Lyxor’s pan-European-listed green bond ETF, the Lyxor Green Bond (DR) UCITS ETF, has cruised to more than €500 million in assets under management thanks to approximately €330m of new money allocated to the fund so far this year.
The fund appears to be on track to chalk up a clean sweep of monthly inflows in 2020 – twelve months of back-to-back positive flows.
At its launch in 2017, the fund was the world’s first ETF to offer dedicated exposure to green bonds.
In the ensuing years, it has seen its assets swell in synchronization with the growth of the underlying green bond market, which has accelerated this year.
The fund debuted on Euronext Paris (CLIM FP) but has since been cross-listed to multiple exchanges around Europe including the London Stock Exchange (CLIM LN / CLMU LN), Xetra (KLMT GY), and Borsa Italiana (CLIM IM), among others.
It is linked to the Solactive Green Bond EUR USD IG Index, an index co-developed by Lyxor in partnership with Solactive and the Climate Bonds Initiative.
The index universe comprises all USD and EUR-denominated investment-grade bonds that have been defined as green bonds by the Climate Bond Initiative. Floating-rate notes, inflation-linked bonds, convertible bonds, and municipal bonds are excluded from selection.
To be included in the index, bonds must have at least €300m or $300m outstanding for bonds denominated in euros or US dollars, respectively, with remaining time to maturity of at least 12 months. Index components are weighted by market value outstanding with corporate issuers and government issuers capped at 5% and 10% respectively.
Green bonds are essentially bonds that are issued primarily to finance projects aimed at combating climate change, with typical investments focused on the clean energy, green buildings, and clean transportation industries. Recent issues include Société du Grand Paris, Iberdrola, the Dutch State, E.ON, Verizon, Hong-Kong MTR.
According to the Climate Bonds Initiative, the market for green bonds reached a new record in Q3 2020, with issuance peaking at $73bn, the highest volume in any third quarter period since market inception in 2007 and the second-highest amount on record in any single quarter. Cumulative issuance volume since inception reached $954bn and is expected to breach the $1 trillion milestone in Q4.
The market is benefitting from the convergence of several market drivers: rising investor demand for green assets, an increasing number of companies looking to transform their operational and product model to reduce carbon emissions and achieve carbon neutrality by 2050, as well as a new regulatory framework and a host of stimulus measures designed to stem the Covid-19-induced global recession such as the EU’s Next Generation Recovery Plan – all of which make for an environment conducive to increased green bond issuance.
Reflecting the increasing expansion of this market, the number of green bonds tracked by the index has quadrupled to 440, making it an increasingly diversified fund.
François Millet, Head of ETF Strategy, ESG and Innovation at Lyxor Asset Management, commented: “We are proud that our pioneering Green Bond ETF has reached this important milestone and we are convinced of the power of indices and ETFs to reallocate capital at scale towards a carbon-neutral economy. This conviction also led us to launch this year the first ecosystem of climate ETFs tracking the EU’s Climate-Transition and Paris-Aligned benchmarks, designed to meet the Paris Agreement goals”.
Manuel Adamini, Senior Advisor at Climate Bonds Initiative, added: “We congratulate our long-time Climate Bonds partner Lyxor Asset Management for this important achievement. This is exactly what we need on a global scale, reorienting capital towards climate-relevant projects and assets to achieve Paris Agreement objectives. Passive products pick up a powerful trend in investment management, the ongoing demand for green opportunities, channeling capital away from a fossil-fuel-based past into a low carbon and sustainable future, and – most importantly – doing so at minimum cost and friction for investors. The growth that Lyxor is experiencing is a reflection of this momentum gathering in the market.”
The fund has a total expense ratio of 0.25%.
The post Lyxor’s green bond ETF tops €525m as assets almost treble in 2020 first appeared on ETF Strategy.recession covid-19 stimulus municipal bonds bonds etf recession recovery stimulus european europe eu
The metaverse is real: Zuck’s ‘incredible’ photorealistic tech wows crypto twitter
Often roasted for his metaverse tech demos, Zuckerberg appears to have blown away internet users with his latest avatar tech.
Often roasted for his metaverse tech demos, Zuckerberg appears to have blown away internet users with his latest avatar tech.
