Taj ETF ima izuzetno malu likvidnost, a i trend je bio jasan posljednjih mjeseci.
https://www.finviz.com/quote.ashx?t=BDRY
Jučer su bulkeri uglavnom posustali u odnosu n dan ranije.
BDRY u zadnja dva mjeseca ima prosječni volumen trgovanja cca 10 puta veći od prosječnog volumena od svog osnivanja.
Druga stvar je da je BDRY kompilacija FFA ugovora i dizajniran je tako da što bolje oponaša kretanje BDI-a. Kako je kretanje BDRY-a vezano za kretanje FFA ugovora, postoji prirodna arbitraža koja onemogućuje veće odstupanje indeksa u odnosu na stvarne ugovore.
Evo citat koji ovo pojašnjava:
"The value of these FFAs, recalculated daily, is the fund’s NAV. The value at which BDRY trades on the NYSE is at a small discount or premium to the NAV, but unlike with bulk shipping stocks, it cannot diverge significantly from NAV for an extended period."
“Any ETF has to follow the performance of the underlying asset. It is a fund that holds something,” explained Kartsonas. “If any ETF trades well above or below NAV, there is a natural arbitrage between buying the ETF and selling the underlying assets, or the other way around. In the case of BDRY, if it was trading below NAV, you’d buy the ETF and sell the FFAs. If it was above NAV, you’d buy the FFAs and sell the ETF. There are trading houses that do this and arbitrage [the spreads away] because it’s free money. That’s why an ETF will never diverge significantly from NAV.”"
BDRY is not designed to exactly replicate the moves of the BDI, but it does mimic the trends. “You can’t invest in the BDI, but what you can do is use freight futures that settle against the rates the BDI tracks, so it’s one step removed,” said Kartsonas, who claimed that BDRY “is the closest you can get to trading the BDI – the correlations are pretty high. Not 100 percent, but close enough.”
