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Emission scandal’s impact on platinum overdone

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Platinum and Palladium Update - Emission scandal’s impact on platinum overdone Negative sentiment around platinum out of sync with the metal’s positive fundamentals

Platinum and Palladium Update – Emission scandal’s impact on platinum overdone

• Negative sentiment around platinum out of sync with the metal’s positive fundamentals
• Misconception about role of precious group metals (PGM) in nitrogen oxide (NOx) treatment unduly impacts the metals
• Capex reduction by miners to curb platinum supply
• Record US auto sales spur palladium prices higher

The Volkswagen emission scandal revealed on 18 September caused a sharp divergence in sentiment resulting in platinum’s premium over palladium falling to its lowest level in 13 years. Despite an improvement in the demand outlook for platinum from jewellery and investment, negative sentiment for platinum continues to weigh on its price.

Understanding the intricacies of the emissions

The software defeat device used in Volkswagen’s diesel engines cheated on the results of NOx testing, violating the US clean air act. Versions of the Volkswagen’s diesel engines fitted with the Lean NOx trap (LNT) and urea based selective catalytic reduction (SCR) system emitted up to 35 and 20 times the EPAs required limit respectively. The global rollout of stringent regulations are emphasizing NOx reduction in emissions from diesel engines, demanding higher amounts of ammonia and thus increasing the risk of ammonia slippage into the environment. In contrast to the gasoline engine, diesel engines while coping with hydrocarbons (HC) and carbon monoxide (CO) easily, struggle with NOx. A key technological solution is a highly selective ammonia slip catalyst in the final stage of the after-treatment system. The figure below depicts the treatment of the HC, CO, NOx and particulate matter (PM) at different stages of the emission cycle using the SCR system.

ETF Securities Platinum

HC and CO are oxidised via a PGM based diesel oxidation catalyst while the particulate matter are captured by the catalyzed soot filter, leaving only NOx to be treated. Recent models fitted with the SCR system require a top off of a urea solution on gases exiting the diesel oxidation catalyst. The software on Volkswagen cars sensed when the test mode was active and released urea into the emission gas to neutralize harmful nitrogen dioxide emissions.

No fundamental impact on platinum

Despite having no role to play in the final stage of the after treatment of NOx emissions platinum suffered the brunt of the scandal. It’s worth noting that a recall of cars by Volkswagen will also have no direct bearing on the demand for platinum, since the NOx after-treatment is not impacted by the PGM based oxidation catalyst used for HC and CO. Despite being known to derive 44% of its use in autocatalysts for both diesel and gasoline cars, fears of a consumer shift in preference for gasoline vs diesel cars have weighed on the demand outlook for platinum. While the case for fuel efficiency remains strong for diesel engines it’s hard to determine how long Volkswagen’s deception will curtail demand. The trend of rising European auto sales is diverging from the downward trajectory of platinum prices.

Gold:Platinum ratio at 19 year high

ETF Securities Gold Platinum Ratio

Plunging platinum prices have led a sharp rally in the gold to platinum ratio and could help switch investor preference for cheaper platinum jewellery. The onset of the festival season in India coupled with rising platinum imports from China (up 16% year on year) bodes well for Q4 demand outlook.

While platinum backed exchange traded fund holdings increased 4% from January to August this year, the past month holdings have pared back to 2% illustrating investor’s reaction to the news.

Supply

On the supply side, improvement in operational and safety performance helped South African platinum mine production rise 21% quarter on quarter in Q2 as reported by the World Platinum Investment Council (WPIC). Scrap supply declined in the second quarter by 5% as falling prices reduced auto catalyst collection rates. Despite a 9% rise in predicted total supply, WPIC have revised the 2015 forecast for the platinum market deficit to 445koz from 190koz in their latest Q2 update on the back of higher investment demand.

Capex reductions as miners struggle to survive

Rising costs of production amidst falling prices have forced the world’s largest miners of platinum to slash jobs and idle mines in an attempt to reduce capex. Lonmin, the world’s third largest platinum producer will cut annual platinum production by 100k ounces putting 6000 jobs at risk. While Anglo American platinum sold its three platinum mines in Rustenburg to Sibanye Gold. And its parent Anglo American plans to cut a third of the global workforce over the next few years. The closure of the Eland platinum mine in South Africa that produced 35k ounces of platinum in the first quarter has been confirmed by Glencore. Zimbabwe home to the largest platinum reserves after South Africa has asked miners to reduce power usage by 25% amid a water shortage that’s cut hydropower supply.

