En börshandlad fond är indexfondsom handlas på börsen, precis på samma sätt som aktier. Vad är en börshandlad fond? Ett annat begrepp för börshandlad fond är ETF som står för ”Exchange Traded Fund”. På svenska används benämningarna ETF och ”börshandlad fond” synonymt.
I en ETF får du samma riskspridning som du får i en vanlig traditionell fond, men det finns några viktiga skillnader.
Skillnaden mellan en ETF och en vanlig traditionell fond
ETF:er handlas och prissätts i realtid på börsen
Den främsta skillnaden mellan en ETF och en vanlig traditionell fond är att ETF:en handlas över börsen. Det innebär att den prissätts och går att köpa och sälja i realtid, precis på samma sätt som en aktie. I takt med att priset på de underliggande tillgångarna i ETF:en rör sig under dagen kommer även priset på ETF:en att förändras. Beroende på när under dagen du lägger din order kommer avslut att ske till det pris som gäller just i det ögonblicket då ordern genomförs.
Flertalet vanliga traditionella fonder prissätts däremot bara en gång om dagen. I det fallet spelar det alltså ingen roll när en order läggs, alla får samma pris.
ETF: er har låga avgifter
ETF: er kännetecknas även av att de har låga förvaltningsavgifter. En av förklaringarna till det är att de är indexfonder. I en sådan behöver förvaltaren inte ta några aktiva investeringsbeslut utan investerar i de tillgångar, och med den andel, som anges av det marknadsindex som fonden följer. Det betyder att ETF:er kan förvaltas till en lägre kostnad än en traditionell aktivt förvaltad fond.
ETF:er är tydliga och förutsägbara
ETF:er är tydliga och transparenta. Att ETF:er i de allra flesta fall är indexfonder innebär att de inte bjuder på några överraskningar. ETF:en rör sig precis som den marknad som den följer. Det gör att du med fördel kan använda ETF:er som billiga och enkla byggklossar när du komponerar din investeringsportfölj.
ETF Securities expects to complete the sale of its Canvas ETF platform to Legal & General Investment Management soon
ETF Securities expects to complete the sale of its Canvas ETF platform to Legal & General Investment Management soon. On the deal’s completion day, all product management responsibilities will move to LGIM so any future enquiries should be directed to LGIM ETF Sales using the details below:
This communication has been issued and approved for the purpose of section 21 of the Financial Services and Markets Act 2000 by ETF Securities (UK) Limited (“ETFS UK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority (the “FCA”).
The information contained in this communication is for your general information only and is neither an offer for sale nor a solicitation of an offer to buy securities. This communication should not be used as the basis for any investment decision. Historical performance is not an indication of future performance and any investments may go down in value.
This document is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of shares or securities in the United States or any province or territory thereof. Neither this document nor any copy hereof should be taken, transmitted or distributed (directly or indirectly) into the United States.
This communication may contain independent market commentary prepared by ETFS UK based on publicly available information. Although ETFS UK endeavours to ensure the accuracy of the content in this communication, ETFS UK does not warrant or guarantee its accuracy or correctness. Any third party data providers used to source the information in this communication make no warranties or representation of any kind relating to such data. Where ETFS UK has expressed its own opinions related to product or market activity, these views may change. Neither ETFS UK, nor any affiliate, nor any of their respective officers, directors, partners, or employees accepts any liability whatsoever for any direct or consequential loss arising from any use of this publication or its contents.
ETFS UK is required by the FCA to clarify that it is not acting for you in any way in relation to the investment or investment activity to which this communication relates. In particular, ETFS UK will not provide any investment services to you and or advise you on the merits of, or make any recommendation to you in relation to, the terms of any transaction. No representative of ETFS UK is authorised to behave in any way which would lead you to believe otherwise. ETFS UK is not, therefore, responsible for providing you with the protections afforded to its clients and you should seek your own independent legal, investment and tax or other advice as you see fit.
