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

Amid financial markets’ chatter about strategies involving cryptocurrencies and artificial intelligence, overlooking the quiet force of[b] buffer ETFs may have been easy.[/b]

According to etf.com data, the more than 200 buffer ETFs combined manage nearly $46 billion. That’s up from $200 million in total assets in 2018, and up from $35 billion at the start of the year.

It is perhaps ironic that this category of ETFs that offers varying degrees of downside protection in exchange for a cap on upside performance is benefitting from the higher-profile performance and volatility taking place in financial markets.

Buffer ETFs employ options strategies to replicate the performance of a designated index while also providing the buffers on each end to give investors a sense of calm. Financial advisors and ETF issuers love these products because they help keep nervous investors from fleeing to the sidelines when markets get scary.

From that perspective, buffer ETFs are doing their job. But one can’t help but wonder where the balance is when it comes to paying higher fees for less volatility.

de ETF.com morning Exchange

S’applique aux USA … mais pour le moment il y a encore très peu de "buffer ETFs" en Europe - et ils sont trop recents …

The ETF Evolution: 3 Trends to Take Hold in 2025 - concerne les USA mais éventuellement l’Europe aussi

Active management evolution, crypto adoption, and complex strategies are factors to reshape the $15 trillion ETF market in 2025.

The ETF industry will undergo major transformations heading into 2025, with new products and strategies emerging as global assets reached a record $15.1 trillion at the end of November.

The industry booled nearly $220 billion in net inflows in November, bringing year-to-date net inflows to more than $1.6 trillion, according to ETFGI.

"2025 is going to be all about niche and cutting-edge themes in active ETFs,” said Gavin Filmore, CRO at Tidal Financial Group. “Think emerging tech, renewable energy supply chains, and breakthroughs in health innovation."

The innovation extends beyond traditional investment approaches, with artificial intelligence playing an increasingly important role in portfolio management and analysis, Filmore explained.

As the industry expands, three key trends are poised to reshape how investors access markets in 2025: the evolution of active management, the growing adoption of crypto-focused products, and the rise of complex investment strategies.

Structurally efficient and options-based active ETF products are demonstrating more ambitious goals in terms of portfolio differentiation and risk management, Jacobs explained.

"Our products are going to look and feel very, very different than the broader market," he added.

The innovation is evident in how capital-efficient and hedged-equity ETF strategies manage market downturns. When markets decline 20%, these new active strategies aim to be down only half as much rather than slightly outperforming like traditional active products, Jacobs noted.

The democratization of these strategies through ETFs has removed traditional barriers to entry, he noted. While covered call strategies typically require at least $50,000 to implement directly, investors can now access similar strategies with as little as $25 through ETFs.

"Complex Investment Strategies

Options-based and derivative ETF strategies are gaining traction as investors face two key challenges in today’s market environment, according to Si Katara, founder and CEO of TappAlpha.

"It’s all about meeting demand for income and risk management," Filmore stated. "Options-based ETFs—like covered calls and protective puts—give investors tools to ride out market volatility while boosting yield."

https://www.etf.com/sections/news/etf-e … -hold-2025

Dernière modification par sissi (05/01/2025 03h01)

En ETFs actifs : la plupart sont plutôt des capitalisants , certains des distr. ont une distribution tres faible - moins de 1%

Sur justetf.com il y a une liste de 58 Etfs Actifs distribuants
Sélecteur d?ETF et comparaisons d?ETF | justETF

Et 118 Etfs Actifs capitalisants
Sélecteur d?ETF et comparaisons d?ETF | justETF

Faut se souvenir que les etfs à strategie d’options devraient etre vus comme  une classe séparée (Global X par ex) des etfs Actifs qui n’utilisent pas d’options mais une gestion active des actions

En actifs distribuants …il y a un recent en euro avec distribution mensuelle. Rendement dans les 6.5% appelé a évoluer entre 7 et 9% . Taille 349 m… car tout jeune

