Autorisation des ETF actifs sur le marché français en cours !

Mirlipon

Le seul intérêt que je leur vois, c’est pour les contribuables moins imposés sur les distributions que sur les plus-values car ils convertissent une partie de la hausse en distribution. Mais même là, il me semble pertinent de vérifier que la perte d’efficacité n’est pas supérieure au gain fiscal sur le long terme

En plein dans le mille !

Je mets ces nouveaux produits en watchlist mais je n’ai pas encore acheté ces ETFS si recents.
Le rendement (pas encore affiche sur IB) est à verifier comparé a Global X Nasdaq et S&P500 que je possède en diverses devises (mais IB n’a pas encore corrigé ses grosses erreurs de rendement affiché : au debut ils reconnaissaient la distribution mensuelle - maintenant rien ne correspond aux faits )

La remontée des bonds continuent - mon gain de capital sur la poche se rapproche du top …
Pas étonnant avec un USD a 106.80

Aux USA Schwab sort un nouvel ETF actif obligataire

The new active Core Bond ETF will seek to provide total return while generating income through U.S. debt securities, including corporate bonds, municipal bonds, and Treasuries, according to the SEC filing.

“Active ETFs have enjoyed a tremendous year of flows, and that is especially true when it comes to bond funds,” he said. “About 36% of bond ETF flows streamed into active products for the year to date through October, compared with 24% for active stock ETFs.”

What’s remarkable is that players like Vanguard and Schwab are now entering the space with [b]rock-bottom fees, and investors are getting active management from highly respected issuers at basically the cost of index funds,” he said. “The narrative has always been that it’s much easier to generate alpha in fixed income compared to equities, and with an uncertain rate environment moving forward, it makes sense that investors and advisors might want an active manager helping to navigate the bond market.”

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https://www.etf.com/sections/news/schwa … d-bond-etf

Ce matin … finalement des pros expriment leurs reticences faces aux nouveaux etfs actifs de JPM Morgan

Fund selectors divided on JP Morgan AM US premium income ETFs
Investors split on trading off returns against downside protection and income
Lauren Gibbons
13 Nov 2024

https://www.etfstream.com/articles/fund … ncome-etfs

Fund selectors are divided on the value of these strategies. Some argue that similar results can be achieved by adjusting allocations across core asset classes.

Other more income-focused, risk-averse investors appreciate their merits, especially given the sustained market volatility this year.

Each ETF uses an options strategy managed by JPMAM’s US Core team, led by Hamilton Reiner. The team generates income by selling weekly index options on JEPI and JEPQ’s equity portfolios, with monthly distributions to investors from option premiums and dividends.

The yields are generous, with JEPI offering an expected yield of 7–9% a year, while JEPQ sits slightly higher with an expected yield of 9–11%. (comme les ETFs de Global X )

Active options-based ETFs have remained in the headlines through 2024, following the JPMAM launch of the JPMorgan Global Equity Premium Income Active UCITS ETF (JEPG) launched last year.

Missing US tech gains …

But lower volatility makes trade-off worthwhile

Conversely, Nathan Sweeney, CIO of multi-asset of Marlborough, said many investors see this as an acceptable trade-off given the consistent yield, which ranges between 7-11% for the two ETFs. “In the long term, these funds can perform competitively by capturing modest equity gains while cushioning downside risks.”

“This type of approach works well for income-focused or risk-averse investors, particularly those who want exposure to the US equity market but prefer a strategy that smooths out returns,” he added.

The Final Word

“Given the growing awareness of alternative yield-generation methods and a continued push for diversified income, it is likely that we will see increasing adoption of covered call strategies in Europe, especially among those who prioritise consistent cash flow over full upside capture,” he concluded.

Exactement… comme disait Mirlipon … si on est en phase de consommation… surtout si on est taxable sur les gains mais pas sur les revenus du capital ca fait du sens d’voir une distribution mensuelle … plutôt qu’un etf capitalisant dont le gain serait taxable a 28%

Chacun doit trouver chaussure a son pied !

Dernière modification par sissi (13/11/2024 13h34)

Je trouve que ce nouvel ETF va à l’encontre de ce que peut représenter ce genre de produit pour une partie des investisseurs, notamment dans la diversification. Que cette dernière concerne le nombre de positions ou bien dans le type de secteur.

