Nyheter
En introduktion till BETS ETF, Europas första Sports Betting och iGaming ETF
Publicerad
3 år sedanden
Sports Betting and iGaming UCITS (ticker: BETS ETF) erbjuder Europas första möjlighet att få tillgång till ett snabbt växande underhållningssegment i form av en börshandlad fond.
Detta kommer att bli Europas första sportspel och iGaming ETF, och den europeiska investerarens första möjlighet att få tillgång till den snabbt växande globala sportspel- och onlinespelindustrin genom en ETF.
BETS ETF kommer att spåra det reglerbaserade Solactive Fischer Sports Betting and iGaming Index, vilket ger exponering för globala företag som genererar majoriteten av sina intäkter och/eller intäkter genom Sportsbetting och iGaming. Företag kategoriseras i pure-play och non-pure play baserat på deras exponering för dessa sportspel och iGaming.
Företag inkluderar B2C online-fokuserade varumärken som har exponering för ett brett utbud av onlinespelprodukter; omnichannel-företag med tegel och murbrukcasinon med en ökande tonvikt på online; och tjänster tillhandahåller B2C såsom teknikplattform, sportleverantörer, media och affiliate-marknadsföringsföretag.
Indexet är diversifierat över företagstyp, storlek och regional exponering. Det inkluderar större och mer etablerade företag tillsammans med flera små till medelstora företag som specialiserat sig på en aspekt av värdekedjan som kan växa i linje med eller snabbare än branschen.
Investment case
Den amerikanska investmentbanken Goldman Sachs förväntar sig att den amerikanska marknaden för sportspel och iGaming expanderar 23x från 2 miljarder dollar 2020 till 53 miljarder dollar 2033. Globalt förväntas branschen växa med 11 procent per år under de närmaste fem åren, enligt H2 Capital. Europa och Asien är också marknader med hög tillväxt.
Onlinespel hade tidigare varit olagligt i USA, men de senaste ändringarna i lagstiftningen som gjorde det möjligt för enskilda amerikanska stater att legalisera sportspel och iGaming, i olika former. Den förändrade lagstiftningen har varit en viktig tillväxtkatalysator för marknaden.
Andra tillväxtfaktorer inkluderar bredare social acceptans av sportspel som en underhållningsaktivitet, sportspelstöd från ligor, lag och medieföretag; konvertering från olagliga till lagliga marknader; tekniska förbättringar som möjliggör en förbättrad onlineupplevelse; och mer tid på mobila enheter.
Branschen har potential att generera attraktiv finansiell avkastning med MGM och Draftkings som förväntar sig EBITDA-marginaler på mellan 30-35 procent. Större aktörer som kan utnyttja marknadsföringskostnader (en av de viktigaste driftskostnaderna) inom ett bredare utbud av produkter och fysiska egenskaper förväntas generera över genomsnittliga marginaler. Relativt måttlig capex driver också över genomsnittet för Free Cash Flow och ROI.
Sports Betting and iGaming Index Information
Index Top 10 Holdings (indikativt) | Vikt, % |
DRAFTKINGS INC | 8.00% |
EVOLUTION GAMING GROUP AB | 8.00% |
FLUTTER ENTERTAINMENT PLC | 8.00% |
SKILLZ INC | 8.00% |
BOYD GAMING CORP | 5.00% |
CAESARS ENTERTAINMENT INC | 5.00% |
CHURCHILL DOWNS INC | 5.00% |
ENTAIN PLC | 5.00% |
MGM RESORTS INTERNATIONAL | 5.00% |
PENN NATIONAL GAMING INC | 5.00% |
Svenska investerare noterar direkt att ett av de största innehaven i BETS ETF utgörs av svenska Evolution Gaming Group.
Källa: Solactive. Index data per den 29 januari 2021
Net Total Return: 121.17%; Källor: Solactive, HANetf and Bloomberg. Historisk utveckling är ingen garanti för framtida avkastning.
Utvecklingen före starten baseras på back testad indexdata. Backtestning är processen att utvärdera en investeringsstrategi genom att använda den på historisk data för att simulera vad resultatet av en sådan strategi skulle ha varit. Back testad data representerar inte verklig utveckling och ska inte tolkas som en indikation på verklig eller framtida utveckling. Tidigare resultat för indexet är i USD.
Tidigare resultat är inte en indikator för framtida resultat och bör inte vara den enda faktor som ska beaktas när du väljer en produkt. Investerare bör läsa emittentens prospekt (“Prospekt”) innan de investerar och bör hänvisa till avsnittet i Prospektet med rubriken ”Riskfaktorer” för ytterligare information om risker förknippade med en investering i denna produkt.
