ETF Action: Research

1.21.2022

Breakdown of the previous day's market action through the lens of ETFs

• Equities: On Thursday, U.S. markets slipped for the third consecutive session amid a slew of macroeconomic data and earnings releases. Jobless claims were well above consensus estimates, the Philadelphia Federal Reserve’s manufacturing index indicated businesses continued to grow despite Omicron related labor and supply shortages, and existing home sales decreased 4.6% in December, but 2021 sales increased 8.5% from the prior year. After rising early in the day, QQQ dropped another 1.30%, SPY fell 1.11%, and DIA declined 86 bps. S&P 500 Pure Growth (RPG) continued its downward trend falling 1.84%. Year-to-date, RPG is down 13.14%. Emerging Markets (EEM) added 59 bps as Chinese markets (MCHI) jumped 2.60% on the day
• Sectors: Consumer Discretionary (XLY, -1.82%), Materials (XLB, -1.45%), and Technology (XLK, -1.29%) Industrials (XLI, -1.28%) were the laggards yesterday while Utilities (XLU, +13 bps) was the only sector the post gains. Industry wise, Metals & Mining (XME), Oil & Gas Exploration & Production (XOP), Retail (XRT), and Semiconductors (XSD) all declined over 3%. XRT is in oversold territory and has fallen over 13% thus far in 2022. 

   

• Themes: Majority of global thematic segments were lower yesterday, Biotech (SBIO) fell 2.46% and is down nearly 24% in the last 3 months. Evolving Consumer ETFs saw wide disparity in performance on Thursday as the KraneShares CSI China Internet ETF (KWEB) climbed 4.27% while the AdvisorShares Pure US Cannabis ETF (MSOS) plunged 4.97%. Emerging Markets Internet & Ecommerce ETF (EMQQ) and the KraneShares Emerging Markets Consumer Technology Index ETF (KEMQ) each gained over 2.5% on strength from Emerging Markets and China
• Commodities & Yields: The U.S. Dollar (UUP) was up 31 bps while Broad Commodities (DJP) were relatively flat. Natural Gas (UNG) fell 4.61% and WTI Crude Oil (USO) dropped 64 bps. U.S. Aggregate Bonds (AGG) were higher by just 5 bps and TIPS Bonds (TIP) were up 12 bps. The U.S. 10-Year Treasury Yield fell slightly and settled around 1.82%

1.20.2022

Breakdown of the previous day's market action through the lens of ETFs

• Equities: For the second consecutive day, U.S. markets fell as bond yields continue to rise ahead of the eventual policy tightening by the U.S. Federal Reserve. DIA declined 99 bps, SPY dropped 1.04%, and tech-heavy QQQ was down 1.10%. S&P 500 Pure Value (RPV) underperformed, falling 1.65% while S&P 500 Pure Growth (RPG) was also lower by 1.50% 
• Sectors: The defensive Consumer Staples (XLP, +63 bps) and Utilities (XLU, +45 bps) were the only sectors in positive territory yesterday. Consumer Discretionary (XLY), Financials (XLF), Technology (XLK), Real Estate (XLRE), and Industrials (XLI) all were down over 1%. XLF was dragged lower by Banks (KBE) and Regional Banks (KRE) which declined 2.79% and 2.72%, respectively. Amid recent underperformance, XLY now sits 10.45% below its 52-week high and XLK sits 9.70% below its 52-week high
• Themes: Clean Energy (PBW) was the worst performing global thematic segment on the day falling another 3.17%. PBW is down nearly 17% year-to-date and down 52.14% over the last year. NextGen Transportation (DRIV, -2.34%) and Genomics (ARKG, -1.83%) also lagged. Wind (FAN), Evolving Consumer (SOCL), and eSports & Video Games (ESPO) were the only segments to post gains
• Commodities & Yields: Broad Commodities (DJP) finished higher by 1.05% as Precious Metals (DBP) rose 2.01%. The U.S. Dollar (UUP) was lower by 23 bps while U.S. Aggregate Bonds (AGG) were up 22 bps. The U.S. 10-Year Treasury Yield touched 1.90% intraday Wednesday before falling