En ce qui me concerne quand a une diversification réduite en nombre, j’ai une préférence pour l’ETF Global Brand de chez L&G qui reproduit l’indice Solactive BrandFinance Global Brands offrant une exposition dans un portefeuille diversifié des marques les plus précieuses au monde.

Le 1er octobre j’avais demandé a IB de corriger les dates de distributions et montants pour les 2 ETFs de Global X avec strategie d’options
Finalement grace a un 2eme ticket (moins sympa) … ce matin miracle !

QYLD en USD ou en euros est affiché correctement avec les 12 mois de distributions. Cet ETF de Global X est ex-divi le 29 nov. et payable le 9 décembre.

Dernière modification par sissi (25/11/2024 10h47)

Pour le fond ETF XYLP, le site justETF précise que "Ce fonds ne dispose d’une autorisation de mise sur le marché que pour Autriche, Suisse, Allemagne, Danemark, Espagne, Grande-Bretagne, Irlande, Italie, Pays-Bas, Norvège, Suède".
Donc pas accessible en France, ou bien est-ce que vous êtes plus à jour que JustETF ?

Invesco files to launch pair of CLO ETFs in Ireland – reports
The CBI recently changed its stance on the matter
Toby Lawes
25 Nov 2024

nvesco has applied to launch a pair of collateralised loan obligation (CLO) ETFs with the Central Bank of Ireland (CBI) after understanding that the regulator is set to change its stance on the exposure.

The firm plans to introduce a US dollar AAA CLO ETF and a Euro AAA CLO ETF, as first reported by Ignites Europe. If approved, they would be the first Ireland-domiciled ETFs to offer 100% CLO exposure.

Although structured as a single security, a CLO is an actively managed pool of ’leveraged’ loans split into tranches, with the AAA tranche at the top of the capital stack.

By constructing a single security from a diversified bundle of loans, CLOs can offer a higher yield than an individual loan with the same risk and credit rating.

Invesco files to launch pair of CLO ETFs in Ireland ? reports

AAA CLO ETFs: What makes a good quality basket? (A LIRE !)
Identifying “extension risk” key, not junior versus senior AAA labels says Fair Oaks’ Ramos Fuentenebro
Lauren Gibbons
26 Nov 2024
AAA CLO ETFs: What makes a good quality basket?

Amundi has entered Europe’s active ETF market with a suite of equity and fixed income strategies which comply with new French socially responsible investing (SRI) criteria, ETF Stream can reveal.

The six ETFs are listed on Euronext Paris with the following total expense ratios (TERs):

Amundi Label ISR Actions Europe UCITS ETF (ISRA) – 0.20%
Amundi Label ISR Actions USA UCITS ETF (ISRU) – 0.20%
Amundi Label ISR Actions Japon UCITS ETF (ISRJ) – 0.22%
Amundi Label ISR Actions Monde UCITS ETF (ISRM) – 0.20%
Amundi Label ISR Credit EUR UCITS ETF (ISRC) – 0.25%
Amundi Label ISR Credit USD UCITS ETF (ISRD) – 0.25%
Euro hedged iterations of ISRU, ISRJ and ISCH also listed with TERs from 0.22-0.27%.

Amundi enters active ETFs with six socially responsible launches

Probablement des capitalisants …

sissi a écrit :

Fidelity unveils ‘quality value’ range with double ETF launch
The new funds seek to ‘avoid value traps’ by focusing on quality
Toby Lawes
05 Dec 2024

The Fidelity US Quality Value UCITS ETF (FUSV) and the Fidelity Global Quality Value UCITS ETF (FGLV) have been introduced with total expense ratios (TERs) of 0.25% and 0.40%, respectively.
“The foundation of our ETFs is their ability to leverage our research and quantitative capabilities to provide differentiated exposures, through enhanced index or active ETFs.

Fidelity unveils ?quality value? range with double ETF launch

De mieux en mieux, pas un seul mot en Français.
Vous ne faites pas un seul post rédigé 100% en Français. Cela devrait être dans les règles du forum, on est un site francophone, on devrait écrire en Français.

