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TAGH ETF investerar i högavkastande företagsobligationer från Asien-Stillahavsområdet

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Asia ex-Japan High Yield Corporate USD Bond ESG UCITS ETF (TAGH ETF) syftar till att spåra iBoxx MSCI ESG USD Asia ex-Japan High Yield Capped Index (IBXXUXJT Index), minus avgifter och utgifter.

Asia ex-Japan High Yield Corporate USD Bond ESG UCITS ETF (TAGH ETF) syftar till att spåra iBoxx MSCI ESG USD Asia ex-Japan High Yield Capped Index (IBXXUXJT Index), minus avgifter och utgifter.

Beskrivning av Tabula Haitong Asia ex-Japan High Yield Corporate USD Bond ESG UCITS ETF GBP Hedged Acc

Tabula Haitong Asia ex-Japan High Yield Corporate USD Bond ESG UCITS ETF GBP Hedged Acc investerar i företagsobligationer med fokus på Asia Pacific. ETF:n innehar hela utbudet av obligationsförfall. De underliggande obligationerna har Sub Investment Grade-betyg. ETF:en har en valutaexponering i USD. Ränteintäkterna (kupongerna) i fonden återinvesteras (ackumuleras).

Den totala kostnadskvoten uppgår till 0,65 % p.a. Fonden replikerar det underliggande indexets utveckling genom att köpa ett urval av de mest relevanta indexbeståndsdelarna (samplingsteknik). TAGH ETF är yngre än 1 år och har sin hemvist i Irland.

Investeringsstrategi

iBoxx® MSCI ESG USD Asia ex-Japan High Yield Capped (GBP Hedged)-index följer ESG (miljö, social och styrning) screenade, USD-denominerade högavkastande företagsobligationer från Asien (exklusive Japan). Alla löptider ingår. Betyg: Sub-Investment Grade. Valutasäkrad till brittiska pund (GBP).

Handla TAGH ETF

Tabula Haitong Asia ex-Japan High Yield Corporate USD Bond ESG UCITS ETF GBP Hedged Acc (TAGH ETF) är en börshandlad fond (ETF) 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

