ETF actifs, UCITS, Euronext Paris, iShares, Amundi : le point complet

mirlipon · #126

Je surveille l’arrivée du Brookmont Catastrophic Bond ETF (NYSE:ILS). Probablement pas UCITS à son lancement, mais peut être accessible en achetant et exerçant des Calls…

De quoi mettre un peu de super-high-yield obligataire (et liquide) en portefeuille. A suivre pour l’aspect pratique de son accessibilité, mais il est temps de réfléchir à la pertinence des Cat Bonds pour être prêt à dégainer.

sissi · #127

OUI Mirlipon assez interessant ce secteur HY

Nos voisins allemands en parlaient il n’y a pas longtemps …
Je joins le lienvers le forum allemand sur ce sujet (inscription gratuite - beaucoup de lien en anglais)
Anleihenboard - Anmelden

Au cas ou ca intéresse d’autres - meme s’il faut jouer les options pour l’acquérir tant qu’il n’y a pas de version UCITS …

Insurance-Linked Securities Market Grows 10.5% in 2024

Despite a year marked by record-setting catastrophe losses, the insurance-linked securities (ILS) market demonstrated resilience and growth in 2024, reaching nearly $50 billion in outstanding notional value, according to a Swiss Re Capital Markets report. The robust market growth, driven by new issuances and the entrance of new catastrophe bond sponsors, underscores the ILS market’s attractiveness as an asset class.

New Market Entrants

The year 2024 welcomed a wave of new CAT bond sponsors to the ILS market, with 12 organizations making their debut. The majority of these new entrants arrived in the first half of the year, with nine sponsors joining the fray, followed by three more in the latter half.

Among the notable new entries was GAREAT, the French terrorism insurance pool, which secured $105 million in capacity against French terrorism risks. This transaction not only introduced a new sponsor but also brought a novel peril to the ILS market, further diversifying the range of risks covered by catastrophe bonds.

Insurance-Linked Securities Market Grows 10.5% in 2024 - Risk & Insurance : Risk & Insurance

Dernière modification par sissi (19/02/2025 13h48)

Chafouini · #128

Bonjour, ETF Stream nous informe du lancement imminent d’un nouvel ETF, The Montrose Global Monthly Dividend MSCI World UCITS ETF (MONTDIV), qui a la particularité d’offrir des dividendes mensuels grace aux covered calls et de n’être côté qu’a Stockholm et en Couronnes Suédoises.

sissi · #129

Pour ceux qui aiment les strategies d’options "covered call" comme moi … le spécialiste Américain Yieldmax arrive avec un UCITS semblable a BIGY

YieldMax set to enter Europe with active income ETF
Via white labeller HANetf
Written by: Lauren Gibbons 19 Feb 2025

Covered call ETF specialist YieldMax is set to enter the European market after filing for regulatory approval for a big tech income strategy in Ireland, ETF Stream can reveal.

The Yieldmax Big Tech Option Income UCITS ETF has been filed for registration with the Central Bank of Ireland (CBI) and will mark the firm’s first strategy in a UCITS format.

YieldMax has 23 US-listed ETFs and specialises in covered call strategies.

The upcoming ETFs’ most similar US counterpart - the YieldMax Target 12 Big 50 Option Income ETF ([b]BIGY) - is actively managed and aims at a target annual income of 12% alongside potential capital appreciation.[/b]

BIGY captures 50 large cap US companies.

Covered call strategy launches have also been gathering pace in Europe in recent years.

YieldMax set to enter Europe with active income ETF

VOICI directement du site Américain
BIGY, Target 12? Big 50 Option Income ETF – YieldMax ETFs

macsnaw · #130

Sisi vous êtes petit bras pourquoi ne pas aller prendre MSTY de la même société !
Stratégie de covered call sur MSTR (et donc indirectement sur du BTC).

Distribution Rate: 103.63%

Je suis "elective profesional" j’ai donc accès à ces etf mais je préfère faire mes stratégies de covered call moi-même. Et malheureusement je ne suis pas RNH portugais ;-)

sissi · #131

BlackRock unveils active flexible income bond ETF
IFLX may invest up to 60% of its assets in non-investment grade and unrated securities Lauren Gibbons 20 Feb 2025

BlackRock has expanded its active fixed income range with the launch of a flexible income ETF.