While critics have been busy writing eulogies for Meta’s metaverse dream over the last few years, Mark Zuckerberg’s latest demonstration of its photorealistic avatars shows it could be pretty far from dead after all.
Appearing on a Sept. 28 episode of the Lex Fridman podcast, Zuckerberg and the popular computer scientist engaged in a one-hour face-to-face conversation. Only, it wasn’t actually in person at all.
Instead, the entirety of Fridman and Zuckerberg’s conversation used photorealistic realistic avatars in the metaverse, facilitated through Meta’s Quest 3 headsets and noise-canceling headphones.
Here's my conversation with Mark Zuckerberg, his 3rd time on the podcast, but this time we talked in the Metaverse as photorealistic avatars. This was one of the most incredible experiences of my life. It really felt like we were talking in-person, but we were miles apart It's… pic.twitter.com/Nu8a3iYWm0— Lex Fridman (@lexfridman) September 28, 2023
However, in this case, users on social media, including those from Crypto Twitter, seemed to be genuinely impressed by the sophistication of the technology.
The Metaverse has upgraded pic.twitter.com/QT1LAkjQGB— Dexerto (@Dexerto) September 28, 2023
“Ok the metaverse is officially real,” wrote pseudonymous account Gaut, a rare moment of seemingly genuine praise from a user typically known for his satirical and sarcastic takes on current events.
“9 minutes into Lex / Mark metaverse podcast I forgot I was watching avatars,” wrote coder Jelle Prins.
Fridman alsoshared his impressions of the experience in real-time, noting how “close” Zuckerberg felt to him during the interview. Moments later, he explained how difficult it was to recognize that Zuckerberg’s avatar wasn’t his physical body.
“I’m already forgetting that you’re not real.”
The technology on display is the newest version of Codec Avatars. First revealed in 2019, Codec Avatars is one of Meta’s longest-running research projects which aims to create fully photorealistic real-time avatars that work by way of headsets with face tracking sensors.
However, users may need to wait a few years before donning their own realistic avatars, said Zuckerberg, explaining that the tech used requires expensive machine learning software and full head scans by specialized equipment featuring more than 100 different cameras.
This would be, at the very least, three years away from being available to everyday consumers, he said.
Still, Zuckerberg noted that the company wants to reduce the barriers as much as possible, explaining that in the future, these scans may be achievable with a regular smartphone.
The most-recent demonstration comes just one day after Meta unveiled its answer to ChatGPT, revealing its newest AI assistant Meta AI, which is integrated across a range of unique chatbots, apps and even smart glasses.crypto crypto
New Tables Show Intermediate-Term Overview is Negative
We have introduced two new tables in the DecisionPoint ALERT to give an overview of trend and BIAS for the major market indexes, sectors, and industry…
We have introduced two new tables in the DecisionPoint ALERT to give an overview of trend and BIAS for the major market indexes, sectors, and industry groups that we track. The first is our Market Scoreboard, which shows the current Intermediate-Term and Long-Term Trend Model (ITTM and LTTM) signal status. To review:
- The IT Trend Model generates a BUY Signal when the 20-day EMA crosses up through the 50-day EMA (Silver Cross).
- The IT Trend Model generates a NEUTRAL Signal when the 20-day EMA crosses down through the 50-day EMA (Dark Cross) above the 200-day EMA. This is a soft SELL Signal, going to cash or a hedge. It avoids being short in a bull market.
- The IT Trend Model generates a SELL Signal when the 20-day EMA crosses down through the 50-day EMA (Dark Cross) below the 200-day EMA.
- The LT Trend Model generates a BUY Signal when the 50-day EMA crosses up through the 200-day EMA (Golden Cross).
- The LT Trend Model generates a SELL Signal when the 50-day EMA crosses down through the 200-day EMA (Death Cross).
The current table shows that there is considerable stress in the intermediate-term; however, the long-term is still comfortably green for market and sector indexes. But we need to remember that the market indexes are cap-weighted, which means that they can be held aloft by large-cap stocks. The 11 sectors shown are composed solely of S&P 500 components, meaning that they will reflect the strength of that index. Industry groups, however, are not doing as well because they are less protected by the large-cap umbrella.