BörsValutaKortnamn
London Stock ExchangeGBPTAGH

Största innehav

ISINVärdepapperAsset ClassValutaVikt (%)
US62828M2B67MUTHOOT FIN 4.4% 9/23Corporate BondsUSD0,005527
USG61759AA70MN MIN R 9.25% 15/04/2024Corporate BondsUSD0,005209
USG84393AC49STAR ENERGY 6.75% 04/33Corporate BondsUSD0,012691
USG9328DAP53VEDANTA PLC 6.125% 08/24Corporate BondsUSD0,006538
USG9T27HAA24VEDANTA RES 9.25% 04/26Corporate BondsUSD0,003068
USG9T27HAD62VED RES  8.95% 11/03/2025Corporate BondsUSD0,00836
USN5276YAD87LISTRINDO CAP 4.95% 09/26Corporate BondsUSD0,012313
USV04008AA29AZURE POWER 5.65% 12/24Corporate BondsUSD0,009282
USV6703DAA29NET I2I L 5.65% VRN  PERPCorporate BondsUSD0,010195
USV6703DAC84NET I2I  3.975% VRN  PERPCorporate BondsUSD0,009204
USV9667MAA00VED RE 13.875% 21/01/2024Corporate BondsUSD0,006304
USY0606WCA63BAN 3.733% VRN 25/09/2034Corporate BondsUSD0,014791
USY2R27RAB56DEL INT 6.125% 31/10/2026Corporate BondsUSD0,006272
USY2R40TAB40DEL INT  6.45% 04/06/2029Corporate BondsUSD0,004059
USY3004WAA00GMR HYDERABAD 4.25% 10/27Corporate BondsUSD0,002732
USY3004WAB82GMR HYD 5.375% 10/04/2024Corporate BondsUSD0,004537
USY3004WAC65GMR HYD  4.75% 02/02/2026Corporate BondsUSD0,003175
USY59501AA78MED OAK 7.375% 14/05/2026Corporate BondsUSD0,010218
USY59505AA82MEDCO PLATIN 6.75% 01/25Corporate BondsUSD0,01332
USY7140VAA80SAKA ENI IND 4.45% 05/24Corporate BondsUSD0,01035
USY7275HAA69REN POW  6.67% 12/03/2024Corporate BondsUSD0,01107
USY7279WAA90REN POW 5.875% 05/03/2027Corporate BondsUSD0,007162
USY7280PAA1310 REN PO 4.5% 14/07/2028Corporate BondsUSD0,009162
USY7758EEF44SHR TRA F 5.1% 16/07/2023Corporate BondsUSD0,009471
USY7758EEG27SHR TRA F 4.4% 13/03/2024Corporate BondsUSD0,015463
USY9700WAA46WOO BAN  4.25% VRN  PERPCorporate BondsUSD0,021239
XS1023280271WANDA 7.25% 29/01/2024Corporate BondsUSD0,005442
XS1081321595GREENLAND GL 5.875% 07/24Corporate BondsUSD0,002169
XS1090889947ABJA INVEST 5.95% 31/7/24Corporate BondsUSD0,01067
XS1121908211TATA MOTORS 5.75% 10/24Corporate BondsUSD0,000811
XS1248248343LS FIN 20 4.5% 26/06/2025Corporate BondsUSD0,003291
XS1471856424WEALTH DRIVEN  5.5% 08/23Corporate BondsUSD0,006885
XS1498440079GLO PRI C 5.5% 18/10/2023Corporate BondsUSD0,005205
XS1506085114THETA CAPITAL 6.75% 10/26Corporate BondsUSD0,004133
XS1599758940HPCL MITTAL EN 5.25% 4/27Corporate BondsUSD0,002949
XS1709294380FRA BRI  4.875% VRN  PERPCorporate BondsUSD0,004216
XS1716631301KWG PROPERTY 5.875% 11/24Corporate BondsUSD0,001365
XS1740858540PETRON CORP 4.6% VRN PERPCorporate BondsUSD0,003825
XS1854172043ADA GRE 6.25% 10/12/2024Corporate BondsUSD0,009101
XS1854920870SK INNOV 4.125% 07/23Corporate BondsUSD0,018704
XS1892343762CMB WIN LU 6.5% VRN  PERPCorporate BondsUSD0,014643
XS1897158546CHI CIT BA 7.1% VRN  PERPCorporate BondsUSD0,0072
XS1954740285KWG GRP HLD 7.875% 9/23Corporate BondsUSD0,002541
XS1956169657EAS TAC 8.625% 27/02/2024Corporate BondsUSD0,000931
XS1965523084CAN BAN 3.875% 28/03/2024Corporate BondsUSD0,006877
XS1969792800CIFI HOLD 6.55% 03/24Corporate BondsUSD0,005308
XS1974405893CHI SCE 7.375% 09/04/2024Corporate BondsUSD0,001501
XS1981202861JSW STEEL 5.95% 04/24Corporate BondsUSD0,008565
XS2003471617AGILE GRP 8.375% VRN PERPCorporate BondsUSD0,001288
XS2019083612FOR STA  6.75% 02/07/2023Corporate BondsUSD0,003309
XS2020061326CHO HIN BA 5.7% VRN  PERPCorporate BondsUSD0,006049
XS2025848297EASY TACTIC 8.125% 7/24Corporate BondsUSD0,001361
XS2026295639LS FIN  4.875% 15/07/2024Corporate BondsUSD0,003954
XS2027337786LOG PRO H 6.5% 16/07/2023Corporate BondsUSD0,002872
XS2027426027TIMES CHINA 6.75% 07/23Corporate BondsUSD0,002248
XS2030531938YANLORD LAND 6.8% 02/24Corporate BondsUSD0,010715
XS2034561584KWG GRO H 7.4% 05/03/2024Corporate BondsUSD0,001126
XS2049728004JSW STE 5.375% 04/04/2025Corporate BondsUSD0,003399
XS2049804896BAN OF E 5.875% VRN  PERPCorporate BondsUSD0,01556