Källa: Solactive Fischer Sports Betting och iGaming Index; Bloomberg-data per 10/05/21.
Metodöversikt
- Företag som ingår i indexet vid lanseringen
- Globala företag noterade på en reglerad börs med ett börsvärde på minst 200 000 000 USD.
- En genomsnittlig daglig omsättning på minst 250 000 USD under de senaste tre månaderna inklusive urvalsdagen.
- Primär notering i ett av de länder som ingår i utvecklade marknader och tillväxtmarknader enligt definitionen i Solactive Country Classification samt Malta.
Undersökning
I indexets syfte är följande de produkter och / eller tjänster som anses passa Sports Betting och iGaming-indexstrategi:
- Drift av online/internet-spelplattformar;
- Business-to-consumer operatörer eller konsumentvänliga varumärken;
- Leverantörer av teknikplattformar som tillhandahåller infrastrukturen och andra inklusive hanteringssystem för spelarkonton; och
- Media, dotterbolag, streaming och innehåll och andra tjänsteleverantörer.
- Baserat på INDEX UNIVERSE bestäms den ursprungliga sammansättningen av indexet liksom alla val för en vanlig återbalans på urvalsdagen i enlighet med följande regler (”INDEX KOMPONENTKRAV”):
- Uteslutning av företag som genererar minst 50 procent av sina intäkter från hästkapplöpning och lotteri.
- Företag kommer att klassificeras som “Pure Play” och “Non-Pure Play”. Den maximala vikten för en indexkomponent som klassificeras som ”Pure Play” har en maximal vikt på 8 procent.
- Den maximala vikten för en indexkomponent som är klassificerad som ”Non-Pure Play” har en maximal vikt på fem procent-
Rebalansering
För att återspegla det nya urvalet av indexkomponenter som fastställts på selection day justeras index på dagen för rebalansering efter stängning.
Detta genomförs genom att implementera de aktier som bestäms på fixing day baserat på vikterna beräknade på selection day.
Om Fischer Gaming
Fischer Gaming är ett boutique consulting-företag som specialiserat sig på den globala spelindustrin. Företagets grundare och VD, Aaron Fischer, har en omfattande historia inom spelindustrin och är för närvarande Chief Financial and Strategy Officer för onlinespelföretaget Game Play Network i Los Angeles.
Tidigare var han Chief Strategy Officer för MGM Resorts International från 2017 till 2020 där han var ansvarig för företagsstrategi och investerarrelationer. Han var särskilt involverad i viktiga strategiska initiativ som online sportspel och iGaming; budet på en Japan Integrated Resort-licens och andra projekt för att förbättra företagets avkastning och skapa värdes för aktieägarna. Aaron var en ledande aktiesanalytiker vid Goldman Sachs London och CLSA/Citic Securities i Asien där han specialiserade sig på spel, konsument- och lyxvaror. Aaron började sin karriär som revisor på Arthur Andersen i Australien.
Sammanfattning
Sportsbetting och iGaming Index ger exponering för en av de mest spännande tillväxtmöjligheterna i den globala spel- och underhållningssektorn. Regleringsförändringar och enormt uppskattad efterfrågan på sportspel och iGaming förväntas ge en 23x tillväxt i branschen i USA. Branschen förväntas också generera höga marginaler. vara extremt kassaflödesgenerativt tillsammans med en hög avkastning, med tanke på de låga kapitalkravet. Detta index ger en väldiversifierad exponering som inkluderar branschledare med välkända konsumentvarumärken och en mängd leverantörer av ”hackor och spadar” från branschen.
Nyckeldefinitioner
”Sportspel” definieras som satsning av pengar eller något annat värde på resultatet av ett evenemang eller spel.
”IGaming” inkluderar andra former av onlinespel som inkluderar traditionella kasinospel som slots, blackjack, roulette och daglig fantasisport. Det har definierats som ett onlinespel där betalning krävs, monetära priser kan tilldelas och resultatet av spelet bestäms övervägande av en slump. ”
”Non-pure play” -företag genererar eller förväntas generera mindre än 50% av intäkterna från sportspel och onlinespel. Icke-Pure Play-företag inkluderar spelföretag som kasinooperatörer och andra företag, t.ex. leverantörer av spelmaskiner och teknikleverantörer som också tillhandahåller produkter och tjänster till kunder eller andra företag inom den definierade branschen.
