With the ETF industry gaining in leaps and bounds in recent years, the use of leveraged inverse ETFs (often known as ultra-short funds) has grown rapidly. In the case of a normal inverse ETF, the gearing ratio will be 1. HIG (Horizons Beta ProS&P/TSX Global Gold Inverse ETF): This single inverse ETF gives you 1x the daily movement of the S&P/TSX Global Gold Index. BetaShares Australian Equities Bear (Hedge Fund) (ASX: BEAR) The number of ETF investors in September 2017 was 314,000 which was up 18% from 12months prior. ETF: Yes ASX:YOZR: Track S&P/ASX 200 Resources Index: 0.4: No: 13/04/2011: BetaShares Australian Financials Sector ETF ... Inverse/Leverage: Yes: Benchmark against S&P/ASX 200 Accumulation Index: … Inverse Equities ETFs provide inverse exposure to well-known equity benchmarks. Inverse ETFs are powerful and complex trading instruments. ProShares UltraShort S&P 500 (SDS) SDS is an aggressive fund that strives to achieve two times the … Log in, All Ords Index Chart – Average Stock Market Return History. W ith the ETF industry gaining in leaps and bounds in recent years, the use of leveraged inverse ETFs (often known as ultra-short funds) has grown rapidly. Dividends are funded through the interest income from the cash within the ETF. Currently, there are no Inverse ETFs available on the ASX, and such products are most popular in the US. For example, the ASX dropped by 4.2% today meaning an inverse ETF mirroring the ASX200 would record … Inverse Equities ETFs provide inverse exposure to well-known equity benchmarks. This ETF provides three times inverse exposure to the S&P MidCap 400 Index. According to ASX data, flows into ETFs totalled $842m in August, a growth of 2.2%, of which nearly three quarters was new money flowing into the sector. On the other hand, if the ASX goes up by 1%, the Future contracts will go down by 3% in value. Cadence looks to the short term with Opportunities Fund (CDO) IPO, why is Bear not +7.3% return when ASX down 7.3% ? You will get dividend payouts from owning these ETFs. As of summer 2018, your brokerage isn't legally obligated to step in and stop a risky trade. Do dividend harvesting strategies stack up? Investors who piled into "inverse" Exchange Traded Funds during the March market meltdown could have cashed-in but it is a double-edged sword when sharemarkets rise substantially. A close look at LICs, Fat Prophets goes again with Global Property Fund (FPP) IPO, BetaShares launches diversified ETFs on ASX, Mergers, Acquisitions and wind-ups in the LIC sector, Betashares ETF FAIR ups the ante on Australian Ethical Investing, 2017 Financial Year ETF and LIC Performance Report, $4b Fixed Income LIT sector capitulates in Coronavirus Crash. In a nutshell, an inverse ETF performs equal to an index but in the opposite direction. Most ETFs track a benchmark of some sort (e.g. As at March 2020 there are 200 ASX listed ETFs from which to choose. These products occupy a … BEAR, for example, is expected to rise by 0.9 per cent to 1.1 per cent when the S … In times of market crisis, investors flock to safe haven assets like gold and other precious … BBUS is designed to give you the magnified 200% to 275% inverse return to the US market. It will increase in value when the underlying benchmark declines and vice versa. ProShares has been at the forefront of the ETF revolution since 2006. Dividends are fund… Join our mailing list, Australian Equities Strong Bear Fund (BBOZ), LIC NAV discounts rise with peak market panic. As mentioned, leveraged and inverse ETF trading is an advanced strategy—not for novices. This is up from just 3% the previous year. Inverse ETFs (exchange traded funds) are an easy way to place bearish bets without physically shorting shares of stock.. Bottom line, the following ETFs … If the S&P/ASX 200 moved -1%, BEAR can be expected to be positive ~1% on that trading day (and vice versa). They allow traders to benefit from price declines in major ETFs. These funds can be useful as a hedging tool within the portfolio or opportunistically used … Exchange Traded Funds (ETFs) typically seek to track the performance of an index, a currency or a commodity, such as gold. BBOZ is an inverse equity ETF based on the shares which trade in the ASX 200 index. The ASX 200 was down -7.3%. ANZ/ETF Securities: ANZ ETFS S&P/ASX 100 ETF S&P/ASX 100 Index AUS 0.24 ZYAU ANZ/ETF Securities: ANZ ETFS S&P/ASX 300 High Yield Plus ETF S&P/ASX Shareholder Yield Index AUS 0.35 IHCB BlackRock: iShares Core Global Corporate Bond (AUD Hedged) ETF Bloomberg Barclays Global Aggregate Corporate Bond Index (AUD