2016 has been full of surprises and can be divided into three distinct phases defined by the EU referendum and US election.
Currently the market is in a period of re-pricing due to Trump’s proposed fiscal expansion plans.
The USD looks likely to hold onto recent gains, while the EUR look vulnerable to political uncertainty in the year to come.
Against all odds
Surprises have been commonplace in 2016 and have ensured that volatility has remained a prominent feature of the world’s currency markets. The year can almost be divided into three distinct phases marked around the shock outcomes in both the EU referendum and the US presidential election. In the period up to, and the month following, the Brexit vote, concerns over the economic impact of the referendum and reduced expectations of monetary tightening in the US saw safe havens like the JPY soar against the GBP and USD (rising 26% and 16% respectively from 1st January to the 6th July). These moves moderated somewhat until the US election, where Trump’s shock victory ushered in a complete shift in market assumptions and a corresponding re-pricing of financial assets. This is the current phase that we find ourselves in, characterised by the strongest trade weighted USD in over 14 years and a sharply weakening JPY. Going into 2017, we see healthy prospects for US growth and inflation buoying the USD, while in Europe the single currency risks being pressured by political uncertainty.
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US reflation?
Markets appear to have interpreted Trump’s victory as a signal that the US will benefit from a large fiscal stimulus and infrastructure package in the years to come, helping to deliver both growth and inflation. While a lot of the details surrounding Trump’s future plan are currently uncertain, what seems clear is that the recent increase in inflation expectations have prompted the US Federal Reserve to pursue a more aggressive rate hike path. Should they follow through with the proposed three hikes in 2017 we see recent gains in the USD as being broadly sustained, although a near term pullback in the next few months may be due.
Populist sentiment tested
In Europe, scheduled parliamentary and presidential elections in a majority of the bloc’s largest nations have potential to test the Euro. Matteo Renzi’s recent resignation is a signal that anti-establishment sentiment on mainland Europe remains elevated and the growth of populist parties is not as remote a risk as market participants once thought. Combined with a European Central Bank (ECB) committed to at least another 12 months of asset purchases, risks for the EUR appear skewed to the downside.
Transitional Brexit deal to be brokered
Prospects for the GBP are centred on the progress of Brexit negotiations and the UK government’s ability to deliver an effective transitional agreement offering protection for Britain’s more exposed sectors, such as finance. We remain bullish on the currency and believe that it is currently trading near its structural nadir (see: GBP reaches rock bottom). However, it will remain volatile as markets scrutinise any plan Theresa May puts forward before the self-imposed March deadline for Article 50.
Investors wishing to express the investment views outlined above may consider using the following ETF Securities ETPs:
Currency ETPs
GBP Base
ETFS Long EUR Short GBP (GBUR) ETFS Short EUR Long GBP (URGB) ETFS Long USD Short GBP (GBUS) ETFS Short USD Long GBP (USGB)
USD Base
ETFS Long GBP Short USD (LGBP) ETFS Short GBP Long USD (SGBP) ETFS Long EUR Short USD (LEUR) ETFS Short EUR Long USD (SEUR)
EUR Base
ETFS Long USD Short EUR (XBJP) ETFS Short USD Long EUR (XBJQ) ETFS Long GBP Short EUR (EUGB) ETFS Short GBP Long EUR (GBEU)
3x
ETFS 3x Long USD Short EUR (EUS3) ETFS 3x Short USD Long EUR (USE3) ETFS 3x Long GBP Short EUR (EGB3) ETFS 3x Short GBP Long EUR (GBE3) ETFS 3x Long GBP Short USD (LGB3) ETFS 3x Short GBP Long USD (SGB3) ETFS 3x Long EUR Short USD (LEU3) ETFS 3x Short EUR Long USD (SEU3)
ETFS 3x Long USD Short GBP (USP3) ETFS 3x Short USD Long GBP (PUS3) ETFS 3x Long EUR Short GBP (EUP3) ETFS 3x Short EUR Long GBP (SUP3)
5x
ETFS 5x Long GBP Short EUR (EGB5) ETFS 5x Short GBP Long EUR (GBE5) ETFS 5x Long USD Short EUR (5CH5) ETFS 5x Short USD Long EUR (5CH6) ETFS 5x Long USD Short GBP (USP5) ETFS 5x Short USD Long GBP (PUS5)
Basket
ETFS Bullish GBP vs G10 Currency Basket Securities (LGBB) ETFS Bearish GBP vs G10 Currency Basket Securities (SGBB) ETFS Bullish USD vs G10 Currency Basket Securities (LUSB) ETFS Bearish USD vs G10 Currency Basket Securities (SUSB) ETFS Bullish EUR vs G10 Currency Basket Securities (LEUB) ETFS Bearish EUR vs G10 Currency Basket Securities (SEUB)
The complete ETF Securities product list can be found here.
