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Successfully navigate through Bitcoin & Cryptoassets Markets

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• Cryptoassets rebound from losses sparked by geopolitical tensions amid Bitcoin Halving • Our in-house “Cryptoasset Sentiment Indicator” has also rebounded from year-to-date lows

• Cryptoassets rebound from losses sparked by geopolitical tensions amid Bitcoin Halving

• Our in-house “Cryptoasset Sentiment Indicator” has also rebounded from year-to-date lows

• Bitcoin Halving: In the past, most of the positive performance accrued after the Halving event
Chart of the Week

Performance

Last week, cryptoassets came under pressure on account of rising geopolitical risks in the Middle East that led to a general decline in risky assets across the board.

However, most major cryptoassets have already retraced most of these losses amid the highly anticipated Bitcoin Halving that has halved the block subsidy from 6.25 BTC per block to 3.125 BTC. The fourth Bitcoin Halving has occurred on the 20th April at 02:09:27 UTC.

We think that the positive performance effect of the Halving is not priced in and expect this effect to unfold after around 100 days after this event, i.e. around July 2024 onwards. The reason is that the supply deficit induced by the Bitcoin Halving only tends to accumulate over time and is rather insignificant in the very short term.

In general, it is important to note that most of the Halving related performance tends to accrue after Halving event dates which implies that Halving events have not been “front-run” by investors in the past. Besides, the performance differences post- and pre-Halving were so significant that the Halving effect is unlikely to be pure coincidence. Read more in our deep dive into the Bitcoin Halving here.

Along with the latest Halving, we saw a significant spike in transaction fees in the Bitcoin core network which has sparked renewed discussions around the viability of Bitcoin as a means-of-exchange. In fact, we saw a record-high in daily revenue for Bitcoin miners just yesterday of around 107 mn USD of which around 80 mn USD came from transaction fees alone.

The introduction of Runes, a new protocol that enables users to ”etch” and mint tokens on the Bitcoin blockchain, may be the cause of the fee increase. Speculators flocked to create tokens and trade meme coins as soon as Runes launched, which accelerated transaction volume and raised transaction fees.

At the time of writing, there were 3,700 Runes inscriptions total on the Bitcoin blockchain, according to data source Ord.io.

We think that these increases in transaction fees will only accelerate the usage of more cost-effective Bitcoin Layer 2 solutions like the Lightning Network and or no material risk to Bitcoin. To the contrary, the increase in transactions fees as a percentage of the overall block reward should continue to incentivize Bitcoin miners to secure the network amid decreasing block subsidies going forward.

Meanwhile, Ethereum managed to outperform Bitcoin amid the stalling bull market rallye along with a general rotation into altcoins.

In general, among the top 10 crypto assets, Shiba Inu, Cardano, and XRP were the relative outperformers.

Overall altcoin outperformance vis-à-vis Bitcoin also picked up compared to the week prior, with around 65% of our tracked altcoins managing to outperform Bitcoin on a weekly basis.

Sentiment

Our in-house “Cryptoasset Sentiment Index” has rebounded from year-to-date lows that were induced by the rise in geopolitical tensions. The index is currently still signalling bearish sentiment.

At the moment, only 2 out of 15 indicators are above their short-term trend.

Based on the significant reduction in sentiment, we think that a short-term stabilization is very likely.

Last week, there were significant reversals to the downside in the global crypto hedge fund beta and BTC long futures liquidation dominance.

The Crypto Fear & Greed Index remains in ”Greed” territory as of this morning.
Besides, our own measure of Cross Asset Risk Appetite (CARA) has also decreased throughout the week which signals increased bearish sentiment in traditional financial markets.

Performance dispersion among cryptoassets has increased amid the recent correction. Overall performance dispersion still remains slightly elevated.

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 and that cryptoassets are increasingly decoupling from the performance of Bitcoin.

This is also consistent with the fact that altcoin outperformance vis-à-vis Bitcoin has recently picked up compared to the week prior, with around 65% of our tracked altcoins that have outperformed Bitcoin on a weekly basis. At the same time, there was a slight outperformance of Ethereum vis-à-vis Bitcoin last week.

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

Fund Flows

Last week, we saw a pick-up in overall crypto ETP redemptions and net outflows amid a broad risk-off environment of around -239.7 mn USD (week ending Friday) based on Bloomberg data.

Global Bitcoin ETPs dominated with net outflows of -203.4 mn USD of which -204.6 mn (net) were related to US spot Bitcoin ETFs alone. The ETC Group Physical Bitcoin ETP (BTCE) also saw net outflows equivalent to -34.4 mn USD last week.