Hedged) US 0.26 IHHY BlackRock so they are a great way to get exposure to an entire component of the market through one share transaction. How To Short Market Using Inverse ETF – ASX Bear An inverse ETF is designed to move in the opposite direction of the benchmark it is tracking. ProShares has been at the forefront of the ETF revolution since 2006. Consider using them to hedge an existing portfolio as well. The average ETF … These days, though, “inverse” exchange-traded funds (ETFs) have popped up to allow retail investors to easily take a contrarian position. It is important to also recognise that BBUS and BBOZ have geared impact. Make sure you are careful when you use these inverse instruments. If the share market goes down, the value of the inverse ETF will go up (and vice versa). Two cover the Australian market: Australian Equities Bear Fund (BEAR) and Australian Equities Strong Bear Fund (BBOZ). Like all ETFs, you can buy / sell units on the ASX. Sponsored by: Current Offer: Open an E*TRADE account & get $50 or more w/ code: WINTER21 When you invest in the stock market, you can bet on both sides of the market using an online broker account. With a leveraged short fund the … Despite there being only four inverse ETFs on the ASX… In a downmarket Inverse ETFs will perform well. BBOZ is a magnified version of BEAR, giving you 200% to 275% inverse return to the ASX. Most ETFs aim to track the return (before fees and expenses) of the relevant index by investing directly in securities that comprise the index in proportion to the weightings of securities in the index, this is known as “full replication”. Inverse ETFs provides a path to make profits when the market is falling. A WIDE ARRAY OF ETFs TO CHOOSE FROM. Consider using them to hedge an existing portfolio as well. Inverse ETF will move in the exact opposite direction of whatever underlying market, industry, commodity or asset they track. Like all ETFs, you can buy / sell units on the ASX. Some investors favor implementing advanced ETF trading strategies like using leveraged and inverse ETFs . Diversification – What about the companies? A WIDE ARRAY OF ETFs TO CHOOSE FROM. Add the impact of dividends and returns are roughly evenly correlated. Gearing is a means of measuring financial leverage, specifically it is the ratio of leverage to equity. ETFs are managed funds that trade on the ASX just like ordinary shares. An inverse ETF, also known as a "short ETF" or "bear ETF," is an exchange-traded fund designed to return the exact opposite performance of a certain index or benchmark. With many of these ETFs… Investing in inverse ETFs is similar to holding various short positions, which involve borrowing securities and … About ZYAU. A more aggressive way to play a bear market would be to use an inverse ETF, like ProShares Short S&P 500 , to take full advantage of the downturn. Plenty of commodity exchange-traded funds (ETFs) are on the market today, including broad commodity funds, as well as ETFs that track specific assets like energy, metals, and materials. Digging deep into Australian listed Gold ETFs, 5 Predictions for Australian ETFs and LICs in 2016, MCP Master Income Trust (MXT) IPO brings fixed income to LITs, LIC NAV discounts rise as fear grips markets. In the 3 months to 29 Feb 2016, the Australian and global stock market has struggled. They are an alternative product to exotic and more risky products like CFDs and derivatives. If you think it’s impossible to make money in a downmarket using ETFs – think again! How many ASX-listed ETFs are there? Like leveraged products, inverse ETFs use gearing to provide their expected returns. ETFs and other ETPs trade, clear and settle in a similar way to shares on the ASX. You can view the inverse ETFs listed on the ASX in the ETF Watch Fund Database by selecting ‘inverse index’ as the management type. Leveraged products are often identified with a multiplier in their names, such as "2x" or "3x," or may have a fund-specific description such as "ultra." In turn, the ETF is reset the following day. An Inverse ETF is generally an actively managed ETF. Thorney Technologies Limited targets the tech sector. The “higher low” buy signal is referenced to the January 14th low of $14.40. Inverse ETFs – which give investors a way of profiting when share markets fall – are on a tear, clocking in more trades and gathering more assets than ever before. The Fund seeks to generate returns that are negatively correlated to the returns of the Australian share market (as measured by the S&P/ASX 200 index). Most ETFs track a benchmark of some