The iShares € Flexible Income Bond Active UCITS ETF (IFLX) is listed on Euronext Amsterdam and Deutsche Borse with a total expense ratio (TER) of 0.40%.

Benchmarked against the Bloomberg Euro Aggregate Bond index, IFLX aims to “maximise income” by investing in a range of fixed income securities, including government and corporate bonds, across both developed and emerging markets.

IFLX uses a flexible approach to credit quality, allowing investments in investment grade, non-investment-grade and unrated securities, with up to 60% exposure to non-investment-grade assets.

IFLX also uses financial derivatives to generate additional income.

"As investors move increasingly towards goal-based investing, we can expect to see more interest in this outcome-oriented way of conceiving products."

Elsewhere in active fixed income launches, Jupiter Asset Management unveiled an actively managed global government bond ETF via the HANetf white-label platform.

Goldman Sachs Asset Management (GSAM) also launched its first actively managed ETFs in Europe with two investment grade corporate bond ETFs.

The launches coincide with European professional investors warming up to the idea of active fixed income ETFs. In a recent survey conducted by ETF Stream, 29.4% said they allocate between 1-10% of their portfolios to active fixed income ETFs, up from 20% of respondents the year before.

BlackRock unveils active flexible income bond ETF

Quelle distribution prévue ?
Encore des "derivatives" pour générer du revenu a distribuer ?

sissi · #132

The iShares € Flexible Income Bond Active UCITS ETF (IFLX) est deja sur IB mais petit rond rouge …

Au 19/févr./2025
Nombre de positions 364
Rendement le plus défavorable 5,43%
Échéance moyenne pondérée 5,86
Coupon 5,41
Duration ajustée des options 3,70

Regardez les positions et la repartition … bien diversifié , distribution en euros

Ce qui m’intrigue "Pourcentage des avoirs du fonds à l’égard desquels des données ne sont pas disponibles au 19/févr./2025 : 57,20%"

Quelle distribution trimestrielle ? avec des dérivés ?

iShares ? Flexible Income Bond Active UCITS ETF | IFLX

sissi · #133

UBS émet un ETF sur le S&P 500 qui est "equal and fixed weight"

C’est une nouvelle tendance … de limiter les 7 magnifiques … Est ce que ca marcher ?

Il a l’avantage d’être synthétique donc pas de retenues sur les dividendes perçus a l’intérieur de l’ETF.

UBS Asset Management (UBS AM) has announced the launch of a new UCITS ETF which provides exposure to the S&P 500 Equal Weight Index.

This index includes the same 500 companies as the market capitalisation weighted S&P 500, however each underlying stock is allocated an equal and fixed weight (0.2 per cent).

The firm writes that S&P’s equal weight index provides a solution for investors with concerns over sector or security level concentration in the S&P 500. Recently, the 10 largest stocks within the S&P 500 reached an all-time high at over 35 per cent of the index’s market value; similarly, the technology sector also represents a weight of over 30 per cent of the S&P 500, the firm writes.

The UBS S&P 500 Equal Weight SF UCITS ETF synthetically replicates the performance of the index: the fund holds a portfolio of equities and matches the performance of the S&P 500 Equal Weight Index through its swap-based setup. While all investments are subject to market fluctuations, an advantage of this synthetic replication is that at present the ETF benefits from an exemption to pay US dividend withholding taxes.

Clemens Reuter, Head ETF & Index Fund Client Coverage, UBS Asset Management says: “Given the current elevated level of concentration in US market-cap weighted indices, we are delighted to offer our clients an alternative with the UBS S&P 500 Equal Weight ETF. Investors will further benefit as the ETF is synthetically replicated, and is therefore currently exempt from withholding tax on US dividends.”

The new ETF share classes will be listed on the SIX Swiss Exchange, London Stock Exchange and XETRA.

