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Solar remains a bright spot for silver demand

Publicerad

8 år sedan

den

15 mars, 2017

Redaktionen

Solar remains a bright spot for silver demand Silver demand for solar panels is a growing segment of its industrial demand with record levels expected in

Investment Insights Solar remains a bright spot for silver demand

Highlights

Silver demand for solar panels is a growing segment of its industrial demand with record levels expected in 2018.
Economies of scale and falling costs may make economics a key driver for growing US solar market beyond policy.
International solar usage may spur growth amid climate controls and growing energy needs in India and China.

Global silver demand for solar set to rise

Silver’s unique reflective and conductive properties make it a key component in capturing and generating electricity through sunlight. The fastest growing industrial segment for silver has been its use in photovoltaic (PV) panels for solar energy. This has resulting in demand for solar PV usage becoming a key component for the silver market.

Global solar PV annual installed capacity is expected to steadily rise reaching 112 gigawatts by 2021, with a cumulative increase in PV electricity capacity of 506 gigawatts over the next 5 years (2016-2021) according to GTM Research. This should boost silver demand, which uses about 2/3 ounce of metal per PV panel.

According to a recent study, CRU Consulting estimates strong growth in silver PV demand over the next 5 years with an annual average of 114 million ounces. Peak consumption of 148 million ounces is forecast in 2018 – about twice that of 2015 demand.

In response to silver’s 2011 price rally, a trend of thrifting has emerged among PV panel manufacturers. This trend of substituting the precious metal for less costly alternatives like copper, however, appears to have stabilized. Additionally, a lower amount of silver in each panel is likely to be offset by the anticipated rise in volume.

New technologies aimed at replacing silver-reliant silicon PV panels for other materials is a risk but silver’s unique properties and process stability will likely keep it preferred among manufacturers.

Economics trump policy for US solar energy industry?

With the Trump administration’s America First Energy Plan lacking any mention of renewable energy, many are questioning the outlook for US solar energy and the impact for silver demand. Policy and tax incentives remain important catalysts, but falling costs from improving technology coupled with rising economies of scale will likely grow as a determining factor as well.

In 2016, US solar PV capacity rose 95% to a record 14,626 megawatts as average panel costs continued to fall from $0.56 to US$0.36/watt. This, along with technology and battery advancements, has helped improve solar’s economic viability.

New electricity being built and installed in US continued its shift last year to three major sources: solar, natural gas, and wind. According to the US Energy Information Administration, the levelled cost of energy (LCOE) – a primary cost metric for the utility industry- has seen a 40% cost reduction in solar. The LCOE for solar PV fell from US$130/megawatt (MWh) in 2014 to US$74/MWh in 2016 making headway against coal ($95/MWh), natural gas (US$56/MWh), and wind (US$59/MWh). A major component of solar’s competitiveness, however, has been the Investment Tax Credit (ITC), which if taken into account lowers solar PV’s 2016 LCOE to US$58/MWh in line with other fuels.

Electricity generation in the US

Part of last year’s record surge in US PV capacity was due to the anticipated halt of the solar ITC at year-end. The ITC, however, was extended through 2019 at the 30% level with step down rates until 2021 before expiring. While Trump’s tax reform plan is still unclear, changes to the ITC are unlikely a battle worth fighting for the administration as they are due to unwind beginning in 2019.

Additionally, a major focus of the Trump administration has been jobs of which the US solar industry created an estimated 51,000 in 2016. According to a report by the Solar Foundation, they also estimate the US solar industry currently employs 260,000 workers – a bulk of which related to residential installations. Further, potential near term adjustments to the current ITC may spur immediate demand to take advantages of these benefits before the window closes as we saw in 2016.

Solar’s growth anchored outside US

Looking beyond the US, solar’s prospects remain bright. Following the 2015 Paris Accords, the international community has made headway in reducing emissions to which solar PV remains a key component along with other renewable energy sources.

China, the leader in solar energy, continues to grow its clean energy initiatives by expanding its solar PV capacity. According to its National Energy Administration, China doubled its PV capacity in 2016 to over 77 gigawatts. India has also looked to solar to meet the rising energy demand from a growing and modernizing population. In a recent union budget speech by the Minister of Finance, the government plans to move forward with solar park programs generating a potential capacity of 40 gigawatts under both phases.

Other countries led by Mexico, France, Australia, Brazil, and the Philippines are also anticipated to ramp up solar energy capacity in the next five years. These emerging solar markets are expected to equate China’s total solar energy capacity increase.

Expected cumulative global PV installations by country (2016-2021).

Precious Metals Outlook: Silver

As outlined in our October report, Gold and silver: similar but different, silver’s drivers in addition to gold are producer price inflation, changes in silver supply, and industrial production. A combination of higher inflation, a weakening US dollar (in first half of year) and improving manufacturing growth is likely to see silver prices trade in the US$20-22/ounce range in 2017.