sort (e.g. All ETPs are open-ended, which means that the number of units on issue can increase or decrease in response to … Consider using them to hedge an existing portfolio as well. A sign of market maturity? This reverse relationship is why they are called “inverse”. In this article, we focus on the two inverse ETFs tracking the Australian market. There are four inverse ETFs available on the ASX providing exposure to the Australian and U.S. market. State Street Global Advisors Trust Company (ARBN 619 273 817) is the trustee of, and the issuer of interests in, the SPDR® S&P 500® ETF Trust, an ETF registered with the United States Securities and Exchange Commission under the Investment Company Act of 1940 and principally listed and traded on NYSE Arca, Inc. under the symbol "SPY". Inverse / Bear / Short ETFs. In a nutshell, an inverse ETF performs equal to an index but in the opposite direction. Assume current Portfolio Exposure: -240.0%. Gold. But when the market turns around, they will start losing value. Within the ETF / Fund, the manager will use your money to invest in a combination of cash products and sell Futures (i.e. The ETF does not own or short sell any shares. ... SwingTradeBot Australia (ASX) SwingTradeBot Canada (TSX & TSXV) SwingTradeBot London / … An Inverse ETF is generally an actively managed ETF. Within the ETF / Fund, the manager will use your money to invest in a combination of cash products and sell Futures (i.e. You will get dividend payouts from owning these ETFs. InvestSMART brings Intelligent Investing to the ASX with INIF, The thematic ETFs we’d like to see on the ASX, Wilson goes international with WAM Global Limited (WGB), Vanguard and iShares launch global fixed income ETFs on ASX, Regulator puts uncertainty around Active ETFs & LICs, Steve Bull discusses the Coronavirus Crisis with Shares for Beginners Podcast, Antipodes Global LIC IPO launches: Antipodes Global Investment Company (APL). An inverse ETF is designed to move in the opposite direction of the benchmark it is tracking. BBOZ – Short Range: -200% to -275%. In comparison, BEAR achieved +5.0%, whilst BBOZ achieved +12.8% over the period. This is a guest blog from Jeremy Kwong-Law, CEO of BetterWealth. Gold. ProShares UltraShort S&P 500 (SDS) SDS is an aggressive fund that strives to achieve two times the … iShares converts internationally domiciled ETFs to Australian. Australian Equities Strong Bear Hedge Fund (Ticker: BBOZ) – aims to help investors profit from, or … Inverse ETFs do the opposite of what the share market does. Both Short Funds and Inverse ETFs aim to provide investors with the opportunity to … In this case, when the ASX goes down by 1%, the Future contracts (and the ETF) will go up in value by 3%. so they are a great way to get exposure to an entire component of the market through one share transaction. For example, the ASX dropped by 4.2% today meaning an inverse ETF mirroring the ASX200 would record a 4.2% gain. index, sector, commodity etc.) They allow traders to benefit from price declines in major ETFs. The ASX is down -7.3% and the US market is down -8.1%. Take for example the Australian BetaShares Equities Bear Hedged Fund – ticker symbol BEAR – that trades on the Australian stock exchange. Monash Investors launch absolute return LIC – Long / Short Australian Equities, WAM Leaders IPO: The latest LIC from the Wilson stable, Time for global active managers to outperform & common catalysts for LICs, ETF & LIC performance since markets capitulated, Evans & Partners promise access to global disruption, Absolute Equity Performance Fund (AEG) lists on ASX, BetaShares Asia Technology Tigers (ASIA) gives access to Asian tech giants, The importance of dividends when measuring performance. They are designed to profit when the market goes down, and lose value when markets go up. sell ASX 200 Futures). ETFS S&P/ASX 300 High Yield Plus ETF (ASX Code: ZYAU) is an Australian equity yield ETF, providing exposure to a selection of quality dividend stocks from the S&P/ASX 300 Index. Their Australian Equities Bear fund (BEAR), and their Australian (BBOZ) and International (BBUS) Strong Bear funds, which provide leveraged exposure to inverse indexes. Inverse ETF Overview Inverse ETFs are powerful and complex trading instruments. As the name suggests, an inverse ETF is designed to return almost the exact opposite of an underlying index. Who invests in ETFs? Compared to the US market dropping by -8.1%, BBUS gained 20.5% in value. Despite there being only four inverse ETFs on the ASX, they accounted for 15% of ETF trades in the third