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BNM Maintains RM5b Dividend Despite Earnings Dip, Strengthens Financial Buffers

Bank Negara Malaysia  declared a  RM5 billion dividend for 2025 , maintaining payouts to the government despite a  moderation in earnings . Earnings Ease After Strong Prior Year BNM reported  net profit of RM12.45 billion in FY2025 , down  5.7% YoY  from RM13.16 billion. The decline was driven by: Lower total income (RM14.35 billion vs RM14.98 billion) Costs related to  reserve management and monetary operations Despite softer earnings, the central bank sustained its  second consecutive RM5 billion dividend , following a  record RM5.25 billion payout in 2024 . Strong Reserves Provide Stability A significant portion of profits —  RM7.45 billion  — was allocated to the  risk reserve , which rose to  RM155.31 billion . This reserve acts as a  financial buffer  against: Exchange rate volatility Global financial market fluctuations BNM highlighted that  85% of its assets are denominated in foreign currencies , re...
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ETF Industry Sees Boom in Launches Amid Record Closures in 2024

The US exchange-traded fund (ETF) industry, valued at $10.4 trillion, witnessed an eventful 2024, marked by record inflows and fund launches alongside near-unprecedented closures. Here's an overview of the year's key trends:

A Mixed Bag: Record Launches and Closures

  • Closures: Nearly 200 ETFs shut down in 2024, approaching early-pandemic termination rates.
    • Funds focused on ESG themes, China, and cannabis saw significant closures.
  • Launches: Over 700 new ETFs debuted, marking a record second-consecutive year of launches.
    • Successful launches included Bitcoin and Ether spot ETFs and leveraged single-stock ETFs targeting popular stocks.

Saturated Market Challenges

  • The US market now hosts 3,900 ETFs, making it increasingly difficult for new funds to achieve scale.
  • Many ETFs fail to meet the asset and trading thresholds required by institutional investors and trading platforms.
  • The timeline for success has shortened significantly, with new funds now expected to show promise within 18 months, compared to three years previously.

Factors Driving the Boom

  1. Regulatory Changes:
    • Securities and Exchange Commission rule updates in 2019 and 2020 eased the creation of actively managed and derivatives-based ETFs.
  2. White-Label Issuers: These firms streamline ETF launches, reducing the barriers for entrepreneurs to bring products to market.

The Fee War and Rising Costs

  • Fierce competition among issuers has intensified a fee war, squeezing profit margins.
  • New ETF issuers need at least $250,000 in working capital for the first year, excluding marketing expenses.

Success Stories: Niche Appeal

  • Niche products, such as leveraged ETFs tracking MicroStrategy Inc. and single-stock ETFs from firms like GraniteShares, have thrived.
  • Retail-focused marketing has proven more effective for many new ETFs compared to targeting institutional investors.

Outlook: Growing Challenges

  • The ETF landscape continues to evolve, with barriers to entry lower than ever, but barriers to long-term success growing steeper.
  • With more entrants and tighter competition, navigating the ETF market in the coming years will demand precision, innovation, and strategic marketing.
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