BLDRS Europe 100 ADR Index ETF
 (ADRU)

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  • Apr. 29, 2015, 1:59 PM
    | Apr. 29, 2015, 1:59 PM | 14 Comments
  • Apr. 24, 2015, 2:55 PM
    • Investors have rushed $13B into WisdomTree's (NASDAQ:WETF) Europe Hedged Equity ETF (NYSEARCA:HEDJ) this year, bringing AUM to $20B, and making it 2015's most popular ETF, the largest Europe ETF out there, and the largest currency-hedged ETF, according to Ned Davis Research.
    • The fund is also ahead 30% YTD - not too shabby. However, says NDR, all of the gains have come from the euro's depreciation. A strategy of buying the MSCI EMU Index (NYSEARCA:EZU) and shorting the euro would have returned 70% over the same period. In other words - amid a nice bull move in Europe - HEDJ's strategy of owning exporters, which should theoretically gain as the euro slides, hasn't worked (the fund must own mega-cap stocks deriving more than 50% of revenue from outside Europe).
    • What gives? First, Europe's exporters have been hit by exposure to struggling LatAm countries. Second, the companies in the HEDJ already hedge currency exposure, booking it as an expense. Finally, the valuation of stocks in HEDJ trade at a 52% premium to  a broad MSCI eurozone index.
    • Source: Barron's
    • Previously: WisdomTree stumbles as GMO questions value of currency-hedged ETFs (April 14)
    • Previously: WisdomTree hedged small-cap Europe ETF opens for business (March 4)
    • ETFs: VGK, FEZ, HEDJ, IEV, EPV, EZU, FEU, EURL, FEP, UPV, DBEU, ADRU, HEZU, FEEU, IEUR, FIEU, DBEZ, FEUZ, SBEU
    | Apr. 24, 2015, 2:55 PM | 9 Comments
  • Apr. 17, 2015, 7:36 AM
    • All the headlines say it's worry over Greece, but Europe was doing just fine in morning action until news hit about a big expansion in short-selling in China (after markets in China had closed for the session). Chinese futures have subsequently tumbled, and any China ETFs trading in the premarket are sharply lower despite gains in Shanghai overnight.
    • Germany (NYSEARCA:EWG-1.7%, France (NYSEARCA:EWQ) -1.2%, Italy (NYSEARCA:EWI-1.8%, Spain (NYSEARCA:EWP-1.8%, U.K. (NYSEARCA:EWU-0.75%. Stocks in Athens (NYSEARCA:GREK) are lower by 0.9%.
    • Previously: China allows big boost in short selling (April 17)
    • ETFs: VGK, FEZ, HEDJ, IEV, EPV, EZU, FEU, EURL, FEP, UPV, DBEU, ADRU, HEZU, FEEU, IEUR, FIEU, DBEZ, FEUZ, SBEU
    | Apr. 17, 2015, 7:36 AM
  • Apr. 9, 2015, 5:24 AM
    • European stocks track gains on Wall Street following positive German trade data this morning and yesterday's release of the FOMC minutes, which provided little clarity on when the Fed might hike rates but was deemed as sufficiently dovish.
    • Reports that Greece has paid - or will pay today - a €450M loan tranche to the IMF is also adding to the positive sentiment. "The news on Greece is helping push European markets higher, although it doesn't mean at all that a long-term solution has been reached," says market analyst Alexandre Baradez of IG France.
    • Euro Stoxx 50 +0.4%, London +0.6%, Paris +0.7%, Frankfurt +0.3%, Madrid +0.3%, Milan +0.5%.
    • ETFs: VGK, FEZ, IEV, HEDJ, EPV, EZU, FEU, FEP, UPV, EURL, ADRU, FEEU, DBEU, IEUR, FIEU, ESTX, HEZU, SBEU, DBEZ, FEUZ
    | Apr. 9, 2015, 5:24 AM
  • Apr. 7, 2015, 4:19 AM
    • The eurozone services PMI rose to 54.2 (flash 54.3) in March from 53.7 in February.
