Asset managers race to list Ethereum ETFs in the US after Bitcoin ETF gets SEC approval

Agriculture (+2.6%) rose mainly because of rising wheat prices due to the withdrawal of Russia from the UN-brokered Black Sea Grain Initiative. However, the drought in Europe and the onset of El Nino are also seen as putting upward pressure on agricultural prices more broadly. Finally, gold (+2.6%) was also positive, benefiting from the prospect of being closer to, if not at, peak interest rates and a weaker US dollar over the month.

But a survey by KPMG shows that while over 90% of investors still believe the metaverse is the next phase of the internet, a large portion remain cautious on the back of regulatory, adoption, and privacy concerns. The fund becomes the seventh ETF in the US to target the development of the metaverse. At $430 million, the Roundhill Ball Metaverse ETF (METV US) is the largest with an expense ratio of 0.75%. The cheapest is the $10 million Fidelity Metaverse ETF (FMET US) which costs 0.39%.

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That number is impressive, however the best performing funds have outstripped that run substantially. Spy had a look at the top three performing funds on Morningstar in Hong Kong. In first place, JP Morgan Asset Management’s Multi Income genrative ai Fund is up a whopping 97%. The ETF invests in companies listed worldwide, including those in emerging markets, selecting firms with market capitalizations of at least $250 million and average daily trading volumes greater than $500,000.

This is the biggest reduction in years in a bid to prop up prices following a meeting of the influential Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, in Vienna on 4 June. The Bank of Canada delivered an unexpected 25 basis point rate hike following a similar surprise from the Reserve Bank of Australia the previous day. It’s easy to get caught up on the negative headlines, particularly as there’s a tendency not to publish positive news, but it’s inevitable that threats breed opportunities.

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In the US, the main event was inflation with May’s prices up 4% year on year, their slowest pace since March 2021. Although still double the Federal Reserve’s target of 2%, the figure was slightly below the 4.1% expected and down from 4.9% in April. In terms of other data, US weekly jobless claims were unchanged from the previous week at 262,000, their highest level since late-2021. Despite many challenges and ongoing uncertainties, Q2 saw global markets post yet another set of strong equity returns after what was an already solid start to the year, Simon Watts explains. Louis joined the London team of Nedgroup Investments, a sister company of Nedbank Private Wealth, in 2019 as an investment analyst, focusing on quantitative analysis and fund research.

In other news, the US Climate Prediction Centre confirmed that El Niño conditions had emerged in May, with the latest weekly indices above the threshold for an El Niño event. This can lead to a higher frequency of natural disasters like dry, hot conditions, which have negative effects on harvests and food supplies and risk putting renewed upward pressure on food prices and inflation. In corporate news, Apple unveiled its new ‘mixed reality’ headset Vision Pro, which will be available early next year with a sticker price of US$3,499. Interestingly, within our alternative strategies, Gore Street Energy Storage Fund released its Q update, and its net asset value (NAV) increased last quarter, despite its discount rate rising by 1.8% since the end of last year.

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Harnessing Social Sentiment with AI ETFs tracking “meme” and “mania” stocks can display… BlackRock predicts that bond ETF assets industry-wide will more than double to $5 trillion in 2030, from $1.8 trillion. “(The metaverse)…is much like the internet of the early 1990s or the smartphone of the early 2000s. We expect it is going to be big and very likely change people’s daily lives,” said BlackRock Technology Opportunities Fund co-portfolio manager Reid Menge in a blog post. Microsoft recently ended its project to encourage the use of the metaverse in industrial environments just four months after it was formed. Elsewhere, Meta lost about $14 billion in its Facebook Reality Labs division.

Roundhill Investments has rolled out a new actively managed thematic equity ETF targeting companies at the forefront of artificial intelligence technology with a focus on generative AI. Eurozone inflation for May eased more than expected and fell to a 15-month low of 6.1%, down from 7.0%. This enabled bond yields in Europe to rally, especially towards the end of May. The euro area unemployment rate fell in April to its lowest level since the formation of the single currency, coming in at 6.5%. However, European Central Bank (ECB) President Christine Lagarde remained hawkish over interest rates stating that inflation was still too high and further monetary tightening was in the pipeline.

In terms of market roundup, developed market equities (+3.0%) were ahead of emerging market equities (+1.8%) over the last 30 days, as the weak economic data from China dented sentiment. In terms of style, growth oriented sectors (+5.6%) outperformed value stocks (+0.1%), with information technology stocks continuing to benefit from the growing investment in artificial intelligence (AI). Information technology (+11.6%) was by far the best performing sector over the last 30 days, while consumer staples (-4.5%) was the worst. In the market roundup, developed market equities (+2.6%) continued to outperform emerging markets (+1.5%) over the last 30 days, with artificial intelligence tech stocks doing most of the heavy lifting.

In corporate news, both Salesforce and Zoom reported higher than expected earnings and promoted their investments in the development of artificial intelligence. It remains a good environment for real assets although not much to report in terms of net asset value releases this week. We just wanted to highlight the relative outperformance of our defensive areas such as gold and ATLAS Global Infrastructure which have been the stand-out performers on a year-to-date basis. The value of investments can fall, as well as rise, and you might not get back the original amount invested. Any individual investment or security mentioned may be included in clients’ portfolios and is referenced for illustrative purposes only, not as a recommendation, not least as it may not be suitable. In other news, BlackRock, the world’s biggest asset manager, pushed further into cryptocurrencies by filing an application with the US Securities and Exchange Commission to offer a bitcoin exchange-traded fund (ETF).

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Constituents are weighted by float-adjusted market cap subject to individual stock caps of 6% and 3% for first and second-tier constituents, respectively. These are firms with an aggregate exposure score of three or four and an overall revenue exposure of at least 25% towards the metaverse theme. Scores ranging from from zero to three or four represents a forward-looking assessment of the potential for a firm to derive significant economic benefits from that sub-theme. This is reflected by the percentage of total company revenue estimated to be derived from that sub-theme in five years. A company must have a total market capitalization above $300 million and an average daily trading volume more than $2m in order to be eligible for inclusion. The FSA team has been back in Manila this week as we hosted the FSA Investment Forum Philippines, again after a few years of Covid-induced absence.

• Interestingly, within our alternative strategies, Gore Street Energy Storage Fund released its Q update, and its net asset value (NAV) increased last quarter, despite its discount rate rising by 1.8% since the end of last year.
• The financial services group generated $230 billion of long-term net inflows in the US alone.
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• 21Shares doubles down on ethereum Swiss crypto ETF specialist is rolling out two new…
• “Now we are once again seeing a flurry of applications for futures-based Ethereum ETFs, including an inverse ‘short’ ETF from Proshares,” Duke wrote Wednesday.