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ETC Group Crypto Market Compass #7 2024

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ETC Group Crypto Market Compass #7 2024 • Bitcoin closes at highest price since December 2021 as cryptoassets recover strongly on the back of positive net inflows into US spot Bitcoin ETFs and rising futures open interest

• Bitcoin closes at highest price since December 2021 as cryptoassets recover strongly on the back of positive net inflows into US spot Bitcoin ETFs and rising futures open interest

• Our in-house “Cryptoasset Sentiment Index” has also recovered strongly and signals bullish sentiment

• Global Bitcoin ETP flows top +1 bn USD last week as monthly flows into top 2 US products were best in US ETF history


Chart of the Week

Performance

Last week, cryptoassets continued to recover strongly on the back of positive net inflows into US spot Bitcoin ETFs and rising futures open interest.

More specifically, global cryptoasset ETP fund flows topped +1 bn USD last week which was the highest weekly net inflow since the first week of trading of the US spot Bitcoin ETFs in early January.

One month after the launch of the US spot Bitcoin ETFs, the top 2 US products have recorded the most flows in the history of US ETF trading launches which demonstrates that the launch has been a huge success so far.

Meanwhile, BTC futures open interest also picked up significantly in a sign that global risk appetite is returning. In fact, our in-house Cryptoasset Sentiment Index has also recovered briskly to levels last seen before the recent “sell-the-news” correction which is consistent with an overall return in cross asset risk appetite.

Meanwhile, a recent institutional trader survey by JP Morgan implies that overall interest in cryptoassets is still rather lukewarm. In a poll of more than 4,000 traders conducted by the bank, 78% of respondents said they would not trade cryptocurrencies, and only 12% said they would do so over the next five years.

Besides, Google Trends search queries for “bitcoin” in the US also remain well below previous cycle peaks of 2021 or 2017 which implies that retail sentiment is also still muted which is overall a positive sign amid increasing risk appetite.

It seems as if the market is turning a blind eye on unpleasant macro developments that are happening in the background such as increasing risks in the global financial system and as such increasing recession risks.

For instance, last week the German lender Deutsche Pfandbriefbank came into crosshairs as it significantly increased its loan loss provisions related to its US commercial real estate exposure. This is following similar developments in the US (New York Community Bank) and in Japan (Aozora Bank) more recently.

That being said, in particular Bitcoin could be regarded as a hedge against rising systemic risks in the banking system as a censorship-resistant and counterparty risk-free asset.

One of the reasons why markets are turning a blind eye is the Chinese New Year celebrations that were accompanied by increasing monetary stimuli by the People’s Bank of China. In fact, aggregate financing in China, which comprises of bank loans and non-bank financing activity in China, has reached an all-time high in January 2024.

Although it is quite common to see a seasonal pick-up in lending activity in China during the annual new year festivities around January/February, the fact that it has reached an all-time high is yet another piece of evidence that the Chinese authorities are clearly trying to support the economy. Lending activity in China usually leads real economic activity by approximately half a year which implies improving economic conditions over the coming months.

What is more is that, based on our own calculations, improvements in global growth expectations have been the major macro factor for Bitcoin’s performance over the past 6 months. So, since China is the global business cycle behemoth, any further positive news from China should also affect Bitcoin and cryptoassets positively.

In general, among the top 10 crypto assets, Avalanche, Bitcoin, and Solana were the relative outperformers.

Solana outperformed somewhat counter-intuitively despite an outage that happened last week due to a fixed but not yet implemented bug fix.

However, altcoin outperformance vis-à-vis Bitcoin was relatively weak, with only 10% of our tracked altcoins managing to outperform Bitcoin on a weekly basis.

Sentiment

Our in-house “Cryptoasset Sentiment Index” has also recovered strongly and signals bullish sentiment.

At the moment, 9 out of 15 indicators are above their short-term trend.

Compared to last week, we saw major reversals to the upside in global crypto ETP fund flows and the BTC futures long liquidation dominance.

The Crypto Fear & Greed Index remains in ”Greed” territory as of this morning.

