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Ossiam launches Ossiam Shiller Barclays CAPE US Sector Value ETF


Ossiam, an affiliate of Natixis Global Asset Management (NGAM), has listed the next in a series of UCITS-compliant exchange-traded funds (ETF) tracking Shiller Barclays CAPE indices on teh London Stock Exchange.  

The new ETF tracks the Shiller Barclays CAPE US Sector Value Net TR Index.

The Ossiam Shiller Barclays CAPE US Sector Value TR UCITS ETF 1C (USD) is the second ETF to be based on the Shiller Barclays CAPE Sector indices, following the Ossiam Shiller Barclays CAPE Europe Sector Value TR UCITS ETF 1 C (EUR), which was launched in February. The Shiller Barclays CAPE Sector indices, developed jointly by Barclays and Professor Robert Shiller, use the Cyclically Adjusted Price-to-Earnings (CAPE) ratio as a valuation driver in a sector rotational strategy.
Robert Shiller, with his graduate student John Campbell, devised the original CAPE ratio in 1981. The CAPE ratio is a widely used valuation metric providing a view on equities being over- or under-valued. The ratio compares the current value of a portfolio to inflation-adjusted aggregated earnings of its constituents averaged over ten years to remove the effects of business cycles. This makes the ratio suitable for investment decisions with a long-term focus.

Professor Shiller extended the CAPE measure to equity sectors and, in collaboration with Barclays, designed a sector selection strategy based on this ratio. The strategy uses the Relative CAPE indicator, a normalised version of the CAPE ratio, supplemented with a momentum filter. The strategy aims to avoid overvalued sectors as well as eliminating potential value traps, creating a sector portfolio with value bias that helps to pick the right industries at the right point in time.

Bruno Poulin (pictured), CEO of Ossiam, says: “We are very pleased to continue our association with Barclays and Professor Robert Shiller. Our launch of the first Ossiam Shiller Barclays CAPE ETF has gathered a lot of interest from the UK market and we expect the latest ETF to continue this trend.“

The new ETF has USD5.6 million in assets under management and is traded on the London Stock Exchange in dollars (TIDM: UCAP) and in pence (TIDM: CAPU). It carries a Total Expense Ratio of 0.65 per cent pa.

The ETF is distributed and marketed in the United Kingdom through Natixis Global Asset Management.

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