Next, let's look at how we determine the BIAS of a given index. First, the Silver Cross Index shows the percentage of stocks in an index that have a Silver Cross (20-day EMA above the 50-day EMA), and the Golden Cross Index shows the percentage of stocks in the index that have a Golden Cross (50-day EMA above the 200-day EMA). Next, we determine BIAS based upon the relationship of the Silver Cross Index to its 10-day EMA and the relationship of the Golden Cross Index to its 20-day EMA. When they are above, the BIAS is bullish. When they are below, the BIAS is bearish. See the chart below.
The following table shows the current intermediate-term and long-term BIAS of the market, sector, and industry group indexes we follow. Note that the picture is extremely bearish, but it is a very oversold condition, which will shift toward the positive in the event of a strong rally.
Conclusion: These new tables, available daily in the DecisionPoint ALERT, provide a quick overview of market trend and BIAS. They are intended to help focus attention on areas that may be of interest. They do not give action commands, but provide information flags to prompt assessment of the relevant charts.
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Tesla rival Polestar reveals lineup of its new electric vehicles
The Sweden-based electric vehicle maker completes key testing before launching production of its new SUV.
Tesla's Model Y crossover, the best-selling vehicle globally, is the standard that electric vehicle makers strive to compete with. The Austin, Texas, automaker sold about 267,200 Model Y vehicles in the first three months of the year and continued leading the pack well into the second quarter.
It's no wonder that the Model Y is leading all vehicles in sales as it retails for about $39,390 after tax credits and estimated gas savings. Ford (F) - Get Free Report hopes to compete with the Model Y about a year from now when it rolls out the new Ford Explorer SUV that is expected to start at $49,150.
Plenty of competition in electric SUV space
Mercedes-Benz (MBG) however, has a Tesla rival model with its EQB all-electric compact sports utility vehicle with an estimated 245 mile range on a charge with 70.5 kWh battery capacity, 0-60 mph acceleration in 8 seconds and the lowest price of its EVs at a $52,750 manufacturers suggested retail price.
Tesla's Model X SUV has a starting price of about $88,490, while the Model X full-size SUV starts at $98,490 with a range of 348 miles. BMW's (BMWYY) - Get Free Report xDrive50 SUV has a starting price of about $87,000, a range up to 311 miles and accelerates 0-60 miles per hour in 4.4 seconds.
Polestar (PSNY) - Get Free Report plans to have a lineup of five EVs by 2026. The latest model that will begin production in the first quarter of 2024 is the Polestar 3 electric SUV, which is completing its development. The vehicle just finished two weeks of testing in extreme hot weather of up to 122 degrees in the desert of the United Arab Emirates to fine tune its climate system. The testing was completed in urban cities and the deserts around Dubai and Abu Dhabi.
“The Polestar 3 development and testing program is progressing well, and I expect production to start in Q1 2024. Polestar 3 is at the start of its journey and customers can now visit our retail locations around the world to see its great proportions and sit in its exclusive and innovative interior,” Polestar CEO Thomas Ingenlath said in a statement.
Polestar plans 4 new electric vehicles
Polestar 3, which will compete with Tesla's Model X, Model Y, BMW's iX xDrive50 and Mercedes-Benz, has a starting manufacturer's suggested retail price of $83,000, a range up to 300 miles and a charging time of 30 minutes. The company has further plans for the Polestar 4, an SUV coupé that will launch in phases in late 2023 and 2024, as well as a Polestar 5 electric four-door GT and a Polestar 6 electric roadster that the company says "are coming soon."
The Swedish automaker's lone all-electric model on the market today is the Polestar 2 fastback, which has a manufacturer's suggested retail price of $49,900, a range up to 320 miles and a charging time of 28 minutes. The vehicle accelerates from 0-60 miles per hour in 4.1 seconds. Polestar 2 was unveiled in 2019 and delivered in Europe in July 2020 and the U.S. in December 2020.
Polestar 1, the company's first vehicle, was a plug-in hybrid that went into production in 2019 and was discontinued in late 2021, according to the Polestar website.
The Gothenburg, Sweden, company was established in 1996 and was sold to Geely affiliate Volvo in 2015.
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