Meanwhile, our own measure of Cross Asset Risk Appetite (CARA) has continued to increase as well which is signalling a positive sentiment in traditional financial markets.

Besides, performance dispersion among cryptoassets has declined somewhat but still remained relatively high.

In general, high performance dispersion among cryptoassets implies that correlations among cryptoassets are low, which means that cryptoassets are trading more on coin-specific factors.

At the same time, altcoin outperformance vis-à-vis Bitcoin was still relatively low, with an underperformance of Ethereum vis-à-vis Bitcoin last week. Viewed more broadly, only 10% of our tracked altcoins have outperformed Bitcoin on a weekly basis.

In general, low altcoin outperformance tends to be a sign of low risk appetite within cryptoasset markets.

Fund Flows

Overall, we saw net fund inflows in the amount of +1091.9 mn USD (week ending Friday) based on Bloomberg data across all types of cryptoassets.

Global Bitcoin ETPs continued to see significant net inflows of +1079.5 mn USD of which +1194.4 mn (net) were related to US spot Bitcoin ETFs alone.

The Grayscale Bitcoin Trust (GBTC) continued to see net outflows of around -415 mn USD last week albeit at a decelerating pace. This was more than offset by net inflows into other US spot Bitcoin ETFs. For instance, BlackRock’s iShares Bitcoin Trust (IBIT) took in +684 mn USD and Fidelity’s Bitcoin ETF (FBTC) took in +523 mn USD last week.

Both IBIT and FBTC have recorded the most flows in the history of US ETF trading launches one month after trading launch which demonstrates that the launch has been a huge success so far.

Note that some fund flows data for US major issuers are still lacking in the abovementioned numbers due to T+2 settlement.

Apart from Bitcoin, we saw comparatively small flows into other cryptoassets last week.

There were some minor inflows into global Ethereum ETPs of around +6.7 mn USD. Altcoin ETPs ex Ethereum that managed to attract +17.2 mn USD last week.

In contrast, thematic & basket crypto ETPs experienced net outflows of -11.4 mn USD, based on our calculations.

Besides, the beta of global crypto hedge funds to Bitcoin over the last 20 trading still implies that global crypto hedge funds remain under-exposed to Bitcoin market risks.

On-Chain Data

Positive on-chain developments have also supported the recent recovery. For instance, BTC exchange balances have reversed last week and reached their lowest level since July 2018. ETH exchange balances have also continued to drift lower.

All in all, BTC net exchange transfers and deposits have recently been negative and BTC exchange balances have declined over the past week as a result. This implies overall increasing demand for Bitcoin.

Most of those net outflows occurred from wallet sizes in excess of 1 mn USD which implies that the majority of net outflows from exchanges and thus net demand originates from larger (institutional) investors.

At the same time, whale deposits to exchanges have clearly levelled off last week in a sign of decreasing selling pressure from large entities. Whales are defined as network entities (cluster of addresses) that hold at least 1,000 BTC. Long-term holders have also reduced their transfers to exchanges significantly over the past 2 weeks and long-term holder supply has stabilized somewhat.

Meanwhile, BTC miners continue selling into their reserves as BTC miner balances have reached their lowest level since July 2021. It seems as if BTC miners are trying to prop up their cash reserves ahead of the Halving which is less than 10000 blocks away and expected to happen around the 20th of April.

The overall BTC network hash rate continues to hover near the all-time high reached on the 2nd of February and total miner revenues have declined towards the block subsidy as transaction demand has somewhat normalized.

Futures, Options & Perpetuals

BTC futures open interest has increased significantly last week with an increase of around +32k BTC of which CME accounted for around +20.7k BTC. Perpetual open interest also increased by around +12k BTC last week.

As a result, the 3-months annualized BTC futures also increased to around 11.0% p.a. and the BTC perpetual funding rate increased to the highest level since January 12th across major derivatives exchanges.