Important Information
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”). The products discussed in this document are issued by ETFS Foreign Exchange Limited (“FXL”). FXL is regulated by the Jersey Financial Services Commission.
This communication is only targeted at professional investors. In Switzerland, this communication is only targeted at Regulated Qualified Investors.
Timmer och skogar är garanter för att mildra klimatförändringarna och en naturlig träkälla. Skogarna täcker stora landområden, utgör en oumbärlig åtgärd för att minska koldioxidutsläppen och är de främsta producenterna av syre. Det finns även börshandlade fonder för den som vill investera i skogen.
Detta ger möjligheter för företag som äger skog eller är inblandade i skogsskötseln. Träförädlingsindustrin är också en del av denna trend, liksom börsnoterade skogsfonder i form av REITs (Real Estate Investment Trusts). Dessa företag kan användas för att skapa ett index.
I den här investeringsguiden hittar du alla ETFer som gör att du kan investera i skogen. För närvarande finns det ett index tillgängligt spårat av två olika ETFer som båda har en årlig förvaltningskostnad på 0,65 procent.
Skogs-ETFer i jämförelse
När man väljer en ETF för skogsbruk bör man överväga flera andra faktorer utöver metodiken för det underliggande indexet och prestanda för en ETF. För bättre jämförelse hittar du en lista över alla skogs-ETFer med detaljer om namn, kortnamn, kostnad, utdelningspolicy, hemvist och replikeringsmetod. För ytterligare information om respektive börshandlad fond klicka på kortnamnet för att ta del av allt vi skrivit om dessa.
Namn ISIN
Kortnamn
Avgift %
Utdelningspolicy
Hemvist
Replikeringsmnetod
iShares Global Timber & Forestry UCITSETF IE00B27YCF74
Global X Telemedicine & Digital Health UCITSETFDist GBP (EDOG ETF) med ISIN IE00BLR6QC17, försöker följa indexet Solactive Telemedicine & Digital Health. Solactive Telemedicine & Digital Health-index spårar företag över hela världen som är verksamma inom området telemedicin och digital hälsa.
Den börshandlade fondens TER (total cost ratio) uppgår till 0,68 % p.a. Global X Telemedicine & Digital Health UCITSETFDist GBP är den billigaste ETF som följer Solactive Telemedicine & Digital Health-index. ETFen replikerar det underliggande indexets prestanda genom fullständig replikering (köper alla indexbeståndsdelar). Utdelningarna i ETFen delas ut till investerarna (halvårsvis).
Global X Telemedicine & Digital Health UCITSETFDist GBP är en mycket liten ETF med tillgångar på 0 miljoner euro under förvaltning. Denna ETF lanserades den 17 december 2020 och har sin hemvist i Irland.
Skäl att överväga EDOG
Hög tillväxtpotential: Den globala telemedicinmarknaden ökade med 35 % från 2019 till 2020 och översteg 55 miljarder dollar. Prognoser tyder på att marknaden kan nå nästan 300 miljarder dollar år 2028 (Källa: ”Telemedicine Market Size, Share & Trends Analysis Report By Component” Grand View Research, februari 2021).
