• ETF Securities will be hosting a Q4 update on the 8 October to look at trends for commodities, equities and currencies
Last week commodities diverged, largely trading on their individual fundamentals. Palladium was the best performer, gaining 8% as investors fear a consumer backlash against diesel autocatalysts following the scandal at Volkswagen (which could favour palladium-heavy gasoline autocatalysts). Industrial metals were hurt again last week as the Caixin China PMI manufacturing data came out weaker than expected, although this week’s official PMI reading will offer more clarity on the strength of manufacturing demand. Late last week, the Federal Reserve Chair reiterated that a rate rise is still on the cards for 2015, which could pose a threat for commodity prices as the US dollar strengthens.
Short-lived gold rally boosted demand for gold ETPs. US$16.6mn of net inflows was invested into gold ETPs last week as gold gained 3.3%, closing at US$1,154.50/oz on Thursday. However, Federal Reserve chairman Janet Yellen cut the rallyshort when she confirmed late Thursday that interest rates could still rise by the end of the year. US dollar strengthened on this announcement and gold price pared its gains to US$1,146.20/oz. by the end of the week. The price of gold is likely to remain very volatile in the run-up to the next Fed meeting scheduled at the end of October.
Increasing interest in Energy ETPs. Energy ETPs recorded net inflows of US$7mn, mostly into ETFS Energy (AIGE) and natural gas ETPs. At this time of the year, the natural gas futures curve typically switches from backwardation into contango as the restocking season between April and October comes to a close and US demand for heating increases, supporting demand for gas ahead of the winter season. The US Energy Information Administration (EIA) forecasts natural gas price at an average of US$2.84/MMBtu for 2015. Year-to-date average price currently stands at US$2.77/MMBtu, suggesting that investors are likely to benefit from a long position into the commodity. Meanwhile, oil ETPs recorded net outflows last week, mainly from WTI ETPs, on the back of profit taking. A 17.4% rebound in WTI oil since its August low, has driven three consecutive weeks of outflows from WTI ETPs.
Inflows into short copper persist. Last week saw net inflows of US$4.5mn into ETFS Short Copper (SCOP) marking the second consecutive week of inflows into the product as ETP investors as investors have become bearish on the metal following weaker-than-expected flash manufacturing PMI data in China. Net positions into copper contracts listed on the LME and COMEX however indicate a reversal of market sentiment. China official manufacturing PMI scheduled for later this week will provide further clarification.
Platinum sell-off deepens. Platinum ETPs recoded net outflows of US$9.3mn as platinum price reached its lowest level in 6 years. Palladium ETPs saw US$1mn of inflows, following its 8.0% rally. Lower platinum prices could hurt platinum miners’ economic sustainability further. With the global average cash costs of production at US$1,209/oz. (GFMS), maintaining current levels of production is difficult and we could see the supply deficit deepen this year.
Key events to watch this week. US non-farm payrolls data will be closely scrutinized as the Fed’s next move is ever more dependent on signs of labour market strength. Official Chinese PMI’s will help confirm whether the weakness in the Caixin numbers were an aberration or a trend.
Video Presentation
Edith Southammakosane, Research Analyst at ETF Securities provides an analysis of last week’s performance, flow and trading activity in commodity exchange traded products and a look at the week ahead.
For more information contact
ETF Securities Research team ETF Securities (UK) Limited T +44 (0) 207 448 4336 E info@etfsecurities.com
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This communication has been provided by ETF Securities (UK) Limited (”ETFS UK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority.
I denna text tittar vi närmare på olika börshandlade produkter som ger exponering mot Sui. Precis som för många andra kryptovalutor och tokens finns det flera olika börshandlade produkter som spårar Sui. Vi har identifierar tre stycken sådana produkter.
De olika produkterna skiljer sig en del åt, en del av emittenter av ETPer arbetar med så kallad staking för vissa kryptovalutor, vilket gör att förvaltningsavgiften kan pressas ned. Det är emellertid inte så att alla dessa börshandlade produkter är identiska varför det är viktigt att läsa på.
Börshandlade produkter som ger exponering mot Sui
Precis som för många andra kryptovalutor och tokens finns det flera olika börshandlade produkter som spårar Sui. Det finns faktiskt tre börshandlad produkter som är noterade på svenska börser vilket gör att den som vill handla med dessa slipper växlingsavgifterna, något som kan vara skönt om det gäller upprepade transaktioner i olika riktningar.