1.19.2022

Breakdown of the previous day's market action through the lens of ETFs

• Equities: Major averages were sharply lower to begin the shortened trading week on Tuesday as U.S. Treasury Yields rose and earnings disappointed. As the U.S. 10-Year Treasury Yield topped 1.87% on the day, the highest levels since January 2020, SPY dropped 1.77%, DIA declined 1.47%, and QQQ fell 2.49%. Growth names were battered with S&P 500 Pure Growth (RPG) plunging 3.25%. Russian markets (ERUS) fell nearly 9% on Tuesday
• Sectors: All sectors were deep in the red with the exception of Energy (XLE) which gained 40 bps. Real Estate (XLRE) was the only other sector not to decline over 1% on Tuesday. Technology (XLK) and Financials (XLF) were the worst performers falling 2.40% and 2.23%, respectively. After posting solid returns on Tuesday, Biotech (XBI) plummeted nearly 6% and entered oversold territory. Semiconductors (XSD) also dropped 4.51%
• Themes: Bleak performance from global thematics as eSports & Video Games (ESPO, +59 bps) was the lone segment to post gains. All other segments fell over 1% and the large majority were down over 2.5% for the day. Genomics (ARKG) and Blockchain (BLOK) each plunged over 5% while Clean Energy (PBW), Solar (TAN), and Multi-Theme (ARKK) all declined over 4%. The worst performing thematic ETF on the day was the Bitwise Crypto Industry Innovators ETF (BITQ) which plummeted over 8%
• Commodities & Yields: U.S. Aggregate Bonds (AGG) were down 61 bps and 20+ Year Treasury Bonds (TLT) dropped 1.41%. The U.S. Dollar (UUP) was up 63 bps, Broad Commodities (DJP) rose 60 bps, and WTI Crude Oil (USO) was up 1.67%

1.18.2022

Breakdown of the previous day's market action through the lens of ETFs

• Equities: On Friday, U.S. markets were mixed to end a choppy trading week. The tech oriented NASDAQ (QQQ) was up 62 bps, the S&P 500 (SPY) was higher by 4 bps, and the Dow Jones (DIA) was down 57 bps. S&P 500 Pure Value (RPV) added 60 bps and outpaced S&P 500 Pure Growth (RPG) which gained just 7 bps. Chinese markets (MCHI) returned +76 bps on the day
• Sectors: Energy (XLE) handily outperformed other sectors climbing 2,35% as Oil & Gas Equipment & Services (XES) and Oil & Gas Exploration & Production (XOP) each jumped over 3%. XLE currently sits at 52-week highs, but is in overbought territory. Technology (XLK) was up 85 bps while Financials (XLF) and Real Estate (XLRE) both declined over 1%. 
• Themes: Biotech (SBIO) was the top performing thematic segment on Friday gaining 2.52%, but remains down over 10% year-to-date. Water (PHO) and Online Retail (IBUY) lagged, declining 1.99% and 1.73%, respectively. FinTech (FINX) also underperformed falling over 1%. FINX is down nearly 11.50% thus far in 2021 and currently sits in oversold territory
• Commodities & Yields: Broad Commodities (DJP) finished the day higher by 1% while the U.S. Dollar (UUP) was up 28 bps. U.S. Aggregate Bonds (AGG) were lower by 56 bps and the U.S. 10-Year Treasury Yield rose sharply on Friday finishing the day above 1.78%

1.14.2022

Breakdown of the previous day's market action through the lens of ETFs

• Equities: Major averages were lower on Thursday pressured by further indications of swelling inflation. The Producer Price Index (PPI), another key inflation measure, increased 9.7% year-over-year in December, the highest levels on record going back to 2010. Big tech names were battered leading to QQQ falling 2.50% on the day. SPY declined 1.38% and DIA was down 48 bps. S&P 500 Pure Growth (RPG) dropped 2.73% on the day while S&P 500 Pure Value (RPV) added 83 bps. Chinese markets (MCHI) were weak, falling 3.04%
• Sectors: Technology (XLK) declined 2.59% on the day, dragged lower by Microsoft (20.88% weight) which fell 4.23%. Consumer Discretionary (XLY) also fell 2.01% as Tesla (19.66% weight) plunged 6.75% yesterday. Utilities (XLU), Industrials (XLI), and Consumer Staples (XLP) were the only sectors to post gains. From an industry level, Internet (XWEB, -3.69%), Software & Services (XSW, -3.14%), and Semiconductors (XSD, -2.96%) lagged. Several Biotech ETFs (XBI, PBE, IBB) currently sit in oversold territory
• Themes: Dismal day for global themes as all segments posted losses with the large majority of segments falling over 2%. Multi-Theme (ARKK) and Disruptive Tech (DTEC) tumbled 5.42% and 5.41%, respectively. Genomics (ARKG), FinTech (FINX), eSports & Video Games (ESPO), and Evolving Consumer (SOCL) all plummeted over 4%. Every global thematic ETF was in the red on Thursday, the top performer was the First Trust Global Wind Energy ETF (FAN) which was lower by 5 bps
• Commodities & Yields: After Wednesday's 13.50% gain, Natural Gas (UNG) plunged 11.08%. Broad Commodities (DJP) were down 1.64% while the U.S. Dollar (UUP) was relatively flat. The U.S. 10-Year Treasury Yield fell below 1.71%, U.S. Aggregate Bonds (AGG) rose 18 bps, and 20+ Year Treasury Bonds (TLT) were higher by 89 bps

