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Approximately 90 new exchange traded funds have come to market this year, but as is usually the case with rookie ETFs, most are not yet attracting much attention or assets from investors.
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One of the exceptions, well, one of two exceptions is the WisdomTree Dynamic Currency Hedged International Equity Fund (BATS: DDWM). The WisdomTree Dynamic Currency Hedged International Equity Fund, which debuted on Jan. 7, has nearly $239 million in assets under management. The only ETF born this year with more assets than DDWM is the SPDR SSGA Gender Diversity Index ETF (NYSE: SHE), which has $267.1 million in assets.
“ While three others have managed to accumulate $50 million in assets so far, the rest of this year's launches are still waiting for investors to find them: the remaining 81 launches this year collectively hold $700 million or just as much as these five,” said Lipper of this year's crop of new ETFs.
Bottom line: DDWM has been remarkably successful among this year's new ETFs and even if today was December 31, with nearly $239 million in assets, DDWM would easily be considered a successful new ETF.
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Incidental or not, DDWM's timing is proving fortuitous. The U.S. dollar is not crushing rival developed market currencies as it did in 2014 and 2015, but many of the dollar's developed market rivals are nowhere close to recouping the losses of the past two years.
If a currency, on a purchasing parity basis, is overvalued relative to the dollar, the DDWM can move closer to being fully hedged. Likewise, if the dollar is overvalued compared to other currencies, hedging becomes less useful.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.