{"id":564915,"date":"2021-03-07T13:49:51","date_gmt":"2021-03-07T13:49:51","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/"},"modified":"2021-03-07T13:49:51","modified_gmt":"2021-03-07T13:49:51","slug":"etfs-and-the-corona-crash","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/","title":{"rendered":"ETFs and the corona crash"},"content":{"rendered":"<p><a id=\"tldr-story-06\" class=\"content-anchor\"><\/a> <strong>Bond ETF providers may have played dirty to prevent a corona-inspired exodus last <\/strong><strong>March.<\/strong> This is what the <a href=\"https:\/\/www.bis.org\/publ\/qtrpdf\/r_qt2103d.htm\">Bank of International Settlements<\/a> seems to suggest in a paper earlier this month when it tried to explain why ETFs were trading at such huge discounts to their underlying assets at the height of the covid panic last year. But understanding exactly what they\u2019re getting at here requires that we have a grasp on how the ETF market functions.<\/p>\n<p><strong>Why does this matter? The popularity of bond ETFs has surged over the past decade<\/strong>, with funds now managing more than USD 1.2 tn assets, compared to less than USD 10 bn in 2009.<\/p>\n<p><strong>The basics:<\/strong> ETFs are funds that are designed to track the performance of another asset or market, be that an equity index, a commodity or a currency. This means that in theory the value of an ETF will ebb and flow with the value of the underlying asset, or net asset value (NAV).<\/p>\n<p><strong>As we know from last year though, this doesn\u2019t always happen.<\/strong> Sometimes the market will price an ETF below the value of the underlying assets (called a discount to NAV) and other times it might be more expensive (otherwise known as a premium to NAV).<\/p>\n<p><strong>\u201cAuthorized participants\u201d are the most important players in this space:<\/strong> Before we can get a handle on how ETF prices are adjusted, we need to understand a bit about the principal ETF market makers. Large banks otherwise known as so-called \u201cauthorized participants\u201d (APs) are responsible for creating and redeeming shares of an ETF, and act as intermediaries between investors and the ETF provider.<\/p>\n<p><strong>Creating and redeeming ETF shares:<\/strong> This group of financial institutions purchase the assets the ETF provider wants to have in its portfolio and hands them over to the provider, receiving ETF shares in return which they then sell on to investors. The redemption process works in the opposite way: investors sell ETF shares to the APs which then either hold onto them or hand them back to the ETF provider, receiving either the underlying asset or cash in return.<\/p>\n<p><strong>It is through this mechanism that ETF prices are aligned with the underlying assets:<\/strong> APs take advantage of cheap ETFs by purchasing shares in the secondary markets and redeeming them with the ETF provider, netting a profit when they sell the more expensive underlying asset. This brings the price of the ETF back into alignment by trimming the supply of ETF shares and raising the supply of underlying assets. The same principle applies when the fund is trading at a premium: the APs are incentivized to decrease the supply of the underlying asset and create more ETF shares, thus lowering the price of the ETF.<\/p>\n<p><strong>So what happened last March?<\/strong> At the height of the sell-off in the financial markets in March 2020, huge gaps opened between the share price of bond ETFs and their NAV, indicating that the arbitrage mechanism in the market had broken down. The two biggest bond ETFs \u2014 Vanguard\u2019s USD 55 bn total bond market ETF and BlackRock\u2019s USD 71 bn iShares core US aggregate bond ETF \u2014 <a href=\"https:\/\/www.ft.com\/content\/d9bbf8ee-6518-11ea-abcc-910c5b38d9ed\">traded at a 6.2% discount and a 4.43% discount<\/a> respectively on 12 March.<\/p>\n<p><strong>And why did the arbitrage fail?<\/strong> In an effort to protect themselves from the market sell-off, the BIS believes that ETF providers handed over low-quality bonds to the APs. This does two things: not only does it dissuade the APs from redeeming more of their shares, but it also shores up confidence among investors by removing risky assets from the portfolio.<\/p>\n<p><strong>A shock absorber that comes at a price:<\/strong> Author of the report Karamfil Todorov describes this tactic as a \u201cshock absorber\u201d deployed by ETF providers during sell offs but warns that it also puts providers\u2019 reputations at risk. Investors, seeing the provider short-changing the APs with junk bonds, may convince them to abandon the fund, he writes.