1.13.2022

Breakdown of the previous day's market action through the lens of ETFs

• Equities: U.S. markets posted modest gains on Wednesday despite headline inflation, as measured by the Consumer Price Index (CPI), rising 7% year-over-year in December 2021, the highest increase since June 1982. Tech-heavy QQQ climbed 40 bps and extended its winning streak to 3 sessions, SPY added 27 bps, and DIA was up 11 bps. Large-Cap Growth (IVW) outperformed, gaining 48 bps. Chinese markets (MCHI) surged 2.16% 
• Sectors: Health Care (XLV, -0.29%) was the only sector in negative territory yesterday as Biotech (XBI) declined 3.17%, Health Care Services (XHS) dropped 2.11%, and Pharmaceuticals (XPH) fell 2.00%. Materials (XLB, +1.01%) gained over 1% for the second consecutive day, bolstered by Metals & Mining (XME) which jumped 2.26%. XLB sits just 39 bps below its 52-week highs 
• Themes: Genomics (ARKG) plunged over 4% on the day while the genomics-heavy ARK Innovation ETF (ARKK) declined 2.78%. ARKG is down nearly 13% year-to-date and has seen $115 million in net outflows over the last week. ARKK is down over 10% year-to-date, however, it has gathered $327 million in net inflows in the past week. Advanced Materials (REMX) was the top performing thematic segment returning 3.63% followed by Smart Infrastructure (GRID, +1.55%) and Blockchain (BLOK, +1.45%) ,
• Commodities & Yields: U.S. Aggregate Bonds (AGG) were flat on Wednesday while 20+ Year Treasury Bonds (TLT) declined 38 bps. The U.S. Dollar (UUP) dropped 66 bps, Broad Commodities (DJP) ended higher 1.67%, and Natural Gas (UNG) rocketed 13.50%. The U.S. 10-Year Treasury Yield was fairly steady around 1.73%

1.12.2022

Breakdown of the previous day's market action through the lens of ETFs

• Equities: Following Fed Chairman Powell's testimony before the Senate, major U.S. averages saw solid gains with growth oriented tech names remaining strong. QQQ led the way rising 1.50% followed by SPY up 91 bps and DIA higher by 48 bps. In his testimony, Powell did not mention further acceleration of change in the central bank's policy which reassured investors. Both S&P 500 Pure Growth (RPG) and S&P 500 Pure Value (RPV) gained around 1% on the day while S&P 500 Low Volatility (SPLV) fell 15 bps
• Sectors: Energy (XLE) surged 3.40% on Tuesday handily outpacing other sectors. Oil & Gas Exploration & Production (XOP) and Oil & Gas Equipment & Services (XES) rose 4.42% and 3.99%, respectively, benefitting XLE. Currently, XLE sits at a 52-week high and has climbed nearly 14% year-to-date. However, many Energy ETFs, including XLE, reside in overbought territory. Communication Services (XLC), Technology (XLK), and Materials (XLB) all were up over 1% as well.
• Themes: Excellent day for Global Thematics as Advanced Materials (REMX), FinTech (FINX), Online Retail (IBUY), and Blockchain (BLOK) each jumped over 3%. Clean Energy (PBW, +2.83%) also recovered following Monday's losses. Just two thematic ETFs saw losses on Tuesday: the KraneShares SSE STAR Market 50 Index ETF (KSTR, -1.90%) and the Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF (SRVR, -0.30%)
• Commodities & Yields: The U.S. Dollar (UUP) fell 43 bps while U.S. Aggregate Bonds (AGG) were higher by 19 bps. Broad Commodities (DJP) were up nearly 2% with WTI Crude Oil (USO) gaining 3.56% and Natural Gas (UNG) up 2.40%. The U.S. 10-Year Treasury Yield also fell to around 1.75%