ETF är en engelsk förkortning för Exchange Traded Fund och betyder ”börshandlad fond” på svenska. Börshandlade fonder är fonder som är väldigt likt vanliga indexfonder men till skillnad från de flesta vanliga fonder som du kan köpa och sälja en gång per dag så kan du handla börshandlade fonder när du vill under börsens öppettider. Man kan alltså förenklat säga att det är som en blandning mellan en aktie (handlas på börsen) och en indexfond (låga avgifter).
Med en börshandlad fond kan du få en bra riskspridning till en låg kostnad. Utbudet av börshandlade fonder är stort och de flesta följer index för till exempel olika länder, råvaror eller räntor. Det finns också börshandlade fonder med hävstång och med omvänd avkastning för den som tror på fallande priser.
Intresset har ökat de senaste åren
På senare tid har jag märkt ett ökat intresse för börshandlade fonder bland de svenska privatspararna på Nordnet. En anledning till det stora intresset tror jag är de låga avgifterna och att intresset för indexfonder har växt de senaste åren.
Fördelar och nackdelar
Det finns både fördelar och nackdelar med börshandlade fonder. Här har jag samlat några av dem:
Fördelar:
Genom att investera i en börshandlad fond så får du automatiskt en bra riskspridning genom att fonderna generellt sett följer ett index. En börshandlad fond har vanligtvis också låga förvaltningsavgifter jämfört med motsvarande vanliga fonder. Tack vare den låga kostnaden och riskspridningen är de gynnsamma för långsiktigt sparande. Med hjälp av börshandlade fonder kan man skapa olika investeringsstrategier som är lite mer avancerade, men som kan vara intressant för den mer erfarne spararen.
Nackdelar:
Jag är i grunden väldigt positiv till börshandlade fonder men det finns vissa nackdelar som är värda att lyfta. Det finns de med hävstång och handlar du i sådana gäller det att vara medveten om att risken i din investering ökar. En annan nackdel har länge varit att man har varit tvungen att betala courtage. Idag finns det dock alternativ hos Nordnet som erbjuder courtagefri handel i börshandlade fonder genom månadsspar. Dessutom har Nordnet nyligen lanserat investeringsroboten Robosave, där du svarar på 12 frågor om hur du ser på ditt sparande och vilken risk du kan tänka dig att ta. Därefter får du ett förslag baserat på dina mål och din sparhorisont. Om du godkänner portföljen så köper Robosave sedan de börshandlade fonder som föreslås och varje månad tittar den över din portfölj för att göra eventuella ändringar så att den matchar din profil.
Van Eck Global and Merk Investments Announce Marketing Agreement
Van Eck Global and Merk Investments Announce Marketing Agreement. Merk’s physical gold ETF will be marketed by Van Eck, rebranded as Van Eck Merk Gold Trust
Van Eck Global and Merk Investments LLC are today announcing that Van Eck has begun to Vact as marketing agent for the Van Eck Merk Gold Trust (NYSE Arca:OUNZ), previously known as the Merk Gold Trust.
OUNZ, launched by Merk President & CIO Axel Merk and his team, seeks to provide investors with a convenient and cost-efficient way to buy and hold gold through an exchange-traded fund (ETF) while also giving investors the option to take physical delivery of gold if and when desired. While other exchange-traded products provide investors with exposure to gold, OUNZ is the only that provides a patented, physical gold delivery option.
“Van Eck has a long history of gold investing. We launched the first gold mutual fund and the first gold miners ETF in the U.S.,” said Jan van Eck CEO of Van Eck Global. “Through OUNZ, investors may buy gold with the ease of an ETF, but also have the option to take delivery of their gold when they want, where they want, in the form they want. We’re pleased to be teaming up with Merk Investments to offer the fund to more investors.”
OUNZ joins other gold-themed offerings in the Van Eck family of funds, including Market Vectors® Gold Miners ETF (NYSE Arca:GDX), Market Vectors® Junior Gold Miners ETF (NYSE Arca:GDXJ) and the Van Eck International Investors Gold Fund (ticker:INIVX).