“Pure Play” -företag genererar eller förväntas generera minst 50% av sina intäkter från sportspel och onlinespel. Om intäktsströmmarna inte är offentligt tillgängliga kommer företagets huvudsakliga affärssegment att granskas baserat på dess affärsverksamhet, årsredovisningar, företagspresentationer eller andra offentligt tillgängliga källor.
Handla BETS ETF
Sports Betting and iGaming UCITS (ticker: BETS ETF) listas på Londonbörsen. Det gör det möjligt för europeiska investerare att handla denna börshandlade fond genom en mäklare som erbjuder handel på denna marknadsplats, till exempel DEGIRO. Sedan den 15 juni 2021 handlas Sports Betting and iGaming UCITS (ticker: BETS) ocksåpå tyska Xetra och Borsa Italiana. Detta innebär att det går att handla med BETS ETF genom en svensk nätmäklare som DEGIRO, Nordnet eller Avanza.
Största innehav
I BETS ingår många välkända företag, flera av dem svenska. Faktum är att svenska företag är den näst största gruppen, 16,74 procent, efter USA som svarar för 59,43 procent av den geografiska allokeringen.
Land | Vikt |
Sverige | 16,74% |
USA | 59,43% |
Kanada | 1,78% |
Norge | 1,00% |
Australien | 1,62% |
Största innehav
Aktie | Kortnamn | Valuta | Vikt, % | Land |
888 HOLDINGS PLC | 888 | GBP | 1,701910% | Storbritannien |
BET-AT-HOME.COM AG | ACX | EUR | 0,575898% | Tyskland |
ASPIRE GLOBAL PLC | ASPIRE | SEK | 0,959674% | Sverige |
BALLYS CORP | BALY | USD | 2,046740% | USA |
BETTER COLLECTIVE A/S | BETCO | SEK | 1,082264% | Sverige |
BETSSON AB | BETSB | SEK | 0,936334% | Sverige |
BRAGG GAMING GROUP INC | BRAG | CAD | 0,878107% | Kanada |
BOYD GAMING CORP | BYD | USD | 4,768926% | USA |
CATENA MEDIA PLC | CTM | SEK | 1,165529% | Sverige |
CHURCHILL DOWNS INC | CHDN | USD | 4,925578% | USA |
CAESARS ENTERTAINMENT INC | CZR | USD | 5,558950% | USA |
DRAFTKINGS INC | DKNG | USD | 7,006389% | USA |
ENTAIN PLC | ENT | GBP | 8,097813% | Storbritannien |
EVOLUTION AB | EVO | SEK | 7,420583% | Sverige |
FLUTTER ENTERTAINMENT PLC | FLTR | GBP | 7,445402% | Storbritannien |
GAMING INNOVATION GROUP INC | GIG | NOK | 0,998046% | Norge |
GAN LTD | GAN | USD | 0,971180% | USA |
GENIUS SPORTS LTD | GENI | USD | 3,296451% | USA |
GOLDEN NUGGET ONLINE GAMING IN | GNOG | USD | 0,935332% | USA |
INTERNATIONAL GAME TECHNOLOGY PLC | IGT | USD | 4,017571% | USA |
KAMBI GROUP PLC | KAMBI | SEK | 1,258496% | Sverige |
KINDRED GROUP PLC | KINDSDB | SEK | 3,089338% | Sverige |
LEOVEGAS AB | LEO | SEK | 0,832470% | Sverige |
MGM RESORTS INTERNATIONAL | MGM | USD | 5,249610% | USA |
POINTSBET HOLDINGS LTD | PBH | AUD | 1,619365% | Australien |
PENN NATIONAL GAMING INC | PENN | USD | 4,663736% | USA |
PLAYTECH PLC | PTEC | GBP | 1,607353% | Storbritannien |
RUSH STREET INTERACTIVE INC | RSI | USD | 0,973759% | USA |
SCORE MEDIA AND GAMING INC | SCR | CAD | 0,898178% | Kanada |
SCIENTIFIC GAMES CORP-A | SGMS | USD | 5,366975% | USA |
SKILLZ INC | SKLZ | USD | 4,457611% | USA |
WYNN RESORTS LTD | WYNN | USD | 5,194431% | USA |
Innehaven kan komma att förändras
Du kanske gillar
-
HANetf listar 4 nya börshandlade fonder på Bolsa Mexicana de Valores
-
Online iGaming-marknaden förväntas nå över 127 miljarder dollar år 2027
-
HANS-GINS Tech Megatrend Equal Weight vinner SFDR Artikel 8-status
-
Kansas lagstiftare röstar för att legalisera sports betting
-
Roundhill lanserar sina börshandlade fonder i Europa
-
HANetf en av de snabbast växande ETF-leverantörerna i Europa
Nyheter
Bitcoin Warms up to Climate Goals and Ethereum’s Next Milestone: What Happened in Crypto This Week?