1.11.2022

Breakdown of the previous day's market action through the lens of ETFs

• Equities: U.S. markets were mixed on Monday as rising bond yields rattled investors. The U.S. 10-Year Treasury Yield was above 1.80% intraday before settling around 1.78%. Tech-heavy QQQ added 7 bps and ended its losing streak. SPY fell for the fifth consecutive session declining 12 bps while DIA dropped 42 bps. Large-Cap Growth names (IVW) were up just 8 bps but outpaced other U.S. Size & Style ETFs
• Sectors: Health Care (XLV, +1.03%) and Technology (XLK, +0.02%) were the lone sectors in positive territory on Monday. Industrials (XLI) and Materials (XLB) each fell over 1% while Consumer Staples (XLP) declined 79 bps. XLV was bolstered by solid gains from Pharmaceuticals (XPH, +1.62%) and Health Care Equipment (XHE, +1.34%). Retail (XRT) and Transportation (XTN) both dropped around 1.60% on the day
• Themes: For the second consecutive day, Cannabis (MJ) was the best performing thematic segment climbing 1.84%. Sustainability ETFs struggled with Clean Energy (PBW) posting losses of 2.33%. Two Clean Energy ETFs (ICLN & RNRG) currently sit in oversold territory. Digital Payments (IPAY) and Fintech (FINX) also lagged declining over 1.80%
• Commodities & Yields: Broad Commodities (DJP) finished lower by 34 bps with WTI Crude Oil (USO) falling 90 bps while Natural Gas (UNG) was higher by 5.53%. The U.S. Dollar (UUP) was up 23 bps while 20+ Year Treasury Bonds (TLT) were up 25 bps

1.10.2022

Breakdown of the previous day's market action through the lens of ETFs

• Equities: On Friday, major averages fell once again as headwinds from the Omicron variant and the hawkish U.S. Federal Reserve continue to concern investors. The S&P 500 (SPY) and NASDAQ (QQQ) each fell for the fourth consecutive session, declining 40 bps and 1.80%, respectively. The Dow Jones (DIA) was down just 2 bps. Growth names continue to lag as S&P 500 Pure Growth (RPG) dropped 1.78% on the day and is down 6.39% thus far in 2022. Conversely, S&P 500 Pure Value (RPV) added 1.33% on Friday and is up nearly 5% year-to-date
• Sectors: Financials (XLF) and Energy (XLE) each gained over 1% on the day while Consumer Discretionary (XLY) fell 1.67%. XLE has returned +10.52% year-to-date, however, it has also entered into overbought territory. Homebuilders (XHB) was the worst performing industry declining 3.44% followed by Semiconductors (XSD, -2.98%) and Health Care Equipment (XHE, -2.22%)
• Themes: Cannabis (MJ) and Casinos & Gaming (BETZ) were the top performing themes for the day climbing 1.78% and 1.10%, respectively. Biotech (SBIO) fell nearly 3% and continues to struggle (down nearly 8% year-to-date). The KraneShares CSI China Internet ETF (KWEB) outpaced all other thematic ETFs on Friday gaining 2.67%. KWEB has also gathered $125 million in net inflows over the past week
• Commodities & Yields: The U.S. Dollar (UUP) was lower by 54 bps while U.S. Aggregate Bonds (AGG) dropped 29 bps. Broad Commodities (DJP) finished up 65 bps, Natural Gas (UNG) +1.72% and Precious Metals (DBE) up 60 bps

1.9.2022

An overview of the broad U.S. Size & Style ETF landscape - Performance, Flows, Valuations, Earnings, & Technicals.

• Large-cap value leads in net inflows over first week of the year (+$720 million)
• Vanguard Value ETF (VTV) sees most net inflows of U.S. size and style ETFs over past week with $575 million
• Wide dispersion in performance to start the year: Nearly 7% seperates best performing large-cap value (+1.01%) and worst performing mid-cap growth (-5.69%)
• Small-caps have moved sideways since early 2021 and are currently hovering just above the 200 day moving average

1.7.2022

Breakdown of the previous day's market action through the lens of ETFs

• Equities: As investors mulled the Fed minutes released Wednesday, U.S. markets fell slightly. The S&P 500 (SPY) and NASDAQ (QQQ) declined 9 bps and 7 bps, respectively, while the Dow Jones (DIA) dropped 47 bps. Mid-Caps (IJH) and Small-Caps (IJR) outperformed. S&P 500 Minimum Volatility (SPMV) was down 52 bps, S&P 500 High Momentum (SPVM) was up 1.19%, and S&P 500 Pure Growth (RPG) was higher by 73 bps
• Sectors: Energy (XLE) remained strong adding 2.23% while Financials (XLF) gained 1.47%, aided by Banks (KBE) and Regional Banks (KRE) which both climbed over 3% on the day. Both XLE and XLF currently sit at 52-week highs. Materials (XLB), Health Care (XLV), and Utilities (XLU) each declined over 1%
• Themes: On a mixed day for Global Thematics, Genomics (ARKG) was the worst performing segment for the third consecutive day, falling 1.59%. ARKG is down over 10% on the week. Online Retail (IBUY) was the top performing segment climbing just 63 bps. The KraneShares CSI China Internet ETF (KWEB) outpaced all other Global Thematic ETFs on Thursday, surging 4.70%
• Commodities & Yields: Broad Commodities (DJP) ended the day higher by 34 bps and the U.S. Dollar (UUP) was up by 8 bps. WTI Crude Oil (USO) added 2.63% while Precious Metals (DBP) fell 1.62%. U.S. Aggregate Bonds (AGG) were lower by 11 bps and Preferred Income & Securities (PFF) was up by 54 bps