The Grayscale Bitcoin Trust (GBTC) continued to experience high net outflows of approximately -458.4 mn USD last week. However, other US spot Bitcoin ETFs even managed to attract +254 mn USD (ex GBTC).

Global Ethereum ETPs also saw significant net outflows last week of around -67.7 mn USD. Meanwhile, the ETC Group Physical Ethereum ETP (ZETH) had neither creations nor redemptions (+/- 0 mn USD). The same is true for the ETC Group Ethereum Staking ETP (ET32) last week.

Besides, Altcoin ETPs ex Ethereum again managed to attract net inflows of around +19.3 mn USD amid the rotation into altcoins last week.

Besides, Thematic & basket crypto ETPs also experienced net inflows of +11.9 mn USD, based on our calculations. The ETC Group MSCI Digital Assets Select 20 ETP (DA20) also experienced net inflows of around +0.8 mn USD last week.

Besides, the beta of global crypto hedge funds to Bitcoin over the last 20 trading decreased significantly to around 0.64 which implies that global crypto hedge funds have significantly reduced their market exposure and are significantly underweight relative to the market.

On-Chain Data

Despite the recent sell-off towards 60k USD in Bitcoin, coins continue to be taken off exchanges on a net basis as BTC exchange balances have recently reached a new multiyear low. Likewise, Ethereum has seen a continued drawdown in exchange balances which should provide a tailwind for the smart contract platform.

That being said, the latest sell-off saw an increase in net BTC transfers to exchanges by larger wallet sizes (>10 mn USD) which is usually a bearish signal.

This is also corroborated by positive net BTC exchange inflows from whales (entities that control at least 1,000 BTC) over the past week.

Overall net buying volumes for Bitcoin have been negative over the past week as evidenced by negative cumulative volume delta (CVD) on exchanges. The cumulative volume delta (CVD), which measures the net difference between buying and selling trade volumes, was negative with around -261 mn USD in net selling volumes over the past week.

Continuing negative US spot Bitcoin ETF fund flows were certainly a major driver of this selling volume.

In our latest report at the end of March, we wrote:

“Ongoing consolidation appears to be relatively likely in the short term despite the upcoming Bitcoin Halving in April. The reason is that the positive effects from the Halving only become visible around 100 days after the Halving according to our latest analyses.

If the market was trading lower, we should find support in Bitcoin near 55.4k USD as the short-term holder’s cost basis is around that price level. Short-term holders tended to capitulate whenever the price dipped below their cost basis which should provide a solid basis for a continuation of the bull market.”

We still expect this to be our base case although the significant decrease in Cryptoasset Sentiment Index has made a short-term stabilization very likely.

The spike in inscriptions induced network activity and fees in the Bitcoin network could also be a headwind in the short-term as active addresses have plunged to year-to-date lows recently.

This implies that high transaction fees are somewhat leading to lower usage of the Bitcoin network as users might be waiting for lower fess. Transaction fess are already becoming increasingly prohibitive for some users.

Futures, Options & Perpetuals

Last week, there was a general decline in both Bitcoin futures and perpetual open interest due to increased liquidations and a general de-risking in positioning.

Bitcoin futures open interest on CME also continued to decrease. Since the peak in open interest on the 20th of March, open interest in Bitcoin CME futures has already declined by -29k BTC.

Consistent with this development the Bitcoin futures basis also continued to decline. At the time of writing, the 3-months annualized Bitcoin futures basis rate is at around 10.0% p.a. which marks a significant decline from the highs observed at the end of March (~30.4% p.a.).

The Bitcoin perpetual funding rate also declined significantly and also went negative on Thursday last week.

In contrast, Bitcoin options’ open interest even increased slightly last week. The Put-call open interest went sideways last week. There was also no significant spike in relative trading volumes between puts and calls that you would normally expect during a sell-off like last week.

That being said, the 25-delta BTC 1-month option skew increased significantly as BTC options traders paid significantly higher volatility premia for puts than for delta-equivalent calls. Skews have normalized a bit more recently though.

Meanwhile, BTC option implied volatilities remained relatively elevated. Implied volatilities of 1-month ATM Bitcoin options are currently at around 69.7% p.a.

Bottom Line

• Cryptoassets rebound from losses sparked by geopolitical tensions amid Bitcoin Halving

• Our in-house “Cryptoasset Sentiment Indicator” has also rebounded from year-to-date lows

• Bitcoin Halving: In the past, most of the positive performance accrued after the Halving event

To read our Crypto Market Compass in full, please click the button below:

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 visit

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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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