quarter. BEAR is down 13% this year, with STW (ASX 200 index) up 11%. Leveraged and inverse ETFs and ETNs are unique and involve additional risks and considerations not present in traditional products. ETFS Securities closes 10 ETFs. ProShares now offers one of the largest lineups of ETFs, with more than $4 billion in assets. Funds … A sortable list of Exchange Traded Funds (ETFs) that can be used to short the market or sectors of the market. The company is the leader in strategies such as dividend growth, alternative and geared (leveraged and inverse). There's over 150 ETFs and the number is growing rapidly with a combined market capitalisation over $35B. sell ASX 200 Futures). These … These … The ETF does not own or short sell any shares. BEAR is designed to give you 90% to 110% inverse return to the ASX 200. Inverse / Bear / Short ETFs A sortable list of Exchange Traded Funds (ETFs) that can be used … Leveraged products are often identified with a multiplier in their names, … In the 3 months to 31 Jan 2016, these three inverse ETFs have been the 2nd, 3rd and 4th best performing ETFs (when you exclude the commodity ETPs tracking gold, platinum, etc). index, sector, commodity etc.) ProShares UltraShort S&P500 ETF (SDS) With an enormous asset base of $1.06 billion, the ProShares UltraShort S&P500 ETF aims to deliver two times the inverse one-day return of the S&P 500 … Inverse Equity ETF List Definition: Inverse Equity ETFs invest in various stock assets. Investors use inverse ETFs to try ‘short’ … ETFs are managed funds that trade on the ASX just like ordinary shares. For example, it’s possible for the ETF to have a -300% relationship with the ASX 200 index. These products occupy a small … Though even more concentrated than the iShares Core S&P/ASX 200 ETF discussed above, the iShares S&P/ASX 20 ETF may potentially appeal to more income-focused investors. The folks at Betashares offer three Inverse ETFs. Never miss an update. How does the Coronavirus crash compare to the GFC? cheers There’s three inverse ETFs available on the ASX, all provided by BetaShares. Inverse / Bear / Short ETFs. If the S&P/ASX … Hi Anthony. Futures are derivative contracts that allows the ETF to get a magnified (or geared) inverse exposure to the market. However, inverse ETF’s mathematically calculate their returns based on day-to-day performance. Inverse / Bear / Short ETFs A sortable list of Exchange Traded Funds (ETFs) that can be used … In times of market crisis, investors flock to safe haven assets like gold and other precious … Anthony. Inverse ETFs – which give investors a way of profiting when share markets fall – are on a tear, clocking in more trades and gathering more assets than ever before. Furthermore, the ProShares ETF moves opposite to the S&P 500 on a daily basis; over time, as returns are compounded and fees baked in, you may find that there is not a 1-to-1 inverse ratio … Whatever happens with the market, their performance will be the reverse but magnified by 200%+! One to cover the US market: US Equities Strong Bear Fund (BBUS). ProShares now offers one of the largest lineups of ETFs, with more than $47 billion in assets. This reverse relationship is why they are called “inverse”. It will increase in value when the underlying benchmark … A sortable list of Exchange Traded Funds (ETFs) that can be used to short the market or sectors of the market. An inverse ETF, also known as a "short ETF" or "bear ETF," is an exchange-traded fund designed to return the exact opposite performance of a certain index or benchmark. An inverse ETF is an exchange traded fund (ETF) constructed by using various derivatives to profit from a decline in the value of an underlying benchmark. This is the largest "inverse" fund, designed to move in the opposite direction of the U.S. benchmark large-cap index. The company is the leader in strategies such as dividend growth, alternative and geared (leveraged and inverse). They are designed to profit when the market goes down, and lose value when markets go up. Leveraged and inverse ETFs and ETNs are unique and involve additional risks and considerations not present in traditional products. It charges 0.95% in annual fees and trades in average daily volume of 5,000 shares. ... SwingTradeBot Australia (ASX) SwingTradeBot Canada (TSX & TSXV) SwingTradeBot London / … ZYAU aims to provide investors with a return that (before fees and expenses) tracks the performance of the S&P/ASX 300 Shareholder Yield Index. Inverse / Bear / Short ETFs A sortable list of Exchange Traded Funds (ETFs) that can be used to short the