XS2050614796GLO PRI  5.95% 23/01/2025Corporate BondsUSD0,007633
XS2050914832LOG PRO H 6.9% 09/06/2024Corporate BondsUSD0,00163
XS2052949968HPC ENE  5.45% 22/10/2026Corporate BondsUSD0,0024
XS2055399054GRE GLB  6.75% 26/09/2023Corporate BondsUSD0,002306
XS2056558088KAS 3.343% VRN 02/10/2031Corporate BondsUSD0,01635
XS2057076387RKP OVE 2 6.7% 30/09/2024Corporate BondsUSD0,004801
XS2071413483AGI GRO  7.875% VRN  PERPCorporate BondsUSD0,000979
XS2075784103CIF HOL  6.45% 07/11/2024Corporate BondsUSD0,003479
XS2075800743SHU ON D 5.75% 12/11/2023Corporate BondsUSD0,007751
XS2079034265SUN HUN  5.75% 15/11/2024Corporate BondsUSD0,003878
XS2079096884RKP OVE 7.75% VRN  PERPCorporate BondsUSD0,003705
XS2079668609TAT MOT 5.875% 20/05/2025Corporate BondsUSD0,003994
XS2085545494BAN OF C 3.725% VRN  PERPCorporate BondsUSD0,007366
XS2099272846CIF HOL GRO 6% 16/07/2025Corporate BondsUSD0,006677
XS2099273737THE CAP 8.125% 22/01/2025Corporate BondsUSD0,004091
XS2099677747LOG PRO  5.75% 14/01/2025Corporate BondsUSD0,001638
XS2100654586KWG GRO H 7.4% 13/01/2027Corporate BondsUSD0,00069
XS2100658066WAN PRO 6.875% 23/07/2023Corporate BondsUSD0,003608
XS2102867483NEW MET G 6.8% 05/08/2023Corporate BondsUSD0,005695
XS2108075784GRE GLB  6.75% 03/03/2024Corporate BondsUSD0,000853
XS2113708155SHU ON DE 5.5% 03/03/2025Corporate BondsUSD0,009698
XS2125172085EAS TAC 8.625% 05/03/2024Corporate BondsUSD0,000622
XS2127855711RKP OVE 2 5.9% 05/03/2025Corporate BondsUSD0,005843
XS2132420758FOR STA  6.85% 02/07/2024Corporate BondsUSD0,003946
XS2189303873RON CHI  7.35% 15/12/2023Corporate BondsUSD0,001359
XS2189387520CEN CHN  7.65% 27/08/2023Corporate BondsUSD0,003204
XS2193529562GRE CHI  5.65% 13/07/2025Corporate BondsUSD0,003122
XS2194361494AGI GRO  5.75% 02/01/2025Corporate BondsUSD0,002688
XS2198851482TIMES CHINA  6.75% 07/25Corporate BondsUSD0,002212
XS2205316941CIF HOL  5.95% 20/10/2025Corporate BondsUSD0,003656
XS2206313541LOG GRO  5.25% 19/10/2025Corporate BondsUSD0,001519
XS2207192605GRE GLB  7.25% 22/01/2025Corporate BondsUSD0,000841
XS2209966386CHO HIN BA 5.5% VRN  PERPCorporate BondsUSD0,003846
XS2215175634SEA GRO LTD 6% 12/08/2024Corporate BondsUSD0,0039
XS2215180550CEN CHN  7.25% 13/08/2024Corporate BondsUSD0,000586
XS2219615957SHU ON D 6.15% 24/08/2024Corporate BondsUSD0,007905
XS2222027364BAN OF E 5.825% VRN  PERPCorporate BondsUSD0,014495
XS2223762209RKP OVE 201 6% 04/09/2025Corporate BondsUSD0,003808
XS2224065289PER HOL  5.95% 19/04/2026Corporate BondsUSD0,009705
XS2227351900CHI SCE GRP 7% 02/05/2025Corporate BondsUSD0,002204
XS2229473678IND  COM  3.58% VRN  PERPCorporate BondsUSD0,013975
XS2234266976TIM CHI H 6.2% 22/03/2026Corporate BondsUSD0,002118
XS2238561281BK OF COM 3.80% VRN PERPCorporate BondsUSD0,031001
XS2238561794FOR STA  5.95% 19/10/2025Corporate BondsUSD0,00869
XS2243343204AGI GRO  6.05% 13/10/2025Corporate BondsUSD0,001221
XS2247552446GREENTOWN 4.7% 04/25Corporate BondsUSD0,003858
XS2251822727CIF HOL  5.25% 13/05/2026Corporate BondsUSD0,001611
XS2257830716KWG GRO H 6.3% 13/02/2026Corporate BondsUSD0,001272
XS2262030369CEN CHN  7.75% 24/05/2024Corporate BondsUSD0,00154
XS2265528120TML HOL P 5.5% 03/06/2024Corporate BondsUSD0,001941
XS2268392599NWD FIN BVI LT 4.8%  PERPCorporate BondsUSD0,008481
XS2270462794NEW MET G 4.8% 15/12/2024Corporate BondsUSD0,004967
XS2272214458LOGAN GROU 4.85% 12/26Corporate BondsUSD0,001811
XS2277590209CAS CAP NO1  4% VRN  PERPCorporate BondsUSD0,012388
XS2280431763CIF HOL 4.375% 12/04/2027Corporate BondsUSD0,003606
XS2281036249SEA GRO  4.45% 13/07/2025Corporate BondsUSD0,00431
XS2281039771RKP OVE 2 5.2% 12/01/2026Corporate BondsUSD0,003872
XS2281303896LOG GRO C 4.5% 13/01/2028Corporate BondsUSD0,001953
XS2281321799FOR STA  5.05% 27/01/2027Corporate BondsUSD0,001989
XS2282068142TIM CHI  5.75% 14/01/2027Corporate BondsUSD0,002081
