Commodity ETPS see fifth consecutive week of inflows
Highlights
ETFS Physical Silver (PHAG) sees $38mn of inflows, the second highest in five months.
Long copper ETPs see US$19mn of inflows, the highest in 10 weeks as an 8.9% price drop was viewed as buying opportunity.
ETFS Aluminium (ALUM) sees largest inflows since August 2013.
ETFS Daily Leveraged Natural Gas (LNGA) saw US$6.2mn of inflows as a 6.0% fall in price attracted buyers.
Profit-taking drives US$15.2mn out of long platinum ETPs.
Commodity ETPs saw a fifth consecutive week of inflows, with investors taking advantage of price dips in industrial metals to build long positions.
With the situation in the Ukraine showing few signs of stabilising and economic data from China coming in softer – than – expected, gold and silver prices rose as both metals lived up to their reputation as portfolio diversifiers and insurance assets. Investors tilted their portfolios in favour of silver, likely because of expected leveraged moves relative to the gold price.
ETFS Physical Silver (PHAG) sees $38mn of inflows, the second highest in five months. The strong inflows last week follow on the US $132 mn three weeks ago. Investors are increasingly allocating to silver as it has traditionally outperformed gold when both are rising. So far this year gold has returned 13.6% while silver has returned 8.9%, highlighting the potential for silver to catch up.
Long gold ETPs saw US$67 mn of outflows as some investors chose to take profits on recent price gains. Long copper ETPs see US$19 mn of inflows, the highest in 10 weeks as an 8.9% price drop was viewed as buying opportunity. The main trigger for the price slump was a corporate bond default that raised concerns about a possible unwinding of copper collateralised financing deals that some feared would release copper stockpiles into the market. Weaker than expected China export and growth numbers and a fall in the Chinese Renminbi added to the negative sentiment. Investors appear to looking beyond the near – term turbulence, which has been driven by the government’s efforts to introduce healthy two -way risk into the market. China’s copper demand in fact remains robust. Imports for January and February are up over 40% on a year earlier, with January imports reaching record levels. Demand generally picks up after the end of Q1, and we expect a similar pattern will be followed this year. Although a number of investors expect prices to continue to fall (there were US$5.7mn of inflows into ETFS Daily Short Copper (SCOP) last week as well) more investors appear to see price upside.
ETFS Aluminium (ALUM) sees largest inflows since August 2013. As the Aluminium price fell 3% last week, flows into ETFS aluminium ETPs rose US$9 mn. Investors appear to be looking beyond the lower – than -expected export and production data in China and are focusing on the ore export ban in Indonesia which could crimp China’s production of aluminium given that its smelting facilities are dependent on the low temperature (trihydrate) bauxite which is difficult to get from other sources. Possible Russia export sanctions are also playing a role as Russia is the world’s second largest supplier of the met al.
ETFS Daily Leveraged Natural Gas (LNGA) saw US$6.2mn of inflows as a 6.0% fall in price attracted buyers. However, we continue to believe that demand for gas in spring will be lower and ease the pressure on supplies leading to further price declines.
Profit taking drives US$15.2mn out of long platinum ETPs. The outflows were the largest since September 2013 despite the South Africa mine strike entering its eighth week.
So far the three main producers have lost 499,000 ounces of production according to Bloomberg calculations and the figure is closely approaching the 496,359 ounces of lost output from the 2012. While the rally took a pause last week, it has the potential to continue further as stocks deplete.
Key events to watch this week.
Next week’s FOMC meeting will be the first chaired by Yellen and the market will be attentive to any change in policy signals. Should EU car registration data continue to rise as it has in the past five months, we could have catalyst to platinum group prices which have simply treaded water last week.
Note: All flow and AUM data in this report are based on ETF Securities ETPs to 13 March 2014 and are denominated in USD unless otherwise indicated.
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.
