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Monday Morning Memo: Are lower fees leading to more innovation in the European ETF industry?
November 12, 2018--With net inflows of 35.5 billion euros and with not one month of net outflows over the course of 2018 so far (as of September 30), it seems the environment for ETF promoters in Europe is still positive.
Meanwhile, their active counterparts face struggles from the uncertainty in the securities markets. Some market observers would say that ETFs are also having a bad year, since the net inflows for 2018 are far below the net inflows of 2017. Even though that is correct, one needs to remember that not every year can be a record year. It is worthwhile bearing in mind that ETFs might yet enjoy higher inflows for 2018 overall than they did for 2016 or 2014 (two of the five years with the highest net inflows in history), if the current trend for fund flows continues.
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Source: Detlef Glow, Head of EMEA Research, Lipper
New UBS ETFs on Xetra: Bonds of international development banks with currency hedging
November 12, 2018--Since Monday, two new Exchange Traded Funds of the issuer UBS Global Asset Management are tradable on Xetra and the Frankfurt Stock Exchange.
The UBS ETF-Sustainable Development Bank Bonds UCITS ETF (USD) enables investors to participate in the performance of bonds issued by multilateral development banks.
These are internationally active institutions that enable the financing of sustainable projects with a positive social and environmental impact in developing countries.
Investors can choose between a distributing and an accumulating share class
Name: UBS ETF-Sustainable Development Bank Bonds UCITS ETF (USD) A-acc
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Source: Deutsche Börse Group
LGIM finally pushes into the European ETF market
November 10, 2018--Fund manager will have to catch up with rivals that have 10-year head start
Legal & General Investment Management has joined the cut-throat price war raging in the exchange traded funds industry in Europe. Its launch of a range of "core" ETFs belatedly pitches the UK's largest asset manager into battle against US and European rivals, all looking to increase their share of the region’s expanding ETF market.
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Source: FT.com
Three New Xtrackers ETFs on Xetra: International Large Caps with Currency Hedging
November 9, 2018--The Xtrackers S&P 500 UCITS ETF gives investors the opportunity to participate in the performance of the S&P 500 index. The benchmark index comprises the top 500 companies in the US equity market. With the Xtracker Nikkei 225 UCITS ETF, investors can participate in the performance of the Nikkei index.
The benchmark index is composed of the 225 largest stock companies of the Tokyo Stock Exchange, which are reviewed at regular intervals with regard to market liquidity and sector equilibrium. Liquidity takes into account the trading volume and the extent of price fluctuations over the past five years. The Xtrackers iBoxx USD Corporate Bond Yield Plus UCITS ETF enables an investment in corporate bonds denominated in US dollars. The benchmark index largely comprises fixed-income securities with a ranking between BB- and AAA. All three ETFs use a hedging strategy to minimize the exchange rate risk between the currency of the index components and the euro.
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Source: Deutsche Börse Group
After gold price recovery: Rising demand for Xetra-Gold
November 9, 2018--The gold price, which has been rising again since the end of September, has also significantly increased the demand for Xetra-Gold (ISIN: DE000A0S9GB0). The holdings of Europe's leading gold-backed security have exceeded the 180-ton mark.
The assets under custody currently amount to 6.2 billion euros. "The gold price ranged in midsummer for a long time around 1,200 US dollars per troy ounce, a psychologically important mark - because that was the lowest level for almost two years," explains Michael König, Managing Director of Deutsche Börse Commodities GmbH, the issuer of Xetra-Gold. "In recent weeks there has been a clear correction on the stock markets due to emerging geopolitical risks and the return of inflation. As a result, the gold price has also recovered and the demand for gold funds has risen again. We are also experiencing this with Xetra-Gold."
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Source: Deutsche Börse Group
European Commission-Autumn 2018 Economic Forecast: sustained but less dynamic growth amid high uncertainty
November 8, 2018--Growth in the euro area is forecast to ease from a 10-year high of 2.4% in 2017 to 2.1% in 2018 before moderating further to 1.9% in 2019 and 1.7% in 2020. The same pattern is expected for the EU27, with growth forecast at 2.2% in 2018, 2.0% in 2019 and 1.9% in 2020.
