ETF Securities – ETF investors see silver lining in equity storm
Highlights
A rout in cyclical markets set off a pronounced sell-off in commodities, including industrial metals, oil and gold.
ETF investors however, saw an opportunity to buy equities following price declines.
Record US oil production continues to weigh on oil.
Industrial metals ETPs saw US$99.9mn outflows. Arguably the most cyclically exposed of the commodities – industrial metals – experienced the highest outflows in 10 weeks. An equity market sell-off dragged other cyclical assets lower. Most of the outflows were concentrated in broad baskets (-US$133.6mn) and copper (- US$26.3mn). However, there were inflows into nickel (US$61.3mn) and silver (US19.3mn), highlighting that some investors are tactically searching for opportunities after the price decline.
Inflows into European equity long ETFs rose to highest level since 2016, while outflows from short ETFs rose to highest since 2016. Investors bought US$15.9mn of European equity ETPs as European bourses saw a capitulation in prices. Meanwhile investors locked in their profits, selling US$9.9mn of European (mainly UK) shortETF positions. The trading patterns indicate that many ETP investors see the current equity market declines as transitory
Gold fails to attract haven asset seekers.Gold is often the first port of call in times of stress. Not last week apparently. Gold saw US$57.3mn of outflows as its price declined 1.3%. As US Treasury yields spiked to 2.86% at the end of the week from 2.71% at the beginning of the week and US dollar appreciated, gold prices fell. A second US government shutdown in the space of three weeks on Friday only offered temporary support to gold as a spending bill was signed and government re-opened in a matter of hours.
Oil ETPs saw a further US$29.7mn of outflows as US pumps out a record 10.25mn barrels per day. In the past 32 weeks there has only been one week of inflows into oil ETPs. In contrast to oil futures, which had recently seen speculative positioning rise to an all-time high, ETP investors had been selling into the price rally that started in June 2017 and ended in January 2018. With many ETP investors having accumulated positions during the prices declines from 2014, recent selling indicates profit taking. We had argued in that prices around US$70/bbl hit in January were not sustainable as US production would rise in response and suppress prices again. Oil rig counts in the US have risen for the past three weeks, oil production has risen for four consecutive weeks and crude inventory is rising once again. In fact US oil production rose to over 10.25mn barrel per day last week (the highest since weekly records began in 1983 and higher than the monthly data that began in 1920).
Important Information
General
This communication has been issued and approved for the purpose of section 21 of the Financial Services and Markets Act 2000 by ETF Securities (UK) Limited (“ETFS UK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority (the “FCA”). The information contained in this communication is for your general information only and 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. Historical performance is not an indication of future performance and any investments may go down in value.
Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel Nordnet, SAVR, DEGIRO och Avanza.
Amundi S&P Global Health Care ESG UCITSETF DR EUR (D) (WELG ETF) med ISIN IE000JKS50V3, strävar efter att spåra S&P Developed Ex-Korea LargeMidCap Sustainability Enhanced Health Care-index. Det S&P-utvecklade ex-Korea LargeMidCap Sustainability Enhanced Health Care-indexet spårar stora och medelstora företag från hälso- och sjukvårdssektorn. Aktierna som ingår filtreras enligt ESG-kriterier (miljö, social och bolagsstyrning).
Den börshandlade fondens TER (total cost ratio) uppgår till 0,18 % p.a. Amundi S&P Global Health Care ESG UCITSETF DR EUR (D) är den billigaste ETF som följer S&P Developed Ex-Korea LargeMidCap Sustainability Enhanced Health Care-index. ETFen replikerar det underliggande indexets prestanda genom fullständig replikering (köper alla indexbeståndsdelar). Utdelningarna i ETFen delas ut till investerarna (Årligen).
Amundi S&P Global Health Care ESG UCITSETF DR EUR (D) är en mycket liten ETF med 17 miljoner euro förvaltade tillgångar. ETFen lanserades den 20 september 2022 och har sin hemvist i Irland.
Investeringsmål
AMUNDI S&P GLOBAL HEALTH CARE ESG UCITSETF DR – EUR (D) försöker replikera, så nära som möjligt, resultatet av S&P Developed Ex-Korea LargeMidCap Sustainability Enhanced Health Care Index (Netto Total Return Index). Denna ETF har exponering mot stora och medelstora företag i utvecklade länder. Den innehåller uteslutningskriterier för tobak, kontroversiella vapen, civila och militära handeldvapen, termiskt kol, olja och gas (inkl. Arctic Oil & Gas), oljesand, skiffergas. Den är också utformad för att välja ut och omvikta företag för att tillsammans förbättra hållbarhet och ESG-profiler, uppfylla miljömål och minska koldioxidavtrycket.
Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel DEGIRO, Nordnet, Aktieinvest och Avanza.
Amundi Global Corporate Bond UCITSETF investerar globalt i företagsobligationer med fast ränta, denominerade i lokal valuta och har en investment grade-rating. De måste ha en återstående löptid på minst ett år.
Andelsklassen är valutasäkrad mot amerikanska dollar och delar ut avkastningen.
Produktutbudet inom Deutsche Börses ETF- och ETP-segment omfattar för närvarande totalt 2 405 ETFer, 198 ETCer och 256 ETNer. Med detta urval och en genomsnittlig månatlig handelsvolym på mer än 21 miljarder euro är Xetra den ledande handelsplatsen för ETFer och ETPer i Europa.