XS2282587414CEN CHN R 7.5% 14/07/2025Corporate BondsUSD0,001065
XS2286966093CHI SCE GRP 6% 04/02/2026Corporate BondsUSD0,001244
XS2290308845RON CHI  7.1% 25/01/2025Corporate BondsUSD0,001004
XS2290806285NEW MET G 4.5% 02/05/2026Corporate BondsUSD0,005234
XS2292974065FRA BRI LTD  6% VRN  PERPCorporate BondsUSD0,003896
XS2293918285EAS TAC 11.75% 02/08/2023Corporate BondsUSD0,00166
XS2307743075EAS TA 11.625% 03/09/2024Corporate BondsUSD0,000732
XS2309743578LOG GRO  4.25% 12/07/2025Corporate BondsUSD0,001536
XS2314514477BAN NEG  3.75% 30/03/2026Corporate BondsUSD0,017283
XS2316077572CHI SCE  5.95% 29/09/2024Corporate BondsUSD0,001249
XS2317279573YAN LAN 5.125% 20/05/2026Corporate BondsUSD0,011047
XS2327392234PT PAK  4.875% 29/04/2028Corporate BondsUSD0,004156
XS2330597738PET COR  5.95% VRN  PERPCorporate BondsUSD0,006234
XS2340147813GLP PTE LT 4.5% VRN  PERPCorporate BondsUSD0,008474
XS2342908949CIF HOL  4.45% 17/08/2026Corporate BondsUSD0,003455
XS2343325622KWG GRO HOL 6% 14/08/2026Corporate BondsUSD0,001203
XS2343337122FOR STA BVI 5% 18/05/2026Corporate BondsUSD0,001388
XS2343627712AGI GRO H 5.5% 17/05/2026Corporate BondsUSD0,001832
XS2076167456CEN PLA D 5.75% VRN  PERPCorporate BondsUSD0,004065
XS2348280962TIM CHI  5.55% 04/06/2024Corporate BondsUSD0,00191
XS2351326991PCP CAP 5.125% 18/06/2026Corporate BondsUSD0,013753
XS2352436526LS FIN 20 4.8% 18/06/2026Corporate BondsUSD0,001717
XS2357239057GLP PTE LT 4.6% VRN  PERPCorporate BondsUSD0,008923
XS2328392951CHINA OIL GAS 4.7% 06/26Corporate BondsUSD0,009697
XS2358225477SHU ON DE 5.5% 29/06/2026Corporate BondsUSD0,003752
XS2348238259CHI HON  6.25% 08/06/2024Corporate BondsUSD0,004092
XS2350621517TML HOL  4.35% 09/06/2026Corporate BondsUSD0,005539
USY44680RV38JSW STE  3.95% 05/04/2027Corporate BondsUSD0,004108
USY44680RW11JSW STE  5.05% 05/04/2032Corporate BondsUSD0,004275
XS2214229887KWG GROUP 5.95% 10/08/25Corporate BondsUSD0,000464
XS2383328932ADANI GRN 4.375% 09/24Corporate BondsUSD0,013026
XS2383421711IND  COM B 3.2% VRN  PERPCorporate BondsUSD0,016711
XS2385923722BANK NEGARA 4.3% VRN PERPCorporate BondsUSD0,009414
USY75638AF67SEA COR  5.5% 01/08/2029Corporate BondsUSD0,006125
XS2368038050LAI SUN MTN 5% 28/07/2026Corporate BondsUSD0,00533
USG3065HAB71ENN CLE 3.375% 12/05/2026Corporate BondsUSD0,008906
USV0002UAA52AZU POW 3.575% 19/08/2026Corporate BondsUSD0,006181
XS2030333384POW REA  6.95% 23/07/2023Corporate BondsUSD0,001063
XS2213954766POW REA  6.25% 10/08/2024Corporate BondsUSD0,001502
XS2250030090POW REA  5.95% 30/04/2025Corporate BondsUSD0,000997
XS2346524783WES CHI  4.95% 08/07/2026Corporate BondsUSD0,005841
XS2353272284NEW MET 4.625% 15/10/2025Corporate BondsUSD0,001487
XS2356173406RKP OVE 5.125% 26/07/2026Corporate BondsUSD0,002815
XS2357443410GEM EVE  4.95% 12/08/2024Corporate BondsUSD0,004837
XS2361426559AGI GRP 5.5% 21/04/2025Corporate BondsUSD0,000963
XS2368569252CHINA CITI 3.25% VRN PERPCorporate BondsUSD0,008452
XS2342970402LOG GRO C 4.7% 06/07/2026Corporate BondsUSD0,002406
XS2244315110RED SUN P 7.3% 13/01/2025Corporate BondsUSD0,000433
XS2350477308GCL NEW EN 10% 30/01/2024Corporate BondsUSD0,006462
USY56607AA51MED BEL 6.375% 30/01/2027Corporate BondsUSD0,003185
USY59500AA95MED LAU  6.95% 12/11/2028Corporate BondsUSD0,003072
XS2397254579CHI CIN AS 4.4% VRN  PERPCorporate BondsUSD0,015909
XS1953029284SHI GRO 6.125% 21/02/2024Corporate BondsUSD0,001517
XS1759179002SHI GRO H 5.2% 30/01/2025Corporate BondsUSD0,000631
XS2025575114SHI GRO H 5.6% 15/07/2026USD0 
XS2198427085SHI GRO H 4.6% 13/07/2030USD0 
XS2385392779SHI GRO 3.975% 16/09/2023Corporate BondsUSD0,000558
XS2385392936SHI GRO H 5.2% 16/01/2027Corporate BondsUSD0,001046
USY7758EEH00SHR TRA  4.15% 18/07/2025Corporate BondsUSD0,005759
XS2467774209NAN COM BA 6.5% VRN  PERPCorporate BondsUSD0,007168
XS2461766805CHI CIT BA 4.8% VRN  PERPCorporate BondsUSD0,008013