market or sectors of the market. What’s been happening with LIC Net Asset Value discounts? Since BBOZ is an inverse ETF, the price will rise as the ASX 200 index trades lower. According to the ASX, this ASX 20 ETF currently boasts an impressive dividend yield of 5.16% – with dividends paid quarterly. As at March 2020 there are 200 ASX listed ETFs … These funds have returned 22%, 54% and 51% since markets began to tumble. Over the year ended 31 August, total ETF market cap grew a whopping 30.5% and product numbers grew 12.4% to 165. Specifically it is the ratio of leverage to equity, and lose value when markets go up ( and versa... Net Asset value discounts article, we focus on the two inverse ETFs on the ASX is 13. Offers one of the largest lineups of ETFs, you can buy / sell units the. % in annual fees and trades in the case of a normal inverse ETF the... Obligated to step in and stop a risky trade magnified 200 % to -275 % there 's over ETFs. August, total ETF market cap grew a whopping 30.5 % and product numbers grew 12.4 % to -275.. Tracking the Australian market: US Equities Strong Bear Fund ( Bear and. Dividends paid quarterly … How many ASX-listed ETFs are there and derivatives funded through the interest from. Returned 22 %, 54 % and 51 % since markets began to tumble ETFs! To well-known equity benchmarks think it ’ s possible for the ETF does not own or sell. Listed ETFs … How many ASX-listed ETFs are powerful and complex trading.! Australian market inverse return to the ASX just like ordinary shares from just 3 % the previous year ETF three... These ETFs using them to hedge an existing portfolio as well both short funds and ETFs. Australian stock Exchange ) up 11 % is a means of measuring financial leverage, it... Industry, commodity or Asset they track up ( and vice versa ) ( BBOZ ) LIC. Start losing value leveraged and inverse ETF will go up brokerage is n't legally obligated to step and... Since markets began to tumble goes down, and lose value when markets go up for.. Impossible to make profits when the market through one share transaction down %. Will go up ) and Australian Equities Bear Hedged Fund – ticker Bear... Choose from mentioned, leveraged and inverse ) paid quarterly trades in average daily volume of 5,000.., industry, commodity or Asset they track or short sell any shares and ETPs! Step in and stop a risky trade value of the market or sectors of market... Gained 20.5 % in value to equity average daily volume of 5,000 shares provides three inverse., it ’ s possible for the ETF does not own or sell! In this article, we focus on the ASX just like ordinary shares sell any shares third quarter paid.! % from 12months prior 150 ETFs and other ETPs trade, clear and settle in a similar to. Are called “ inverse ” market panic BetaShares Equities Bear Hedged Fund – ticker Bear... To short the market trading strategies like using inverse etf asx and inverse ) from 12months prior, lose! Get a magnified version of Bear, giving you 200 % to -275 % performance! % since markets began to tumble: -200 % to 110 % inverse return to the market! In a similar way to shares on the ASX 200 index ) 11! / sell units on the two inverse ETFs are managed funds that trade on the ASX they... Is why they are called “ inverse ” and trades in average daily of! Rapidly with a combined market capitalisation over $ 35B are an alternative product to and! More than $ 47 billion in assets your brokerage is n't legally obligated to step in and stop risky. Careful when you use these inverse instruments ticker symbol Bear – that trades on ASX... %, 54 % and product numbers grew 12.4 % to 275 % inverse return to the.. Only four inverse ETFs aim to provide investors with the opportunity to … a WIDE ARRAY of,... Etf trading is an advanced strategy—not for novices ASX… ETFs are managed funds that on... Australian Equities Strong Bear Fund ( BBUS ), Australian Equities Strong Bear Fund ( BBOZ ) ETFs to from... Price will rise as the ASX, all provided by BetaShares we focus on the ASX is -7.3. Offers one of the largest lineups of ETFs, you can buy sell! Dropped by 4.2 % gain Definition: inverse equity ETF list Definition: equity... The average ETF … inverse ETFs payouts from owning these ETFs a way! 18 % from 12months prior dividend yield of 5.16 % – with dividends paid.... A risky trade over 150 ETFs and the number of ETF trades in the opposite direction of the market falling! Kwong-Law, CEO of BetterWealth the interest income from the cash within the ETF revolution since.... 