“Van Eck’s long and storied history in gold investing makes them a natural partner for us as we continue to educate investors about OUNZ and the role that physical gold exposure can play in a portfolio,” said Axel Merk. “Our unique approach to providing investors with the opportunity to redeem their shares for physical gold coupled with Van Eck’s deep knowledge base, marketing acumen and outstanding reputation make this a very exciting partnership.”
Merk remains the sponsor of this exchange-traded product, which is being rebranded as Van Eck Merk Gold Trust. The ticker symbol for the fund, OUNZ, will remain the same. OUNZ will continue to feature an expense ratio of 0.40 percent.
About Van Eck Global
Founded in 1955, Van Eck Global was among the first U.S. money managers to help investors achieve greater diversification through global investing. Today, the firm continues this tradition by offering innovative investment choices in specialized asset classes such as hard assets, emerging markets, and precious metals including gold. Van Eck offers a broad array of Market Vectors ETFs spanning broad-based and specialized asset classes, and is one of the largest providers of ETPs in the U.S. and worldwide. The Firm has offices around the world and managed approximately $25.4 billion in investor assets as of September 30, 2015.
About Merk Investments
Merk is a leader in the currency asset class and a pioneer in providing uncorrelated returns and portfolio diversification through transparent no-load currency and gold funds. The Merk Funds may provide valuable diversification benefits. Merk White Papers and other primary research on the currency asset class and gold can be found at www.merkfunds.com. Aside from the Van Eck Merk Gold Trust, the Merk Funds® include: the Merk Hard Currency Fund® (MERKX), the Merk Asian Currency Fund® (MEAFX), and the Merk Absolute Return Currency Fund® (MABFX).
This material must be preceded or accompanied by a prospectus. Before investing, you should carefully consider the Trust’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by visiting www.vaneck.com/ounz or calling 800-826-2333. Please read the prospectus carefully before you invest.
Investing involves risk, including possible loss of principal. The Trust is not an investment company registered under the Investment Company Act of 1940 or a commodity pool for the purposes of the Commodity Exchange Act. Shares of the Trust are not subject to the same regulatory requirements as mutual funds. Because shares of the Trust are intended to reflect the price of the gold held in the Trust, the market price of the shares is subject to fluctuations similar to those affecting gold prices. Additionally, shares of the Trust are bought and sold at market price, not at net asset value (“NAV”). Brokerage commissions will reduce returns.
The request for redemption of shares for gold is subject to a number of risks including but not limited to the potential for the price of gold to decline during the time between the submission of the request and delivery. Delivery may take a considerable amount of time depending on your location. Commodities and commodity-index linked securities may be affected by changes in overall market movements and other factors such as weather, disease, embargoes, or political and regulatory developments, as well as trading activity of speculators and arbitrageurs in the underlying commodities.
The sponsor of the Trust is Merk Investments LLC (the “Sponsor”). Van Eck Securities Corporation and Foreside Fund Services, LLC, provide marketing services to the Trust.
ETFS Trade Idea –Commodities – Supply Squeeze to Prompt PGM Recovery
Summary
Platinum and palladium markets capitulate
Over the last year the prices of platinum group metals (PGMs) have seen a momentous decline. Since the 23rd June 2014, when strike action in South Africa concluded, platinum and palladium prices have fallen 34% and 27% respectively (Source: Bloomberg). Being both industrial and precious in nature, they have succumbed to pressure from a softer economic outlook for China, a stronger US Dollar and broadly negative sentiment towards commodities. At current levels, we believe that platinum and palladium prices are at or near a bottom and offer a good opportunity to gain long exposure for those investors with a medium term time horizon. The current low price environment means that a considerable portion of PGM mines are currently operating in unprofitable territory, which should ensure that supply remains tight going forward. On the demand side, the roll out of further European environmental legislation later in the year should see increased usage within autocatalysts.
Positioning diverges
Exchange Traded Fund (ETF) and futures positioning have considerably diverged in the past month (see Figure 1). From June to July, ETF holdings of platinum and palladium have increased by 4.4% and 2.2% respectively while speculative futures positioning has turned increasingly bearish. ETF investors typically exhibit contrarian behaviour, with low prices often stimulating bargain hunting, and this appears to be at work within the PGM space. Indeed, at ETF Securities the last week saw the largest inflows into Exchange Traded Products (ETPs) providing long exposure to platinum and palladium in over seven months. ETP flows appear to corroborate our view that prices are near lows and provide an attractive entry point for those that are bullish on PGMs in the medium term.