BTC options’ open interest also increased significantly last week by around +26k BTC. Interestingly enough, the Put-call open interest increased throughout the week implying that option traders built up downside protections throughout the week as well. Put-call volume ratios also increased which is consistent with this observation.

However, the 25-delta BTC option skew for all major expiries has declined significantly over the past week in favour of call options, implying renewed interest for upside calls. At the same time, there was a reversal in implied volatilities to the upside, especially in earlier expiries.


Bottom Line

• Bitcoin closes at highest price since December 2021 as cryptoassets recover strongly on the back of positive net inflows into US spot Bitcoin ETFs and rising futures open interest

• Our in-house “Cryptoasset Sentiment Index” has also recovered strongly and signals bullish sentiment

• Global Bitcoin ETP flows top +1 bn USD last week as monthly flows into top 2 US products were best in US ETF history

Disclaimer

Important Information

The information provided in this material is for informative purposes only and does not constitute investment advice, a recommendation or solicitation to conclude a transaction. This document (which may be in the form of a blogpost, research article, marketing brochure, press release, social media post, blog post, broadcast communication or similar instrument – we refer to this category of communications generally as a “document” for purposes of this disclaimer) is issued by ETC Issuance GmbH (the “issuer”), a limited company incorporated under the laws of Germany, having its corporate domicile in Germany. This document has been prepared in accordance with applicable laws and regulations (including those relating to financial promotions). If you are considering investing in any securities issued by ETC Group, including any securities described in this document, you should check with your broker or bank that securities issued by ETC Group are available in your jurisdiction and suitable for your investment profile.

Exchange-traded commodities/cryptocurrencies, or ETPs, are a highly volatile asset and performance is unpredictable. Past performance is not a reliable indicator of future performance. The market price of ETPs will vary and they do not offer a fixed income. The value of any investment in ETPs may be affected by exchange rate and underlying price movements. This document may contain forward-looking statements including statements regarding ETC Group’s belief or current expectations with regards to the performance of certain asset classes. Forward-looking statements are subject to certain risks, uncertainties and assumptions, and there can be no assurance that such statements will be accurate and actual results could differ materially. Therefore, you must not place undue reliance on forward-looking statements. This document does not constitute investment advice nor an offer for sale nor a solicitation of an offer to buy any product or make any investment. An investment in an ETC that is linked to cryptocurrency, such as those offered by ETC Group, is dependent on the performance of the underlying cryptocurrency, less costs, but it is not expected to match that performance precisely. ETPs involve numerous risks including, among others, general market risks relating to underlying adverse price movements and currency, liquidity, operational, legal, and regulatory risks.

For more details and the full disclaimer

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Rate Cuts and Bitcoin’s Scaling Potential: What Happened in Crypto This Week?

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Exciting Future for Bitcoin’s Scaling Potential BTC’s Rising Accumulation Meets a Growing Delta-Neutral Trading Strategy Rooting for Rate Cuts, Banking Crisis Looms in the U.S.

• Exciting Future for Bitcoin’s Scaling Potential

• BTC’s Rising Accumulation Meets a Growing Delta-Neutral Trading Strategy

• Rooting for Rate Cuts, Banking Crisis Looms in the U.S.

Rooting for Rate Cuts, Banking Crisis Looms in the U.S.

Benchmarks of monetary policy success are shifting around the world. The 2% inflation rate target is no longer within reach in the immediate term, while high interest rates seem to be doing more harm than good. On June 5, Canada was the first G7 country to lower its interest rate to 4.75% from the 5% it stuck to since July 2023. Despite its two-year high unemployment rate of 6.1% and an inflation rate of 2.7% in April, Canada’s move might have started the rate cut season.

Now, while Europe’s inflation has improved over the past six months, inching towards the 2% medium-term target, the European Central Bank (ECB) might have followed suit. For the first time since 2019, the ECB lowered interest rates to 25 basis points. Starting June 12, the EU’s key interest rate will be reduced to 3.75% from 4%, where it has been since September 2023. Realizing the 2% target is far from reach, European monetary policy seems to factor in a more realistic dimension. The ECB staff added 20 basis points to their annual inflation forecasts to be 2.5% in 2024 and 2.2% in 2025.

