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Cryptoassets of the Month: LUNC, ATOM, and More

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3 år sedan

den

22 september, 2022

Every month, our research team will present the cryptoassets of the month that increased or dropped in value by more than 15%. With a data-driven approach, we highlight the most important developments and events causing price movements.

Terra Classic (LUNC)

192%

Terra Classic’s native token LUNC rose 192% over the past month in a rally mainly driven by speculation, as the network’s fundamentals haven’t changed since the collapse of the network’s algorithmic stablecoin UST in May. Notably, the cryptoasset is still 99.99% below its April all-time high price of $119. On Sunday, Bloomberg reported that South Korean prosecutors had asked Interpol to help arrest Do Kwon, Terra’s founder.

Cosmos (ATOM)

28%

The Cosmos Hub’s native token ATOM rose 28% in the past month as the ”App-Chain” thesis gained significant traction among developers and investors. For instance, the derivatives exchange dYdX announced on June 22 that it was moving away from Starkware (Layer 2 on Ethereum) to become an application-specific blockchain on Cosmos. Additionally, ATOM is likely rallying in anticipation of the upcoming week’s Cosmoverse conference, in which it is expected that Interchain Security will be introduced to expand upon ATOM’s utility and value accrual.

Bitcoin (BTC)

16%

Bitcoin traded down 16% over the past month as the uncertain macroeconomic environment still weighs heavily against risk assets, not just crypto. For reference, BTC’s 30-day rolling correlation to equities remains high by historical standards (0.58) but is down from June highs (0.82). Despite the risk-off environment, we have observed signs of accumulation among long-term holders (LTH). On September 14, the total supply held by LTH, defined as BTC that has been dormant for more than 155 days, reached a new all-time high of 13.62M BTC (71% of circulating supply).

Tezos (XTZ)

20%

Tezos’ native token XTZ traded down 20% over the past month, in line with the general market downturn. Tezos is a smart-contract platform that can evolve by upgrading itself without having to split (”fork”) the network into two different blockchains. On September 8, the French newspaper L’Équipe announced that it would launch an NFT collection powered by Tezos to commemorate this year’s Ballon d’Or, the most prestigious football award ceremony.

Polkadot (DOT)

–20%

Polkadot’s native token DOT also decreased 20% over the past month. Polkadot’s downturn is notable considering that its main competitor, Cosmos (ATOM), has appreciated significantly over the same period. The state of both ecosystems suggests that developers prefer the Cosmos SDK framework over Polkadot’s Substrate. Another viable explanation is that Polkadot’s parachain auctions and mandatory shared security via DOT may defer projects which prioritize self-sovereignty and want to ship faster.

Solana (SOL)

–21%

Solana’s native token SOL traded down 21% over the past month. Yesterday, the Solana Foundation released a report detailing the carbon footprint of Solana’s blockchain, showing that the network’s overall emissions rose 26% over the past six months. Regarding upcoming catalysts, Solana Mobile Stack, an open-source software toolkit for Android that enables native Android Web 3 dApps on Solana, is expected to ship in Q1 2023. If successful, this initiative could help onboard millions of people onto the network.

FTX Token (FTT)

–22%

FTX Token (FTT) traded down 22% over the past month. FTT provides various benefits to users of the FTX crypto exchange. Yesterday, it was announced that trading firm Alameda will repay $200 million in loans to Voyager Digital, the bankrupt crypto lender. If all goes well, Voyager will send Alameda 4,650,000 FTT tokens (around $112 million at current prices), which were used as collateral for the loan. Hence, it should be no surprise to see further selling pressure in the coming weeks.

Aave (AAVE)

-23%

Aave (AAVE) traded down 23% over the past month as the repercussions of the TornadoCash ban were felt across all decentralized finance protocols. Notwithstanding, various exciting developments are occurring in Aave, like ”GHO” – a native, decentralized, and fully-collateralized stablecoin pegged to the US dollar. This past week, we also saw Aave trifle with the untapped derivatives market by revealing ShortAave, which will be a one-stop shop to open short positions on the platform by borrowing from Aave and swapping on Uniswap in one go.

Decentraland (MANA)

-24%

Decentraland (MANA) traded down 24% over the past month. Despite the negative market sentiment, adoption hasn’t slowed down. For instance, crypto bank Sygum will be the first Swiss bank to open a hub on the metaverse on September 27, as it will launch “Decentraland Hub” during a live streaming event on Decentraland. Tacobell is also partnering with Decentraland to offer US couples the chance to have a virtual wedding.