We believe platinum prices have been unduly impacted by the emissions scandal and weakness in platinum prices will continue in the short term as negative sentiment pervades fundamentals. However rising auto sales in US and Europe, the onset of the festival season in India and China and moderate speculative investment appetite against the backdrop of cuts in production bodes well for platinum’s long term demand outlook.

Palladium: Fuelling up on diesel woes

Palladium known for generating 70% of its use in gasoline auto catalysts, surged to a 3month high $712. Fears of a shift in investor preference to gasoline powered engines coupled with the best US auto sales in more than a decade improved the demand outlook for palladium.

Palladium prices versus US Auto Sales ETF Securities

In addition President Li Keqiang’s announcement on 22 September to accelerate construction of electric-car charging facilities in China boosted palladium prices. While in reality palladium has no role to play in electric cars, the government’s commitment to clean energy was bolstered, aiding the pollution abating metal.
The rise in Chinese palladium imports of 14% in August closely tracked by rising auto sales of 12% created a favorable environment for palladium’s demand.

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This communication has been provided by ETF Securities (UK) Limited (“ETFS UK”) which is authorised and regulated by the United Kingdom Financial Services Authority. When being made within Italy, this communication is for the exclusive use of the “qualified investors” and its circulation among the public is prohibited. This document is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of shares or securities in the United States or any province or territory thereof. Neither this document nor any copy hereof should be taken, transmitted or distributed (directly or indirectly) into the United States. This document may contain independent market commentary prepared by ETFS UK based on publicly available information. ETFS UK does not warrant or guarantee the ac-curacy or correctness of any information contained herein and any opinions related to product or market activity may change. Any third party data providers used to source the information in this communication make no warranties or representation of any kind relating to such data. The information contained in this communication is neither an offer for sale nor a solicitation of an offer to buy securities. This communication should not be used as the basis for any investment decision. ETFS UK is required by the United Kingdom Financial Services Authority (“FSA”) to clarify that it is not acting for you in any way in relation to the investment or investment activity to which this communication relates. In particular, ETFS UK will not provide any investment services to you and or advise you on the merits of, or make any recom-mendation to you in relation to, the terms of any transaction. No representative of ETFS UK is authorised to behave in any way which would lead you to believe otherwise. ETFS UK is not, therefore, responsible for providing you with the protections afforded to its clients and you should seek your own independent legal, investment and tax or other advice as you see fit.

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JAAA ETF an aktiv satsning på säkerställda obligationer

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Janus Henderson Tabula USD AAA CLO UCITS ETF USD Acc (JAAA ETF) med ISIN LU2994520851 är en aktivt förvaltad börshandlad fond. Denna ETF ger tillgång till USD CLO:er (collateralised loan obligations) med AAA-rating.

Janus Henderson Tabula USD AAA CLO UCITS ETF USD Acc (JAAA ETF) med ISIN LU2994520851 är en aktivt förvaltad börshandlad fond. Denna ETF ger tillgång till USD CLO:er (collateralised loan obligations) med AAA-rating.

Den börshandlade fondens TER (total expense ratio) uppgår till 0,35 % per år. Ränteintäkterna (kupongerna) i ETFen ackumuleras och återinvesteras.

Den börshandlade fonden lanserades den 26 mars 2025 och har sitt säte i Luxemburg.

En högkvalitativ aktiv USD CLO ETF

En börshandlad fond med collateralised loan obligations som erbjuder ett övertygande alternativ till företag med investment grade-betyg. AAA CLOer syftar till att erbjuda högre avkastning och större kreditspread* för en tillgång av bättre kvalitet med liten känslighet för räntevolatilitet.

*Skillnaden i avkastning mellan värdepapper med liknande löptid men olika kreditkvalitet, ofta använd för att beskriva skillnaden i avkastning mellan företagsobligationer och statsobligationer. Vidgade spreadar indikerar generellt en försämrad kreditvärdighet hos företagslåntagare, medan en minskning indikerar en förbättring.

Investeringsprocess

Fonden kommer att investera minst 80 % av sitt substansvärde i godtagbara CLO:er (Contract Loans) med valfri löptid som har kreditbetyget AAA (eller motsvarande av ett nationellt erkänt kreditvärderingsinstitut) vid köptillfället, med fokus på USD CLO:er. Om värdepapper i portföljen nedgraderas till under ett kreditbetyg på AAA (eller motsvarande), kommer investeringsförvaltaren att sträva efter att sälja de relevanta värdepapperen så snart som rimligen är möjligt, förutsatt att förvaltaren bedömer att det är i investerarnas bästa intresse.

