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What’s really driving market returns

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10 år sedan

den

31 januari, 2015

What’s really driving market returns Looking to further diversify your portfolio and lower your overall risk? Consider investing abroad say Vanguard Chief Investment Officer Tim Buckley and CEO Bill McNabb. Investing a portion of your portfolio in international stocks and bonds can help to dampen volatility and broaden your risk exposure.

Vanguard is one of the world’s largest investment companies, offering a large selection of low-cost mutual funds, ETFs, advice, and related services. Whether you are an individual investor or a financial professional, or you represent a corporate or institutional investor, you can benefit from the size, stability, and experience we offer.

Founder John C. Bogle structured Vanguard for just one purpose—to build wealth for its clients…and only for its clients. The crucial difference from other fund companies: Vanguard would redirect net profits from economies of scale to fund shareholders in the form of lower costs. The arrangement was similar to that of a credit union or a traditional mutual insurance company. Sales commissions were eliminated, and operating expenses were kept low. And, soon after its founding, Vanguard opened the first index mutual fund, launching the era of low-cost index investing.

Vanguard’s innovations were revolutionary, but they were not an overnight success. Indeed, this new approach was often ignored or even scoffed at.

Steady growth

But as the 1970s turned into the 1980s, the news about Vanguard started to get around. It spread largely by word of mouth, as early clients told their families and friends about their experience—the prudently-managed funds, the conscientious service, the low costs. As assets rose, Vanguard reduced costs further and launched more funds, both indexed and actively managed. The company extended services to retirement plans, institutions, and financial advisors. Its loyal client base continued to grow, and Vanguard’s steady incoming cash flow and low redemption rate began to move it toward the ranks of the nation’s major fund firms. And as Vanguard grew, it was able to steadily lower its average fund expense ratio from 0.89% in 1975 to 0.38% by 1990 (and eventually to 0.19% by 2013).

Other investment companies started to take notice. By the 1990s, as low-cost investing and index funds demonstrated their merits, competitors began to emulate Vanguard by offering their own index funds.

And as more investors and organizations realized the importance of cost efficiency, various fund companies selectively cut costs—sometimes just temporarily—in hopes of attracting new assets.

Meanwhile, under the leadership of Mr. Bogle’s successor, Chairman and CEO John J. Brennan, the company continued to expand, first venturing outside the United States in 1996 when it established offices in Melbourne, Australia. Vanguard later opened offices in a number of other international locations, including its European headquarters in London.

Today, Vanguard is one of the world’s largest and most trusted investment management companies, with operations around the globe. Our consistent, time-tested investment philosophy has proved itself in academic research and—most importantly—in helping millions of investors reach their goals. Vanguard has become widely recognized as a leading advocate of principled, common-sense investing.

Still standing alone

In a fiercely competitive investment arena, Vanguard remains alone in placing clients’ interests in the driver’s seat. Our corporate structure is still unique among mutual fund providers, with shareholders as the ultimate owners, receiving net profits in the form of lower costs.

As it continues to expand further into international markets, Vanguard offers an ever-wider range of investment products and services for individuals, institutions, and financial advisors, all at costs that are consistently among the lowest in the industry.

Vanguard’s dedicated crew is led by an experienced, stable management team. We’ve had just three CEOs in nearly four decades, with Chairman and CEO F. William McNabb leading the firm since 2008. Because Vanguard can’t be acquired by an outside entity, our clients can be confident that we will remain the same unique company, focused solely on their interests, in the years ahead.

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Mar.25 crypto update, Research commentary on market turmoil, CIO Notes and ETP performance attribution

Publicerad

6 minuter sedan

den

10 april, 2025

Redaktionen

Mar.25 crypto update, Research commentary on market turmoil, CIO Notes and ETP performance attribution

A – Research commentaries from last week developments

Markets reacted to Trump tariffs – Bitcoin stands

Global markets fell sharply after President Trump’s new 25% tariffs on Chinese imports. Stocks led the decline – the Nasdaq 100 is now down -14% since the election, and the S&P 500 -12.3%. Crypto reacted too, but not uniformly:

• Altcoins such as SOL and ETH were hit hardest (down over 30% since November)

• Bitcoin and the Nasdaq Crypto Index (NCI) showed resilience, gaining +14.3% and +9.3%, respectively since Election

This kind of selloff tends to erase diversification — everything moves together. But it’s essential to take a longer view:

• Since Trump’s election, only three assets have consistently outperformed: Bitcoin, NCI, and gold.

• Last week, only gold outpaced BTC, confirming the role of digital assets as a strategic long-term allocation — even in volatile regimes.

Regulatory tailwinds are building

The next phase of crypto decoupling could come from policy. In the US, the signals are turning positive:

• The STABLE Act advanced in Congress, with Trump urging swift approval

• A tokenized fund paid $4.17M in dividends last month, proving blockchain’s real-world income potential

• The SEC has launched a review of past crypto guidance — a move toward clearer rules and broader institutional comfort

Bottom line: In a week where most assets fell, crypto stood out. That’s not a coincidence — it’s a signal.

B – CIO Monthly Notes – Crypto’s Political Tailwinds Are Blowing Hard

• Following a week in Washington, our CIO outlines how crypto is gaining bipartisan traction in DC.

• Key takeaway: regulatory clarity is coming faster than expected, and institutions are taking note.

C – March 2025 ETP performance overview

As of 31/03/25 – Source: Hashdex and Bloomberg. Performances in USD.