Publicerad
8 timmar sedanden
15 maj, 2024• European Economy Booms while Regulators Consider Adopting Crypto
• Bitcoin’s Growing Fundamentals and Institutionalization
• Ethereum’s Next Leap Forward: A Glimpse at the Upcoming Upgrade
European Economy Booms while Regulators Consider Adopting Crypto
Europe’s economy has exceeded expectations, with Germany’s gross domestic product (GDP) for Q1 2024 increasing by 0.2%, compared to the previous quarter’s reading of -0.5%. Additionally, France, Italy, and Spain are also seeing progress, picking up the bloc’s GDP from -0.1% to 0.3%. This is a good sign that Europe is on the right track away from a recession. Matching the positive outlook, regulators appear receptive to including new alternative assets within the EU’s most established regulatory framework.
Namely, the European Securities and Markets Authority (ESMA) is considering cryptoassets, among other asset classes like commodities and precious metals, in its Undertakings for Collective Investment in Transferable Securities (UCITS). Similar to mutual funds in the U.S., UCITS funds can be registered and sold in any country in the EU using unified regulatory and investor protection requirements. These funds are considered safe, well-regulated investments, hence their €12T market valuation and popularity among pension funds and risk-averse investors.
On May 7, ESMA invited investors and trade associations, among others, for a consultation to assess possible benefits and risks of UCITS gaining exposure to the selected 19 asset classes, having until August 7 to gather input. This is important since UCITS accounts for 75% of all collective retail investments in the EU. Thus, if the conclusions of this consultation are in favor of adopting crypto, it would attract an influx of investors and bring more regulated accessibility to this asset class. Moreover, although still under consultation, ESMA’s deliberation adds more credibility to crypto, considering the regulator’s renowned strict regulatory standards.
Further, the EU’s inflation is inching towards the 2% target, overshooting by only 0.4% in the past month, a level the U.S. is yet to achieve, with March’s inflation hitting 3.5%. Later today, a strong gauge for inflation is coming out, the Producer Price Index (PPI), measuring the change in the price of finished goods and services sold by producers. With the last consumer price index (CPI) disappointing, all eyes are on the CPI print coming out this Wednesday, along with data on retail sales. Although optimism seems to have checked out, a cooled inflation rate would recover investors’ appetite for risk-on assets like crypto, instigating more flows into Bitcoin spot ETFs, which have been especially quiet over the past week, as shown in Figure 1.
Figure 1: US Spot Bitcoin ETFs Flows
Source: Glassnode
Nevertheless, Bitcoin’s narrative has been growing beyond its primary use case as a store of value, with companies and governments alike leveraging Bitcoin mining to reduce their negative impact on the environment, ironically something Bitcoin is often scrutinized for.
Bitcoin’s Growing Fundamentals and Institutionalization
On May 7, Genesis Digital Assets and Argentina’s state-owned YPF Luz, the country’s largest producer of oil and gas with a ∼40% share in 2021, announced their opening of a Bitcoin mining facility. The data center takes ‘stranded gas,’ a byproduct of oil and gas production that would otherwise be flared and contribute to greenhouse gas emissions, to power the mining operation with the potential to reduce carbon dioxide equivalent emissions by 25-63%. Notably, 50 major oil and gas companies, representing over 40% of global petroleum production, signed the Oil and Gas Decarbonization Charter (OGDC), thereby committing to end gas flaring by 2030. The Argentinian project serves as a prime example of how companies can achieve the goals outlined in the OGDC, an approach likely to be replicated by others potentially using Bitcoin.
Aside from the obvious environmental benefits, projects like these actually strengthen Bitcoin’s network! More miners joining the fray means greater computing power, reflected by the growing hash rate in Figure 2. This results in a more secure network, as 51% attacks become more costly to execute successfully. The development comes at a crucial point in time, calming fears over miners exiting the network to cover costs, a dynamic often witnessed post-halving and one we explored in our Bitcoin Halving Report.