Portföljförvaltningsstrategier och synpunkter utvecklas med input från diskussioner inom Janus Hendersons CLO-portföljförvaltningsteam och den bredare räntebärande gruppen. Analytiker tilldelas att undersöka specifika möjligheter (inträde, utträde eller annat) och fokusera på de vägledande principerna för att bygga en djup förståelse för säkerheter (typ, jurisdiktion, historisk utveckling), motparter (förvaltare, serviceföretag, hedgeleverantörer), kontroll (juridisk, innehavarens rättigheter, kontroll i fallissemang), kassaflöde (förväntat, stressat, allokering). Som en del av denna process beaktas specifikt EU:s värdepapperiseringsregler. Denna interna forskning kompletteras med data från kreditvärderingsinstitut, investeringsbanker, oberoende analys- och värdepapperiseringsdataleverantörer. Alla rekommendationer är föremål för en minsta granskning med fyra ögon innan de verkställs.

Investeringsmål

Fonden strävar efter att ge avkastning från en kombination av inkomst och kapitaltillväxt på lång sikt genom att investera i en aktivt förvaltad portfölj av AAA-rankade collateralised loan obligations (CLOs). Fonden förvaltas aktivt med hänvisning till J.P. Morgan Collateralized Loan Obligation Index AAA (CLOIE AAA). Delfondens portfölj kan avvika avsevärt från jämförelseindexet.

Handla JAAA ETF

Janus Henderson Tabula USD AAA CLO UCITS ETF USD Acc (JAAA ETF) är en europeisk börshandlad kryptovaluta som handlas på London Stock Exchange.

London Stock Exchange är en marknads som få svenska banker och nätmäklare erbjuder access till, men DEGIRO gör det.

Börsnoteringar

BörsValutaKortnamn
London Stock ExchangeUSDJAAA

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Can crypto outperform amidst the current market turmoil?

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Financial markets have been roiled by President Trump’s tariff policies, leading to sharp volatility across asset classes. US equities have taken the brunt of it, with the S&P 500 down as much as 20% from its January highs. Bond markets are also unstable, reflecting shifting expectations around 2025 interest rates.

Financial markets have been roiled by President Trump’s tariff policies, leading to sharp volatility across asset classes. US equities have taken the brunt of it, with the S&P 500 down as much as 20% from its January highs. Bond markets are also unstable, reflecting shifting expectations around 2025 interest rates.

This wave of macroeconomic uncertainty has made it harder to detect underlying investment trends—especially in crypto. Despite its independence from direct government influence, digital assets haven’t been immune to the turbulence. But while volatility has hit traditional markets hard, crypto has once again shown resilience, underpinned by improving fundamentals and a strengthening regulatory backdrop.

What we’ve learned since November

In the wake of President Trump’s election in November, digital assets were hitting all-time highs. But instead of urging investors to chase returns, we warned against getting swept away by the “FOMO” mindset that often happens with investors in this asset class. Our message was simple: stick to your target allocation and avoid overexposure after sharp price increases. This approach is designed to help investors benefit from crypto’s long-term asymmetric potential without succumbing to emotional swings.

Even before the election the Nasdaq Crypto Index™ (NCI™) had already risen nearly 50% for the year (as of October 31, 2024). Trump’s win added fuel to the fire, boosting optimism that US crypto regulation could finally turn a corner. By year-end, the NCI™ had more than doubled, closing with a 105% gain.

That bullish momentum continued into early 2025, driven by post-halving optimism, improving adoption metrics, and the tailwinds of Trump’s return. However, the tariff shock has since erased much of crypto’s post-election gains, reigniting questions about the asset class’s staying power in a chaotic macro environment. While further corrections are possible, we believe this phase represents another one of those important long-term entry points—just as we’ve seen before.

Why fundamentals still matter

It’s important to keep in mind that crypto’s value and price trajectory isn’t driven solely by macro noise. Several key forces are still working in its favor:

• Bitcoin’s 2024 halving has constrained supply, historically a key catalyst for price appreciation.

• Easing US monetary policy has provided a tailwind to risk assets across the board.

• Institutional adoption continues to grow, with more asset managers, banks, and platforms embracing digital assets in portfolios.

But perhaps the most underappreciated catalyst right now is regulatory clarity in the US. The stance toward the industry has shifted significantly. After years of mixed messages and an enforcement-first approach to regulation, US policymakers are now working toward a more coherent and constructive framework for digital assets. For example:

• There’s real momentum in Congress to pass bipartisan legislation around custody, stablecoins, and crypto exchange-traded products (ETPs)—all of which could serve as gateways for broader institutional participation.

• Regulators are seeking input from the industry, recognizing the need for practical and innovation-friendly rules.