1.6.2022

Breakdown of the previous day's market action through the lens of ETFs

• Equities: After the U.S. Federal Reserve indicated it would potentially tighten its monetary policy further and raise rates quicker and more aggressively, major averages posted substantial losses on Wednesday. Tech-oriented QQQ declined 3.07%, SPY fell 1.92%, and DIA saw its first losses of the year, dropping 1.03%. Pressure on growth names continued with S&P 500 Pure Growth (RPG) plunging nearly 4%. S&P 500 Momentum (SPMO) also decline 2.44%. Chinese markets (MCHI) were down 2.26%
• Sectors: All sectors were in the red yesterday with Real Estate (XLRE) and Technology (XLK) each falling over 3%. Consumer Discretionary (XLY) and Communication Services (XLC) also both declined over 2.5%. Several industries were deep into negative territory with Biotech (XBI) down 5.50% and Semiconductors (XSD) lower by 5.65%. Two Software & Services ETFs (PSJ and IGV) have entered oversold territory while numerous Consumer Staples ETFs (IYK, RHS, FXG, VSD, and FSTA) are in overbought territory
• Themes: Global thematics were pummeled on Wednesday with all segments posting losses, the large majority dropping over 3%. For the second straight day, Genomics (ARKG) and Multi-Theme (ARKK) were the worst performing segments, each plunging over 7% (both were down over 4% on Tuesday). Solar (TAN) fell 6.70% on the day after its second largest holding, Enphase Energy (9.03% weight), plummeted 13% following a significant downgrade by Bank of America analysts
• Commodities & Yields: The U.S. Dollar (UUP) was down 12 bps while Broad Commodities (DJP) were lower by 17 bps. U.S. Aggregate Bonds (AGG) fell 31 bps and 20+ Year Treasury Bonds (TLT) declined 54 bps. The U.S. 10-Year Treasury Yield rose above 1.7% following the news from the Fed

1.5.2022

Breakdown of the previous day's market action through the lens of ETFs

• Equities: U.S. markets were mixed on Tuesday as growth-oriented pockets of the markets lagged. The Dow Jones (DIA) climbed 60 bps while the S&P 500 (SPY) was relatively flat and the tech-heavy NASDAQ (QQQ) fell 1.30%. Value-oriented pockets of the market outperformed as S&P 500 Pure Value (RPV) climbed 2.28% compared to S&P 500 Pure Growth (RPG) which sank 92 bps. Chinese markets (MCHI) also fell nearly 2%
• Sectors: Energy (XLE) surged over 3% for the second consecutive day gaining 3.46%. Sizeable gains from Oil & Gas Equipment & Services (XES, +4.40%) and Oil & Gas Exploration & Production (XOP, +4.29%) provided a boost. Financials (XLF) and Industrials (XLI) were also up over 2% on the day. Health Care (XLV) declined 1.32% and Technology (XLK) dropped 1.06%. XLE and Consumer Staples (XLP) currently sit at 52-week highs
• Themes: Advanced Materials (REMX, +3.43%), NextGen Transportation (DRIV, +1.09%), and Smart Infrastructure (GRID, +61 bps) were the only thematic segments in positive territory yesterday. Genomics (ARKG) and Multi-Theme (ARKK) each plunged over 4% while the majority of other segments were down over 1%. The KraneShares CSI China Internet ETF (KWEB) declined 4.42% after plummeting nearly 50% in 2021 and has also seen $109 million in net outflows over the past week
• Commodities & Yields: The U.S. 10-Year Treasury Yield rose above 1.65% on Tuesday while the U.S. Dollar (UUP) and U.S. Aggregate Bonds (AGG) were flat. Broad Commodities (DJP) were higher by 1.18%, WTI Crude Oil (USO) was up 1.39%, and Natural Gas (UNG) was down 2.58%

