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

J’ai l’ETF JGPI - JPMorgan Global Equity Premium Income Active UCITS ETF USD (dist) qui a pour indice de référence le MSCI world. Difficile de dire que l’objectif de cet ETF est de suivre cet indice dans la mesure où l’émetteur de l’ETF sélectionne environ 250 valeurs.

Depuis le début d’année : CW8 : -6.57%   WPEA : -6.26% (tous deux étant capitalisants) JGPI : 0.78%

Ceci dit sur 2024 : CW8 : 19.5%  JGPI : 7.97% (attention la part JGPI est distribuante versus capitalisante pour CW8)

Ces deux types de produits sont complémentaires et ne répondent pas aux mêmes objectifs. JGPI permet avant tout de s’exposer au marché action avec un panier d’action à moindre volatilité et visant la distribution de revenus mensuels. Cet ETF fonctionne particulièrement bien en cas de latéralisation du marché. Lorsque le marché est en forte hausse, avec un moteur très puissant sur les actions de croissance comme cela a été le cas en 2024 alors le gain est capé sur cet ETF.
Cela reste un produit récent et un retour d’expérience sur une plus longue période peut être fait avec JEPI versus le marché américain, mais toujours avec comme base de comparaison un marché américain qui a été en ébullition au cours des dernières années.

Attention le JEPI (version UCITS) qui a pour indice le SP500 baisse en YTD de 4,89 et le JEPQ qui a pour indice le Nasdaq 100 baisse de 9,74%.
C’est le JEPG (ou aussi JGPI) qui se comporte bien dans cette période de baisse.

A y regarder de plus près, la composition du JEPQ est encore plus concentrée sur un panier de valeur qui me font me détourner pour le moment du SP500 : Apple près de 10%, Nvidia près de 9%; Microsoft 8%; Amazon 6%… Pour la diversification on repassera !

sissi a écrit :

Maintenant que l’euro est a 109 plus personne n’achète de Bonds ici on dirait… sauf Gapitaine et moi ?

C’est une question pour l’autre thread plutôt, mais pour ma part ce n’est pas la valeur de l’Euro qui m’empêche d’acheter… c’est plutôt que la marge a pris un gros coup sur 30 jours.

Et il est vrai qu’avec la baisse des indices world et la hausse de l’euro, je trouve le risk/reward plus intéressant sur les ETF indiciels depuis 10 jours. Pour l’instant j’utilise mes munitions pour me renforcer, si on perd encore 10-15% sur les grands indices, je passerai même vendeur obligs/acheteur actions.

Le fameux son du canon!

Mirlipon

Effectivement beaucoup de rouge dans ces ETFs… comme vous je ne renforce pas …

Ce matin un article qui m’intrigue : de quels "regulatory changes" parlent-ils ?

"The coming opportunity in retirement-friendly ETFs
Examining Europe’s nascent roster of target date, buffer and covered call ETFs"

Key takeaways
Regulatory changes within European pensions are likely to create significant demand for retirement-friendly ETFs and opportunities for issuers
Covered call ETFs are huge in the US but demand in Europe - although well behind - is starting to shows signs of growth
The same cannot be said for buffer ETFs which remain a fraction of the size of the US market
Target date funds are popular in Europe but Amundi is the first to test the water for appetite within the ETF wrapper

The coming opportunity in retirement-friendly ETFs

Encore une innovation en UCITs

iM Global Partner launches European Managed Futures UCITS ETF
Beverly Chandler March 17, 2025

iM Global Partner (iMGP) has announced it will enter the European Active UCITS ETF market with the launch of a European Managed Futures UCITS ETF, the only one available on the market, the iMGP DBi Managed Futures Fund R USD ETF.

The firm writes that this active UCITS ETF has been listed on the Euronext stock exchange in Paris and will soon be available on the London Stock Exchange listed in sterling.

The iMGP DBi Managed Futures Fund R USD ETF will mirror the Managed Futures ETF, US-listed iMGP DBi Managed Futures Strategy ETF. Both are managed by iMGP’s partner, DBi, experts in hedge fund replication. The US-listed ETF trades under the Bloomberg ticker DBMF:US, while the European UCITS ETF share class is listed under DBMF:FP.

The firm writes that that this alternative strategy aims to replicate the pre-fee performance of a representative basket of leading managed futures hedge funds and has attracted interest from a wide variety of investors.

iM Global Partner launches European Managed Futures UCITS ETF - ETF Express

Dernière modification par sissi (17/03/2025 17h59)

Pas surprenant vu le contexte : le plus recent ETF defense Europe  attire les sous!

1. European Defence ETF surpasses USD500 million in two weeks: WisdomTree
By Beverly Chandler, March 25, 2025

WisdomTree writes that its new thematic ETF seeks to capture Europe’s leading defence companies. WisdomTree Europe Defence UCITS ETF (WDEF) launched on 11 March 2025, and since launch, WDEF has achieved USD554 million in net new flows in its first two weeks of trading and currently has USD511 million in assets under management.

Adria Beso, Head of Distribution, Europe, WisdomTree, says: “The European defence story is evolving rapidly. European governments are not making short-term, reactionary purchases – they appear to be redesigning their defence strategies for the long term. The EU recently unveiled a comprehensive plan to mobilise EUR800 billion to bolster its defences, while military and political leaders are supporting the launch of a GBP100 billion Defence Security & Resilience bank for rearmament in the UK and Continental Europe. These are just two of the many signals that highlight we are at the start of a multi-year transformation.