Figure 2 – Bitcoin Growing Hash Rate
Source: 21co on Dune
On a more familiar note, institutions continue to gobble up Bitcoin as an investment opportunity. The recent 13F filings mentioned last week revealed a growing appetite for Bitcoin as investment managers continue to disclose their U.S. equity holdings to the SEC. Quantitative trading firm Susquehanna holds over $1B in Bitcoin ETFs, with Boston-based hedge fund Bracebridge disclosing their $380M position too. Furthermore, in Japan, a weakened yen and government debt reaching 250% of GDP confirms sustained economic pressure, which has led early-stage investment firm Metaplanet to adopt Bitcoin as a strategic reserve. They have acquired over $7M since April, another testament to Bitcoin’s value proposition as a safe haven. The continuous adoption of Bitcoin is no surprise, given the accessibility of Bitcoin ETFs to traditional institutions through a regulated and familiar investment vehicle.
The positive Bitcoin sentiment is amplified by continuous innovation on the network itself. Bitcoin’s prime scaling solution, the Lightning Network, has taken a significant leap forward. By leveraging the Taproot Asset Upgrade, the Lightning Network successfully tested a protocol for issuing stablecoins directly on Bitcoin. This underscores the trend of Bitcoin’s growing use cases following the launch of Runes, which unlocked the ability to launch fungible tokens on Bitcoin. The recent surge in on-chain activity is reminiscent of the ERC-20 explosion in Ethereum’s early days, and stablecoins would truly unlock Bitcoin’s DeFi potential. They facilitate a wide range of transactions, shown below by Ethereum stablecoins amassing $3.8T in 2024 processed volume so far.
Figure 3 – Ethereum Stablecoin Volume
Source: 21co on Dune
While still in the early stages, this development would also significantly boost miner revenue, offering them a much-needed additional income stream through transaction fees, following the halving of block rewards last month. The potential of stablecoins on Bitcoin will be monitored going forward, as they have clear implications for the network’s potential on-chain footprint.
Ethereum’s Next Leap Forward: A Glimpse at the Upcoming Upgrade
More information is finally starting to come out regarding Ethereum’s next major upgrade, slated for late this year or early next year. Known as Pectra, the upgrade promises to introduce a range of enhancements aimed at bolstering the network’s stability and refining user experience. For example, the upgrade will raise the maximum stake per validator from 32 to 2,048 ETH, streamlining the management process for large validators who spread their stake across multiple wallets. Moreover, Pectra will tackle the problem of empty accounts, those with zero assets or funds, by removing them from the network. This action reduces the network’s state size, which effectively leads to lighter transaction processing.
Although the upgrade will incorporate various Ethereum Improvement Proposals (EIPs), one in particular stands out. Referred to as EIP 7702, Vitalik Buterin’s new proposal aims to expand upon the advancements made in Account Abstraction (AA) on Ethereum by refining certain concepts introduced in an earlier proposal, EIP 3074. As a quick recap, AA transforms users’ wallets, externally owned accounts (EOAs), into more sophisticated accounts resembling smart contracts, enhancing security, flexibility, and simplified user management. That said, EIP 7702 addresses some of EIP 3074 criticisms by steering clear of dependencies on EOA-specific functionalities. It aims to establish a versatile system capable of meeting the evolving needs of the Ethereum ecosystem while helping to reduce technical debt for the network
However, EIP 7702 proposes several other enhancements, including batched transactions, which could enhance transaction efficiency and even reduce fees by consolidating multiple user actions. Another exciting feature is the introduction of s sponsored transactions, which allow third-party applications to cover transaction fees for consumers, an ideal solution for onboarding new users. Finally, the upgrade could make users’ accounts resistant to threats from quantum computing. That said, with the proposal’s introduction of a new transaction type enabling EOAs to temporarily transition into smart accounts, concerns arise regarding the heightened risk of malicious actors’ ability to swiftly drain user wallets. Nevertheless, Vitalik’s proposal is intriguing as it charts a more pragmatic course toward realizing the AA vision. This is pivotal because it echoes our thesis at 21Shares that crypto won’t onboard millions of more users without providing them with an intuitive interface resembling the user-friendly experience they are familiar with across Web2.
Now, while Ethereum’s long-term prospects remain promising, its status as a deflationary network has come under threat in recent weeks, as seen below in Figure 3. This decline is primarily attributed to decreasing on-chain activity, which peaked at the end of March. Furthermore, the DenCun upgrade, implemented in March, significantly reduced the costs L2s incurred for storing their data on Ethereum by 90%.