(Click to enlarge)
Supply shortages to come
South Africa is responsible for an estimated 73% and 40% of global platinum and palladium production respectively (Source: Johnson Matthey). Last year’s labour dispute was the longest in South African history and resulted in an increase in labour costs for PGM miners that were already suffering from low margins as a result of depressed market prices. Put into perspective, according to the Thomson Reuters GFMS Platinum and Palladium 2015 Survey, the average total cash cost1 for South African platinum producers was US$1,272/oz in 2014 (see Figure 2), which exceeds the current platinum price of around US$955/oz. Although producers are finding some respite in a depreciating South African Rand (ZAR), many are currently operating at a loss. Two of the dominant platinum miners in the region, Anglo American Platinum (Amplat) and Lonmin, have recently announced plans to close mine shafts and initiate large job cuts in response to falling prices, actions which in the future are likely to result in supply shortages and should, once sentiment abates, spark a recovery in PGM prices.
(Click to enlarge)
Legislation to generate European demand
Euro VI legislation is targeted at reducing the levels of exhaust emissions from vehicles on the road, specifically it is aimed at reducing the level of nitrogen oxide, carbon monoxide and an array of hydrocarbons in the atmosphere. It will primarily affect producers of new diesel cars as they will have to adhere to much more stringent emission limits. As such, from September 2015 (when legislation is due to be implemented), European autocatalyst demand for PGMs should grow and in turn support platinum and palladium price levels. This factor will be particularly important for platinum as approximately 42% of autocatalyst demand is sourced from Europe versus around only 24% for palladium (Source: Thomson Reuters GFMS).
Note: Total cash cost does not include: sustaining capex, indirect costs, corporate overheads, extraordinary costs or depreciation and amortization.
Investors wishing to express the investment views outlined above may consider using the following ETF Securities ETPs:
For more information contact:
ETF Securities Research team
ETF Securities (UK) Limited
T +44 (0) 207 448 4336
E info@etfsecurities.com
Important Information
This communication has been provided by ETF Securities (UK) Limited (”ETFS UK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority (the ”FCA”).
When being made within Switzerland, this communication is for the exclusive use by ”Qualified Investors” (within the meaning of Article 10 of Section 3 of the Swiss Collective Investment Schemes Act (”CISA”)) and its circulation among the public is prohibited.
The information contained in this communication is for your general information only and is neither an offer for sale nor a solicitation of an offer to buy securities.
This communication should not be used as the basis for any investment decision. Historical performance is not an indication of future performance and any investments may go down in value.
This document is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of shares or securities in the United States or any province or territory thereof. Neither this document nor any copy hereof should be taken, transmitted or distributed (directly or indirectly) into the United States.
This communication may contain independent market commentary prepared by ETFS UK based on publicly available information. Although ETFS UK endeavours to ensure the accuracy of the content in this communication, ETFS UK does not warrant or guarantee its accuracy or correctness. Any third party data providers used to source the information in this communication make no warranties or representation of any kind relating to such data. Where ETFS UK has expressed its own opinions related to product or market activity, these views may change. Neither ETFS UK, nor any affiliate, nor any of their respective, officers, directors, partners, or employees accepts any liability whatsoever for any direct or consequential loss arising from any use of this publication or its contents.
ETFS UK is required by the FCA to clarify that it is not acting for you in any way in relation to the investment or investment activity to which this communication relates. In particular, ETFS UK will not provide any investment services to you and or advise you on the merits of, or make any recommendation to you in relation to, the terms of any transaction. No representative of ETFS UK is authorised to behave in any way which would lead you to believe otherwise. ETFS UK is not, therefore, responsible for providing you with the protections afforded to its clients and you should seek your own independent legal, investment and tax or other advice as you see fit.