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Amundi MSCI World Minimum Volatility Screened Factor UCITSETFUCITSETFAcc (WMMV ETF) med ISIN IE0001DKJVC2, försöker spåra MSCI World Minimum Volatility Select ESG Low Carbon Target-index. MSCI World Minimum Volatility ESG Reduced Carbon Target-index spårar aktier från utvecklade länder över hela världen som är valda enligt låg volatilitet och ESG-kriterier (miljö, social och företagsstyrning). Indexet har som mål att minska utsläppen av växthusgaser och ett förbättrat ESG-poäng jämfört med jämförelseindex. Jämförelseindex är MSCI World-index.
Den börshandlade fondens TER (total cost ratio) uppgår till 0,25 % p.a. Amundi MSCI World Minimum Volatility Screened Factor UCITSETFUCITSETFAcc är den enda ETF som följer MSCI World Minimum Volatility Select ESG Low Carbon Target-index. ETFen replikerar det underliggande indexets prestanda genom fullständig replikering (köper alla indexbeståndsdelar). Utdelningarna i ETF:n ackumuleras och återinvesteras.
Denna ETF lanserades den 30 oktober 2024 och har sin hemvist i Irland.
Investeringsmål
Amundi MSCI World Minimum Volatility Screened Factor UCITSETFAcc försöker replikera, så nära som möjligt, oavsett om trenden är stigande eller fallande, resultatet för MSCI World Minimum Volatility Select ESG Low Carbon Target Index (”Indexet”). Delfondens mål är att uppnå en tracking error-nivå för delfonden och dess index som normalt inte kommer att överstiga 1 %.
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.
· UBS Asset Management lanserar EUR och USD Treasury Yield Plus UCITS ETFer
· ETFerna syftar till att öka avkastningen samtidigt som riskegenskaperna hos deras referensindex bibehålls
· En egenutvecklad regelbaserad modell används för att bredda investeringsuniversumet för att förbättra tillgången till en större uppsättning möjligheter
UBS Asset Management (UBS AM) tillkännager idag lanseringen av två nya ETF:er som syftar till att leverera förbättrad avkastning, samtidigt som riskprofilen för deras underliggande statsobligationsindex bevaras. UBS EUR Treasury Yield Plus UCITSETF och UBS USD Treasury Yield Plus UCITSETF syftar till att överträffa sina respektive Bloomberg Treasury-index genom att rikta in sig på högre optionsjusterad spread (OAS), samtidigt som de bibehåller en strikt anpassning till duration, kreditkvalitet och landsexponering1.
Portföljkonstruktion
· Universumsdefinition: Varje ETF börjar med sitt respektive Bloomberg Treasury Index (EUR eller USD) och utökar uppsättningen möjligheter till att inkludera högkvalitativa statsobligationer, överstatliga obligationer och agentobligationer (SSA), vilka kan erbjuda en högre avkastning än statsobligationer. · Optimering: SSA-obligationerna väljs ut med hjälp av en egenutvecklad regelbaserad modell som maximerar OAS samtidigt som strikta begränsningar för rating, land, sektor, duration och kurvrisk följs.
· Dynamisk allokering: Portföljförvaltaren kan använda sitt eget omdöme för att ytterligare förbättra portföljens avkastning och/eller riskprofil.
André Mueller, chef för kundtäckning, UBS AM, sa: ”De snabbt ökande tillgångarna i förbättrade ränte-ETF:er signalerar en växande investerarefterfrågan på fonder som går utöver traditionella passiva riktmärken. UBS AM har långvarig expertis inom regelbaserade strategier, så jag är glad att vi för första gången kan erbjuda denna möjlighet till ett bredare spektrum av kunder genom det bekväma, transparenta och effektiva ETF-omslaget.”
Fonden är registrerad för försäljning i Österrike, Danmark, Finland, Frankrike, Tyskland, Irland, Italien, Liechtenstein, Luxemburg, Nederländerna, Norge, Spanien, Sverige, Schweiz och Storbritannien.