UBS AM launches synthetic S&P 500 equal weight ETF - ETF Express

PiloteB777 · #134

Fil de discussion vraiment très intéressant y compris la discussion sur les ETF Obligataires.
Du coup étant chez Saxo, j’ai quelques questions :

Une bonne partie des ETF cités sont accessibles chez Saxo sur les places Italiennes de Milan et Allemandes de Xetra (3 euros mini ou 0.08% par transcation).

Comme je n’ai pas le carnet d’ordres en temps réel, y-a-t-il une astuce pour connaître le volume des transactions sur chaque place boursière puisque’il faut acheter là où il y a le plus de volume.

Il me semble avoir lu que les ETF avec Isin en IE ne subissent pas de prélèvement à la source de 15% sur les dividendes. Ai-je bien compris ?

Mon ETF Néerlandais NL0011683594 VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF
subit un prélèvement à la source de 15% avant la flat tax sur les dividendes, savez-vous s’il y aura une rétrocession lors de la déclaration annuelle pour éviter d’avoir une double imposition comme les actions américaines par exemple.

Merci.

Dernière modification par PiloteB777 (24/02/2025 11h51)

sissi · #135

Pas de Retenue sur les ETFs irlandais (Isin en IE…)

Vaneck j’evite justement a cause du 15% de retenue

Pour voir ce qui se passe sur les ETFs je les mets en watchlist sur investing.com - c’est gratuit- et vous montre les volumes …

"Une bonne partie des ETF cités sont accessibles chez Saxo sur les places Italiennes de Milan et Allemandes de Xetra (3 euros mini ou 0.8% par transcation)." Dommage que vous n’ayez pas accès aux autres bourses comme Londres …

Pour le reste désolée - suis expat.

PiloteB777 · #136

sissi a écrit :
Pas de Retenue sur les ETFs irlandais (Isin en IE…)

Vaneck j’evite justement a cause du 15% de retenue

Pour voir ce qui se passe sur les ETFs je les mets en watchlist sur investing.com - c’est gratuit- et vous montre les volumes …

"Une bonne partie des ETF cités sont accessibles chez Saxo sur les places Italiennes de Milan et Allemandes de Xetra (3 euros mini ou 0.08% par transcation)." Dommage que vous n’ayez pas accès aux autres bourses comme Londres …

Pour le reste désolée - suis expat.

Merci pour les infos, concernant la bourse de Londres, j’y ai accés aussi (3 GPB mini ou 0.08%) :

sissi · #137

Chez IB c’est entre 1.00 et 1.17 GBP pour un achat d’ETF en "Tiered" et 1.25 min pour un ETF euro en Allemagne par ex. Le plus cher en commission c’est ce qui est en CHF approx 0.90% du prix hélas…
C’est pourquoi j’achète souvent sur Londres que je trouve assez liquide et qui offre des ETFs qui n’existent qu’en GBP

PiloteB777 · #138

En effet c’est moins cher mais je n’ai plus envie de m’embéter à faire les déclarations mensuelles de dividendes à mon centre des impôts comme je le faisais à l’époque où j’avais un compte chez Degiro.

Chez Saxo, l’Ifu est fourni, j’ai juste à reporter dans les bonnes cases, les prélèvements de flat tax sont automatiques, et sur la bourse US c’est 1 dollar mini ou 0.08%.

Compte tenu du montant de mes ordres, je trouve cela pas mal.

Le taux de change est de 0.25%

Et j’ai encore une centaine d’euros de remboursement de frais de commissions en stock et sans date limite de validité suite à de vieilles offres.

sissi · #139

Oui Saxo a l’air de répondre aux besoins des résidents fiscaux Français pour ces histoires d’IFU

Profitez de vos coms gratuites bien sur !

Pour les expats ici IB peut être plus adéquat puisque l’IFU est inutile.

Beaucoup de differences de situation selon le pays de residence !
Elle est où l’Europe Unie haha!

Juste a voir ce qui se passe pour l’Ukraine ….

sissi · #140

Attention si vous en avez … le changement de jurisdiction du Luxembourg a l’Irlande pourrait causer des soucis de fiscalité : gains taxables !