JPMorgan Global Equity Premium Income Active UCITS ETF USD (dist)
ISIN IE0003UVYC20   |  Ticker JGPI

Le JPMorgan Global Equity Premium Income Active UCITS ETF USD (dist) est un ETF géré activement.
L’ETF investit dans des entreprises des marchés développés et émergents du monde entier. Les sociétés sous-évaluées bénéficient d’une pondération plus élevée. En outre, un revenu supplémentaire est recherché par l’utilisation d’une stratégie d’overlay avec des instruments financiers dérivés. L’ETF cherche à générer un rendement supérieur à celui de l’indice MSCI World.

Le ratio des frais totaux (TER) de l’ETF s’élève à 0,35% p.a.. Le JPMorgan Global Equity Premium Income Active UCITS ETF USD (dist) est l’ETF le moins cher et le plus grand qui suit l’indice JP Morgan Global Equity Premium Income Active. L’ETF reproduit la performance de l’indice sous-jacent en achetant toutes les composantes de l’indice (réplication complète). Les dividendes de l’ETF sont distribués aux investisseurs (une fois par mois).

Le JPMorgan Global Equity Premium Income Active UCITS ETF USD (dist) a des actifs sous gestion à hauteur de 349 M d’EUR. L’ETF a été lancé le 30 novembre 2023 et est domicilié en Irlande.

JPMorgan Global Equity Premium Income Active UCITS ETF USD (dist) | JGPI | IE0003UVYC20

On en a deja parlé … de JGPI
ET aussi des soucis avec le site - faut cliquer sur dividendes pour voir la distribution exacte - car leur chiffre de "rendement" induit en erreur : il inclut les dividendes …

Certains distribuent peu mais sont interessants par ex
JPMorgan Global Research Enhanced Index Equity (ESG) UCITS ETF USD (dist)
ISIN IE000HFXP0D2   |  Ticker JRGD distribue moins de 1% (trimestriel), taille 897m
Le JPMorgan Global Research Enhanced Index Equity (ESG) UCITS ETF USD (dist) est un ETF géré activement.
"The JP Morgan Global Research Enhanced Index Equity (ESG) Strategy invests in companies from developed markets. This fund seeks to generate a higher return than the MSCI World."
JPMorgan Global Research Enhanced Index Equity (ESG) UCITS ETF USD (dist) | JRGD | IE000HFXP0D2

A voir si JRGD continuera a performer … comme cette dernière année : + 28%
A suivre…

Dernière modification par sissi (08/01/2025 12h44)

Janus Henderson enters European active fixed income with AAA CLO ETF
Janus Henderson operates the world’s largest CLO ETF, listed in the US
Jamie Gordon 09 Jan 2025

The Janus Henderson Tabula EUR AAA CLO UCITS ETF (JCL0) will list on Deutsche Boerse with a total expense ratio (TER) of 0.35%. The ETF will list on the London Stock Exchange and Borsa Italiana in due course.

The ETF will invest primarily in European AAA-rated CLO issuance and up to 30% in non-European AAA CLOs that are compliant with European securitised regulations.

Fleury commented: “AAA CLOs are a compelling alternative to investment grade corporates, typically offering higher yields and more credit spread for a better-quality asset with lower sensitivity to interest rate volatility.

CLOs become a launch focus for ETF issuers in Europe, with Invesco filing to launch a pair of CLO ETFs with the Central Bank of Ireland (CBI) after understanding that the regulator is set to change its stance on the exposure.

Janus Henderson enters European active fixed income with AAA CLO ETF

Mirlipon votre nouveau FTLS tout comme ce JCLO ne sont pas accessibles au retail je crois

Peut-être en "elective pro" ?