At the same time that 20 European countries will be celebrating the long-awaited rate cut, the U.S. will be rooting for a cool Consumer Price Index (CPI) print that would boost the Federal Reserve’s confidence that inflation is heading in the right direction. However, the labor market is showing mixed signs of recovery in May, with the unemployment rate increasing slightly above expectations at 4%. In contrast, nonfarm payroll employment increased to 272K, 50K higher than the monthly average. Average monthly earnings have also inched up from April’s reading, increasing by 0.4%. As seen, the delicate balance between inflation control and economic growth remains uncertain, which would definitely be reflected in the Federal Reserve policy decisions. Thus, crypto will remain sensitive to the different interpretations of macro data.

Specifically, volatility will be expected this week in anticipation of the Federal Open Market Committee statement scheduled to shed some light on the U.S. monetary policy on June 12. However, more macro data is coming out later in the week. As shown in the calendar at the end of this newsletter, we’ll know more about changes in wholesale prices on Thursday and conclude the week with the University of Michigan survey results around consumer sentiment, which should give a more complete picture of where the economy stands.

Moreover, the higher-for-longer approach is straining the banking sector in the U.S., with 63 banks declared to be sitting on $517B in unrealized losses, increasing by $39B in the first quarter. Higher unrealized losses on residential mortgage-backed securities, resulting from higher mortgage rates in the first quarter, drove the overall increase. This is the ninth straight quarter of unusually high unrealized losses since 2022, when the Federal Reserve began raising interest rates.

How will this developing crisis affect BTC? Bitcoin usually stood strong amid banking crises, acting as a hedge against counterparty failure over the past few years. That was evident in March 2023, when Bitcoin jumped by 30% after the world experienced the most significant banking stress since 2008. Lack of transparency, mismanagement, and vulnerability towards a single point of failure led to the collapse of hundreds of banks between 2007 and 2012. These factors led to what is now known as the Great Recession, inspiring the creation of Bitcoin in the process. The network’s disciplined monetary policy, combined with its immutable nature and decentralization, became the antithesis of the failures of traditional finance.

On another but rather relevant note, global liquidity has experienced an uptick in the past month, reaching an all-time high of $94T, as shown in Figure 1. As we trace the two lines, we can deduce that Bitcoin is a big profiteer of the expanding global liquidity. Almost $3T has been added since Bitcoin’s all-time high of $69K in 2021. If the banking crisis persists in the U.S. and spreads worldwide, like last year, central banks will have to step in to make their banks whole, which will translate into the growth of their balance sheets even more. Higher liquidity reduces perceived uncertainty, encouraging investors to increase their risk-taking in assets like equities and crypto.

Figure 1 – Bitcoin’s Performance Against Global Liquidity

Source: IntoTheBlock

BTC’s Rising Accumulation Meets a Growing Delta-Neutral Trading Strategy

Last week, the Bitcoin ETF market sustained its recent momentum, mostly driven by the shifting sentiment around the global economy’s battle against inflation, as discussed in the previous section. This was symbolized by the ECB and Bank of Canada’s move to cut rates, which led Bitcoin to hit $72K while its open interest reached an all-time high of $32.02B. However, this was shortly met with a cascade of liquidations (~$400M) as the excitement was countered by the jobs report, which gave a troubling signal of the FED’s progress on taming inflation, leading the entire crypto market to drop by 4%.

That said, U.S. spot ETFs accumulated nearly 25,729 BTC over the last week, equivalent to eight weeks’ worth of new BTC supply entering the market from block rewards. Notably, the impressive recent inflows led to recording the second strongest day of inflows since late March, with more than 12K BTC absorbed via ETFs on June 4. Overall, ETFs now hold close to 5% of Bitcoin’s total supply while making up roughly 60% of Gold ETFs assets under management in the U.S. As we’ve emphasized over the past months, the impact of ETFs on the supply and demand dynamics of the BTC market shouldn’t be ignored. They continue to lay the groundwork for a supply shock that could occur in the medium to long term, especially as BTC on exchanges continues to reach the lowest point in over six years. Similarly, Bitcoin’s accumulation addresses (wallets that have received more than two transactions and have never spent their funds) saw an uptick in the last few weeks, as shown in Figure 2. This echoes our belief that long-term believers are unfazed by their short-term volatility and believe that Bitcoin still has more room to grow.