Amundi relocates $6.8bn MSCI world ETF to Ireland
To benefit from the Double Taxation Treaty with the US
By Lauren Gibbons, 25 Feb 2025

Amundi has extended its shift to Ireland after moving its Luxembourg-domiciled $6.8bn MSCI world ETF to the rival jurisdiction.

The $6.8bn Amundi MSCI World V UCITS ETF (LCUW) will merge with a mirror strategy, the $11.1bn Amundi MSCI World UCITS ETF (MWOE), housed on the firm’s Irish collective management vehicle (ICAV).

The moves comes as the French asset manager looks to reap the benefits of the Ireland-US double taxation treaty, which enables Irish-domiciled US equity ETFs to be subject to a 15% withholding tax on dividends paid by US companies, rather than 30% in Luxembourg and other juris

This move of fund domicile, which is technically a fund merger, means that the investors will receive an improved performance in the long term with an unchanged exposure. As this fund merger is considered as a sale of shares followed by an acquisition of new shares, it may trigger taxation on gains.”

Amundi has been continually shifting a series of Luxembourg domiciled ETFs to Ireland in recent years.

The firm previously shifted its $4bn Amundi S&P 500 UCITS ETF (S500) and the €2.5bn Amundi MSCI USA ESG Leaders Select UCTS ETF (SADU) to its Irish platform.

Amundi relocates $6.8bn MSCI world ETF to Ireland

Chafouini · #141

On n’est jamais à l’abri de mauvaises suprises avec Amundi visiblement…

sissi · #142

1.

WisdomTree has launched the WisdomTree Global Quality Growth UCITS ETF (WGRO). The ETF seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Global Quality Growth UCITS Index (the “Index”) and has a total expense ratio (TER) of 0.35 per cent. Listed today on Börse Xetra and Borsa Italiana, WGRO will be listed on the London Stock Exchange on 27 February 2025.
WisdomTree writes that its approach aims to provide higher upside participation in bull markets and generate positive excess returns over a full market cycle. The growth factor seeks to capture companies experiencing growth in sales, realised earnings, and expected earnings, often including disruptive companies and technological giants, allowing for greater upside participation. The quality factor adds stability to a portfolio and helps filter out the most unprofitable, highly speculative, and low-quality names.
Investors may view the ETF as a diversified global alternative to the US-centric NASDAQ 100 capturing growth stocks from across all developed markets.

WisdomTree adds global ETF to Quality Growth range: WGRO - ETF Express

2. BlackRock’s Sperandeo: AI ‘at the core’ of systematic active ETFs
Systematic – also termed ‘index-plus’ – active strategies have dominated inflows and launch activity in Europe’s nascent active ETF story, with many issuers entering the space with core-like equity building blocks.

“When we talk about ’index-plus’, systematic at the core, we know AI and broadly data science is widely used at the core of the investment process. The last year for us has really been about tapping into AI as a distinct theme but also leveraging AI as part of the investment process,” she added.

Applying this in practice, the iShares EMEA product team partnered with BlackRock’s 35-year-old systematic investment team to launch five ‘equity enhanced equity’ ETFs last July:

iShares World Equity Enhanced Active UCITS ETF (WOEE)
iShares U.S. Equity Enhanced Active UCITS ETF (USEE)
iShares Europe Equity Enhanced Active UCITS ETF (EUEE)
iShares Emerging Markets Equity Enhanced Active UCITS ETF (EMEE)
iShares Asia ex Japan Equity Enhanced Active UCITS ETF (AXEE)

BlackRock?s Sperandeo: AI ?at the core? of systematic active ETFs

Dernière modification par sissi (26/02/2025 12h30)

Chafouini · #143

Chafouini, le 19/02/2025 a écrit :
Bonjour, ETF Stream nous informe du lancement imminent d’un nouvel ETF, The Montrose Global Monthly Dividend MSCI World UCITS ETF (MONTDIV), qui a la particularité d’offrir des dividendes mensuels grace aux covered calls et de n’être côté qu’a Stockholm et en Couronnes Suédoises.

