ETF Securities Equity Research – Don your CAPE to outperform
Summary
CAPE serves as a more effective valuation metric in forecasting long term equity market returns relative to its 12-month trailing PE
The wide gulf in valuations of global equity indices provides investors an opportunity to outperform global benchmarks by increasing exposure to cheap countries while reducing exposure to expensive countries.
A simple active strategy used in the CAPE model has successfully outperformed global benchmarks over the past 11 years by an average of 1.8% annually.
For more information contact:
ETF Securities Research team ETF Securities (UK) Limited T +44 (0) 207 448 4336 E infoUK@etfsecurities.com
Important Information
This communication has been provided by ETF Securities (UK) Limited (”ETFS UK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority (the ”FCA”).
When being made within Switzerland, this communication is for the exclusive use by ”Qualified Investors” (within the meaning of Article 10 of Section 3 of the Swiss Collective Investment Schemes Act (”CISA”)) and its circulation among the public is prohibited.
Virtune, en svensk reglerad digital kapitalförvaltare och emittent av kryptobörshandlade produkter, tillkännagav idag noteringen av två nya Crypto-ETPer på Nasdaq Helsinki, Virtune Avalanche ETPoch Virtune Staked Cardano ETP.
Virtune Avalanche ETP ger exponering mot Avalanche. Liksom alla Virtunes börshandlade produkter är Virtune Avalanche ETP 100 procent fysiskt uppbackad och helt säkerställd, denominerad i EUR för finska investerare, tillgänglig via mäklare och banker som Nordnet.
Nyckelinformation om Virtune Avalanche ETP och vad den erbjuder investerare:
Virtune Staked Cardano ETP ger exponering mot Cardano kombinerat med fördelarna med att satsa belöningar. Liksom alla Virtunes börshandlade produkter är Virtune Staked Cardano ETP 100 procent fysiskt uppbackad och helt säkerställd, denomineras i EUR för finska investerare och är tillgänglig via mäklare och banker som Nordnet.
Nyckelinformation om Virtune Staked Cardano ETP och vad den erbjuder investerare:
1:1 exponering mot Cardano med 2 procent extra årlig avkastning genom insatsbelöningar, så kallad staking.
Insatsbelöningar läggs till kontinuerligt och återspeglas i dagspriset för ETP
iShares EUR Government Bond 20yr Target DurationUCITSETF EUR (Acc) (CEB1 ETF) med ISIN IE000GHXL2Q3, strävar efter att spåra iBoxx® EUR Eurozone 20 Target Duration-index. iBoxx® EUR Eurozone 20 Target Duration-index följer eurodenominerade statsobligationer utgivna av euroområdets regeringar. Indexet ger en sammanlagd duration på cirka 20 år, det vill säga mellan 19 och 21 år vid varje månatlig ombalansering.
Den börshandlade fondens TER (total cost ratio) uppgår till 0,15 % p.a. iShares EUR Government Bond 20yr Target DurationUCITSETF EUR (Acc) är den billigaste ETF som följer iBoxx® EUR Eurozone 20 Target Duration-index. ETFen replikerar det underliggande indexets prestanda genom samplingsteknik (köper ett urval av de mest relevanta indexbeståndsdelarna). Ränteintäkterna (kupongerna) i ETFn ackumuleras och återinvesteras.
iShares EUR Government Bond 20yr Target DurationUCITSETF EUR (Acc) har tillgångar på 106 miljoner euro under förvaltning. Denna ETF lanserades den 29 maj 2024 och har sin hemvist i Irland.
Varför CEB1?
Riktad durationsexponering mot långfristiga eurostatsobligationer
Direktinvestering i statsobligationer
Regional statsobligationsexponering
Investeringsmål
Fonden strävar efter att följa utvecklingen av ett index som består av statsobligationer i euroområdet med en målduration på cirka 20 år och en lägsta rating på AA-.
Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel DEGIRO, Nordnet, SAVR och Avanza.
Since Trump began imposing tariff—starting with Colombia last week—global markets have been in turmoil. The latest round of tariffs on Canada, Mexico, and China, with threats extending to the EU, has triggered sharp declines across risk assets. Canada and Mexico’s retaliatory tariffs have added to the uncertainty, setting the stage for further volatility.
This reaction mirrors last year’s turmoil following the BOJ’s rate hike, reinforcing how macroeconomic shocks ripple through liquid markets like crypto. As capital swiftly reallocates, bitcoin’s dominance surged past 61.5%. With more geopolitical and economic shifts potentially ahead, we are monitoring bitcoin’s sensitivity to global financial conditions, which will remain a key factor for its price action.
Market Highlights
Trump imposes tariffs on imported goods
Trump imposed tariffs on all imported goods from Canada, Mexico and China, setting the stage for a trade war with US trading partners.
This brings volatility and uncertainty to risk assets, creating short-term headwinds that impacted crypto assets more heavily since it was the only market open during the weekend.
SEC eases crypto custody rules
SEC replaced SAB 121 (crypto custody as balance sheet liabilities) with SAB 122, letting firms assess liabilities under the current accounting standards in the US and worldwide.
This has made it more feasible for US banks to custody crypto and could encourage greater institutional participation, enhancing market liquidity.
In-kind bitcoin redemptions proposal
Nasdaq proposed in-kind BTC redemptions for bitcoin ETFs, with the potential to improve efficiency and reduce costs for issuers and investors.
The approval could make BTC ETFs more attractive to institutions and market makers by streamlining operations and capital efficiency, fostering a stronger ETF market for BTC.
Market Metrics
Trump’s tariff announcements on Friday created a strong headwind for digital assets at the end of last week, as crypto was the only liquid market open during the weekend. The NCITM responded with a 9.1% decline, losing its lead as the best performing asset YTD, but still up 3.0% in 2025. Despite recent headwinds, advancements in US crypto regulation and the steady pace of institutional adoption remain strong tailwinds for crypto as 2025 progresses.