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Unicorn or Trojan Horse?
ETFS Multi-Asset Weekly Unicorn or Trojan Horse?
- Unicorn or Trojan Horse?
- Cold weather gas rally.
- Unicorn or Trojan Horse?
USD to remain buoyant as investors listen to central banks.
Late-week political wrangling over Greece’s request for an extension to its bail-out upset an otherwise strong week for cyclical assets.
While an eleventh-hour deal was struck, the lack of details could continue to temper market sentiment this week. Federal Reserve minutes revealed little urgency in raising interest rates despite a number of Fed officials indicating that June could be a potential date for increases. Meanwhile the Bank of Japan failed to increase quantitative easing, pointing to a better economic outlook, despite the poor GDP reading earlier in the week.
Commodities
Cold weather gas rally. US natural gas rose 5% last week as a cold weather snap drove up heating demand. According to Bentek Energy (an energy market analytics company), demand in the northeastern United States on Monday hit the highest level in its 10-year history of data, surpassing the previous high set in the polar vortex of January 2014. However, meteorological agencies expect the bitter cold in the east to pass and normal February weather to resume this week, which is likely to ease gas prices. We saw some flattening in the Brent futures curve this week, as the price of the front month contract moved higher while longer dated contracts fell. WTI fell across the whole curve, giving back some of last week’s gains. Coffee plummeted 8.9% as recent rain in Brazil lifted hopes of a better coffee crop.
Equities
Unicorn or Trojan Horse? The S&P500 and Russell 2000 hit fresh highs, gaining 0.4% and 1% respectively last week. The absence of inflationary pressures has kept equity markets in a jovial mood although political wrangling over Greece’s debt extension took the edge off performance in European bourses toward the end of the week. Indeed, even though EURO STOXX 50® Volatility fell 4.7% in the week up to Thursday, by Friday volatility was back to previous week levels. Nevertheless the FTSE MIB, FTSE 100 and DAX ended the week to Thursday 3.6%, 1.3% and 0.6% higher. The MSCI China A-Share Index rose 2.5% before the domestic Chinese equity markets closed for New Year festivities. Sentiment toward Chinese equities have continued to improve as further central bank easing looks likely..
Currencies
USD to remain buoyant as investors listen to central banks. The gradual improvement of economic activity in an environment devoid of inflationary pressure will keep currency volatility elevated as aggressive stimulus from central banks remains in place. While we initially thought the USD could suffer a near-term correction, it is unlikely to be this week with Fed Chair Yellen, ECB President Draghi amongst the key speakers this week. The takeaway message for investors will be that policy divergences between the US and the rest of the developed world are likely keep the USD supported as other central banks remain firmly in stimulus mode. While it appears that investors are discounting a mid-year rate hike by the Fed, Chair Yellen’s testimony should help bring market expectations back in line with the central banks tightening timing cycle. A stronger dollar is also likely to be reinforced if the CPI readings for the Eurozone, Japan and Canada disappoint, come in under expectations, a likely possibility with oil prices remaining depressed.
Important Information
This communication has been issued and approved for the purpose of section 21 of the Financial Services and Markets Act 2000 by ETF Securities (UK) Limited (”ETFS UK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority (”FCA”).
Amid soaring US debt and Gold’s steady gains, Bitcoin has continued to deliver strong returns over the past 15 years. Its scarcity and decentralization make it a hedge that investors can’t ignore, providing new ways to pursue growth, security, and opportunity in an evolving financial landscape.
Investors can’t ignore the corporate world’s big bet on Ethereum
Ethereum is stealing the spotlight, as public companies have accumulated over 4.4 million ETH, worth nearly $19 billion, in the past few months. This treasury boom is outpacing Bitcoin’s early adoption and redefining how Wall Street approaches digital assets.
The rise of Hyperliquid: DeFi’s record-breaking powerhouse
Hyperliquid is making waves in DeFi perpetuals by setting new records, leading trading volumes, and propelling its token to all-time highs. Backed by market volatility, high-performance infrastructure, and concentrated liquidity, the platform continues to draw investors and assert its market dominance.