Hashdex Nasdaq Crypto Index ETP (HASH / HDX1) : March: -4.5% | YTD: -19%

Key drivers in March: Bitcoin and Ethereum

March Performance Attribution:

Hashdex Crypto Momentum Factor ETP (HAMO / HDXM): March: -8.5% | YTD: -22%

Key drivers in March: Litecoin, Ethereum and Solana

March Performance Attribution:

Hashdex Multi-Crypto Index ETPs

Hashdex Nasdaq Crypto Index ETP (HASH)

• Broad exposure to BTC, ETH, and major altcoins (SOL, XRP, ADA, etc)

• Quarterly rebalancing – evolutive, market cap-based allocation with no caps (weights and number of constituents)

• Largest crypto index ETP in Europe (+$300m AUM)

• ISIN: CH1184151731 | Tickers: HASH (SIX, Euronext) / HDX1 (Xetra)

• Tradable in USD, EUR, CHF, GBP
• Factsheet / Product page / Index Methodology

Hashdex Crypto Momentum Factor ETP (HAMO/HDXM )

• Momentum-based strategy with monthly rebalancing

• Designed to capture trends across large-cap crypto assets

• ISIN: CH1218734544 | Tickers: HAMO (SIX, Euronext) / HDXM (Xetra)

• Tradable in USD, EUR, CHF, GBP

• Factsheet / Product page / Index Methodology

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NXTB ETP spårar värdet på kryptovalutan Bitcoin

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1 timme sedan

den

10 april, 2025

Redaktionen

nxtAssets Bitcoin direct ETP (NXTB ETP) med ISIN DE000NXTA018 är en börshandlad produkt som spårar värdet på kryptovalutan Bitcoin.

Den börshandlade produktens TER (total cost ratio) uppgår till 1,00 % p.a. Denna ETN replikerar resultatet av det underliggande indexet med en skuldförbindelse med säkerheter som backas upp av fysiska innehav av kryptovalutan.

nxtAssets Bitcoin Direct ETP är en mycket litet ETN med 1 miljon euro tillgångar under förvaltning. Denna ETN lanserades den 18 december 2024 och har sin hemvist i Tyskland.

Om produkten

Med nxtAssets Bitcoin direkt investerar du direkt och säkert i Bitcoin. Varje andel av denna börshandlade produkt (ETP) backas till 100 % upp av fysiskt insatta Bitcoins. Detta säkerställer en korrekt återspegling av prisutvecklingen och ger dig möjligheten att när som helst få dina innehav utbetalda till din personliga plånbok.

Handla NXTB ETP

nxtAssets Bitcoin direct ETP (NXTB ETP) är en europeisk börshandlad kryptovaluta. Denna ETP handlas på flera olika börser, till exempel Deutsche Boerse Xetra.

Det betyder att det går att handla andelar i denna ETP genom de flesta svenska banker och Internetmäklare, till exempel Nordnet, SAVR, DEGIRO och Avanza.

Börsnoteringar

Börs	Valuta	Kortnamn
XETRA	EUR	NXTB

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Nya ETF- och ETP-noteringar på Xetra den 8 april 2025

Publicerad

19 timmar sedan

den

9 april, 2025

Redaktionen

ETP-noteringar Amundi EUR Short Term High Yield Corporate Bond ESG UCITS ETF investerar i BB/B-klassade eurodenominerade företagsobligationer. Fonden följer en "bäst-i-klassen"-strategi och väljer företag med de bästa ESG-betygen inom samma sektor.

Amundi EUR Short Term High Yield Corporate Bond ESG UCITS ETF investerar i BB/B-klassade eurodenominerade företagsobligationer. Fonden följer en ”bäst-i-klassen”-strategi och väljer företag med de bästa ESG-betygen inom samma sektor.

Amundi S&P 500 Equal-Weight UCITS ETF spårar resultatet för de 500 största börsnoterade företagen i USA, där varje företag får samma vikt i kvartalsöversynen. ETF:en är tillgänglig för investerare i handelsvalutan euro och US-dollar.

The Future of European Defence UCITS ETF investerar i försvarsföretag som genererar minst 50 procent av sina intäkter från tillverkning och utveckling av militära flygplan, försvarsutrustning eller cybersäkerhetskontrakt med ett NATO+-medlemsland. Endast företag med huvudkontor i ett NATO+-land beaktas, förutom USA.

WisdomTree STOXX Europe Aerospace & Defence 3x Daily Leveraged ETN är en säker seddel som spårar prestanda för STOXX Europe Total Market Aerospace & Defence Index med trippel hävstång. Referensindexet består av företag med huvudkontor i Europa som genererar minst 50 procent av sina intäkter från tillverkning, service, leverans och distribution till flyg- och militärförsvarsindustrin.

Namn	Emittent	ISIN Kortnamn	Avgift	Utdelnings- policy
Amundi EUR Short Term High Yield Corporate Bond ESG UCITS ETF Dist	Amundi	LU1617164998 AHYS (EUR)	0,30%	Utdelande
Amundi S&P 500 Equal-Weight UCITS ETF Acc	Amundi	LU2991918421 EQSP (EUR)	0,20%	Ackumulerande
Amundi S&P 500 Equal-Weight UCITS ETF Acc	Amundi	LU2991918421 EQSU (USD)	0,20%	Ackumulerande
Future of European Defence UCITS ETF	HANetf	IE000I7E6HL0 8RMY (EUR)	0,39%	Ackumulerande
WisdomTree STOXX Europe Aerospace & Defence 3x Daily Leveraged ETN	Wisdom-Tree	XS2872232850 3DEF (EUR)	0,80%	Ackumulerande

Produktutbudet inom Deutsche Börses ETF & ETP-segment omfattar för närvarande totalt 2 402 ETFer, 198 ETCer och 256 ETNer. Med detta urval och en genomsnittlig månatlig handelsvolym på mer än €21 miljarder är Xetra den ledande handelsplatsen för ETFer och ETPer i Europa.

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