Il est donc côté depuis 3 jours et disponible chez IB: j’en ai acheté une louchette pour voir:
100 X MONTDIV @ 96,75 SEK

Cours Fonds Fundlogic Alternatives Plc - Montrose Global Monthly Dividend Msci World Ucits Etf | MONTDIV Bourse Nasdaq Stockholm

Déontologie : je détiens une position acheteuse/vendeuse sur une ou plusieurs société(s) listée(s) dans ce message.

sissi · #144

CHAFOUINI

Suis allée voir de plus près apres l’avoir trouvé sur IB
Vous avez fait comment pour l’acheter ? change ou marge ?
Le taux de la marge est 3.607% (BM + 1.5%) en SEK chez IB

The strategy, which will be run by FundLogic SAS, part of Morgan Stanley’s investment solutions business, is targeting a dividend of 0.5% per month – equivalent to a 6% annual yield. The Fundlogic platform is part of Morgan Stanley Investment Management (MSIM), but distinct from its in-house strategies

MONTDIV will be domiciled in Ireland meaning investors can benefit from reduced withholding tax rates on US dividends.

Despite significant global growth, ETFs have yet to take off in Sweden particularly since thousands of US products disappeared from the market in 2017 and 2018.

Alexander Boman, CEO of Montrose, commented: “Given the strong global demand for ETFs, it is high time Swedish investors have more options tailored to their needs. We hope this initiative benefits our customers and contributes to a broader ETF boom in Sweden.”

Montrose is expected to follow its first launch with an imminent second. The firm has another global equity ETF in pipeline, with the successor set to employ built-in leverage.

MONTDIV will become the only ETF on Morgan Stanley’s FundLogic platform after the six remaining smart beta ETFs were folded in 2024.

Chafouini · #145

J’ai fait du change EUR -> SEK, pas envie de rajouter une variable supplémentaire à ce produit ’exotique’.
Difficile de trouver plus d’informations sur le produit sur le site de Fundlogic, mais j’ai réussi à trouver le KID chez Morningstar:

kid.pdf

Déontologie : je détiens une position acheteuse/vendeuse sur une ou plusieurs société(s) listée(s) dans ce message.

sissi · #146

Eldridge enters Europe with US AAA CLO ETF

US-based asset manager and insurance company Eldridge has made its European debut with the launch of a US dollar denominated AAA collateralised loan obligation (CLO) ETF, ETF Stream can reveal.

The Eldridge AAA CLO UCITS ETF (TAAA) is listed on Deutsche Borse with a total expense ratio (TER) of 0.35%.

Though the Central Bank of Ireland (CBI) aligned its stance with Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF) to allow 100% exposure to AAA-rated CLOs in an ETF, TAAA is domiciled in Luxembourg.

TAAA will be managed by Tarek Barbar and Andrew Ward who also oversees the US-listed $107m Eldridge AAA CLO ETF and the $1bn Eldridge BBB-B CLO ETF.

TAAA predominantly targets USD-denominated US AAA-rated CLOs, but has flexibility to invest up to 20% in European AAA-rated CLOs.

Eldridge enters Europe with US AAA CLO ETF

sissi · #147

1. BlackRock to launch CLO ETF in Europe

The launch would mark the expansion of the world’s largest asset manager’s burgeoning active ETF range, most recently adding an active flexible income bond ETF to its line up.

BlackRock would follow hot on the heels of several other large asset managers who have recently launched CLO ETFs including Janus Henderson and Invesco.

BlackRock recently launched a BBB-B CLO ETF in the US, adding to its $745 iShares AAA CLO Active ETF which launched in 2023.

2.

DWS has unveiled the world’s first rolling target maturity high yield ETF after switching the index of its high yield corporate bond strategy.

The Xtrackers II EUR High Yield Corporate Bond 1-3 Swap UCITS (XHY1) will switch from tracking the Markit iBoxx EUR Liquid High Yield 1-3 index to now capturing the iBoxx EUR Liquid High Yield 2027 3-Year Rolling index.

As a result, XHY1 will be renamed to the Xtrackers II Rolling Target Maturity Sept 2027 EUR High Yield UCITS ETF.