1.4.2022

Breakdown of the previous day's market action through the lens of ETFs

• Equities: Despite the U.S. seeing a surge of over 1 million new Omicron cases on Monday, major averages posted solid gains with QQQ up 96 bps, DIA higher by 65 bps, and SPY up 58 bps. QQQ was boosted by Tesla (4.76% weight as of yesterday's close) climbing over 13.5% on the day following record vehicle deliveries in Q4 2021. Notably, S&P 500 Pure Value (RPV) started off 2022 trading by adding 1.32% while S&P 500 Pure Growth (RPG) sank 73 bps
• Sectors: Energy (XLE) was the top performing sector on Monday, jumping 3.10% as Oil & Gas Equipment & Services (XES) and Oil & Gas Exploration & Production (XOP) surged 7.20% and 4.75%, respectively. Consumer Discretionary (XLY) gained 2.87%, also aided by Tesla's excellent day (18.51% weight as of yesterday's close). Materials (XLB) and Health Care (XLV) each declined over 1% on the day
• Themes: Genomics (ARKG), Cannabis (MJ), and Biotech (SBIO) all returned over 3% yesterday. Water (PHO) lagged dropping over 1.5%. Several Blockchain ETFs (BLOK, BKCH, BITQ, and BLCN) are approaching oversold territory. Despite seeing sharp declines late in 2021, the Amplify Transformational Data Sharing ETF (BLOK) still gained over 30% on the year
• Commodities & Yields: The U.S. Dollar (UUP) was higher by 62 bps, Broad Commodities (DJP) were up 49 bps, and U.S. Aggregate Bonds (AGG) were down 68 bps. The U.S. 10-Year Treasury Yield also jumped over 1.6% to start 2022

1.3.2022

Breakdown of the previous day's market action through the lens of ETFs

• Equities: Major averages finished lower on the last day of trading in 2021 with the S&P 500 (SPY) down 25 bps, the Dow Jones (DIA) down 21 bps, and the NASDAQ (QQQ) down 62 bps. However, for 2021, SPY climbed 28.75%, DIA was up 20.84%, and QQQ added 27.42%. S&P 500 Pure Growth (RPG) fell 16 bps on Friday, but gained 29.40% on the year compared to S&P 500 Pure Value (RPV) which was up 4 bps on Friday and up 34.25% on the the year 
• Sectors: Mixed day for sectors as Communication Services (XLC) fell 1.38% while Consumer Staples (XLP) and Utilities (XLU) gained 68 bps and 43 bps, respectively. Materials (XLB), Real Estate (XLRE), Health Care (XLV), Consumer Staples (XLP), and Utilities (XLU) all finished the year at 52-week highs. Financials (XLF) saw the most net inflows in 2021, gathering over $10 billion
• Themes: Majority of thematic segments were down on Friday with Multi-Theme (ARKK) lower by 2.18% and Disruptive Tech (ARKW) down  1.93%. Water (PHO) was the top performer for the day, up 46 bps. In 2021, the best performing thematic ETF was the VanEck Rare Earth/ Strategic Metals ETF (REMX) which surged over 80%. The worst performer on the year was the Global X Education ETF (EDUT) which plunged over 50%
• Commodities: Broad Commodities (DJP) were down just 14 bps on Friday, Natural Gas (UNG) was higher by 4.78%, and WTI Crude Oil (USO) was down 1.34%. USO climbed over 64% in 2021 while DJP was up 31.05% for the year

1.3.2022

An overview of the broad U.S. Size & Style ETF landscape - Performance, Flows, Valuations, Earnings, & Technicals.

• Strong inflows during December push large-cap beta strategy flows $190 billion during 2021
• $726 million in net outflows for the iShares Russell 2000 ETF (IWM) over the past week
• Large-cap value best performing U.S. size & style category during December, gains 6.43%
• VictoryShares Nasdaq Next 50 ETF (QQQN -1.25%) worst performing size & style ETF over past month

12.23.2021

Breakdown of the previous day's market action through the lens of ETFs

• Equities: U.S. markets posted gains for the second consecutive day with QQQ up 1.22%, SPY higher by 1.00%, and DIA up 70 bps. The rally was aided by new studies suggesting that the Omicron variant has a lower risk of hospitalization. S&P 500 Growth (SPYG) climbed 1.41% while S&P 500 Value (SPYV) added 64 bps
• Sectors: All sectors were up on Wednesday with Consumer Discretionary (XLY), Technology (XLK), and Health Care (XLV) all gaining over 1%. 5 sectors (XLV, XLRE, XLK, XLP, XLU) are now within less than 2% of relative 52-week highs. Homebuilders (XHB) and Metals & Mining (XME) were the top performing industries both returning +1.47%. 
• Themes: Mixed day for themes with Biotech (SBIO, -1.36%) lagging other segments. Advanced Materials (REMX) gained 2.20% on the day and NextGen Transportation (DRIV), Water (PHO), Robotics & AI (BOTZ), and Blockchain (BLOK) all were up by over 1%.
• Commodities: Broad Commodities (DJP) ended higher by 1.96%, WTI Crude Oil (USO) +1.75%, and Natural Gas (UNG) +1.68%. The U.S. Dollar (UUP) fell 39 bps