Figure 4 – Ethereum’s Inflation
Source: 21co on Dune
It is worth noting that while it is currently more cost-effective for L2s to operate on Ethereum, these reduced costs will eventually onboard a larger user base. This will make it more feasible for applications, especially those requiring a high volume of interactions, to operate within the Ethereum ecosystem, which was previously economically unviable. A pivotal piece of evidence supporting this perspective is Arbitrum’s recent milestone, onboarding approximately 600K daily active users, as depicted in Figure 4. This likely influenced Securitize’s decision to propose deploying Blackrock’s BUIDL on Arbitrum, considering its position as the pioneering L2 platform with such a vibrant user base, alongside being the first L2 to process over $150B in swap volume on Uniswap, putting Arbitrum as the leading Ethereum scaling solution. Nevertheless, readers shouldn’t be wary, as we expect a broader spectrum of applications to arrive at the Ethereum network, helping to fill in the gap for Ethereum’s lost revenue while expanding the universe for what is possible within its ecosystem.
Figure 4 – Daily Active Users of Ethereum’s Leading Solutions
Source: GrowThePie
This Week’s Calendar
Source: Forex Factory, 21Shares
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.
Nyheter
CRPA ETF investerar i företagsobligationer och återinvesterar utdelningen
Publicerad
9 timmar sedanden
15 maj, 2024iShares Global Corporate Bond UCITS ETF USD (Acc) (CRPA ETF) investerar i företagsobligationer med fokus på World. ETF:n innehar hela utbudet av obligationsförfall. De underliggande obligationerna har Investment Grade-betyg. Ränteintäkterna (kupongerna) i fonden återinvesteras (ackumuleras).
Den totala kostnadskvoten uppgår till 0,20 % p.a. Fonden replikerar resultatet för det underliggande indexet genom att köpa ett urval av de mest relevanta indexbeståndsdelarna (samplingsteknik). iShares Global Corporate Bond UCITS ETF USD (Acc) har tillgångar på 116 miljoner GBP under förvaltning. ETF:en är äldre än 3 år och har sin hemvist i Irland.
Varför CRPA?
Diversifierad exponering mot globala företagsobligationer
Direktinvesteringar i företagsobligationer över sektorer (industri, allmännyttiga och finansiella företag)
Obligationsexponering med investeringsgrad
Investeringsmål
Fonden strävar efter att följa utvecklingen av ett index som består av företagsobligationer av investeringsklass från emittenter på tillväxtmarknader och utvecklade marknader.
Investeringsstrategi
Bloomberg Global Aggregate Corporate-index spårar företagsobligationer i amerikanska dollar utgivna av företag över hela världen. Alla löptider ingår. Betyg: Investment Grade.
Handla CRPA ETF
iShares Global Corporate Bond UCITS ETF USD (Acc) (CRPA ETF) är en europeisk börshandlad produkt som handlas på London Stock Exchange.
London Stock Exchange är en marknad som få svenska banker och nätmäklare erbjuder access till, men DEGIRO gör det.
Börsnoteringar
Börs | Valuta | Kortnamn |
gettex | EUR | SXRB |
London Stock Exchange | USD | CRPA |
Största innehav
Emittent | Vikt (%) |
BANK OF AMERICA CORP | 1.83 |
JPMORGAN CHASE & CO | 1.63 |
GOLDMAN SACHS GROUP INC/THE | 1.29 |
MORGAN STANLEY | 1.15 |
CITIGROUP INC | 1.13 |
WELLS FARGO & COMPANY | 1.12 |
VERIZON COMMUNICATIONS INC | 0.97 |
AT&T INC | 0.95 |
APPLE INC | 0.84 |
HSBC HOLDINGS PLC | 0.78 |
Innehav kan komma att förändras
Nyheter
Timely and concise insights on Bitcoin & Cryptoasset Markets
Publicerad
10 timmar sedanden
15 maj, 2024• Growing Mainstream Adoption of Digital Assets: Institutional investors and major asset managers are increasingly incorporating digital assets like Bitcoin into their portfolios, as evidenced by recent filings and the launch of Bitcoin ETFs in the U.S. Despite their current small market share, these investments reflect a broader trend towards mainstream acceptance
• Impact on Portfolio Performance: The inclusion of Bitcoin in portfolio optimizations, using strategies such as Maximum Sharpe Ratio and Risk Parity, has shown to improve the risk-adjusted returns compared to traditional portfolios. Portfolios optimized with Bitcoin not only offer higher returns for the additional risk taken but also present a wider range of efficient risk-return combinations
• Optimal Allocation Recommendations: Empirical studies suggest that even a small allocation to digital assets, specifically between 2% to 3% in broader asset mixes and up to 4% to 6% in more focused digital asset portfolios, significantly enhances portfolio performance without adversely impacting overall risk profiles
Gradually, then suddenly, as they say, digital assets are becoming mainstream.
