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ESMA Working Paper-ESG funds during the 2020 COVID-19 market turmoil: performance and flows-ESG funds outperformed and received higher net flows than their non-ESG peers
February 24, 2024--Summary:
In this paper we analyse the performance and flows of ESG active equity UCITS funds relative to their non-ESG peers in a period of financial distress, corresponding to the first wave of COVID-19. Compared to other crisis events in the recent past, it has the advantage of looking at a complete exogenous shock affecting the economic and financial market as a whole.
An analysis of performance and flows of EU ESG funds versus EU non-ESG funds during stressed market conditions has been lacking so far. Moreover, it is a first attempt to address the heterogeneity within the cohort of active funds with some active funds significantly outperforming compared to others. The main findings confirm this hypothesis and show that ESG funds outperformed and received higher net flows than their non-ESG peers.
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Source: ESMA
Sprott and HANetf launch Europe's first Junior Uranium Miners UCITS ETF on London Stock Exchange and Xetra
February 23, 2024--HANetf has partnering with Sprott Asset Management for the fourth time to launch Europe's first Junior Uranium Miners ETF[1], focused on smaller uranium miners, selected for their exposure to the global growth of nuclear power.
Sprott Junior Uranium Miners UCITS ETF (URNJ) is listed on LSE, Xetra, with Borsa Italiana to follow. URNJ tracks the Nasdaq Sprott Junior Uranium MinersTM Index.
The US-listed version of the ETF has gathered $311 million in AuM since its launch in February 2023.
HANetf and Sprott first partnered to launch Sprott Uranium Miners UCITS ETF (ticker: URNM), which has become Europe's largest uranium-focused ETF, gathering over $282 million in AUM.
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Source: HANetf
ECB Officials' Full Statement on Bitcoin's Failed Promise and ETFs
February 22, 2024--In their full blog post, European Central Bank Director General Ulrich Bindseil and Advisor Jürgen Schaaf express their view that Bitcoin has not fulfilled its potential as a global, decentralized digital currency.
Bitcoin has failed on the promise to be a global decentralised digital currency and is still hardly used for legitimate transfers. The latest approval of an ETF doesn’t change the fact that Bitcoin is not suitable as means of payment or as an investment.
On 10 January, the US Securities and Exchange Commission (SEC) approved spot exchange-traded funds (ETFs) for Bitcoin. For disciples, the formal approval confirms that Bitcoin investments are safe and the preceding rally is proof of an unstoppable triumph. We disagree with both claims and reiterate that the fair value of Bitcoin is still zero. For society, a renewed boom-bust cycle of Bitcoin is a dire perspective.
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Source: coindesk.com
BNP Paribas Asset Management launches two fixed income ETF funds with an active ESG approach
February 20, 2024--BNP Paribas Asset Management ('BNPP AM') announces today the launch of the first two funds in its new suite of innovative fixed income exchange-traded funds ('ETFs'). BNP Paribas Easy Sustainable EUR Corporate Bond and BNP Paribas Easy Sustainable EUR Government Bond are sub-funds of the BNP Paribas Easy Luxembourg SICAV and began trading on 20 February on Borsa Italiana and Deutsche Börse Xetra.
A solid bespoke sustainability approach, accessible through ETFs
BNPP AM's ESG active fixed income ETF range applies an index-like approach combined with its proprietary approach to sustainability. Investors will benefit from BNPP AM's proprietary ESG methodology, exclusion policies and active engagement. By integrating its own solid sustainable approach while aiming to replicate the performance of the benchmark, BNPP AM will offer the flexibility to adapt to future regulatory changes.
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Source: bnpparibas-am.com
EU remains skeptical of crypto investments despite Bitcoin ETF fever-VanEck Europe CEO
February 20, 2024--European investors are still warming to the idea of cryptocurrency-related investment products while U.S. institutions continue to drive capital into nascent spot Bitcoin ETFs.
The launch of spot Bitcoin exchange-traded funds (ETFs) in the United States is having a knock-on effect in Europe, but investors on the continent remain cautious of investing in the cryptocurrency space.