Figure 2: Total Number of Bitcoin Accumulation Addresses

Source: Glassnode

However, one notable trend to monitor though is the emergence of a cash-and-carry trade, as depicted in Figure 3. This strategy involves investors purchasing Bitcoin on the spot market through ETFs, while simultaneously shorting it on the CME Group exchange to capitalize on the arbitrage opportunity. This phenomenon helps rationalize why the buying pressure from ETFs was being offset by the shorting activity on the futures market. In that sense, it provides a more comprehensive understanding of the surge in Bitcoin’s open interest while potentially explaining why BTC wasn’t able to break through its major resistance at $72K.

Figure 3: The Net Positions of Different Investors on CME Exchange

Source: TheBlock

Exciting Future for Bitcoin’s Scaling Potential

Moving on, Bitcoin’s fundamentals received a significant boost last week. Starknet, the developer of one of Ethereum’s leading scaling solutions, announced its plans to expand to Bitcoin. The company aims to integrate its Zero-Knowledge technology, which powers its Layer 2 platform, to scale Bitcoin without requiring any hard forks. According to Starknet’s founder, the solution will be designed to allow applications to settle transactions on both Bitcoin and Ethereum simultaneously, enhancing Bitcoin’s competitiveness as a settlement platform for a broader landscape of transactions. That said, the key to making this integration a reality lies in the potential soft fork upgrade known as OP_CAT, which could unlock new possibilities for Bitcoin’s scripting language.

For context, OP_CAT is a decade-old script from the Satoshi era that enabled a more feature-rich programming language that paves the path for smart contracts on top of Bitcoin. However, Satoshi removed it as it was feared that it could introduce more security risks into the network, which we’ll break down later. Nevertheless, the function is now making a resurgence as certain segments of the Bitcoin community are looking for different ways to scale the network. This is inspired by the innovation spurred by Ordinals last year, which was enabled on the back of the 2021 soft fork upgrade called the Taproot upgrade.

In line with this, reintroducing OP_CAT could significantly benefit Bitcoin. It can simplify the creation and management of assets’ metadata, thereby laying the groundwork for asset tokenization. It can also enable secure vaults to safeguard against unauthorized access to users’ wallets through advanced multi-signature setups. Additionally, OP_CAT can support escrow wallets, which is crucial for financial use cases that involve locking BTC in a smart contract for yield-generation purposes or using it as collateral for money markets. Lastly, OP_CAT will play a pivotal role in enabling expressive smart contracts, such as trustless bridges, essential for the emergence of Layer 2 solutions, which Starknet aims to capitalize on replicating Ethereum’s scaling success on Bitcoin.

On the other hand, the concerns that led Satoshi to avoid OP_CAT remain pertinent today. The reintroduction of this function could create large scripts that consume significant resources, potentially leading to vulnerabilities such as Denial of Service (DOS) attacks that could cripple Bitcoin’s usage. DOS involves flooding and overwhelming a system with a massive number of requests and messages to bring it down to a halt and make it impossible to process transactions. The function could also introduce unforeseen security threats that weren’t relevant a decade ago, while it could result in a hard fork if certain node operators don’t support the upgrade.

Thus, given the network’s value proposition as the oldest and most secure blockchain, the trade-off between modifying the network’s codebase to add more features, which increases its complexity, versus leveraging external solutions that transform the network’s utilization is contentious. This explains why the functionality has been hotly debated for years but has never been implemented. Nevertheless, it is noteworthy that OP_CAT was formally designated as BIP420 in April, leaving the decision to implement the upgrade to the community for consideration and debate.