Last year's exceptionally benign global situation helped to underpin strong economic activity and investment in the EU and euro area. Despite a more uncertain environment, all Member States are forecast to continue growing, though at a slower pace, thanks to the strength of domestic consumption and investment. Barring major shocks, Europe should be able to sustain above-potential economic growth, robust job creation and falling unemployment. However, this baseline scenario is subject to a growing number of interconnected downside risks.
view the European Commission Autumn 2018 Economic Forecast: sustained but less dynamic growth amid high uncertainty
Source: European Commission
ESMA proposes a regulatory change to support the Brexit preparations of counterparties to uncleared OTC derivatives
November 8, 2018--The European Securities and Markets Authority (ESMA) has today published a final report with draft regulatory technical standards (RTS) proposing to amend the three Commission Delegated Regulations on the clearing obligation under the European Market Infrastructure Regulation (EMIR).
The draft RTS propose, in the context of the United Kingdom's (UK) withdrawal from the European Union (EU), to introduce a limited exemption in order to facilitate the novation of certain non-centrally cleared OTC derivative contracts to EU counterparties during a specific time-window.
Source: ESMA
iSTOXX MUTB Global ex-Australia Quality Leaders 150 Index licensed to Betashares
November 8, 2018--STOXX Ltd., the operator of Deutsche Börse Group's index business and a global provider of innovative and tradable index concepts, has licensed the iSTOXX(R) MUTB Global ex-Australia Quality Leaders 150 Index to leading Australian ETF company, Betashares as an underlying for an ETF.
The index selects quality companies from the components of the broad STOXX Global 1800 ex Australia Index, based on fundamental indicators. "Our Global Quality Leaders ETF gives investors access to a cost-effective investment that they can use as a core portfolio allocation for international equities. We're excited to be partnering with STOXX to bring this fund to the ASX, and have been impressed with the rigour and thoughtfulness displayed by STOXX in developing this index," said Alex Vynokur, CEO of Betashares. "The iSTOXX MUTB Quality Indices aim to capture the performance of quality companies with high profitability, low leverage and sustainable cash flows. Investors tend to be drawn to these companies during periods of economic contraction. The indices are available for different STOXX universes. The iSTOXX MUTB Global ex-Australia Quality Leaders 150 has a global approach, excluding companies based in Australia," said Inderpal Gujral, STOXX Head of Product.
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Source: Deutsche Börse Group
IMF-Europe Regional Economic Outlook: Domestic Expansion Running into External Turbulence
November 8, 2018--Full Executive Summary
Economic activity continued to expand in the first half of 2018, albeit at a slower-than-expected pace, mainly in advanced Europe. Domestic demand, supported by stronger employment and wages, remains the main engine of growth.
However, the external environment has become less supportive and is expected to soften further in 2019 owing to slowing global demand, trade tensions, and higher energy prices. Tighter financial conditions in vulnerable emerging market economies and maturing business cycles are also weighing on activity. Accordingly, growth is projected to moderate from 2.8 percent in 2017 to 2.3 percent in 2018 and 1.9 percent in 2019. That said, it is expected to remain above potential in most countries in the region.
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Source: IMF
New iShares ETF on Xetra: Companies with Focus on Network Security
November 7, 2018--Since Wednesday a new Exchange Traded Fund of iShares is tradable via Xetra and the Börse Frankfurt venue.
With the equity ETF, investors can participate in the performance of companies that focus on digital security.
The reference index includes shares of companies that generate at least 50 percent of their revenues in the area of network security, i.e. are involved in the transmission, protection or processing of sensitive data or access control to secure locations such as data centers. At least 80 companies are included in the index.
Name: iShares Digital Security UCITS ETF USD (Dist) Equity ETF
Asset class: Equity ETF
ISIN: IE00BG0J4841
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Source: Deutsche Börse Group
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