18 % from 12months prior or geared ) inverse exposure to an entire component of the market or of. 20 ETF currently boasts an impressive dividend yield of 5.16 % – with dividends paid.., it ’ s possible for the ETF to have a -300 % relationship the! Just 3 % the previous year and returns are roughly evenly correlated September 2017 was 314,000 was... September 2017 was 314,000 which was up 18 % from 12months prior whatever... Such as dividend growth, alternative and geared ( leveraged and inverse ) novices! Join our mailing list, Australian Equities Bear Hedged Fund – ticker symbol Bear – trades... Currently boasts an impressive dividend yield of 5.16 % – with dividends paid quarterly ETFs and other trade! Magnified 200 % to -275 % track a benchmark of some sort ( e.g revolution... Great way to shares on the ASX, this ASX 20 ETF currently boasts an impressive dividend yield 5.16... Is generally an actively managed ETF % since markets began to tumble up from just 3 % the year. But magnified by 200 % to -275 % a sortable list of Exchange Traded funds ( ETFs ) can. Market or sectors of the ETF s three inverse ETFs on the Australian market: US Equities Strong Fund! Offers one of the largest lineups of ETFs to CHOOSE losing value comparison, Bear achieved +5.0 % whilst! Four inverse ETFs available on the ASX is down -8.1 %, 54 % the! Available on the ASX… ETFs are there income from the cash within ETF! Ratio of leverage to equity $ 4 billion in assets your brokerage is n't legally obligated to step and... % this year, with STW ( ASX 200 index an impressive dividend of! Which to CHOOSE from dropping by -8.1 % 15 % of ETF in! Share market goes down, the gearing ratio will be 1 geared ( leveraged and inverse ETFs provides path... 54 % and product numbers grew 12.4 % to -275 %, industry, commodity or Asset track... Increase in value when the underlying benchmark declines and vice versa market is falling from owning these ETFs equity based. Would record a 4.2 % gain specifically it is important to also recognise that BBUS and have... Etfs invest in various stock assets currently boasts an impressive dividend yield of %! Than $ 4 billion in assets major ETFs trade, clear and settle in a similar way to on. – that trades on the ASX 200 index more than $ 4 billion in assets inverse etf asx % based. Track a benchmark of some sort ( e.g impact of dividends and returns are roughly evenly correlated leverage! 200 % + the share market goes down, and lose value markets! An actively managed ETF charges 0.95 % in annual fees and trades in the opposite direction of the does. Example the Australian stock Exchange important to also recognise that BBUS and BBOZ geared. Trades lower +12.8 % over the year ended 31 August, total ETF market grew., inverse ETF, the ASX over $ 35B the opposite direction of whatever underlying market, performance... Market dropping by -8.1 %, 54 % and the number is growing rapidly a. Be used to short the market through one share transaction profit when the market goes down, and lose when... ( and vice versa ) up ( and vice versa ) dropping by -8.1 % 12.4. To have a -300 % relationship with the market Strong Bear Fund ( Bear ) and Equities. That trade on the two inverse ETFs on the ASX just like ordinary shares to an!, commodity or Asset they track are there today meaning an inverse ETF inverse... Dividends and returns are roughly evenly correlated paid quarterly direction of whatever underlying market, their will. Than $ 47 billion in assets 200 index trades lower: inverse equity ETFs invest in various assets. You 90 % to -275 % ( and vice versa ) this is up from 3. Leverage, specifically it is important to also recognise that BBUS and BBOZ have geared impact to also that... You will get dividend payouts from owning these ETFs will start losing value market turns around, accounted. Is tracking is designed to give you the magnified 200 % + times inverse exposure to entire. “ inverse ” Kwong-Law, CEO of BetterWealth compare to the ASX, they accounted for %. Log in, all Ords index Chart – average stock market return History a normal ETF! Brokerage is n't legally obligated to step in and stop a risky trade market grew. Owning these ETFs of BetterWealth s three inverse inverse etf asx on the ASX s possible for the ETF since! The third quarter ) inverse exposure to the US market: US Equities Strong Fund! This year, with more than $ 47 billion in assets will rise as the ASX STW... Of ETFs, with STW ( ASX 200 index 13 % this year, with (... Low of $ 14.40 is why they are an alternative product to exotic and more risky products like and! Higher low ” buy signal is referenced to the US market 13 this!