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.
IncomeShares passed three milestones in August. Assets under management climbed to almost $66 million, cumulative fund flows topped $72 million, and turnover across London and Xetra listings reached over $27 million. Palantir paid the highest annualised distribution yield at 57.11%. The sections below break the numbers down in more detail.
Cumulative fund flows
Fund flows track how much money investors put into or take out of IncomeShares ETPs (exchange-traded products). Positive flows mean more money coming in than going out – a sign of demand for the products.
Flows have risen every month this year. In January, they stood at $13.7 million. By the end of August, they reached $72.4 million. That’s over $8 million of new money added in August alone – the biggest increase since May.
Trading turnover
Turnover is the total dollar value of IncomeShares ETPs bought and sold on the exchanges. Higher turnover means more activity and liquidity for investors.
Turnover reached $27.3 million in August – the highest on record and more than double January’s $13.0 million. London listings (USD and GBP combined) made up $14.2 million, with Xetra listings close behind at $13.1 million. Both exchanges have seen steady increases through 2025, showing rising interest in income options strategies across the board.
Note: Figures use IDC FX rates as of the August month-end to convert GBP and EUR into USD. We apply the same August rates to all prior months to compare turnover on a like-for-like basis.
Assets under management (AUM)
AUM is the total value of assets held across all IncomeShares ETPs. It grows when new investors buy in, or when the underlying assets rise in value.
AUM grew from $13.8 million in January to $65.8 million at the end of August. It was also $8 million more than in July. Steady inflows and consistent income distributions are helping the product range build scale.
Distribution yields
Distribution yields represent the annualised income paid to investors as a percentage of the current NAV (net asset value), based on the latest month’s yield. IncomeShares ETPs aim to generate this income from selling options. Yields change each month depending on strategy performance and market volatility.
Annualised August yields (ranked highest to lowest):
• Palantir Options ETP (PLTY): 57.11%
• Nasdaq 100 Options ETP (QQQY): 46.44%
• Coinbase Options ETP (COIY): 43.60%
• AMD Options ETP (AMDY): 41.43%
• Tesla Options ETP (TSLI): 40.97%
• Broadcom Options ETP (AVGY): 40.96%
• MicroStrategy Options ETP (MSTY): 37.61%
• Alibaba Options ETP (BABY): 35.90%
• S&P 500 Options ETP (SPYY): 32.95%
• NVIDIA Options ETP (NVDI): 28.42%
• Alphabet Options ETP (GOOI): 18.15%
• Magnificent 7 Options ETP (MAGO): 16.87%
• Apple Options ETP (AAPPY): 15.55%
• 20+ Year Treasury Options ETP (TLTY): 12.38%
• Amazon Options ETP (AMZI): 12.00%
• Silver+ Yield Options ETP (SLVY): 11.56%
• Meta Options ETP (METY): 11.32%
• Gold+ Yield Options ETP (GLDI): 6.74%
• Microsoft Options ETP (MSFY): 6.54%
Our Palantir ETP topped the list with an annualised yield of 57.11% for August, up from 30.57% in July. The stock was volatile in August, trading between $142 and $190. That wider range increased option premiums, which boosted the ETP’s yield. The ETP sells put options on Palantir stock and holds shares – the strategy used for all our single stock ETPs and the Magnificent 7 product.
The Nasdaq 100 ETP paid an annualised yield of 46.44% in August, up slightly from 44.52% in July. At the other end, Gold+ and Microsoft stayed below 7%, reflecting relatively calmer conditions in their underlying assets.
The table below shows the annalised distribution yields for all IncomeShares ETPs so far this year. Note that the bottom eight ETPs launched in late June, so they only have yields for July and August.
Key takeaways
• Fund flows climbed to $72.4 million, with August adding more than $8 million.
• Turnover hit a record $27.3 million, split almost evenly between London and Xetra.
• Palantir topped the yield table at 57%, with Nasdaq 100 and Coinbase also paying above 40%.
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