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ETC Group CEO om Bitcoins rally

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ETC Groups grundare och VD Tim Bevan ansluter sig till Proactives William Farrington för att diskutera Bitcoins extraordinära ökning och Bitcoins rally.

ETC Groups grundare och VD Tim Bevan ansluter sig till Proactives William Farrington för att diskutera Bitcoins extraordinära ökning och Bitcoins rally.

För första gången i sin 15-åriga existens slog Bitcoin ett all-time-high genom att under förra veckan handlas över 72 000 USD, vilket visade upp en anmärkningsvärd ökning med 70 % hittills i år och en veckotillväxt på 9 %.

Bevan pratar om ETF-godkännanden, förväntade räntesänkningar, den kommande halveringshändelsen och FOMOs roll i det senaste rallyt.

Chatten växlar till Storbritanniens omfamning av kryptostödda Exchange Traded Notes (ETNs), vad detta betyder för de underliggande spotmarknaderna och varför vakthundar som begränsar denna marknad till professionella investerare skulle kunna begränsa dess expansionspotential.

På det kommande Bitcoin Halving-evenemanget betonade Bevan dess historiska betydelse för att påverka Bitcoins pris, även om han spekulerade i att dess effekt kan variera med de nuvarande marknadsförhållandena.

Trots förväntningar om volatilitet tyder de bestående principerna för utbud och efterfrågan på att Bitcoins pris är inställt på att behålla sin uppåtgående trend.