“Given Europe’s historic underinvestment in defence, the WisdomTree Europe Defence UCITS ETF was created to capture the upside of Europe’s multi-year defence expansion. Europe has historically relied on US defence contractors for high-end military technology, but policy changes are prioritising domestic suppliers. The European Defence Industrial Strategy (EDIS) is supporting a shift toward locally sourced defence systems, with targets to procure 50 per cent of EU military equipment from European manufacturers by 2030 and 60 per cent by 2035. We, therefore, expect European defence procurement to predominantly benefit European companies. This view is reflected in investor appetite for the ETF, which provides exposure to the European companies likely to be best placed to capitalise on this critical megatrend.

“European defence stocks represent an industrial transformation that investors are still adjusting to. The shift in spending patterns, restructuring defence supply chains, and long-term contract backlogs make European defence one of the strongest secular growth stories in today’s market.”

European Defence ETF surpasses USD500 million in two weeks: WisdomTree - ETF Express

2. Nouveau "buffer" etf : 15% de protection de mars 25 a mars 2026

First Trust launches buffer ETF on LSE: QMAR
By Beverly Chandler, March 24, 2025

First Trust has announced the launch of the First Trust Vest Nasdaq-100 Moderate Buffer UCITS ETF – March (“QMAR”), on the London Stock Exchange, offering investors the opportunity to participate in the growth potential of Nasdaq-100 companies while mitigating some of the inherent volatility. QMAR is the latest addition to First Trust’s expanding suite of Target Outcome ETFs in UCITS format.

The firm explains that Buffer ETFs seek to protect investors from a level of losses, while allowing participation in potential growth, up to a predefined cap.

The Fund is actively managed and seeks to provide returns that match the price return of the Nasdaq-100, up to a predetermined upside cap, while providing a 15 per cent downside cushion through a built-in buffer mechanism.

The outcome period runs for approximately one year, ending in March 2026, after which the cap and buffer are reset to prevailing market conditions.

QMAR has a perpetual structure and may be held indefinitely, providing a potential buy-and-hold investment opportunity, the firm says.

First Trust launches buffer ETF on LSE: QMAR - ETF Express

Bonjour Manit

C’est un ETF thématique … à la mode en ce moment et pour un bout de temps je pense … Une petite dose sans TTF et Acc en euro …pourquoi pas …

1. Janus Henderson launches US AAA CLO ETF in Europe
The firm operates the world’s largest CLO ETF housing $21.5bn
Jamie Gordon 27 Mar 2025

Janus Henderson has unveiled a US dollar denominated AAA collateralised loan obligation (CLO) ETF in Europe, ETF Stream can reveal.

The Janus Henderson Tabula USD AAA CLO UCITS ETF (JAAA) is listed on the London Stock Exchange with a total expense ratio (TER) of 0.35%.

The product is managed by Janus Henderson head of US securitised products John Kerschner and head of securitised credit, Colin Fleury, alongside securitised portfolio managers Denis Struc, Jessica Shill and Ian Bettney.

JAAA will primarily invest in UCITS eligible USD AAA CLOs, but retains the option to invest in USD-hedged euro denominated CLOs on a tactical basis.

Janus Henderson currently operates the world’s largest CLO ETF, a $21.5bn ’40-Act’ strategy sharing the JAAA ticker.

The new ETF also comes after the firm unveiled its first actively managed fixed income ETF in Europe in January, the Janus Henderson Tabula EUR AAA CLO UCITS ETF ([b]JCL0), which has amassed $155m assets under management (AUM) since inception.[/b]
Janus Henderson launches US AAA CLO ETF in Europe

2. Yieldmax arrive en Europe ! S’allie avec HAnef … 

YieldMax launches its first European ETF: YMAG
Beverly Chandler March 27, 2025

YieldMax ETFs has announced the launch of its first UCITS ETF for investors in Europe, in partnership with HANetf.

The YieldMax Big Tech Option Income UCITS ETF (ticker: YMAG)

YMAG is an actively managed UCITS ETF that seeks to generate monthly income from a portfolio of covered call strategies, each on a US-listed technology stock. The covered call strategy is a widely used income strategy that relies on the sale of options to harvest income from the volatility of a stock, including those that offer small or no dividends of their own.

YMAG aims to generate monthly income from the sale of US-listed call options on US-listed technology stocks. It also seeks to capture capital growth through exposure to the share price returns of those same technology stocks.

YieldMax ETFs writes that it is a leader in option-based income ETFs in the United States, with a suite of over 40 ETFs that have accrued over USD9 billion in assets under management. YieldMax ETFs cover a broad range of underlying assets and option-based income strategies. The YieldMax ETFs trading and portfolio management team has 18 professionals possessing decades of options trading expertise, the firm writes.

YieldMax ETFs has partnered with white-label ETF specialist HANetf for the launch of its first actively managed UCITS ETF.  The YieldMax Big Tech Option Income UCITS ETF is initially listed on the London Stock Exchange (ticker: YMAG), Xetra (ticker: YYYY), and Borsa Italiana (ticker: YMAG).

YieldMax launches its first European ETF: YMAG - ETF Express

Dernière modification par sissi (Aujourd’hui 11h14)