1086:
1024:default risk
997:
976:Bond futures
927:
903:
895:
891:
888:
861:
848:
835:
828:
819:
810:
801:
792:
786:
749:
708:
693:
680:
660:Fixed income
659:
658:
606:Market trend
581:Greenwashing
438:Participants
243:Growth stock
238:Common stock
229:Stock market
199:Fixed income
198:
167:
116:
107:
97:
90:
83:
76:
64:
52:Please help
47:verification
44:
2345:Yield curve
2258:Terminology
2210:Hedge Funds
2103:Mutual fund
2043:Investment
1960:Odious debt
1838:Garnishment
1703:Payday loan
1639:Instruments
1467:Yield curve
1427:Dirty price
1402:Clean price
1278:Global bond
1246:Senior debt
1236:Agency bond
1199:Bond market
952:as well as
924:Derivatives
783:Terminology
764:agency bond
601:Market risk
414:Spot market
371:Reinsurance
366:Real estate
356:Mutual fund
293:Derivatives
263:Stockbroker
180:Bond market
2423:Categories
2180:Unit trust
2088:Hedge fund
2078:Index fund
2047:structures
1978:Insolvency
1886:Government
1818:Compliance
1808:Charge-off
1788:Collection
1738:Bankruptcy
1731:Management
1698:Loan shark
1665:Government
1115:2010-03-07
1079:References
868:base rates
704:bankruptcy
672:securities
664:investment
443:Regulation
171:Securities
80:newspapers
2324:Convexity
1935:Economics
1896:Municipal
1881:Diplomacy
1876:Corporate
1833:Distraint
1670:Municipal
1660:Debenture
1655:Corporate
1407:Convexity
1215:Debenture
845:Investors
837:indenture
803:principal
544:corporate
519:Financial
341:Commodity
2402:Category
2320:Duration
1983:Interest
1956:Internal
1952:External
1871:Consumer
1803:Bad debt
1482:Z-spread
1437:I-spread
1432:Duration
1067:See also
936:. Often
821:maturity
716:pensions
688:interest
668:interest
569:services
559:personal
554:forecast
524:analysis
448:Clearing
400:Forwards
326:Currency
164:Exchange
2135:(QIAIF)
1973:Default
1901:Venture
1891:Medical
1863:Markets
1795:Evasion
1757:history
1591:(SIFMA)
942:options
870:set by
714:or (2)
700:default
576:Fintech
539:betting
529:analyst
429:Trading
405:Options
94:scholar
2299:Theory
2201:Active
2141:(REIT)
1790:
1753:Relief
1585:(ICMA)
1579:(CMSA)
1412:Coupon
1314:Consol
878:, the
812:coupon
794:issuer
684:equity
564:public
361:Option
166:
96:
89:
82:
75:
67:
2386:UCITS
2245:Value
2155:SICAV
2069:(FCP)
2063:(ETF)
2057:(CCF)
1906:Buyer
1713:Usury
1680:Loans
1647:Bonds
1039:price
994:Risks
946:swaps
914:Gilts
829:issue
549:crime
534:asset
419:Swaps
351:Money
258:Stock
101:JSTOR
87:books
2410:List
2045:fund
1632:Debt
1210:Bond
932:and
834:The
827:The
818:The
809:The
800:The
791:The
489:Bull
73:news
884:ECB
514:ESG
346:ETF
56:by
2425::
2322:,
948:,
944:,
730:,
2326:)
2318:(
2027:e
2020:t
2013:v
1792:·
1759:)
1755:(
1624:e
1617:t
1610:v
1191:e
1184:t
1177:v
1118:.
648:e
641:t
634:v
333:)
324:(
312:)
298:(
168:·
123:)
117:(
112:)
108:(
98:·
91:·
84:·
77:·
50:.
20:)
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