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The dangers of leveraged ETFs
August 31, 2023--The BoE is taking an interest
Most ETFs are big, broad, boring and cheap beta. But there's now probably close to $200bn in leveraged and inverse ETFs, and their market impact is growing.
Leveraged and inverse ETFs use derivatives and margin loans to either deliver extra juice to investors - say, three times the daily return of the underlying index-or the opposite of what the index does.
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Source: ft.com
JPMorgan AM to switch smart beta ETF to an active strategy
August 30, 2023--Rising demand for active ETFs could prompt more asset managers to make similar moves, experts say
JPMorgan Asset Management has revamped a smart beta exchange traded fund into an actively managed product, with experts suggesting more firms will follow suit.
Shareholders recently approved the transition of the $170mn JPMorgan Global High Yield Corporate Bond Multi-Factor Ucits ETF into an active strategy, with the changes expected to take effect before the end of August. The fund is part of the firm's Ireland-domiciled Icav ETF range.
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Source: ft.com
ECB-Monetary developments in the euro area: July 2023
August 28, 2023--Annual growth rate of broad monetary aggregate M3 decreased to-0.4% in July 2023 from 0.6% in June
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, was-9.2% in July, compared with-8.0% in June
Annual growth rate of adjusted loans to households decreased to 1.3% in July from 1.7% in June
>Annual growth rate of adjusted loans to non-financial corporations decreased to 2.2% in July from 3.0% in June
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 decreased to-0.4% in July 2023 from 0.6% in June, averaging 0.4% in the three months up to July. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, was-9.2% in July, compared with-8.0% in June.
The annual growth rate of short-term deposits other than overnight deposits (M2-M1) stood at 23.9% in July, compared with 24.0% in June. The annual growth rate of marketable instruments (M3-M2) decreased to 20.6% in July from 22.8% in June.
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Source: ECB
Official Statistics: Forecasts for the UK economy: August 2023
August 24, 2023--A comparison of independent forecasts for the UK economy in August 2023.
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Source: gov.uk
European crypto ETP inflows rise after BlackRock bitcoin filing
August 23, 2023--Trend follows similar influx of money to crypto ETPs globally
European crypto-related exchange traded products have seen a boost in flows after BlackRock applied to launch a bitcoin fund in the US.
Europe-domiciled ETPs with crypto-related names had net inflows of €150mn in June, their best month since March 2022, Morningstar data shows.
The inflows came after €100mn of outflows in May and were followed by a further €60mn of inflows in July.
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Source: ft.com
New active ETFs from J.P. Morgan on Xetra: climate-conscious active investment strategy with access to companies from the USA and worldwide
August 17, 2023--Since Thursday, seven new active exchange-traded funds issued by J.P. Morgan Asset Management have been tradable on Xetra and via Börse Frankfurt. J.P. Morgan is thus further expanding its Research Enhanced Index series, taking into account the Paris Climate Agreement.
The JPM Global Research Enhanced Index Equity SRI Paris Aligned UCITS ETF portfolio offers the opportunity to invest in an active and sustainable investment strategy targeting companies from around the world. The fund considers large and mid-cap companies from developed and emerging markets in line with the MSCI World Index.
An accumulation share class is available in the base currency euro and US dollar, as well as a currency-hedged variant against the euro. In addition, a distributing share class is offered in the base currency of the US dollar.
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Source: Xetra
New crypto ETN from Valour on Xetra: access to Ethereum cryptocurrency with staking premium
August 17, 2023--Since Thursday, another crypto ETN from Valour Digital Securities has been tradable on Xetra and via Börse Frankfurt.
The ETN 1Valour Ethereum Physical Staking enables investors to participate in the performance of Ethereum and the staking of the cryptocurrency.
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 returns.
The product is physically secured by the crypto asset.
Name: 1Valour Ethereum Physical Staking
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Source: Xetra
Euro area investment fund statistics: second quarter of 2023
August 17, 2023--In second quarter of 2023, outstanding amount of shares/units issued by investment funds other than money market funds rose to €15,302 billion, up €304 billion on previous quarter
Net issuances in quarter amounted to €11 billion, with €953 billion in gross issuances and €942 billion in gross redemptions
Outstanding amount of shares/units issued by money market funds rose to €1,507 billion, up €18 billion on previous quarter
In the second quarter of 2023, the outstanding amount of shares/units issued by investment funds other than money market funds stood at €15,302 billion. Net issuances during this period were €11 billion, with gross issuances amounting to €953 billion and gross redemptions to €942 billion (see Chart 1). The annual growth rate of shares/units issued by investment funds other than money market funds, calculated on the basis of transactions, was 0.3% in the second quarter of 2023.
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Source: ECB
Official Statistics: Forecasts for the UK economy: August 2023
August 16, 2023--A comparison of independent forecasts for the UK economy in August 2023.
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Source: gov.uk
First Mover Americas: Europe's First Spot Bitcoin ETF Opens in Holland
August 15, 2023--The latest price moves in crypto markets in context for August 15, 2023.
London-based Jacobi Asset Management has listed Europe's first spot bitcoin exchange-traded fund (ETF) on Euronext Amsterdam nearly two years after it was first approved. The Jacobi FT Wilshere Bitcoin ETF is regulated by the Guernsey Financial Services Commission (GFSC) and will trade under the ticker "BCOIN."
Custody for the fund is provided by Fidelity Digital Assets and trading firm Flow Traders operates as market maker, Jacobi announced on Tuesday. Jacobi first won approval for the fund in October 2021 with plans to list it in 2022. However the firm opted to push back its plans due to the difficult crypto market conditions last year.
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Source: coindesk.com
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