    • Composite PMI increased to an 11-month high of 54 (flash 54.1) from 53.3. (PR)
    • German services PMI grew to 55.4 from 54.7; composite PMI 55.4 vs 53.8. (PR)
    • French services PMI slowed to 52.4 from 53.4 and composite PMI to 51.5 from 52.2. (PR)
    • "Ireland and Spain continued to lead the charge, backed up by a fast-improving German economy," says Markit, but "rates of expansion in Italy and France were modest in comparison."
    • While "the PMIs are indicating somewhat sluggish GDP growth of 0.3% for the first quarter," says Markit, "the pace of expansion looks set to gather pace in coming months."
    • However, "an ongoing recovery is no one-way bet," Markit warns, "with the Greek crisis remaining a critical threat to stability in the region."
    • The euro takes a dive and is -0.1% at $1.0906.
    • ETFs: VGK, EWG, FEZ, GREK, EWP, EWI, IEV, HEDJ, EU, EPV, EUFN, EZU, EWQ, EIRL, FEU, EWN, GUR, FEP, EWGS, ESR, UPV, EURL, DBGR, DAX, ADRU, FEEU, DXGE, FGM, DBEU, QDEU, IEUR, FIEU, HEWG, QESP, HEZU, ESTX, DBEZ, SBEU, FEUZ
    | Apr. 7, 2015, 4:19 AM | 3 Comments
  • Mar. 30, 2015, 12:31 PM
    • The WisdomTree Europe Hedged Equity ETF (HEDJ +1.2%) has been a popular target for investor dollars this year - gathering $10B of assets while rising 16.6%.
    • S&P Capital IQ's Todd Rosenbluth is as bearish on the euro as the next guy, but he suggests some of the fund's most heavily-weighted holdings are expensive, particularly consumer staples, which account for 23% of the ETF's assets. In fact, says Rosenbluth, the three largest consumer staples stocks in HEDJ - Anheuser-Busch, Unilever, and L'Oreal - are all rated Sell by S&P Capital IQ.
    • Now all three of these names are in other European ETFs - including currency-hedged ones like HEZU and EZU - but not in such a high concentration.
    • Rosenbluth: "We think investors need to be careful when reviewing European ETFs and understanding not just whether they are hedged."
    • Source: Barron's
    • ETFs: VGK, FEZ, IEV, HEDJ, EPV, EZU, FEU, FEP, UPV, EURL, ADRU, FEEU, DBEU, IEUR, FIEU, ESTX, HEZU, SBEU, DBEZ, FEUZ
    | Mar. 30, 2015, 12:31 PM | 5 Comments
  • Mar. 27, 2015, 12:28 PM
    | Mar. 27, 2015, 12:28 PM | 9 Comments
  • Mar. 24, 2015, 9:53 AM
    | Mar. 24, 2015, 9:53 AM | 2 Comments
  • Mar. 20, 2015, 8:30 AM
    | Mar. 20, 2015, 8:30 AM | 5 Comments
  • Mar. 17, 2015, 12:21 PM
    | Mar. 17, 2015, 12:21 PM | 1 Comment
  • Mar. 10, 2015, 11:10 AM
    • "European equities offer investors a historic yield pick-up over both corporate and government bonds," says Citigroup, noting stocks there haven't been this cheap compared to credit in more than 50 years.
    • The team boosts its year-end target on the Stoxx 600 to 450 from 400, and vs. Monday's 393 close. The "grey-sky" scenario for year-end 2016 is 550, but the "blue-sky" scenario is 670, about 70% upside from current levels.
    • "While interest rates are unlikely to remain at current historic lows forever, it is reasonably likely that interest rates over the next five years will, on average, remain low compared to the last couple of decades."
    • Citi's call isn't exactly a contrarian one. The Stoxx 600 is already higher by about 15% this year and $35.1B has flowed into European equity mutual funds and ETFs. Citi retorts that's this is just getting started, noting institutional types have been significant net sellers of European equities for many years, and equity market inflows have been dwarfed by what's poured into fixed income.