<\/p>\n<p><strong>WANT MORE ON THE BASICS OF ARBITRAGE? <\/strong>Check this brief explainer brought to you by Khan Academy (<a href=\"https:\/\/www.youtube.com\/watch?v=AuCH7fHZsZ4\">watch, runtime: 2:50<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bond ETF providers may have played dirty to prevent a corona-inspired exodus last March. This is what the Bank of International Settlements seems to suggest in a paper earlier this month when it tried to explain why ETFs were trading at such huge discounts to their underlying assets at the height of the covid panic [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":564916,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8794],"tags":[4193,82,695,633,2108,119],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-564915","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-enterprise-explains","tag-bank-of-international-settlements","tag-bonds","tag-enterprise-explains","tag-enterprisepm","tag-etfs","tag-financial-markets","wpautop","entry"],"acf":{"mongo_id":"6ae77c40-59b1-4ced-82f2-9dc030f37a7b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/3\/420.jpg","photo_position":"above","related_issue":[564902],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>ETFs and the corona crash - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ETFs and the corona crash\" \/>\n<meta property=\"og:description\" content=\"Bond ETF providers may have played dirty to prevent a corona-inspired exodus last March. This is what the Bank of International Settlements seems to suggest in a paper earlier this month when it tried to explain why ETFs were trading at such huge discounts to their underlying assets at the height of the covid panic [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-07T13:49:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/420.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"ETFs and the corona crash\",\"datePublished\":\"2021-03-07T13:49:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/\"},\"wordCount\":672,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/420.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Bank of International Settlements\",\"Bonds\",\"Enterprise Explains\",\"EnterprisePM\",\"ETFs\",\"Financial Markets\"],\"articleSection\":[\"Enterprise explains\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/\",\"name\":\"ETFs and the corona crash - EnterpriseAM Egypt\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/420.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2021-03-07T13:49:51+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/420.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/420.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"ETFs and the corona crash\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"name\":\"EnterpriseAM\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\",\"name\":\"EnterpriseAM\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/240894.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/240894.svg\",\"caption\":\"EnterpriseAM\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"ETFs and the corona crash - EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/","og_locale":"en_US","og_type":"article","og_title":"ETFs and the corona crash","og_description":"Bond ETF providers may have played dirty to prevent a corona-inspired exodus last March. This is what the Bank of International Settlements seems to suggest in a paper earlier this month when it tried to explain why ETFs were trading at such huge discounts to their underlying assets at the height of the covid panic [&hellip;]","og_url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2021-03-07T13:49:51+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/420.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"ETFs and the corona crash","datePublished":"2021-03-07T13:49:51+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/"},"wordCount":672,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/420.jpg?fit=%2C&ssl=1","keywords":["Bank of International Settlements","Bonds","Enterprise Explains","EnterprisePM","ETFs","Financial Markets"],"articleSection":["Enterprise explains"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/","url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/","name":"ETFs and the corona crash - EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/420.jpg?fit=%2C&ssl=1","datePublished":"2021-03-07T13:49:51+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/420.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/420.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/etfs-and-the-corona-crash\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/egypt\/"},{"@type":"ListItem","position":2,"name":"ETFs and the corona crash"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/egypt\/#website","url":"https:\/\/enterpriseam.com\/egypt\/","name":"EnterpriseAM","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/egypt\/#organization","name":"EnterpriseAM","url":"https:\/\/enterpriseam.com\/egypt\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/240894.svg","contentUrl":"https:\/\/ent.news\/internal\/240894.svg","caption":"EnterpriseAM"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"}]}},"featured_image_src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/420.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/420.jpg?resize=600%2C600&ssl=1","author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/420.jpg?