Ethereum (ETH)

-28%

Ethereum traded down 28% over the past month despite a successful Merge, which marked the network’s transition to Proof-of-Stake. Although the Merge is arguably one of the most positive developments in recent years, the overall macro uncertainty has triggered the current valuation retracement (not just in crypto) with the last CPI numbers. Additionally, investors were positioned overly optimistic in anticipation of the Merge, as proved by the millions of dollars in liquidations over the past week.

Uniswap (UNI)

-28%

Uniswap (UNI) traded down 28% over the past month. For quite some time, our thesis has been that Uniswap is the “Trojan Horse” to conquer the market making business, eating up the market share of liquidity provision on centralized exchanges. However, it will certainly have to be battle-tested, especially as new competitors enter the market. On September 13, a consortium of leading broker-dealers, global market makers and venture capital firms announced the launch of EDX Markets (EDXM), a first-of-its-kind exchange that will address latent demand for cryptoasset trading by enabling safe and compliant trading of cryptoassets through trusted intermediaries.

The Sandbox (SAND)

-28%

The Sandbox (SAND) also traded down 28% despite some impressive developments. The Sandbox made headlines this month by bringing the first Singaporean company into its metaverse. Singapore’s largest bank, DBS, is set to acquire land in the gamified metaverse to build new services with its clients. Renault South Korea also partnered with The Sandbox to provide its users with an innovative automobile experience in the virtual world.

Avalanche (AVAX)

-31%

Avalanche’s native token AVAX traded down 31% over the past month, underperforming the broad market. Despite a market capitalization of $5 billion, Avalanche had fewer weekly active developers over the same period than smaller networks such as Cosmos, Near, and Tezos. On a more optimistic note, Avalanche made headlines on September 13 when it was reported that private equity giant KKR would tokenize a portion of its second Health Care Strategic Growth Fund on Avalanche.

Fantom (FTM)

-32%

Fantom’s native token FTM traded down 32% over the past month. As Fantom is a smaller cap Layer 1 network, we should expect it to have a higher beta. Regarding fundamentals, last month, the Fantom Foundation introduced a proposal to reduce staking yield (currently at 13%) to reduce the current inflation rate and keep in line with the market average. In May, Fantom also underwent an upgrade dubbed SnapSync that lowered gas fees and led to faster transaction finality.

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.

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Defence and AI dominate as European Thematic ETF flows hit record $8.73 billion H1 2025

Publicerad

13 timmar sedan

den

8 juli, 2025

Redaktionen

• Top Performer: Defence (+$7.87 billion)

• Emerging Themes: Cybersecurity (+$318 million), Uranium (+$253 million)

European thematic UCITS ETFs posted a dramatic resurgence in the first half of 2025, with net inflows of $8.73 billion year-to-date, according to ARK Invest Europe’s latest quarterly update detailing H1 2025 European thematic ETF flows.

The turnaround marks a decisive reversal from the muted flows of 2024 ($308 million net outflows for the whole of 2024), as investors rotate back into forward-looking, innovation-driven themes with clearer earnings visibility.

Defence remains the dominant thematic allocation, capturing $7.87 billion in combined net inflows between Global ($4.81 billion) and European ($3.05 billion) defence ETFs underscoring its evolution from a tactical trade to a structural portfolio allocation. Maintaining its position as the defining technological theme, AI ETFs saw $904 million in net inflows, with investor appetite fuelled by relentless innovation in large language models, robotics, and autonomous systems.

In the same period, Cybersecurity ETFs continued to rebuild momentum after significant outflows in 2024 ($311 million net outflows for H1 2024), drawing $318 million, reflecting growing investor conviction in cybersecurity as a structural necessity amid rising digital threats.

Clean Energy ETFs saw outflows of $307 million. As policy momentum stalls in key markets, investors are increasingly selective within the energy transition space. Capital is rotating toward subsectors with clearer economic moats, such as nuclear and grid infrastructure. Supporting this sentiment, Uranium ETFs rank fifth at $253 million, reflecting growing investor interest in the nuclear sector as a potential solution to global energy needs.

Healthcare Innovation ETFs recorded net outflows of $279 million. The drawdown reveals investor caution around legacy biotech firms with uncertain drug pipelines and reimbursement risks. Interest is shifting toward AI-driven healthcare platforms offering faster innovation cycles and more scalable business models.

Electric Vehicles and Battery Tech ETFs saw net outflows of $203 million as investor enthusiasm cools amid subsidy rollbacks and plateauing EV demand in major markets. Persistent concerns around battery raw materials and production bottlenecks have further weighed on the theme.

Rahul Bhushan says, “After a cautious 2024, it’s evident that investors are re-engaging with innovation themes that offer clearer earnings visibility and resilience in an increasingly complex macro landscape. We’re seeing investor conviction in megatrends with structural tailwinds, particularly defence, AI, and energy security. Thematics are no longer just tactical bets, they’re core strategic exposures.”