Handla BTCE ETC

ETC Group Physical Bitcoin (BTCE ETC) är en börsnoterad kryptovaluta som handlas på Euronext Paris och tyska XETRA.

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

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WTEF ETF ger exponering mot amerikanska large caps

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WisdomTree US Efficient Core UCITS ETF USD Unhedged Acc (WTEF ETF), med ISIN IE000KF370H3, försöker spåra WisdomTree US Efficient Core UCITS-index. WisdomTree US Efficient Core UCITS-index spårar utvecklingen av en 90 % exponering mot stora amerikanska aktier och en 60 % exponering mot US Treasury Bond Futures med avsikten att leverera en hävstångsposition till en traditionell 60/40-portfölj. De värdepapper som ingår är filtrerade enligt ESG-kriterier (miljö, social och bolagsstyrning).

WisdomTree US Efficient Core UCITS ETF USD Unhedged Acc (WTEF ETF), med ISIN IE000KF370H3, försöker spåra WisdomTree US Efficient Core UCITS-index. WisdomTree US Efficient Core UCITS-index spårar utvecklingen av en 90 % exponering mot stora amerikanska aktier och en 60 % exponering mot US Treasury Bond Futures med avsikten att leverera en hävstångsposition till en traditionell 60/40-portfölj. De värdepapper som ingår är filtrerade enligt ESG-kriterier (miljö, social och bolagsstyrning).

ETFens TER (total cost ratio) uppgår till 0,20 % p.a. WisdomTree US Efficient Core UCITS ETF USD Unhedged Acc är den enda ETF som följer WisdomTree US Efficient Core UCITS-index. Denna ETF replikerar det underliggande indexets prestanda genom samplingsteknik (köper ett urval av de mest relevanta indexbeståndsdelarna). Utdelningarna i den börshandlade fonden ackumuleras och återinvesteras.

WisdomTree US Efficient Core UCITS ETF USD Unhedged Acc är en mycket liten ETF med 1 miljon euro tillgångar under förvaltning. ETFen lanserades den 10 oktober 2023 och har sin hemvist i Irland.

WisdomTree US Efficient Core UCITS ETF (“Fonden”) strävar efter att spåra pris- och avkastningsutvecklingen, före avgifter och utgifter, för WisdomTree US Efficient Core UCITS Index (“Indexet”). Indexet syftar till att leverera en 90 % exponering mot stora amerikanska aktier och 60 % mot amerikanska statsobligationsterminer för att förbättra den riskjusterade avkastningen för en traditionell 60/40-portfölj.

Varför investera?

Öka den riskjusterade avkastningen för en amerikansk aktieinvestering genom att ge en 90 % exponering mot aktier samtidigt som Sharpe-kvoten förbättras tack vare en ränteöverlagring

Förbättra kapitaleffektiviteten vid tillgångsallokering vilket möjliggör ökad exponering mot icke-kärninvesteringar/diversifierande investeringar

Låg avgift, core equity-lösning som kan komplettera andra aktiva och passiva strategier

ETFen är fysiskt uppbackad och UCITS-kompatibel

Potentiella risker

Även om indexet skapades för att få ökad exponering mot amerikanska aktier med extra diversifiering av obligationsterminer för att potentiellt minska volatiliteten, 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

Denna ETF innehåller hävstångselement som kan leda till avsevärt förstorade förluster i jämförelse med investeringar som inte innehåller hävstångseffekter

Investeringsrisken är koncentrerad till U.S.A.

Handla WTEF ETF

WisdomTree US Efficient Core UCITS ETF USD Unhedged Acc (WTEF ETF) handlas på flera olika börser, till exempel Borsa Italiana, Deutsche Boerse Xetra och London Stock Exchange. Av den anledningen förekommer olika kortnamn på samma börshandlade fond.

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
Borsa ItalianaEURNTSX
London Stock ExchangeGBXWTEF
London Stock ExchangeUSDNTSX
XETRAEURWTEF

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Crypto Market Compass #12 Cryptoassets pull back after a strong rally as short-term BTC investors are taking profits ETF Group

• Cryptoassets pull back after a strong rally as short-term BTC investors are taking profits

• Our in-house “Cryptoasset Sentiment Indicator” has declined significantly and currently signals neutral sentiment

• Meanwhile, large investors continue to accumulate bitcoins as Coinbase BTC on-exchange balances just hit a 9-year low


Chart of the Week

Performance

Last week, cryptoassets pulled back after a strong rallye to new all-time highs. The major catalyst for this latest move appears to be related to short-term investors and smaller wallet cohorts taking profits already. The downside move was also exacerbated by an increase in long futures liquidations as well as a deceleration in fund inflows more recently.