Mea culpa … faut au minimum que je m’attelle a demander les "produits complexes" Je remets ca de semaine en semaine…  tellement j’ai horreur de la paperasse

Oui ce sont de beaux produits … et niche… et actifs - mais pas de strategie d’options je pense
A voir quel genre de rendement … Le JANUS Henderson AAA CLO Etf American appelé JAAA offre du 5.7% , distribution mensuelle

Il semble que le rendement des ETFs cocos augmente avec les nouveaux Tier 1?

Dernière modification par sissi (09/01/2025 17h34)

1. BlackRock unveils high-conviction AI ETF in double active launch
Along with a systematic factor rotation fund
Toby Lawes 21 Jan 2025

lackRock has expanded its range of active equity ETFs with a fundamental artificial intelligence (AI) strategy and a systematic factor rotation fund.

The iShares AI Innovation Active UCITS ETF (IART) debuts with a total expense ratio (TER) of 0.73% while the iShares World Equity Factor Rotation UCITS ETF (FACT) is priced at 0.30%.

Both are listed on the London Stock Exchange (LSE), Deutsche Boerse and Euronext.

IART, managed by Tony Kim and Reid Menge of BlackRock’s fundamental equities technology group, is a concentrated ‘best ideas’ portfolio of 20-40 stocks.

The world’s largest asset manager has leaned in to the AI theme in recent months – it launched a pair of thematic ETFs in December – and declared in its 2025 outlook that transformational “mega forces” like AI are permanently breaking traditional business cycles.

FACT, meanwhile, managed by BlackRock’s systematic active equity team, looks to outperform its MSCI World benchmark by targeting long-term style factor premiums while using tactical factor tilts to exploit short-term cyclicality.

The ETF is expected to hold 150-250 names with an annual turnover exceeding 100%.

BlackRock unveils high-conviction AI ETF in double active launch

2. BNP Paribas Asset Management has expanded its actively managed ESG suite with a Europe equity ETF.

The BNP Paribas Easy Sustainable Europe UCITS ETF (BJL6) is listed on the Deutsche Boerse with a total expense ratio (TER) of 0.20%.

BNP Paribas AM adds Europe equity ETF to active ESG range

Dernière modification par sissi (21/01/2025 13h08)

Short selling feature of active ETFs improves market efficiency, study finds
Underperforming managers are forced out while poor quality ones are reluctant to enter
Toby Lawes
23 Jan 2025

The short selling feature of active ETFs enhances market efficiency by removing poorly performing managers and deterring low quality ones from entering, according to new academic research.
In a recent paper titled ETFs as a disciplinary device, authors including a Bank of International Settlements (BIS) economist and two Hong Kong University of Science and Technology researchers, found active ETF flows are five times more sensitive to performance than mutual funds since investors can establish short positions – ultimately producing outflows from the fund.

Short selling feature of active ETFs improves market efficiency, study finds

Dernière modification par sissi (23/01/2025 14h02)

Goldman Sachs Asset Management has announced the launch of two actively managed ETFs in EMEA: Goldman Sachs USD Investment Grade Corporate Bond Active UCITS ETF (Ticker: GIGU) and Goldman Sachs EUR Investment Grade Corporate Bond Active UCITS ETF (Ticker: GIGE).
"The firm writes that the strategies have the potential to achieve a long-term return by actively investing primarily in investment grade fixed income securities of corporate issuers.
The new ETFs are listed on the London Stock Exchange and Deutsche Börse and will be registered in key markets across EMEA."
Goldman Sachs Asset Management enters active ETF market in EMEA with fixed income launches: GIGU and GIGE - ETF Express

JPMAM expands its suite of active fixed income UCITS ETFs with two new listings

J.P. Morgan Asset Management (JPMAM) is excited to announce the listings of JPM Euro Aggregate Bond Active UCITS ETF (LSE ticker: JEGG) and JPM EUR Government Bond Active UCITS ETF (LSE ticker: JEUG) on the London Stock Exchange, Deutsche Börse Xetra, Borsa Italiana and SIX Swiss Exchange.