För ytterligare information om respektive ETP klicka på kortnamnet i tabellen nedan.
Dogecoin’s performance and staying power across multiple market cycles suggest it is not “just another one of those memecoins”.
Over the past decade, DOGE has outperformed even Bitcoin, delivering over 133,000% in returns, nearly 1,000x BTC’s gains in the same period. Despite deep drawdowns during bear markets, Dogecoin has shown remarkable structural resilience.
Following each major rally, it has consistently formed higher lows, a pattern of long-term appreciation and compounding strength.
Historically, Dogecoin has closely mirrored Bitcoin’s movements, often peaking a few weeks after. While 2024 saw Bitcoin dominate headlines following landmark ETF approvals, DOGE still followed its trajectory, though it has yet to stage its typical delayed breakout.
As macro uncertainty continues to fade and momentum returns to the market, retail participation is likely to accelerate, setting up conditions in which Dogecoin has historically thrived.
At the same time, regulatory clarity around Dogecoin has improved. The SEC recently confirmed that most memecoins are not considered securities, comparing them to collectibles. Additionally, they clarified that proof-of-work rewards, like those earned from mining DOGE, also fall outside that scope. These developments further legitimize Dogecoin’s role in the ecosystem, potentially setting the stage for its next paw up, especially as it now holds a firm base around $0.17, nearly 3x its pre-rally level before reaching a new all-time high in the last cycle.
In addition to its long-term performance, Dogecoin stands out as an asset that behaves asymmetrically, offering investors a rare source of uncorrelated returns across both traditional and crypto portfolios. With an average correlation of just 15% to major assets, DOGE’s price action remains largely detached from broader macroeconomic trends, reinforcing its value as a true diversification tool.
Dogecoin demonstrates significant independence within the crypto market, with its correlation to Bitcoin at only 31% and to Ethereum at 37%. This divergence stems from unique capital flow dynamics, where higher-beta assets like DOGE tend to rally after blue-chip crypto assets reach major milestones.
While Bitcoin slowly evolves into a digital store of value and Ethereum powers decentralized infrastructure, Dogecoin remains largely a cultural asset, thriving on narrative momentum and crowd psychology, offering explosive upside when risk appetite surges.
For investors seeking an upside without mirroring the behavior of core holdings, Dogecoin offers a compelling case. Its ability to decouple from market trends while tapping into more speculative surges makes it a powerful, though unconventional, addition to a portfolio with wildcard potential.
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.
Amundi S&P Global Industrials ESG UCITSETF EUR (D) (MWOA ETF) med ISIN IE00026BEVM6, försöker följa S&P Developed Ex-Korea LargeMidCap Sustainability Enhanced Industrials index. Det S&P-utvecklade ex-Korea LargeMidCap Sustainability Enhanced Industrials-indexet spårar industrisektorn. Aktierna som ingår filtreras enligt ESG-kriterier (miljö, social och bolagsstyrning).
Den börshandlade fondens TER (total cost ratio) uppgår till 0,18 % p.a. Amundi S&P Global Industrials ESG UCITSETF EUR (D) är den billigaste ETF som följer S&P Developed Ex-Korea LargeMidCap Sustainability Enhanced Industrials index. ETFen replikerar det underliggande indexets prestanda genom full replikering (köper alla indexbeståndsdelar). Utdelningarna i denna ETF delas ut till investerarna (Årligen).
Amundi S&P Global Industrials ESG UCITSETF EUR (D) är en mycket liten ETF med 4 miljoner euro under förvaltning. ETFen lanserades den 20 september 2022 och har sin hemvist i Irland.
Investeringsmål
AMUNDI S&P GLOBAL INDUSTRIALS ESG UCITSETF DR – EUR (D) försöker replikera, så nära som möjligt, resultatet av S&P Developed Ex-Korea LargeMidCap Sustainability Enhanced Industrials Index (Netto Total Return Index). Denna ETF har exponering mot stora och medelstora företag i utvecklade länder. Den innehåller uteslutningskriterier för tobak, kontroversiella vapen, civila och militära handeldvapen, termiskt kol, olja och gas (inkl. Arctic Oil & Gas), oljesand, skiffergas. Den är också utformad för att välja ut och omvikta företag för att tillsammans förbättra hållbarhet och ESG-profiler, uppfylla miljömål och minska koldioxidavtrycket.
Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel DEGIRO, Nordnet, Aktieinvest och Avanza.