However, overall exchange balances imply that the demand overhang for bitcoins is still very much present and that larger investors continue to accumulate bitcoins at a very large scale. Amongst others, this is visible in Coinbase on-exchange balances that have just touched a fresh 9-year low (Chart-of-the-Week).

Thus, the most recent on-chain data suggest that there is currently a renewed redistribution of bitcoins from smaller to larger wallet cohorts taking place.

All in all, Bitcoin was more or less flat compared to last week. However, there was a significant underperformance of Ethereum vis-à-vis Bitcoin that was most likely related to an open letter of two US senators to SEC chairman Gary Gensler who oppose additional crypto spot ETF approvals by the SEC.

Moreover, the influential Bloomberg ETF analyst Eric Balchunas has also reduced his personal probability of an earlier Ethereum ETF approval in May 2024 to around 35% due to less activity between issuers and the SEC relative to the activity in the run-up to the Bitcoin spot ETF approval. However, he also thinks that an Ethereum spot ETF will ultimately be approved at some later point in the future. The underperformance was also accompanied by accelerating net outflows from global Ethereum-based ETPs.

This comes at a time when Ethereum has undergone the so-called Dencun upgrade which amongst others includes the EIP-4844 that promises to increase scalability and reduce fees on Layer 2s. Some major Layer 2s like Base and Arbitrum have already implemented the upgrade and fee reductions are so far very significant.

This will most likely put Ethereum and ETH Layer 2s in a better position to compete with low-cost and highly scalable chains like Solana.

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

Nonetheless, overall altcoin outperformance vis-à-vis Bitcoin was low compared to the week prior, with only 30% of our tracked altcoins managing to outperform Bitcoin on a weekly basis. This was most likely due to a general decline in risk appetite due to the most recent pull-back in Bitcoin.

Sentiment

Our in-house “Cryptoasset Sentiment Index” has declined significantly and currently signals neutral sentiment.

At the moment, 8 out of 15 indicators are above their short-term trend.

There were significant reversals to the downside in BTC perpetual futures funding rate and the short-term holder spent output profit ratio (STH-SOPR).

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

Besides, our own measure of Cross Asset Risk Appetite (CARA) has increased again throughout the week which signals ongoing bullish sentiment in traditional financial markets. This index is currently at the highest reading since July 2023.

Performance dispersion among cryptoassets has declined further due to the most recent correction. However, overall performance dispersion still remains 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 and that cryptoassets are increasingly decoupling from the performance of Bitcoin.

At the same time, altcoin outperformance vis-à-vis Bitcoin was relatively unchanged compared to the week prior with only 30% of our tracked altcoins that have outperformed Bitcoin on a weekly basis. However, there was a significant underperformance of Ethereum vis-à-vis Bitcoin last week.

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

Fund Flows

Overall, we saw another week of record net fund inflows in the amount of +2,862.7 mn USD (week ending Friday) based on Bloomberg data across all types of cryptoassets.

Global Bitcoin ETPs continued to see significant net inflows of +2,856.2 mn USD of which +2,565.7 mn (net) were related to US spot Bitcoin ETFs alone. The ETC Group Physical Bitcoin ETP (BTCE) saw net outflows equivalent to -13.3 mn USD last week.

The Grayscale Bitcoin Trust (GBTC) experienced a significant increase in net outflows of approximately -1246.1 mn USD last week. However, this was also more than offset by net inflows into other US spot Bitcoin ETFs which managed to attract +3,812 bn USD (ex GBTC).

Last week on Tuesday (12/03/2024), US spot Bitcoin ETFs saw the highest daily net inflow since trading launch of above 1 bn USD on a single day. However, since then, we have seen a gradual deceleration in net inflows overall and also a reacceleration in net outflows from GBTC which probably also contributed to the most recent downside move. This was also evident in negative NAV discounts of those ETFs towards the end of last week.