Global Manufacturing PMI at 52.7 (above the long-term average of 51.4 and sitting at a 34-month high) indicates manufacturing activity will continue to pick up this year. We believe global PMI manufacturing will continue to improve, although the pace of growth will slow as we approach a 6-year high of 55 at the year-end.
After reaching a decade high in December 2016, we expect COMEX silver inventory to fall 17% by the end of 2017 back to the levels seen at the beginning of 2016 as mining capital expenditure has continued to slide. Additionally, we factor an 18-month lag to this input into our model reflecting the time it takes forgone investment to bite into supply. As mining capital expenditure and investment continues to decline this should further weigh on silver supply, which has been in a supply deficit for the past 11 years.

Important Information

The analyses in the above tables are purely for information purposes. They do not reflect the performance of any ETF Securities’ products . The futures and roll returns are not necessarily investable.

General

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”).

This communication is only targeted at qualified or professional investors.

Liknande ämnen:ETF Securities Silver

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Thinking of buying your first Bitcoin? Read these 5 tips first

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9 timmar sedan

den

2 juli, 2025

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The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.

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REX Shares lanserar tre nya covered call ETFer i Europa

Publicerad

10 timmar sedan

den

2 juli, 2025

Redaktionen

REX Shares har inlett ett samarbete med HANetf för att lansera tre nya covered call ETFer i Europa.

REX Shares har inlett ett samarbete med HANetf för att lansera tre nya covered call ETFer i Europa.
De tre ETFerna är REX Tech Innovation Income & Growth UCITS ETF (ticker: FEGI), REX Tech Innovation Premium Income UCITS ETF (ticker: FEPI) och REX Crypto Equity Income & Growth UCITS ETF (ticker: CEGI).
Enligt en nyligen genomförd oberoende undersökning uttryckte fondväljare i hela Europa den största efterfrågan på strategier med covered call och räntebärande tillgångar inom hela spektrumet av aktiva ETFer.
ETFerna är noterade på London Stock Exchange, Xetra och Borsa Italiana.

HANetf, Europas första och enda oberoende white-label UCITS ETF och ETC-plattform, och ledande leverantör av digitala tillgångs-ETP:er, är glada att kunna tillkännage lanseringen av tre aktivt förvaltade covered call-ETFer från REX Shares.

REX Tech Innovation Income & Growth UCITS ETF

ISIN: IE000OBK3UE0

TER: 0,65 %

Börs	Bloomberg Ticker	RIC	SEDOL	Valuta
London Stock Exchange	FEGI LN	FEGI.L	BSD55C4	USD
London Stock Exchange	FEPD LN	FEPD.L	BSD55D5	GBP
Xetra	ASWL GY	ASWL.DE	BVBMG47	EUR
Borsa Italiana	FEGI IM	FEGI.MI	BVBMJ15	EUR

REX Tech Innovation Premium Income UCITS ETF

ISIN: IE000HF69TA9

TER: 0,65 %

Börs		Bloomberg Ticker		RIC		SEDOL		Valuta
London Stock Exchange	FEPI LN		FEPI.L		BSD5591		USD
London Stock Exchange	FEPG LN		FEPG.L		BSD55B3		GBP
Xetra	ASWK GY		ASWK.DE		BVBMG03		EUR
Borsa Italiana	FEPI IM		FEPI.MI		BVBMG36		EUR

REX Crypto Equity Income & Growth UCITS ETF

ISIN: IE0008BA4TY1

TER: 0,65 %

Börs		Bloomberg Ticker		RIC		SEDOL		Valuta
London Stock Exchange	CEGI LN		CEGI.L		BSD55F7		USD
London Stock Exchange	CEPG LN		CEPG.L		BSD55G8		GBP
Xetra	ASWM GY		ASWM.DE		BVBMG14		EUR
Borsa Italiana	CEGI IM		CEGI.MI		BVBMG25		EUR

Både FEGI och FEPI erbjuder exponering mot 20 ledande amerikansknoterade teknikaktier – inklusive FANG+-aktier – och strävar efter att generera månatliga intäkter genom covered call-strategier. FEGI skriver optioner på cirka 50 % av portföljen och balanserar intäkter och tillväxtpotential, medan FEPI använder en heltäckande strategi där man skriver calls upp till 10 % av kapitalet för att öka avkastningen utan att helt begränsa uppsidan.

Samtidigt fokuserar CEGI på 25 amerikansknoterade företag kopplade till krypto- och blockkedjeekosystemet och använder även en covered call-strategi på ~50 % i syfte att leverera attraktiva månatliga utbetalningar och fånga volatilitetsdrivna intäkter utan att väsentligt begränsa tillväxten.

De tre lanseringarna markerar REX Shares första inträde på den europeiska marknaden. Företaget förvaltar över 5 miljarder dollar i förvaltat kapital (AUM) över sina strategier i USA.

ETFer baserade på covered call och options ser betydande tillväxt i Europa och representerar nu 4,35 miljarder dollar i förvaltat kapital (AUM), efter att ha registrerat över 2,56 miljarder dollar i nettoflöden hittills i år. Enligt en nyligen genomförd oberoende undersökning uttryckte fondväljare i Europa den största efterfrågan på covered call- och räntebärande strategier inom hela spektrumet av aktiva ETFer (publicerat i HANetfs senaste Thematic & Active Review).