• This policy shift isn’t just eliminating noise—it’s a structural tailwind that could accelerate adoption, investment flows, and long-term utility for digital assets.

Even amid the recent pullback, the NCI™ remains up 7.0% since Trump’s election—outperforming most risk assets and second only to gold, which is up 8.7%. In contrast, the broader “Trump rally has fizzled in traditional markets: the S&P 500 and Nasdaq-100 are both down more than 10% over the same period, weighed down by tariff fears and growth uncertainty.

That divergence highlights a key point: while crypto remains exposed to global macro risks, its relative strength continues to stand out. And as the regulatory and adoption picture improves, the case for long-term crypto allocations is only growing stronger.

Looking ahead: stay disciplined, think long term

With tariffs reshaping global trade and pushing the world toward a more fragmented economic order, crypto’s borderless, decentralized, and politically neutral nature becomes increasingly relevant. It offers a hedge not only against inflation and currency debasement but also against geopolitical dislocation and systemic risk.

The excitement of late 2024 wasn’t a one-off, and neither is the current wave of fear. Crypto’s long-term role in portfolios remains intact. The temptation to react emotionally—whether by chasing peaks or fleeing during corrections—is strong. But discipline, not emotion, is what wins over time.

With regulatory clarity gaining ground and adoption continuing to advance, we believe digital assets are on solid footing—ready not only to weather the current volatility but to emerge stronger as new regulatory clarity, institutional adoption, and use cases unfold in 2025.


This material expresses Hashdex AG and its subsidiaries and affiliates (“Hashdex”)’s opinion for informational purposes only and does not consider the investment objectives, financial situation or individual needs of one or a particular group of investors. We recommend consulting specialized professionals for investment decisions. Investors are advised to carefully read the prospectus or regulations before investing their funds. The information and conclusions contained in this material may be changed at any time, without prior notice. Nothing contained herein constitutes an offer, solicitation or recommendation regarding any investment management product or service. This information is not directed at or intended for distribution to or use by any person or entity located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Hashdex to any registration or licensing requirements within such jurisdiction. No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of Hashdex. By receiving or reviewing this material, you agree that this material is confidential intellectual property of Hashdex and that you will not directly or indirectly copy, modify, recast, publish or redistribute this material and the information therein, in whole or in part, or otherwise make any commercial use of this material without Hashdex’s prior written consent.

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Certain information contained herein (including financial information) has been obtained from published and non-published sources. Such information has not been independently verified by Hashdex, and Hashdex does not assume responsibility for the accuracy of such information. Hashdex does not provide tax, accounting or legal advice. Certain information contained herein constitutes forward-looking statements, which can be identified by the use of terms such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” “believe” (or the negatives thereof) or other variations thereof. Due to various risks and uncertainties, including those discussed above, actual events or results, the ultimate business or activities of Hashdex and its investment vehicles or the actual performance of Hashdex, its investment vehicles, or digital tokens may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward- looking statements in making their investment decisions. None of the information contained herein has been filed with the U.S. Securities and Exchange Commission or any other governmental or self-regulatory authority. No governmental authority has opined on the merits of Hashdex’s investment vehicles or the adequacy of the information contained herein.

This document qualifies as advertisement within the meaning of article 68 of the Swiss Financial Services Act and/or article 95 of the Swiss Financial Services Ordinance and is not a prospectus, basic information sheet (BIB) or a key information document (KID). Any prospectus (in connection with an offer to the public or admission to trading) and/or any BIB or KID (for a product which was meant to be offered to retail clients), in each case if applicable and/or available, of financial instruments described in herein, from the date of its publication (which may be before, on or after the date of this document) and subject to applicable securities laws, is available from Hashdex AG.

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Fastställd utdelning i MONTDIV april 2025

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Idag fastställdes utdelningen i MONTDIV april 2025. Montrose Global Monthly Dividend MSCI World UCITS ETF (MONTDIV ETF) fastställdes till 0,39465 kronor per andel. Utdelningen i MONTDIV april 2025 beräknas betalas ut den 12 maj 2025.

Idag fastställdes utdelningen i MONTDIV april 2025. Montrose Global Monthly Dividend MSCI World UCITS ETF (MONTDIV ETF) fastställdes till 0,39465 kronor per andel. Utdelningen i MONTDIV april 2025 beräknas betalas ut den 12 maj 2025.

Handla MONTDIV ETF

Montrose Global Monthly Dividend MSCI World UCITS ETF (MONTDIV ETF) är en europeisk börshandlad fond. Denna fond handlas på Nasdaq Stockholm.

Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel  NordnetSAVRDEGIRO och Avanza.

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