Strukturella medvindar: Under 2019 saknade uppskattningsvis hälften av världens befolkning nödvändig hälsovård. När mer underbetjänade marknader får tillgång till bredband erbjuder telemedicin stora möjligheter att överbrygga klyftan (Källa: World Economic Forum).
Nya konsumentinställningar: Pandemin ökade antagandet av digitala hälsotjänster, med många vänder sig till telemedicin för första gången, vilket påskyndade temats räckvidd.
Like Bitcoin, Dogecoin uses a proof-of-work (PoW) consensus mechanism but runs on its own blockchain, originally forked from Litecoin. It uses the Scrypt hashing algorithm, which is less resource-intensive than Bitcoin’s SHA-256, making mining more accessible to everyday users with consumer-grade hardware. Due to merged mining with Litecoin, Dogecoin benefits from shared infrastructure, with hashpower recently reaching all-time highs of 2.7 petahashes (quadrillion hashes) per second, making the network increasingly difficult to attack.
Dogecoin’s design is built for speed and utility, has no maximum supply, and confirms blocks every minute (10x faster than Bitcoin). Moreover, it maintains ultra-low transaction fees, which is ideal for tipping, microtransactions, and everyday use.
More than a meme
Although its supply is technically unlimited, Dogecoin’s issuance model is clear and predictable. Approximately 10,000 DOGE are mined every minute, adding up to around 5.25 billion new tokens each year. As the supply base expands, this fixed issuance creates a natural disinflationary trend that has cut nearly in half over the past decade while ensuring network security through consistent miner rewards.
Dogecoin’s technology fosters an aligned ecosystem between users and miners. With sustainable economic incentives, it acts as a kind of “retail Bitcoin”, built not just for hoarding but for real-world use, too.
While Dogecoin began as a lighthearted experiment, its evolution has proven it to be far more than a meme. Thanks to its speed, low fees, and strong community backing, Dogecoin has grown into a functional digital currency with a range of real-world use cases. From payments and merchant adoption to infrastructure development and charitable giving, Dogecoin continues to demonstrate its staying power as a practical and accessible tool in the broader crypto ecosystem.
Dogecoin as a payment tool
Dogecoin has transformed into a widely accepted digital currency, embraced by major brands like Tesla, AMC, Newegg, and the Dallas Mavericks. With fast transaction speeds and low fees, even amid surging transaction volumes, it has become a practical option for everyday payments. Crypto payment processors like BitPay have further expanded its reach, enabling thousands of merchants worldwide to accept DOGE. Most recently, The Open House Group, a prominent Tokyo Stock Exchange-listed real estate firm, added Dogecoin to its supported list, making it one of the few digital assets accepted for property transactions.
Enhancing Dogecoin’s payment infrastructure
Initiatives like Dogebox and GigaWallet are simplifying DOGE integration for businesses, while its scaling solution, Laika, is making meaningful progress in improving transaction speed and reducing costs.
Meanwhile, RadioDoge is working to expand access by enabling offline transactions in remote regions through low-cost radio and Starlink technology, advancing global crypto inclusion. A rumored integration with Elon Musk’s X platform could extend Dogecoin’s utility across digital tipping and commerce. These efforts collectively reinforce Dogecoin’s growing relevance in real-world payments and its potential as a frictionless, decentralized transaction layer.
Do Only Good Every Day
As we’ve seen, community drives memecoins, and Dogecoin’s community shines the brightest. This global network not only thrives on memes but also channels that energy into social good. From funding clean water in Kenya to sending Jamaica’s Bobsled Team to the Olympics and raising over $1 million for Ukraine relief, DOGE’s community transforms internet culture into real-world impact. Low fees and fast transactions make it a favorite for grassroots giving, showing a coin born as a joke can leave a lasting legacy. Dogecoin is more than a digital asset—it’s a movement powered by a community that believes in doing good every day.
Research Newsletter
Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com
Disclaimer
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.