Canadian ETF provider, Horizons ETFs, has launched the Horizons Managed Multi-Asset Momentum ETF (HMA), an actively managed ETF which targets multiple global asset classes based on their momentum characteristics. According to Howard Atkinson, President of Horizons ETFs: “HMA seeks to give Canadian investors optimal risk-adjusted exposure, by not only capturing strong pricing uptrends, but also having a strong focus on risk management, such as moving to cash if there are no observable investment opportunities.”

The great commodity bear market continues to endure with many long broad-market commodities exchange-traded products encountering their fifth consecutive year of price declines. This year alone, the ETFS All Commodities ETC (AIGC LN), which tracks the Bloomberg Commodity Index, is down 13.9% as of 14 August, having fallen 45.5% over four years. Amid the gloom, however, plenty of profits can still be had on the long side, with buying opportunities often driven by commodity-specific issues such as supply concerns. Two commodities which have bucked the downward trend recently are coffee and cotton, with ETPs linked to these softs enjoying impressive rallies.

China has stunned the world twice this week by making two devaluations to bring its currency to a four year low. The value of a broad range of ETFs have been affected by the move. Generally, ETFs tracking equities of countries which have significant trade with China have received a negative impact. ETFs following China’s A-share market have responded positively to the news, as have those ETFs backing gold and US Treasuries.

The popularisation of exchange-traded funds (ETFs) and exchange-traded products (ETPs) continues as global assets under management achieve record levels of growth, expanding 21% faster than previous years, according to data from ETF consultancy ETFGI. Global net inflows amounted to $199bn in the first seven months of the year, well above the $164bn gathered for the same period last year. Equity ETFs have seen the strongest demand this year, growing net new assets by $137bn year-to-date. “Although investors faced uncertainty in China and Greece during July they continued to invest significant net new assets in equity ETFs”, said Deborah Fuhr, managing partner of ETFGI.

ETF investors may be interested in research from S&P Dow Jones Indices, which broadly shows that volatility is diminishing across countries and asset classes, suggesting a more stable investment outlook. Tim Edwards, Senior Director of Index Investment Strategy at S&P Dow Jones Indices, commented: “In the last four weeks, another Greek crisis has come and been duly kicked down the road for a few more months; meanwhile the popping sounds emanating from China’s equity markets appear to have been nipped in the bud by the local authorities.”

The spot price of gold sunk to $1,084 per ounce during Asian trading on Monday, its lowest price since November 2009. The futures market recorded excessively large trading volumes in a short period of time, about 20% of daily volume within a few minutes, causing the price of the yellow metal to sharply drop by 4%. Experts surmise that the timing of the trades indicate a direct desire to influence pricing in the market and likely reflective of a trader attempting to profit from a short position. Investors holding short leveraged ETPs tracking gold were well positioned to profit from the move: the Boost Gold 3x Short Daily ETP (3GOS LN) opened up 6.9%.

With a deal having been reached between the Greek government and Eurozone leaders, and swift action by Chinese authorities managing to subdue the slide of China’s A-Shares, stability is beginning to return to the commodity markets. ETF Securities’ latest weekly commodity ETP report suggests that commodity flows will now shift away from speculative trading and back to fundamentally-based principles, such as long-term industrial growth rates.

As the Greek debt crisis took a firmer hold on Monday, investors reacted by shifting funds away from risky securities and into safe-haven assets. The only pure-play Greece ETF, the Global X FTSE Greece 20 (GREK), was down 19% on Monday trading. ETFs related to gold, US Treasury debt and cash equivalents all benefited from the uncertainty in the market at the start of the week. Other investors looked to actively profit from the turmoil in Greece by increasing exposure to funds that track volatility indices or those using short positions on Europe. These funds may see increased trading volume next week as markets react to the result of a snap referendum being held in Greece on Sunday.

Van Eck Global, the asset management firm behind the Market Vectors brand of exchange-traded funds, earlier this month cross-listed two of the most successful US-based gold mining ETFs on the SIX Swiss Exchange: the Market Vectors Gold Miners UCITS ETF (GDX) and the Market Vectors Junior Gold Miners UCITS ETF (GDXJ). The ETFs track the NYSE Arca Gold Miners Index and the Market Vectors Global Junior Gold Miners Index, respectively, and are composed of underlying stocks closely tied to the gold-mining industry. “Strong international client demand for UCITS ETFs and providing investors with flexible product options was the key motivation for our recent fund launches,” said Lars Hamich, CEO of Van Eck.

The Merk Gold Trust (OUNZ), a deliverable gold exchange-traded fund, has successfully completed its first gold delivery. The ETF, which launched on the NYSE Arca in May, possesses an innovative feature which gives investors the option to take delivery of physical gold vaulted in London in exchange for their shares. On Wednesday, July 16, 2014, such a request was made. An investor submitted 5,406 shares of OUNZ to Merk requesting 54 American Buffalo gold coins to be delivered; the gold was successfully delivered on Tuesday, July 22, 2014.