This index captures euro-denominated high yield corporate bonds maturing between October 1 2026 and September 30 2027, with a 3% issuer weight cap.

XHY1’s target term will be rolled over, meaning it won’t be liquidated in September 2027. Instead, its assets will be reinvested in bonds with approximately three-year terms.

DWS unveils world-first rolling target maturity high yield ETF

sissi · #148

Un nouvel ETF defense - théoriquement thematique, pas actif mais dans le timing de cette nouvelle emission et le choix des positions oui!

WisdomTree debuts first Europe defence ETF in double launch
The launch coincides with pledges to boost European defence spending
Written by: Lauren Gibbons 11 Mar 2025

The WisdomTree Europe Defence UCITS ETF (WDEF) and the WisdomTree Uranium and Nuclear Energy UCITS ETF (NCLR) are listed on Deutsche Borse and Borsa Italiana and will be listed on the London Stock Exchange (LSE) on 12 March with total expense ratios (TER) of 0.40% and 0.45%, respectively.

WDEF tracks the WisdomTree Europe Defence UCITS index which offers exposure to European companies involved in the defence industry which includes manufacturers of civil defence equipment, parts or products, defence electronics and space defence equipment.

Its top three holdings are Rheinmetall AG (18.3%), the Leonardo SpA (15.1%) and Saab AB (9.9%).

WDEF will be the first to offer pure exposure to European defence stocks.

Commenting on the launch, Pierre Debru (pictured), head of research, Europe, WisdomTree, said: “WDEF is the first ETF dedicated to providing exposure to the European defence industry and is built around a timely and urgent theme focused on Europe’s push for strategic autonomy in defence amid rising geopolitical tensions.”

de ETF STREAM voir le lien au message 65 - et les autres ETFs "défense"
Guerre et investissements : comment investir en cas de guerre ? p.3

sissi · #149

JP Morgan AM unveils Europe-first active EM local bond ETF in double launch publié le 12 mars

The JPM Emerging Markets Local Currency Bond Active UCITS ETF (JLOC) and the JPM Global Emerging Markets Research Enhanced Index Equity SRI Paris Aligned Active UCITS ETF (JSEM) are listed on the London Stock Exchange (LSE), Deutsche Borse, Borsa Italiana and SIX Swiss Exchange with total expense ratios (TER) of 0.45% and 0.30%, respectively.

JP Morgan AM unveils Europe-first active EM local bond ETF in double launch
"JLOC offers enhanced yield and return alongside diversification due to “idiosyncratic sources of return in EM local currency bonds”, according to the release."

mirlipon · #150

Pour ceux d’entre vous qui ont des ETF actifs, avez-vous suivi la performance relative de vos lignes par rapport aux équivalents passifs depuis début mars?

C’est dans les moments comme ceux que nous traversons que les gérants peuvent prouver leur plus-value (et justifier leur frais)…

Discussion	Réponses	Vues	Dernier message
iShares nettoie sa gamme d'ETFs sur Euronext Paris	18	6 419	12/03/2019 23h42 par Maurice93
Amundi ETF MSCI world vs Amundi INdex MSCI world : quelles différences ? [ 1 2 ]	39	18 648	16/03/2024 11h40 par TheP2PInvestor
Le SPDR S&P 500 UCITS devient l'ETF le moins cher en Europe !	9	3 780	15/01/2024 14h04 par Oblible
Amundi : société française de gestion d'actifs [ 1 2 ]	28	11 445	26/04/2024 11h00 par Flavius
Antin Infrastructure Partners : introduction en bourse sur Euronext Paris	3	2 362	04/01/2022 11h23 par Flavius
Trackers HSBC : réplication physique et accessibles sur Euronext Paris…	5	4 695	29/01/2021 14h37 par gizgiz
Coca-Cola Enterprises arrive sur Euronext Paris	3	5 225	25/05/2011 14h37 par progfrance

ETF actifs, UCITS, Euronext Paris, iShares, Amundi : le point complet

ETF actifs, UCITS, Euronext Paris, iShares, Amundi : le point complet

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Chafouini, le 19/02/2025 a écrit :

#144 28/02/2025 17h51

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