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Infrastructure and utility sectors likely to benefit the most from the ECB’s programme
Infrastructure and utility sectors corporate bonds likely to benefit the most from the ECB’s Corporate Sector Purchase Programme (CSPP). The programme will also be particularly supportive for corporate bonds issues from the euro area core. The ECB’s support to larger firms will likely have a positive impact on growth and employment figures.
As widely expected, the ECB left policy rates and the amount of the monthly purchases (EUR80bn) unchanged at its June meeting. But, Mr Draghi announced that the Corporate Sector Purchase Programme (CSPP) will start on June 8 and that the first operation of TLTRO2 will be conducted on June 22. So far, we know that the CSPP – part of the broad EUR80bn monthly purchase – will include corporate bonds with a maturity from 6 months to 30 years and with a minimum rating of BBB-. Also, national central banks will buy on behalf of the ECB up to 70% of any individual bond.
More importantly, Mr Draghi stressed the need for countries to focus on rising productivity and improving business environment, by enhancing public infrastructure and as per Juncker’s “Investment Plan for Europe” announced in November 2014. We believe the CSPP is a genuine way to deepen and integrate capital markets in the euro area, which was one of the main challenges addressed by the Juncker’s plan for a Capital Market Union (CMU). Overall, small and medium-sized enterprises (SMEs), which rely on banks for 80% of their financing, have benefited most from the ECB’s programmes so far. By including Investment Grade euro-denominated bonds issued by non-financial corporates (NFCs) established in the euro area in the list of assets that are eligible for regular purchases, the ECB is now enlarging its programme to also support larger firms with potential larger impact on growth and employment figures. We believe the start of the CSPP next Wednesday will likely be most beneficial to European infrastructure and utilities corporate bonds. The Infrastructure and Utility sectors together represent the largest proportion of the bonds eligible for the CSPP, according to our estimates (up to 55%). Furthermore they appear to be the sectors targeted to increase the growth potential in the euro area.
Morgane Delledonne, Fixed Income Strategist at ETF Securities
Morgane Delledonne joined ETF Securities as Fixed Income Strategist in 2016. Morgane has an extensive experience in Monetary policy, Fixed Income Markets and Macroeconomics gained at the French Treasury’s Office in Washington DC and most recently in her role as Macroeconomist and Strategist at Pictet&Cie in Geneva. Morgane holds a Bachelor of Applied Mathematics from the University of Nice Sophia Antipolis (France), a Master of Economics and Finance Engineering and a Master of Economic Diagnosis from the University of Paris Dauphine (France).
Happy New Year! On behalf of the Hashdex team, I wish you success and prosperity in 2025. As we enter the new year, we are filled with optimism about the opportunities ahead in the crypto asset market. The current market dynamics, regulatory advancements, and increasing institutional adoption continue to strengthen the foundation for growth. At the core of our outlook lies the stronger investment case for crypto index strategies—an effective way to capture the evolving opportunities in this dynamic asset class.
Notably, since the US elections, our Multi-Crypto Index ETPs have been outperforming Bitcoin, demonstrating the value of diversified exposure in this bull cycle.
Explore our latest insights:
• 2025 Crypto Investment Outlook
• Latest CIO Notes: Which Crypto Assets Will Outperform Bitcoin in 2025?
Below is our 2024 December market update and performance attributions for our Crypto Index ETPs.
Hashdex Crypto Index ETPs: performances (USD) as of end of December 24
• Beta Index ETP – Nasdaq Crypto Index ETP (HASH or HDX1) (largest Crypto Index ETP): December: -3.66%, 2024 +101%.
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• Smart-Beta Index ETP – Crypto Momentum Index ETP (HAMO or HDXM): December: -7.72%, 2024 +51%.
Market Update – December 24
December started strong, with the Nasdaq Crypto Index (NCI) climbing nearly 10% by mid-month, driven by optimism surrounding pro-crypto sentiment in the U.S. administration and strong inflows into Ethereum ETFs. However, the Federal Reserve’s December 18 announcement—indicating fewer-than-expected rate cuts in 2025—triggered a trend reversal across risk assets. The NCI ended December down 4%, but the year concluded with a +101% gain.
As highlighted in our CIO’s December Notes, we are firmly in a crypto bull cycle. Altcoins historically outperform Bitcoin in these cycles, and the NCI’s continued outperformance of BTC further signals this trend. Over the past three months, the NCI has returned +47.9%, compared to BTC’s +43.1%.
Nasdaq Crypto Index (NCI) and Crypto Momentum Index (HAMO) relative to other asset class in December 24
Source: Hashdex, as of 31/12/24, HAMO for Crypto Momentum Index, the underlying of HAMO ETP.
Despite December’s pullback, crypto remains a high-growth investment category, with strong fundamentals supporting further outperformance in 2025.
Performance Attribution
Nasdaq Crypto Index (NCI)
XRP led the month’s performance, rising over 10% due to regulatory optimism. Meanwhile, November’s top-performing assets, including Solana, Cardano, and Avalanche, saw corrections of ~20%. Bitcoin and Ethereum, the largest NCI constituents, fell by 3.7% and 10.0%, respectively.
Source: Hashdex, as of 31/12/24.
Crypto Momentum Factor Index
The Crypto Momentum Factor Index closely matched Bitcoin’s performance in December, bolstered by XRP’s 13.9% rise, which accounts for ~20% of the index. Since the U.S. elections, the index has seen a 53.7% increase, reinforcing its tactical edge in capturing bullish trends.
Source: Hashdex, as of 31/12/24.
Correlation (3m) to traditional asset classes
Source: Hashdex, as of 31/12/24. NCI for Nasdaq Crypto Index.
Hashdex Nasdaq Crypto Index ETP (HASH)
Broad exposure to Bitcoin, Ethereum, and altcoins with quarterly rebalancing – evolutive basket reflecting market capitalisations
Largest Crypto Index ETP in Europe, AUM +$400m
ISIN: CH1184151731 / Tickers: HASH (SIX and Euronext) or HDX1 (Xetra) – tradable in USD, EUR, CHF and GBP
Current allocation:
Hashdex Crypto Momentum Factor ETP (HAMO)
Momentum Factor-driven allocation with monthly rebalancing
ISIN: CH1218734544 / Tickers: HAMO (SIX and Euronext) or HDXM (Xetra) – tradable in USD, EUR, CHF and GBP
Current allocation:
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