The firm now offers 13 actively managed fixed income UCITS ETFs, complementing its existing aggregate bond, corporate bond, high yield, ultra-short income and sustainable fixed income active ETF offering.

JPMAM expands its suite of active fixed income UCITS ETFs with two new listings - ETF Express

Dernière modification par sissi (29/01/2025 13h41)

En fait faut devenir "elective pro" … ca prend 500k d’avoirs chez courtiers, banques etc et vous échapperez au Mifid "retail" -et pourrez acheter des ETFs americains

L’autre truc que certains ici ont pratique c’est de vendre un put sur un ETF américain et se faire assigner

Au minimum demandez l’autorisation des produits complexes - questionnaire a remplir - je sais que plusieurs ETFs Ucits comme les Cocos etc tombe la-dessous

Oblible pourra vous aider

PS: mettre l’anglais comme langue de base me semble aider a éviter certains soucis.

Mirlipon non - je ne vends pas de put - ca a ete suggéré par quelqu’un pour en acheter malgré Midid sans etre pro.-
Vous devez mieux connaitre que moi comment contourner les restrictions…

Tout simplement j’évite les ETFs non Ucits - a cause de l’ESTATE tax …

Mais j’admets que les distributions a l’américaine me font envie haha!

Dernière modification par sissi (29/01/2025 19h55)

Aux USA de plus en plus d’ETFs utilisent les "derivatives" ou produits derivés

En Europe on voit le debut de ce trend : a peine quelques buffers , bien plus de strategies "covered call"

A voir les résultats dans le temps !

From Bogleheads to Gearheads: U.S. ETFs Are Rapidly Increasing in Complexity

In 2024, 40% of the new ETFs listed in the U.S. used derivatives as a significant component of their investment strategy, up from 20% in 2014.
Aniket Ullal CFRA Research | Jan 22, 2025

Nevertheless, as we start 2025, it is worthwhile to pause and reflect on the rapidly rising complexity of the ETF industry. In 2024, 40% of the new ETFs listed in the U.S. used derivatives as a significant component of their investment strategy, up from 20% in 2014 (see Figure 1). This is not inherently a negative development – products like buffer ETFs use derivatives to provide structured outcomes to investors, which help to manage risk. In aggregate, however, the new ETFs being listed are quite far removed from the industry’s traditional roots in low-cost replication of broad indices.

Categorizing the Derivatives-Based Equity ETFs by Type

It is useful to categorize the equity ETFs that use derivatives as a key component of their investment strategy, since not all may significantly amplify portfolio risk. Buffer products account for the largest share (40%) of these ETFs by count. They use options to provide range bound outcomes where investors can typically trade off some potential upside in exchange for downside protection. Although they help manage rather than amplify risk, they are complex since they require investors to understand details of the reset periods and the remaining caps and buffers on each product. Another category is leveraged and inverse products, which make up a third of all derivatives-based equity ETFs by number. Investors use these products to take more risks through concentrated, directional bets on indices or individual stocks. Derivatives are also used in ETFs for other purposes, such as income generation through call writing – e.g., in the JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). Another application of derivatives is the use of forward contracts for currency hedging – e.g., in the X-trackers MSCI EAFE Hedged Equity Fund (DBEF).

Looking Ahead

Although there has been an explosion in the number of derivatives-based ETF launches, most flows in 2024 still went into more traditional ETFs. At the end of December 2024, derivatives-based ETFs accounted for 27% of ETFs in the U.S., but only 7% of the inflows in 2024.

U.S. ETFs Are Rapidly Increasing in Complexity | Wealth Management

LE QYLE (Global X Nasdaq 100 covered call) a bien résisté hier: il est resté positif tandis que le Nasdaq 100 chutait sensiblement. Sur 6 mois et par rapport à un ETF "pur" Nasdaq, i.e sans options, sa volatilité est nettement contenue et les performances à peu près identiques.

Dernière modification par Lise (Hier 08h01)