12.22.2021

Breakdown of the previous day's market action through the lens of ETFs

• Equities: While the potential impact and severity of the Omicron variant remains in focus, U.S. markets ended the three day losing streak yesterday with tech-heavy QQQ jumping 2.24%, SPY gaining 1.78%, and DIA adding 1.62%. Year-to-date, SPY has gained 25.52% and outpaced QQQ and DIA which have climbed 24.65% and 18.04%, respectively. S&P 500 High Beta (SPHB) surged 4.16% and S&P 500 Pure Growth (RPG) was up 2.53% on Tuesday. China (MCHI) outperformed, up 3.03%
• Sectors: Energy (XLE), Consumer Discretionary (XLY), and Technology (XLK) led other sectors on the day, each rising over 2.5%. Utilities (XLU) and Consumer Staples (XLP) both fell slightly and were the only sectors in negative territory. Real Estate (XLRE) and Health Care (XLV) both sit within 1.27% of relative 52-week highs. Oil & Gas Equipment & Services (XES) gushed, up 5.80% on the day. 
• Themes: All global thematic segments were in the green. After a gloomy Tuesday performance, Solar (TAN) shined, adding 5.67%. 10 other thematic segments climbed over 4% on the day, including Casinos & Gaming (BETZ), FinTech (FINX), and Blockchain (BLOK). The top performing thematic ETF on the day was the KraneShares CSI China Internet ETF (KWEB) which jumped 6.76%. Meanwhile, the ETFMG Treatments Testing and Advancements ETF (GERM) lagged, declining 1.06%
• Commodities: The U.S. 10-Year Treasury Yield jumped above 1.45% yesterday while the U.S. Dollar (UUP) was down just 12 bps. Broad Commodities (DJP) finished higher by 2.19% as Energy (DBE) added 2.86%

12.21.2021

Breakdown of the previous day's market action through the lens of ETFs

• Equities: U.S. markets fell for the third consecutive day as Omicron fears plagued investors. The CDC has reported that the Omicron variant has become the dominant variant in the U.S. representing 73% of new cases last week and has been found in 43 states as well as 90 countries. DIA was down 1.23%, SPY fell 1.06%, and QQQ was lower by 97 bps. Pure Value (RPV) sank 1.85% and Pure Growth (RPG) declined 1.73%. Chinese markets (MCHI) declined 2.23%
• Sectors: Utilities (XLU, +9 bps) and Consumer Staples (XLP, +3 bps) were the only sectors to post gains on Tuesday. Financials (XLF) lagged, falling nearly 2%. Materials (XLB), Consumer Discretionary (XLY), and Industrials (XLI) all declined over 1.5%. Capital Markets (KCE) and Oil & Gas Exploration & Production (XOP) were the worst performing industries, each dropping over 2.3%
• Themes: Biotech (SBIO) was the only theme in positive territory, gaining 1.25%. Cloudy day for Solar (TAN) as it plunged 6.68%. Clean Energy (PBW) also fell 4.76%. Over the past month, TAN has declined nearly 25% and PBW has dropped almost 23%. In addition, TAN has seen $103 million in net outflows over the past week. 
• Commodities: Broad Commodities (DJP) were down around 1% with WTI Crude Oil (USO) down 1.73% and Natural Gas (UNG) up almost 4%. The U.S. Dollar (UUP) was flat on the day and the 10-Year U.S. Treasury Yield hovered just below 1.40%

12.20.2021

Major macroeconomic releases for the prior and upcoming weeks accompanied by historical macroeconomic data and chart books

• Producer Price Index: The Producer Price Index (PPI) rose 9.6% year-over-year, the fastest pace on record and hit levels not seen since November 2020
• Retail Sales: Retail sales rose but were below expectations in November
• Housing Starts: In November, housing starts rose above consensus estimates to 1.679 million