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

Global Ethereum ETPs even saw significant net outflows last week of around -56.6 mn USD which represents an acceleration of outflows compared to the week prior. Meanwhile, the ETC Group Physical Ethereum ETP (ZETH) had -0.7 mn USD while the ETC Group Ethereum Staking ETP (ET32) was able to attract almost +20.0 bn USD in net inflows last week.

Besides, Altcoin ETPs ex Ethereum managed to attract inflows of around +24.7 mn USD last week.

Thematic & basket crypto ETPs also experienced net inflows of +38.4 mn USD, based on our calculations. The ETC Group MSCI Digital Assets Select 20 ETP (DA20) saw neither in- nor outflows last week (+/- 0.0 mn USD).

Besides, the beta of global crypto hedge funds to Bitcoin over the last 20 trading remained at around 1.00 which implies that global crypto hedge funds have currently a neutral market exposure.

On-Chain Data

The major catalyst for this latest move appears to be related to short-term investors and smaller wallet cohorts taking profits already. Amongst others, this was very visible in the short-term holder spent output profit ratio (STH SOPR) that spiked to the highest reading since May 2019 on Wednesday last week. So, there was a very significant degree of short-term profit-taking.

However, overall exchange balances imply that the demand overhang for bitcoins is still very much present and that larger investors continue to accumulate bitcoins at a very large scale. Amongst others, this is visible in Coinbase on-exchange balances that have just touched a fresh 9-year low (Chart-of-the-Week).

In general, we saw record net outflows from exchanges last week. Both Coinbase and Bitfinex, which is known to be an exchange for larger investors, saw their highest net outflows of 2024 last week which implies a continued high buying interest for bitcoin.

The highest outflows just happened yesterday (Sunday) which implies that larger investors have accumulated into the most recent price correction.

Meanwhile, smaller wallet cohorts have continued to distribute their bitcoins into the most recent rallye. This is particularly visible in net exchange flows by wallet cohort. While large wallet cohorts in excess of 1 mn USD have seen net exchange outflows of -50.4k BTC over the past 7 days, smaller wallet cohorts have sent around +12.7k BTC to exchanges during the same time period.

This observation is corroborated by the fact that Bitcoin whales have taken around -2,878 BTC off exchanges over the past 7 days. Whales are defined as unique entities holding at least 1k coins. The absolute number of whales also continues to grow.

Overall, we have seen the highest weekly net exchange outflows in 2024 last week with around -37.6k BTC net outflows over the past 7 days.

Thus, the most recent on-chain data suggest that there is currently a renewed redistribution of bitcoins from smaller to larger wallet cohorts taking place.

The fact that long-term holders have increasingly been distributing bitcoins can be reconciled with the fact that many long-term holders are actually part of smaller wallet cohorts.

Futures, Options & Perpetuals

The most recent downside move from all-time highs was exacerbated by an increase in long futures liquidations as well. Long futures liquidations spiked above 100 mn USD on Friday last week according to data provided by Glassnode.

Nonetheless, both futures and perpetual open interest managed to increase over the past week. Especially CME saw a significant increase in futures open interest despite the most recent rout which implies that CME futures traders, which is dominated by institutional investors, have continued to increase their exposure to Bitcoin.

The futures basis rate has also remained elevated throughout the past correction at around 24.2% p.a.

In the context of the most recent correction, it is worth noting that the weighted Bitcoin futures perpetual funding rate across multiple derivatives exchanges has not turned negative during the most recent correction. However, funding rates have certainly declined to more moderate levels that do not imply excessive risk-taking to the upside anymore.

BTC options’ open interest has also increased last week. The Put-call open interest continued to decline compared to last week and is now at around 0.56 which does not signal a significant appetite for downside protection. Put-call volume ratios also remained relatively low despite the most recent correction.

However, the 25-delta BTC 1-month option skew increased last week signalling higher bids for puts relative to call options.

However, BTC option implied volatilities have come off the highs recorded on Monday last week. Implied volatilities of 1-month ATM Bitcoin options are currently at around 73.6% p.a.


Bottom Line

• Cryptoassets pull back after a strong rallye as short-term BTC investors are taking profits

• Our in-house “Cryptoasset Sentiment Indicator” has declined significantly and currently signals neutral sentiment

• Meanwhile, large investors continue to accumulate bitcoins as Coinbase BTC on-exchange balances just hit a 9-year low


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.

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