2025/2024 Comparative Study

Thematics are back

After a weak 2024, investor appetite for thematic risk has returned in force:

• H1 2025 total net inflows: +$8.74B

• That’s a sharp reversal from -$791M in H2 2024 and only +$483M in H1 2024

• The rotation is clear: capital is moving back into forward-looking themes with stronger earnings visibility.

Defence is now a structural trade

• Global and Europe Defence saw a combined $7.87B in inflows in H1 2025 and $1.59B in June alone.

• This continues a multi-quarter surge as geopolitical tensions, rising military budgets, and renewed industrial policy drive long-term allocations.

• Defence is no longer a tactical trade—it’s becoming a core exposure.

AI inflows normalise, but conviction remains

• Artificial Intelligence ETFs drew $904M in H1 2025, following $1.47B in H1 2024.

• Inflows may be slowing, but investor conviction is holding firm.

• With earnings delivery now catching up to narrative, AI remains a centrepiece of thematic portfolios.

Cybersecurity shows signs of stabilisation

After brutal outflows in 2024 (-$311M H1, -$260M H2), cybersecurity ETFs finally saw inflows:

• $318M in H1 2025, including $67M in June.

• This rebound suggests investors are once again prioritising digital resilience in an AI-driven world.

Infrastructure themes are quietly regaining traction

• Global and Europe Infrastructure ETFs pulled in $284M in H1 2025, following modest gains in H2 2024.

• Infrastructure is benefiting from government stimulus, defence modernisation, and the reshoring trade.

Uranium’s steady climb continues

• $253M in H1 2025, after $216M in H2 2024 and $67M in June alone.

• Indeed, the $67M in June alone nearly matches the $66M pulled in during the entirety of H1 2024.

• A rare clean energy theme that’s bucking the downtrend, reflecting growing recognition of nuclear as a pragmatic decarbonisation solution.

Clean Energy sentiment is so bad, it might be investable

• Outflows across all periods: -$307M (H1 2025), -$505M (H2 2024), -$409M (H1 2024)

• June 2025: A mere -$8M

• Sentiment is arguably as negative as it’s ever been—yet structural drivers remain in place. The setup for a contrarian rebound is building.

About ARK Invest Europe

ARK Invest International Ltd (”ARK Invest Europe”) is a specialist thematic ETF issuer offering investors access to a unique blend of active and index strategies focused on disruptive innovation and sustainability. Established following the acquisition of Rize ETF in September 2023 by ARK Investment Management LLC, ARK Invest Europe builds on over 40 years of expertise in identifying and investing in innovations that align financial performance with positive global impact.

Through its innovation pillar and the ”ARK” range of ETFs, ARK Invest focuses on companies leading and benefiting from transformative cross-sector innovations, including robotics, energy storage, multiomic sequencing, artificial intelligence, and blockchain technology. Meanwhile, its sustainability pillar, represented by the ”Rize by ARK Invest” range of ETFs, prioritises investment opportunities that reconcile growth with sustainability, advancing solutions that fuel prosperity while promoting environmental and social progress.

Headquartered in London, United Kingdom, ARK Invest Europe is dedicated to empowering investors with purposeful investment opportunities. For more information, please visit https://europe.ark-funds.com/

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UBS Asset Management lanserar sin första aktivt förvaltade ETF

Publicerad

14 timmar sedan

den

8 juli, 2025

Redaktionen

UBS Asset Management planerar att erbjuda ett utbud av aktiva ETFer som utnyttjar deras differentierade räntebärande kapacitet, följt senare av en serie avkastningsfokuserade ETFer med optionsöverlägg.
Den första som lanseras idag ger tillgång till den aktiva förvaltningsexpertisen hos UBS AMs Credit Investments Group (CIG), en av de ledande förvaltarna av collateralized loan obligations globalt.
Den nya UBS EUR AAA CLO UCITS ETF erbjuder investerare exponering mot den högsta kreditkvaliteten inom CLO-strukturen i ett likvidt och kostnadseffektivt omslag.

UBS Asset Management (UBS AM) tillkännager idag lanseringen av sin första aktivt förvaltade ETF, som ger kostnadseffektiv exponering mot de högst rankade trancherna av marknaden för collateralized loan obligation (”CLO”). UBS EUR AAA CLO UCITS ETF kombinerar den aktiva förvaltningsexpertisen hos UBS AMs Credit Investments Group med skalan hos deras väletablerade ETF-erbjudande.