VanEck Europe CEO Martijn Rozemuller spoke exclusively to Cointelegraph about the rising wave of institutional investor interest in spot Bitcoin (BTC) ETFs in the U.S., painting a contrasting picture of the European landscape.
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Source: cointelegraph.com
IMF Working Paper-Carbon Prices and Inflation in the Euro Area
February 16, 2024-Summary:
What is the effect of carbon pricing on inflation? This paper shows empirically that the consequences of the European Union's Emission Trading System (ETS) and national carbon taxation on inflation have been limited in the euro area, so far. This result is supported by analysis based on a panel local projections approach, as well as event studies based on individual countries.
Our estimates suggest that carbon taxes raised the price of energy but had limited effects on overall consumer prices.
Since future climate policy will need to be much more ambitious compared to what has been observed so far, including the need for larger increases in carbon prices, possible non-linearities might make extrapolating from historical results difficult. We thus also use input-output tables to simulate the mechanical effect of a carbon tax consistent with the EU's'Fit-for-55' commitments on inflation. The required increase of effective carbon prices from around 40 Euro per ton of CO2 in 2021 to around 150 Euro by 2030 could raise annual euro area inflation by between 0.2 and 0.4 percentage points. It is worth noting that the energy price increases caused by the rise in the effective carbon price to 150 Euro is substantially smaller than the energy price spike seen in 2022 following the invasion of Ukraine.
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Source: imf.org
Jupiter's Compliance Team Blocks Crypto ETP Investment: Report
February 16, 2024--Jupiter Asset Management's compliance team blocked its investors from having any exposure to a cryptocurrency exchange-traded product (ETP) in one of its Irish UCITs funds, according to a Financial Times report.
The reason for blocking the investment was due to, "divergent regulatory approaches in the EU."
UCITS are open-ended investment funds and are a popular form of investment vehicle, especially for European retail investors. Currently, Ireland does not allow crypto investments in UCITS funds.
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Source: cryptonews.com
New fixed income ETF from Goldman Sachs on Xetra: access to the global bond market for green bonds
February 15, 2024--Since Thursday, a new exchange-traded fund issued by Goldman Sachs Asset Management has been tradable on Xetra and via the trading venue Börse Frankfurt.
The Goldman Sachs Global Green Bond UCITS ETF-EUR-Hedged (DIST) provides investors with access to the global bond market for green bonds denominated in one of the G10 currencies.
The portfolio consists of global, investment-grade, fixed-rate green bonds, which are mainly issued by supra-nationals, sub-sovereigns, agencies and corporates. The proceeds from the issuance of green bonds are used to finance climate and environmental projects contributing to positive benefits to the environment.
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Source: xetra
Deutsche Borse expands crypto offering on Xetra with Valour's first internet computer ETN
February 14, 2024---Deutsche Börse is further expanding its range of cryptocurrency products: As of today, for the first time, an Exchange Traded Note (ETN) on Internet Computer (ICP) can be traded via Xetra and the trading venue Börse Frankfurt. The issuer of the ETN is Valour Digital Securities.
With 1Valour Internet Computer Physical Staking, investors on Xetra can participate in the performance of the Internet Computer cryptocurrency in combination with staking for the first time without having to set up crypto wallets.
Staking is the process of depositing the respective crypto assets on the blockchain to validate transactions. In return, a premium is paid. In this way, investors can participate not only in the performance of the cryptocurrency, but also in the respective staking income.
The ICP-backed ETN has been admitted to the Regulated Market of the Frankfurt Stock Exchange and is centrally cleared via Eurex Clearing.
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Source: xetra
ESMA publishes latest edition of its newsletter
February 14, 2024--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has today published its latest edition of the Spotlight on Markets Newsletter.
Your one-stop-shop in the world of EU financial markets focused in January on the last ESMA consultation package related to the Markets in Crypto Assets Regulation (MiCA).
We invited stakeholders to send their feedback on reverse solicitation and classification of crypto assets as financial instruments by 29 April 2024 and we have also launched a social media campaign with useful reminders.
In addition, together with the National Competent Authorities, we raised awareness of the requirements which apply when posting investment recommendations on social media. See video here. We have also published our first risk monitoring report of 2024, where ESMA set out the key risk drivers currently facing financial markets.
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Source: ESMA
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