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":555881,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/30\/omicron-fed-taper-hits-emerging-market-bond-etfs\/","url_meta":{"origin":564915,"position":0},"title":"Omicron + Fed taper hits emerging-market bond ETFs","author":"enterpriseam admin","date":"30 November 2021","format":false,"excerpt":"Omicron + Fed taper hits emerging-market bond ETFs: Investors pulled more than USD 850 mn from emerging-market debt ETFs last week as the discovery of the Omicron covid variant and the decision to keep Jay Powell as Federal Reserve head for another term fuelled risk-off sentiment, data from Bloomberg shows.\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":551779,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/20\/enterprise-explains-passive-investing\/","url_meta":{"origin":564915,"position":1},"title":"Enterprise Explains: Passive investing","author":"enterpriseam admin","date":"20 July 2022","format":false,"excerpt":"Enterprise Explains: Passive investing. Passive investing has exploded in popularity in recent years as more retail traders pile into the market in search of easy gains. Worldwide inflows into exchange-traded funds (ETFs) \u2014 one of the most common passive investment tools \u2014 reached a record USD 1.22 tn last year,\u2026","rel":"","context":"In &quot;Enterprise explains&quot;","block_context":{"text":"Enterprise explains","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/enterprise-explains\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/397.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":645594,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/25\/investors-wary-of-bubble-like-effect-in-etfs-tracking-emerging-market-debt\/","url_meta":{"origin":564915,"position":2},"title":"Investors wary of bubble-like effect in ETFs tracking emerging market debt","author":"enterpriseam admin","date":"25 July 2017","format":false,"excerpt":"The rapid growth of a BlackRock exchange-traded fund that tracks emerging markets debt is causing fear of a bubble-like effect, Natasha Doff writes for Bloomberg Markets. The iShares JP Morgan EM Local Government Bond ETF doubled in size this year, with over USD 3 bn inflows. \u201cThe risk is that\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547602,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/28\/new-sharia-compliant-etfs-from-chimera-etfs-at-large-expose-ems-to-shocks\/","url_meta":{"origin":564915,"position":3},"title":"New sharia-compliant ETFs from Chimera + ETFs at large expose EMs to shocks","author":"enterpriseam admin","date":"28 June 2022","format":false,"excerpt":"Our friends at Chimera Capital have launched two US sharia-compliant exchange-traded funds (ETFs), one for value stocks and the other for growth stocks listed on the S&P, according to a statement (pdf). The first of the Abu Dhabi-based investment management firm\u2019s new indices will track the S&P Composite 1500\u2019s 30\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":600551,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/03\/egyptian-etf-among-best-performers-in-emerging-markets\/","url_meta":{"origin":564915,"position":4},"title":"Egyptian ETF among best performers in emerging markets","author":"enterpriseam admin","date":"3 February 2019","format":false,"excerpt":"Egypt ETFs among best performers in emerging markets: Egyptian shares and exchange-traded funds (ETFs) are performing fairly better than their emerging markets peers, ETF Trends reported. The VanEck Vectors Egypt Index ETF (EGPT) is up 13.9% year-to-date, compared to the 8.7% gain in the MSCI Emerging Markets Index. The move\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":642385,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/13\/foreign-investors-seeking-exposure-to-egypt-could-use-etfs-or-adrs\/","url_meta":{"origin":564915,"position":5},"title":"Foreign investors seeking exposure to Egypt could use ETFs or ADRs","author":"enterpriseam admin","date":"13 August 2017","format":false,"excerpt":"Foreign investors seeking exposure to the Egyptian market could invest in \u201cETFs that offer diversification through investment in a single US security,\u201d Ridhi Khaitan writes for Frontera. While those looking for direct exposure can \u201cconsider ADRs of Egyptian companies.\u201d The most popular ETF for US investors is the Market Vectors\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564915","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=564915"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564915\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/564902"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/564916"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=564915"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=564915"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=564915"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=564915"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=564915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}