André Mueller, chef för kundtäckning på UBS Asset Management, sa: ”CLOer erbjuder stark avkastningspotential och diversifieringsfördelar. Att navigera på denna marknad kräver dock förståelse för CLO-strukturer, regleringar och riskerna i denna sektor. Vi har kombinerat mer än 20 års ETF-innovation med expertisen hos vår Credit Investments Group för att effektivt och transparent tillhandahålla de högst rankade CLO-värdepapperen. Den aktiva förvaltningsdelen erbjuder kostnadseffektiv exponering med potential att överträffa.”

John Popp, chef för Credit Investments Group på UBS Asset Management, tillade: ”Vi är glada att kunna erbjuda vår expertis inom hantering av CLO-trancher i över två decennier till en bredare investerarbas. Vårt teams djupa kreditkunskap och meritlista genom flera kreditcykler gör oss väl positionerade för att tillhandahålla övertygande investeringar. På dagens marknad anser vi att AAA CLO-skulder erbjuder en attraktiv risk-avkastningsprofil. Att erbjuda denna investering via en ETF kommer att utöka tillgången till denna växande marknad.”

Den aktiva UBS EUR AAA CLO UCITS ETF* erbjuder tillgång till den växande CLO-marknaden genom en likvid och kostnadseffektiv ETF-struktur, vilket innebär:

Förbättrad avkastningspotential med strukturellt skydd – AAA CLOer erbjuder högre avkastning jämfört med liknande rankade investeringar, med strukturella egenskaper som har testats genom cykler, utan fallissemang ens under perioder av ekonomisk kris**
Portföljdiversifiering – tillgångsslagets rörliga ränta ger betydande diversifieringspotential i samband med en bredare ränteportfölj
Aktiv fördel – Credit Investments Group, en av de främsta förvaltarna av säkerställda låneförpliktelser globalt, hanterar dynamiskt risk och avkastning för att fånga marknadsmöjligheter
ETF-effektivitet – ETF-strukturen möjliggör likviditet och kostnadseffektiv tillgång till denna komplexa tillgångsklass

*Fonden är registrerad för försäljning i Österrike, Schweiz, Tyskland, Danmark, Spanien, Finland, Frankrike, Irland, Italien, Liechtenstein, Luxemburg, Nederländerna, Norge och Sverige.

**S&P Global Ratings, “Default, Transition, and Recovery: 2023 Annual Global Leveraged Loan CLO Default and Rating Transition Study”, 27 juni 2024

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AZEH ETF är en aktivt förvaltad ETF som investerar i Asien ex Japan

Publicerad

15 timmar sedan

den

8 juli, 2025

Redaktionen

iShares Asia ex Japan Equity Enhanced Active UCITS ETF USD (Acc) (AZEH ETF) med ISIN IE000D5R9C23, är en aktivt förvaltad ETF.

Den börshandlade fonden investerar minst 70 procent i aktier från Asien (exklusive Japan). 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 Asia ex Japan Equity Enhanced Active UCITS ETF USD (Acc) är den enda ETF som följer iShares Asia ex Japan Equity Enhanced Active-index. ETFen replikerar det underliggande indexets prestanda genom fullständig replikering (köper alla indexbeståndsdelar). Utdelningarna i ETFen ackumuleras och återinvesteras.

iShares Asia ex Japan Equity Enhanced Active UCITS ETF USD (Acc) är en mycket liten ETF med 9 miljoner euro förvaltade tillgångar. ETFen 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 AC Asia ex Japan Index (”Riktmärket”) för avkastning.

Handla AZEH ETF

iShares Asia ex Japan Equity Enhanced Active UCITS ETF USD (Acc) (AZEH 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	AXEE
XETRA	EUR	AZEH
London Stock Exchange	GBP	AXEE

Största innehav

Kortnamn	Namn	Sektor	Vikt (%)	ISIN	Valuta
USD	USD CASH	Cash and/or Derivatives	12.85	–	USD
ISTUSAD	BLK ICS US TREAS AGENCY DIS	Cash and/or Derivatives	9.01	IE00B3YQRB45	USD
2330	TAIWAN SEMICONDUCTOR MANUFACTURING	Informationsteknologi	8.55	TW0002330008	TWD
700	TENCENT HOLDINGS LTD	Kommunikationstjänster	5.58	KYG875721634	HKD
005930	SAMSUNG ELECTRONICS LTD	Informationsteknologi	4.40	KR7005930003	KRW
9988	ALIBABA GROUP HOLDING LTD	Sällanköpsvaror	2.50	KYG017191142	HKD
GSIFT	CASH COLLATERAL USD GSIFT	Cash and/or Derivatives	2.02	–	USD
1299	AIA GROUP LTD	Finans	1.99	HK0000069689	HKD
000660	SK HYNIX INC	Informationsteknologi	1.27	KR7000660001	KRW
PDD	PDD HOLDINGS ADS INC	Sällanköpsvaror	1.27	US7223041028	USD