12.20.2021

Breakdown of the previous day's market action through the lens of ETFs

• Equities: On Friday, major averages fell as uncertainty over the spread of the omicron variant concerned investors. The Dow Jones (DIA) was down 1.44%, the S&P 500 (SPY) was lower by 1.06%, and the NASDAQ (QQQ) dropped by 50 bps. Large-Cap Value (IVE) lagged on the day, declining 1.37%
• Sectors: All sectors were in the red, Financials (XLF) and Energy (XLE) each declined by over 2%, and four other sectors (XLP, XLU, XLI, XLB) all dropped over 1.25%. Communication Services (XLC) now sits over 11% from its 52-week high. Following the omicron news, Biotech (XBI) surged 4.78%, Health Care Equipment (XHE) climbed 2.68%, and Health Care Services (XHS) added 2.13%
• Themes: Health Innovation ETFs saw sizeable outperformance on Friday as Genomics (ARKG) rocketed 7.65%. The ARK Innovation ETF (ARKK), which has substantial exposure to Genomics companies, also gained 5.80%. Smart Infrastructure (GRID), Blockchain (BLOK), and Water (PHO) were all down over 1%
• Commodities: The U.S. Dollar (UUP) finished the day higher by 70 bps while Broad Commodities (DJP) were down just over 1%. WTI Crude Oil (USO) and Natural Gas (UNG) were both down over 2%

12.19.2021

An overview of the broad U.S. Size & Style ETF landscape - Performance, Flows, Valuations, Earnings, & Technicals.

• All sizes & styles see net inflows over the past week in total of nearly $40 billion; large-caps net over $20 billion
• Large-cap value leads in December performance, up 3.39%; small-cap growth lags (-1.32%)
• Over the past month the Vanguard Mega Cap Value ETF (MGV +0.21%) has been best performer of S&S ETFs
• Recent bouts of volatility have most sizes and styles testing their 200 day moving averages (and holding for now)

12.17.2021

Breakdown of the previous day's market action through the lens of ETFs

• Equities: U.S. markets reversed course with high-growth tech names plunging on Thursday. QQQ dropped 2.57%, its worst day since September, SPY fell 88 bps, and DIA was down just 10 bps. Wednesday’s Fed induced rally was all but erased for growth names as S&P 500 Pure Growth (RPG) was down 2.59%
• Sectors: Sectors were mixed on the day with Technology (XLK) down nearly 3% and Consumer Discretionary (XLY) falling 2.21%. Financials (XLF) and Materials (XLB) were both up over 1%. Consumer Staples (XLP), Real Estate (XLRE), Utilities (XLU), and Health Care (XLRE) all currently sit at 52-week highs. On the industry level, Semiconductors (XSD) plummeted 5.41% 
• Themes: Digital Infrastructure (SRVR) and Wind (FAN) were the only thematic segments in positive territory on Thursday, up 73 bps and 10 bps, respectively. The majority of segments were down more than 2%. Genomics (ARKG, -4.76%), Multi-Theme (ARKK, -3.73%), Clean Energy (PBW, -3.64%), and Solar (TAN, -3.27%) were the worst performers. Notably, several Online Retail ETFs (IBUY, ONLN, EBIZ) continue to fall further into oversold territory

   

• Commodities: The U.S. Dollar (UUP) was lower by 43 bps, Broad Commodities (DJP) higher by 97bps, and Palladium (PALL) was up by almost 8%. Year-to-date, PALL is down by over 30%

   

12.16.2021

Breakdown of the previous day's market action through the lens of ETFs

• Equities: On Wednesday, the U.S. Federal Reserve announced a more aggressive unwinding of its bond buying program, foreseeing as many as three rate hikes next year. The news pleased investors and broader markets pared recent losses. QQQ surged 2.28%, SPY jumped 1.51%, and DIA was up 1.02%. Growth oriented pockets of the markets posted solid gains with S&P 500 Pure Growth (RPG) adding 2.38%
• Sectors: Technology (XLK) and Health Care (XLV) each gained over 2% while 5 other sectors were up over 1%. Energy (XLE) was the only sector to lose ground on the day, down 49bps. Biotech (XBI) was the top performering industry up 4.25% while Metals & Mining (XME) was the lone industry to post losses on Wednesday
• Themes: All global thematic segments were higher yesterday. Genomics (ARKG) climbed 4.26%, Blockchain (BLOK) added 3.12%, and Connectivity (FIVG) jumped 2.73%. The notable underperformer on the day was the KraneShares CSI China Internet ETF (KWEB) which fell nearly 3% as Chinese markets lagged
• Commodities: Broad Commodities (DJP) ended the day higher by 36 bps, Gasoline (UGA) was up 2.02%, and Tin (JJT) fell 2.53%. Despite falling on Wednesday, JJT has surged over 113% year-to-date. The U.S. Dollar (UUP) was down slightly