In conclusion, the emergence of various scaling solutions for Bitcoin is a significant development. This includes Stacks’ approach utilizing sidechain technology, BitVM enabling rollups similar to Ethereum’s Arbitrum and Optimism, Ordinals and Runes creating unique digital assets, and now the potential of OP_CAT. The diversity of these scaling methods is essential for fostering a robust and resilient ecosystem, as it ensures that Bitcoin is not limited to a single approach and can continue innovating if one solution becomes obsolete.

This is crucial because miners need a supplementary source of income to mitigate the decline in revenue resulting from block issuance and ensure the long-term sustainability of the network as the newly mined BTC supply continues to decrease. Similarly, the economic impact of Ordinals, BRC20, and Runes can’t be understated, as they play a sizable role in Bitcoin’s on-chain activity. For context, miners were able to generate close to 11K BTC, equating to $750M, in fees from processing transactions related to all three aforementioned primitives over the last year, as seen below in Figure 4. This underscores the necessity for scaling solutions to offset the diminishing revenue from Bitcoin’s decreasing block issuance by allowing an on-chain economy to emerge on the largest crypto network by market capitalization.

Figure 4: Revenue Generated from Bitcoin’s Ordinals, BRC20, Runes

Source: CryptoKoryo on Dune Analytics

Ethereum: The Future of Finance and the Internet Itself

The 12th issue of our State of Crypto is out! What’s Inside?
• An introduction to the Ethereum economy: ETH supply, smart contracts, and gas fees.

• A map of the Ethereum ecosystem of scalability solutions and decentralized applications.

• An explainer of Ethereum’s Staking and Re-Staking primitives and their associated risks.

• Our signature Ethereum valuation methodologies

You can download the report here.

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.

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WMGT ETF för den som vill vara med på de senaste megatrenderna

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WisdomTree Megatrends UCITS ETF USD (WMGT ETF) med ISIN IE0000902GT6 försöker spåra WisdomTree Global Megatrends Equity-index. WisdomTree Global Megatrends Equity-index spårar företag över hela världen som är involverade i globala megatrender (sociala, demografiska, tekniska, ekologiska eller geologiska förändringar). Aktierna som ingår filtreras enligt ESG-kriterier (miljö, social och bolagsstyrning).

WisdomTree Megatrends UCITS ETF USD (WMGT ETF) med ISIN IE0000902GT6 försöker spåra WisdomTree Global Megatrends Equity-index. WisdomTree Global Megatrends Equity-index spårar företag över hela världen som är involverade i globala megatrender (sociala, demografiska, tekniska, ekologiska eller geologiska förändringar). Aktierna som ingår filtreras enligt ESG-kriterier (miljö, social och bolagsstyrning).

Den börshandlade fondens TER (total cost ratio) uppgår till 0,50 % p.a. WisdomTree Megatrends UCITS ETF USD är den enda ETF som följer WisdomTree Global Megatrends Equity-index. ETFen replikerar det underliggande indexets prestanda genom full replikering (köper alla indexbeståndsdelar). Utdelningarna i ETFen ackumuleras och återinvesteras.

Denna ETF lanserades den 5 december 2023 och har sin hemvist i Irland.

Varför investera?

Strategin utnyttjar den långsiktiga tillväxtpotentialen hos megatrender och tillhörande teman från sociala, demografiska, tekniska, miljömässiga eller geopolitiska förändringar.

Strategisk och taktisk allokering mellan teman för att anpassa sig till nuvarande marknadsmiljöer med hög diversifieringspotential och dra nytta av strukturell medvind.

Fokuserad exponering mot globala företag med en utvald korg av investeringsteman, som uppfyller WisdomTrees ESG-kriterier (miljö, social och styrning).

Undersökningen för urvalet av företag i indexet och, därefter, fonden, utförs av experter inom det relevanta tematiska området, vilket säkerställer att portföljen förblir fokuserad och relevant för den designade tematiska exponeringen.

ETFeen är fysiskt uppbackad och UCITS-kompatibel.