    • ETFs: VGK, FEZ, IEV, HEDJ, EPV, EZU, FEU, FEP, UPV, EURL, ADRU, FEEU, DBEU, IEUR, FIEU, ESTX, HEZU, SBEU, DBEZ, FEUZ
    | Mar. 10, 2015, 11:10 AM | 2 Comments
  • Mar. 5, 2015, 4:06 AM
    • The ECB is expected to focus on improved growth prospects when it meets today, and unveil some details of its 1T+ euro bond buying plan.
    • The bank is expected to keep interest rates on hold and lift growth forecasts after a string of positive data surprises. But with inflation at -0.3% in February, the bank could reverse its 0.7% inflation forecast for 2015 and predict deflation.
    • Markets will also be looking for guidance for on how quantitative easing will work, when the buying will start, whether it applies to paper with negative yields and how the purchases will be distributed along the yield curve. The ECB previously said money printing would last until September 2016 at least.
    • ETFs: FXE, EUO, ERO, DRR, EUFX, ULE, URR, VGK, FEZ, IEV, HEDJ, EPV, EZU, FEU, FEP, UPV, EURL, ADRU, FEEU, DBEU, IEUR, FIEU, ESTX, HEZU, SBEU, DBEZ, FEUZ
    | Mar. 5, 2015, 4:06 AM | 2 Comments
  • Feb. 20, 2015, 7:39 AM
    • The story is less than the headline makes it seem, but it's nevertheless generating plenty of chatter and maybe moving markets a bit.
    • While finance officials continue to negotiate a bailout extension for Greece, employees of the central bank are running internal simulations for how to prevent a Grexit from starting a contagion. The ECB wouldn't be doing its job if it wasn't doing this, yes?
    • The IMF, according to the paper, believes a Greek exit from EMU would be manageable as the EU has had years to put firewalls in place.
    • In other eurocrat news, Maltese Finance Minister Edward Scicluna says a German-led bloc of the Eurogroup is willing to let Greece depart from EMU. “Unfortunately for Greece, they do not know how the rules and the Eurogroup work ... They are completely new and that’s a drawback for them." Are these people negotiating a sovereign bailout or razzing the chubby new kid who just moved into the neighborhood?
    • Gold has awakened from a morning slumber, popping about $7 per ounce, and if one looks closely, they can see a wiggle down in the European stock market averages.
    • ETFs: VGK, FEZ, IEV, HEDJ, EPV, EZU, FEU, FEP, UPV, EURL, ADRU, FEEU, DBEU, IEUR, FIEU, ESTX, HEZU, SBEU, DBEZ, FEUZ
    | Feb. 20, 2015, 7:39 AM | 10 Comments
  • Feb. 19, 2015, 7:40 AM
    | Feb. 19, 2015, 7:40 AM | 25 Comments
  • Feb. 17, 2015, 9:05 AM
    • Following the launch of QE in Europe, a record net 51% make the EU their top pick in stocks over the next year, up from just 18% in January, according to the BAML Fund Manager Survey for February. A net 55% of those polled are overweight.
    • The money has come out of the U.S., where just 6% are overweight, down from 24% in January.
    • “The ECB has successfully vanquished global deflation fears and induced the return of reflation trades in February,” says BAML's Michael Hartnett.
    • “Sentiment has gotten ahead of the fundamentals on European equities. It is as if there is not a single bear left," says Manish Kabra, European equity and quantitative strategist.
    • ETFs: VGK, FEZ, IEV, HEDJ, EPV, EZU, FEU, FEP, UPV, EURL, ADRU, FEEU, DBEU, IEUR, FIEU, ESTX, HEZU, SBEU, DBEZ, FEUZ
    | Feb. 17, 2015, 9:05 AM | 2 Comments
  • Feb. 5, 2015, 7:59 AM
    | Feb. 5, 2015, 7:59 AM | 9 Comments
ADRU Description
The BLDRS Europe 100 ADR Index Fund (Fund) is an exchange-traded fund based on the BNY Mellon Europe 100 ADR Index (Index). The Fund normally holds at least 95% of its total assets in Depositary Receipts that comprise the Index. The Index is capitalization weighted and designed to track the performance of approximately 100 European market-based depositary receipts. The portfolio is rebalanced and reconstituted quarterly.
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