The biggest asset managers in the world have launched spot Bitcoin ETFs in the US this year and adoption among institutional investors is rising rapidly.
Major financial institutions like Franklin Templeton themselves have just recently disclosed significant investments into Bitcoin ETFs via their latest 13F filings.
Institutional hedge funds that manage money for Ivy League university endowments have disclosed multi-million Dollar holdings. Stanford university’s Blyth Fund has recently disclosed that they hold around 7% allocation in Bitcoin ETFs.
Nonetheless, at the time of writing, US Bitcoin ETFs only account for approximately 0.6% of the overall size of the US ETF market based on data provided by ICI.
In Europe, Bitcoin ETPs also only comprise a tiny fraction of the 11 trn EUR UCITS market of only 0.05%, according to our calculations based on Bloomberg data.
In general, we expect the relative size of digital assets to increase further as even small allocations to digital assets are bound to increase portfolio risk-adjusted returns significantly as demonstrated in our latest deep dive on Bitcoin.
But what is the optimal allocation to Bitcoin and digital assets in general?
What is the optimal allocation to digital assets?
Most empirical portfolio studies usually look at how a classical 60/40 portfolio comprising of 60% allocation in stocks and 40% allocation in bonds responds to a gradual increase in digital asset allocation.
In our previous digital asset study, we did a similar exercise by investigating the effect of increases in digital asset allocation on overall portfolio risk and return metrics.
Since digital assets generally exhibit a higher risk-adjusted return (“Sharpe Ratio”) than other traditional asset classes, a marginal increase in allocation usually leads to an increase in overall portfolio risk-adjusted returns.
However, most institutional asset managers don’t employ a 60/40 portfolio in the first place because of high portfolio volatility and the dominance of the equity allocation for the whole portfolio’s risk-return profile.
In fact, most institutional asset managers in practice allocate based on optimized risk metrics such as portfolio Sharpe Ratio or portfolio volatility which is why we perform a similar exercise here.
In a first step, we looked at optimized multiasset portfolios comprising of global stocks (MSCI World AC), global bonds (Bloomberg Global Aggregate USD-hedged), and commodities (Bloomberg Commodity Index).
More specifically, we optimized these portfolios based on the following approaches:
• Minimum Variance/Volatility
• Maximum Sharpe Ratio
• Equal risk contribution (Risk parity)
The Minimum Variance approach tries to minimize the average portfolio volatility.
The Maximum Sharpe Ratio approach tries to maximize the ratio between average portfolio return (minus a risk-free return) and the corresponding average volatility. The Equal risk contribution or Risk Parity approach varies the respective portfolio weights until every asset has an identical relative contribution to the overall portfolio volatility.
In a second step, we added Bitcoin to the set of potential assets into the optimization. Our period of investigation (July 2010 – May 2024) was constrained by the fact that reliable market prices for Bitcoin only exist since 2010 as it is still a relatively young asset.
Here are the results for the different optimizations. The upper panel excludes Bitcoin while the lower panel includes Bitcoin in the optimization:
Several observations are in order:
Firstly, the minimum variance approach excludes Bitcoin completely since Bitcoin generally exhibits a higher level of volatility than the other assets.
Secondly, the maximum Sharpe Ratio approach excludes commodities in the traditional portfolio but includes Bitcoin in the new portfolio. The Bitcoin allocation is made largely at the expense of the stock allocation.
Lastly, the risk parity approach also includes Bitcoin at the expense of all other asset classes.
Furthermore, a comparison between the historical performances of the traditional portfolios that exclude Bitcoin and those that include Bitcoin reveals that the max Sharpe Ratio and the Risk Parity (ERC) portfolio were able to significantly outperform the Minimum Variance portfolio which didn’t allocate to Bitcoin at all.
It is also important to highlight that the Risk Parity portfolio with Bitcoin even exhibited a smaller maximum drawdown than the Minimum Variance portfolio without Bitcoin. In other words, the increase in portfolio volatility was largely due to an increase in positive upside volatility.