IH : les membres sont contents des interventions très spécialisées de Sissi, malgré les messages avec bcp d’anglais.

Certes ce n’est pas sur le marché français encore mais ne sachant où le poster je le mets ici:

L’info n’est pas de toute fraicheur (octobre 2024) mais des ETFs d’Avantis sont négociables sur le XETRA, notamment le AVWS : Avantis Global Small Cap Value qui peut être une alternative intéressante à ZPRX et ZPRV pour ceux intéressés par le Small cap value.

Impressionant : on est passé de 235 m d’entrées nettes a 2.8 bn en 2024 dans des ETFs obligataires actifs !

My 5 cents: c’est génial car ces ETFs Ucits SANS retenue peuvent permettre de remplacer les obligations en direct en USD - et ce réduire le souci relié a l’estate tax du fisc américain. A voir les distributions et les composants …

Active fixed income ETFs the product class to watch in 2025
Inflows into the nascent segment have increased more than tenfold year-on-year
Jamie Gordon
11 Dec 2024

Investors have poured assets into active ETFs at meaningful scale in 2024. While $12.2bn inflows into Europe’s 87-strong range of active equity ETFs, as at 19 November, might appear to overshadow the $2.8bn welcomed by the continent’s 45 active fixed income ETFs over the same period, this number represents a more than tenfold increase on the $235m net new assets for the product class in 2023.

This cadence looks set to continue in 2025. In a recent survey of European professional investors 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.

Similarly, 83.5% said they use either a purely active or active-passive blend within their fixed income allocations, while 49.4% said they either ‘use and plan to increase’ or ‘do not use and will start to allocate’ to active ETFs in 2025.

Active fixed income ETFs the product class to watch in 2025

JUSTEMENT CE MATIN j’ai posté le nouveau ETF actif obligataire High Yield d’AXA. Je ne le vois pas encore sur IB … est il distribuant ou capitalisant ?

AXA IM unveils global high yield active ETF
Takes fixed income ETF range to seven
Lauren Gibbons
11 Dec 2024

The AXA IM Global High Yield Opportunities UCITS ETF (AGYU) is listed on Deutsche Boerse, Borsa Italiana and will be listed on SIX Swiss Exchange “soon” with a total expense ratio (TER) of 0.45

AGYU “focuses” on high yield corporate bonds included in the ICE BofA Developed Markets High Yield index . By excluding emerging markets, the ETF captures around 90% of the global high yield market.

AXA IM unveils global high yield active ETF

AXA IM unveils global high yield active ETF

D’après just etf il y aurait 52 etfs Ucits actifs en "fixed income" dont 27 en euros, 24 distribuants
[url=ETF Screener | justETF&resetPage=true&assetClass=class-bonds]ETF Screener | justETF[/url]
Et 109 etfs Ucits actifs en "equity" dont 28 distribuants
ETF Screener | justETF

Dernière modification par sissi (11/12/2024 14h34)

Ce matin …

Vanguard to end launch hiatus with fixed income ETF trio
The funds have received regulatory approval
Toby Lawes
16 Dec 2024

The Vanguard Global Government Bond UCITS ETF, the Vanguard EUR Eurozone Government 1-3 Year Bond UCITS ETF and the Vanguard EUR Corporate 1-3 Year Bond UCITS ETF have received approval from the Central Bank of Ireland (CBI).

The filings of the three index-tracking products come after the firm revealed it was considering entering Europe’s active ETF market within the fixed income arena.

Vanguard to end launch hiatus with fixed income ETF trio

La competition entre le Luxembourg et l’Irlande augmente !
Car les gerants d’ETFs actifs n’aiment pas dévoiler leurs positions chaque jour …

ETF Wrap: Luxembourg to ease transparency rules for active ETFs

Luxembourg’s financial regulator is set to ease transparency rules for active ETFs, allowing managers to publish holdings with a one-month lag instead of disclosing holdings daily.

This move aims to attract more active ETFs to domicile in Luxembourg, giving it the edge over Ireland’s Central Bank (CBI) which currently states issuers must disclose holdings daily.

ETF Wrap: Luxembourg to ease transparency rules for active ETFs