HANetf har nu fem covered call-produkter på sin plattform, enligt nedan:

HANetf Covered Call Products	Ticker
REX Tech Innovation Income & Growth UCITS ETF	ASWL
REX Tech Innovation Premium Income UCITS ETF	ASWK
REX Crypto Equity Income & Growth UCITS ETF	ASWM
YieldMax^® Big Tech Option Income UCITS ETF	YYYY
YieldMax^® MSTR Option Income Strategy ETC	M5TY

Kevin Gopaul, CIO på REX Financial, kommenterade: ”Vi är glada över att markera REX inträde på den europeiska marknaden med lanseringen av tre innovativa covered call-ETF:er. Optionsbaserade inkomststrategier har sett en explosionsartad tillväxt över hela världen, och vi har haft turen att spela en ledande roll i den rörelsen. Dessa strategier är utformade för investerare som söker avkastning samtidigt som de förblir fullt investerade i aktier, och vi är stolta över att kunna erbjuda en differentierad, aktivt förvaltad strategi för att generera intäkter från ledande amerikanska teknikledare och kryptorelaterade företag.”

Hector McNeil, medgrundare och VD för HANetf, kommenterade: ”Vi är glada över att samarbeta med REX Shares för att lansera tre nya covered call-ETFer i Europa. Tillgångsslaget har tagit fart i Europa nyligen, men vi tror att det bara har börjat. REX Shares strategi är beprövad i USA, och nu har europeiska investerare en chans att delta.

”Vi har nu 5 covered call-ETFer på HANetf-plattformen och 13 aktiva ETFer. Vi tror att båda dessa områden är redo för betydande tillväxt i Europa, och detta återspeglas i ökningen av förfrågningar vi har fått om att lansera aktiva och optionsbaserade ETFer.

”Vårt mål är alltid att bryta ner inträdesbarriärerna på den europeiska ETF-marknaden och göra det möjligt för kapitalförvaltare från hela världen att lansera sina börshandlade strategier på ett snabbt och kostnadseffektivt sätt. Vårt produktutbud blir alltmer mångsidigt i takt med att vi välkomnar fler partners till plattformen, vilket säkerställer att vi alltid är innovativa och erbjuder relevanta strategier till europeiska investerare.”

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WOEE ETF en aktiv globalfond från iShares

Publicerad

11 timmar sedan

den

2 juli, 2025

Redaktionen

iShares World Equity Enhanced Active UCITS ETF USD (Acc) (WOEE ETF) med ISIN IE000D8XC064, är en aktivt förvaltad ETF.

Denna börshandlade fond investerar minst 70 procent i aktier från utvecklade marknader över hela världen. Upp till 30 procent av tillgångarna kan placeras i private equity-instrument, värdepapper med fast ränta med investment grade-rating och penningmarknadsinstrument. Värdepapper väljs utifrån hållbarhetskriterier och en kvantitativ investeringsmodell.

Den börshandlade fondens TER (total cost ratio) uppgår till 0,30 % p.a. iShares World Equity Enhanced Active UCITS ETF USD (Acc) är den enda ETF som följer iShares World Equity Enhanced Active-index. ETFen replikerar det underliggande indexets prestanda genom fullständig replikering (köper alla indexbeståndsdelar). Utdelningarna i ETFen ackumuleras och återinvesteras.

Denna ETF lanserades den 31 juli 2024 och har sin hemvist i Irland.

Investeringsmål

Fonden förvaltas aktivt och syftar till att uppnå långsiktig kapitaltillväxt på din investering, med hänvisning till MSCI World Index (”Riktmärket”) för avkastning.

Handla WOEE ETF

iShares World Equity Enhanced Active UCITS ETF USD (Acc) (WOEE ETF) är en europeisk börshandlad fond. Denna fond handlas på flera olika börser, till exempel Deutsche Boerse Xetra och London Stock Exchange.

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.

Börsnoteringar

Börs	Valuta	Kortnamn
Euronext Amsterdam	USD	WOEE
XETRA	EUR	WOEE
London Stock Exchange	GBP	WOEE

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Kortnamn	Namn	Sektor	Vikt (%)	ISIN	Valuta
AAPL	APPLE INC	Informationsteknologi	5.45	US0378331005	USD
MSFT	MICROSOFT CORP	Informationsteknologi	4.77	US5949181045	USD
NVDA	NVIDIA CORP	Informationsteknologi	3.94	US67066G1040	USD
AMZN	AMAZON COM INC	Sällanköpsvaror	2.72	US0231351067	USD
GOOGL	ALPHABET INC CLASS A	Kommunikationstjänster	1.77	US02079K3059	USD
GOOG	ALPHABET INC CLASS C	Kommunikationstjänster	1.45	US02079K1079	USD
META	META PLATFORMS INC CLASS A	Kommunikationstjänster	1.42	US30303M1027	USD
USD	USD CASH	Cash and/or Derivatives	1.40	–	USD
JNJ	JOHNSON & JOHNSON	Health Care	1.33	US4781601046	USD
MA	MASTERCARD INC CLASS A	Finans	1.26	US57636Q1040	USD