Moreover, investors are over-proportionately rewarded with higher returns for unit of additional risk as the risk-adjusted returns (“Sharpe Ratio”) increase significantly by adding Bitcoin.
The Sharpe Ratios for optimized portfolios with Bitcoin are even significantly higher than for optimized portfolios without Bitcoin.
In fact, by including Bitcoin and digital assets into their portfolio optimization, the universe of potential multiasset portfolios increases vastly.
Asset managers are not only enabled to provide investors with more efficient portfolios, i.e. higher risk-adjusted returns, but also provide investors with a much larger set of risk-return combinations compared to traditional portfolios that only include stocks, bonds, and commodities.
So far so good. What about other digital assets?
We also applied the same portfolio optimization approaches to a basket of the top 20 digital assets based on the MSCI Global Digital Assets Select 20 Capped Index.
–> The optimal % allocation is even higher in case of the Maximum Sharpe Ratio and Risk Parity portfolio optimization.
It is important to note that the period of investigation (November 2019 – May 2024) is much smaller due to the fact that younger digital assets within the top 20 digital assets like Solana or Ethereum have a smaller track record than Bitcoin.
All in all, the abovementioned results imply that even a small allocation to digital assets can have very positive effects on risk-adjusted returns without compromising the risk characteristics of the portfolios.
While highly risk-averse investors should probably avoid digital assets, the optimal allocation based on the Max Sharpe Ratio and Risk Parity approach appears to be between 2% and 3% for the full sample with bitcoin and between 4% and 6% for the smaller sample with a basket of the top 20 digital assets.
The results generally support our previous findings that we presented here.
Most portfolio optimization approaches also include digital assets within the optimal portfolio allocation which demonstrates that any modern portfolio approach that doesn’t include digital assets like Bitcoin is probably sub-optimal.
We recommend that agile asset managers familiarise themselves with this emerging asset class for the benefit of their clients and to remain competitive.
Bottom Line
• Growing Mainstream Adoption of Digital Assets: Institutional investors and major asset managers are increasingly incorporating digital assets like Bitcoin into their portfolios, as evidenced by recent filings and the launch of Bitcoin ETFs in the U.S. Despite their current small market share, these investments reflect a broader trend towards mainstream acceptance
• Impact on Portfolio Performance: The inclusion of Bitcoin in portfolio optimizations, using strategies such as Maximum Sharpe Ratio and Risk Parity, has shown to improve the risk-adjusted returns compared to traditional portfolios. Portfolios optimized with Bitcoin not only offer higher returns for the additional risk taken but also present a wider range of efficient risk-return combinations
• Optimal Allocation Recommendations: Empirical studies suggest that even a small allocation to digital assets, specifically between 2% to 3% in broader asset mixes and up to 4% to 6% in more focused digital asset portfolios, significantly enhances portfolio performance without adversely impacting overall risk profiles
To read our Crypto Market Compass in full, please click the button below:
Bitcoin Warms up to Climate Goals and Ethereum’s Next Milestone: What Happened in Crypto This Week?
CRPA ETF investerar i företagsobligationer och återinvesterar utdelningen
Timely and concise insights on Bitcoin & Cryptoasset Markets
Valour Inc. lanserar världens första avkastningsbärande Bitcoin (BTC) ETP
Virtune lanserar Virtune Staked Cardano ETP på Nasdaq Stockholm
ETFmarknaden i Europa firar sitt 24-årsjubileum med tillgångar på två biljoner USD
Vilken är den bästa fond som följer Nasdaq-100?
De mest populära börshandlade fonderna april 2024
Några av de bästa guldfonderna
Sveriges enda riktiga råvarufond har öppnat
Populära
-
Nyheter4 veckor sedan
ETFmarknaden i Europa firar sitt 24-årsjubileum med tillgångar på två biljoner USD
-
Nyheter2 veckor sedan
Vilken är den bästa fond som följer Nasdaq-100?
-
Nyheter2 veckor sedan
De mest populära börshandlade fonderna april 2024
-
Nyheter1 vecka sedan
Några av de bästa guldfonderna
-
Nyheter3 dagar sedan
Sveriges enda riktiga råvarufond har öppnat
-
Nyheter1 vecka sedan
Endast en tredjedel av brittiska privatinvesterare har hört talas om ansvarsfulla investeringar eller ESG
-
Nyheter3 veckor sedan
U.S. Global Investors tar över HANetf Travel
-
Nyheter2 veckor sedan
Ny ETF från UBS ger tillgång till företag på utvecklade marknader med valutasäkring i euro