Potentiella risker

Även om indexet skapades för att välja företag med en relativt högre exponering för de relevanta teman, finns det ingen garanti för att detta mål kommer att uppnås.

En investering i aktier kan uppleva hög volatilitet och bör betraktas som en långsiktig investering.

Högre tillväxtföretag som de som spelar en roll i megatrender tenderar att handla till högre värderingar. Investeraren bör överväga risken som följer med högre värderingar som en del av alla investeringsbeslut.

Investeringsrisken kan vara koncentrerad till specifika sektorer, länder, företag eller valutor.

Denna lista täcker inte alla risker; ytterligare risker beskrivs i KIID och prospekt.

Handla WMGT ETF

WisdomTree Megatrends UCITS ETF USD (WMGT 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 DEGIRONordnet, Aktieinvest och Avanza.

Börsnoteringar

BörsValutaKortnamn
London Stock ExchangeGBXWMGG
London Stock ExchangeUSDWMGT
XETRAEURWMGT

Största innehav

NamnKortnamnLandVikt %
Taiwan Semiconductor Manufacturing Co Ltd2330 TTTW2.46%
Cleanspark IncCLSK USUS2.43%
Nvidia CorpNVDA UQUS2.34%
Broadcom IncAVGO USUS2.11%
Coinbase Global Inc -Class ACOIN USUS1.98%
Riot Blockchain IncRIOT USUS1.60%
Bitfarms Ltd/CanadaBITF USCA1.54%
Advanced Micro DevicesAMD USUS1.50%
ASML Holding NVASML NANL1.48%
Elastic NvESTC USUS1.43%

Innehav kan komma att förändras

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0GZB ETC spårar kopparpriset och hedgas i euro

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BNPP RICI Enhanced Kupfer (ER) EUR Hedge ETC (0GZB ETC) med ISIN DE000PZ9REC4, försöker följa RICI Enhanced Copper (EUR Hedged) index. RICI Enhanced Copper (EUR Hedged)-index spårar priset på terminskontrakt på koppar. Valutasäkrad till euro (EUR).

BNPP RICI Enhanced Kupfer (ER) EUR Hedge ETC (0GZB ETC) med ISIN DE000PZ9REC4, försöker följa RICI Enhanced Copper (EUR Hedged) index. RICI Enhanced Copper (EUR Hedged)-index spårar priset på terminskontraktkoppar. Valutasäkrad till euro (EUR).

Denna ETCs TER (total cost ratio) uppgår till 1,20 % p.a. BNPP RICI Enhanced Kupfer (ER) EUR Hedge ETC är den enda ETC som följer RICI Enhanced Copper (EUR Hedged)-index. Denna ETC replikerar det underliggande indexets prestanda syntetiskt med en swap.

BNPP RICI Enhanced Kupfer (ER) EUR Hedge ETC är en mycket liten ETC med 1 miljon euro tillgångar under förvaltning. Denna ETC lanserades den 7 augusti 2019 och har sin hemvist i Nederländerna.

Information

ISINDE000PZ9REC4
Securities identification number (German WKN)PZ9REC
Bloomberg0GZB GY
Reuters0GZB.DE
TypeETC
CurrencyEUR
Currency hedgedYes, EUR Hedge
Roll optimizedYes
LeveragedNo
Physical deliveryNo
Total Return Yes
ExchangeFrankfurt Stock Exchange (Regulated Market – Xetra®), Stuttgart Stock Exchange
Trading periods08:15 am – 20:00 pm
Maturityopen end

Handla 0GZB ETC

BNPP RICI Enhanced Kupfer (ER) EUR Hedge ETC (0GZB ETC) är en europeisk börshandlad produkt. Denna ETC handlas på flera olika börser, till exempel Deutsche Boerse Xetra

Det betyder att det går att handla andelar i denna ETC genom de flesta svenska banker och Internetmäklare, till exempel DEGIRONordnet, Aktieinvest och Avanza.

Börsnoteringar

BörsValutaKortnamn
XETRAEUR0GZB

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