ETF Action: Research

Stay Ahead Of Market Trends.

Put ETF Action's powerful expert insights to work for you, including:



Financial Advisors

All Research Archives

 Global Thematic Playbook

9.28.2022

An overview of the Global Thematic ETF landscape - Performance, Flows, Valuations, Earnings, & Technicals.

  • The ARK Innovation ETF (ARKK) gathered $209 million in net inflows over the past week and now has $8.04 billion in overall assets under management. ARKK has seen $1.41 billion in net inflows and has plunged 59.60% thus far in 2022
  • All thematic segments are down across the 1-month, 3-month, year-to-date, and 1-year periods
  • Over the past month, all thematic ETFs has seen losses. 7 of the worst 10 performers were Cannabis ETFs all falling more than 20% on the month
  • Just 4 of the thematic ETFs have dropped less than 10% year-to-date and all 4 are Sustainability ETFs: the Invesco Solar ETF (TAN, -1.36%), the SPDR S&P Kensho Clean Power ETF (CNRG, -2.06%), the iShares Global Clean Energy ETF (ICLN, -6.48%), and the Virtus Duff & Phelps Clean Energy ETF (VCLN, -9.98%)

 

 

 U.S. Factor Playbook

9.27.2022

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

  • Month-to-date, all U.S. factor strategies are down more than 6%. Over the past month, Momentum/ Growth ETFs, Value ETFs, and Size ETFs have all declined more than 11% on average
  • The Schwab US Dividend Equity ETF (SCHD) saw the largest net inflows over the past month gathering $471 million. SCHD has gather $10.8 billion in net inflows year-to-date 
  • All U.S. factor ETFs have posted losses over the past month. The worst performer has been the Innovator IBD 50 ETF (FFTY) which plunged 19.65%. Year-to-date, FFTY has plummeted more than 48%
  • S&P 500 Dividend (SPYD), S&P 500 Low Volatility (SPLV), S&P 500 Equal Weight (RSP), and S&P 500 Value (SPVU) have outperformed the S&P 500 across the trailing-twelve month period
  • All U.S. factors are currently trading well below relative 50-day moving averages and 200-day moving averages

 

 U.S. Sector & Industry Playbook

9.26.2022

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

  • The Financial Select Sector SPDR Fund (XLF) saw another $939 million in net outflows and the Technology Select Sector SPDR Fund (XLK) lost $653 million in net outflows over the past week. The SPDR S&P Biotech ETF (XBI) saw $824 million in net outflows on the week, but has gathered $1.7 billion in net inflows year-to-date
  • Energy ETFs and Materials ETFs have declined more than 11% on average thus far in September
  • All U.S. sector & industry have posted losses over the past month. The Invesco S&P SmallCap Energy ETF (PSCE) has been the worst performer, falling 21.45%
  • All sectors are currently trading below relative 50-day and 200-day moving averages

 

 Global Thematic Playbook

9.21.2022

An overview of the Global Thematic ETF landscape - Performance, Flows, Valuations, Earnings, & Technicals.

  • 8 of the 10 thematic ETFs with the largest net inflows over the past week were Sustainability ETFs. The Invesco WilderHill Clean Energy ETF (PBW) gathered $93 million and the Invesco Solar ETF (TAN) gathered $34 million. Meanwhile, the ARK Innovation ETF (ARKK) saw $270 million in net outflows on the week 
  • Over the past month, all thematic segments have posted losses with FinTech ETFs and Disruptive Tech ETFs declining over 10% on average
  • Only 2 thematic ETFs have increased in the last month: the Volt Crypto Industry Revolution and Tech ETF (BTCR, +6.50%) and the Optica Rare Earths & Critical Materials ETF Optica Rare Earths & Critical Materials ETF (CRIT, +2.67%). Two Blockchain ETFs declined more than 20% on the month: the Viridi Cleaner Energy Crypto-Mining & Semiconductor ETF (RIGZ) and the Valkyrie Bitcoin Miners ETF (WGMI
  • Currently, 49 of 239 thematic ETFs are sitting at 52-week lows and 22 thematic ETFs are sitting in oversold territory

 

 U.S. Factor Playbook

9.20.2022

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

  • All U.S. factors have declined more than 6.50% over the past month. Quality ETFs have been the worst performers, declining 7.74% on average
  • The Vanguard High Dividend Yield Index ETF (VYM) gathered $454 million in net inflows over the past week and now stands at $47.7 billion in overall assets under management
  • Only one U.S. factor ETF has posted positive returns in the past month: the Alpha Intelligent - Large Cap Value ETF (AILV, +1.18%). The worst performer in the period has been the Roundhill Acquirers Deep Value ETF (DEEP, -11.42%)
  • S&P 500 Dividend (SPYD), S&P 500 Low Volatility (SPLV), S&P 500 Equal Weight (RSP), and S&P 500 Value (SPVU) have outperformed the S&P 500 across the trailing-twelve month period
  • All U.S. factors are currently trading below relative 50-day moving averages and 200-day moving averages

 U.S. Sector & Industry Playbook

9.19.2022

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

  • The Financial Select Sector SPDR Fund (XLF) saw $934 million in net outflows over the past week while the Industrial Select Sector SPDR Fund (XLI) and the Technology Select Sector SPDR Fund (XLK) gathered $680 million and $579 million, respectively, in net inflows
  • In the last month, Technology ETFs, Communication Services ETFs, Materials ETFs, Industrials ETFs, Real Estate ETFs, and Consumer Discretionary ETFs have all declined by more than 10% on average
  • The SPDR S&P Internet ETF (XWEB) has lagged all other U.S. Sector & Industry ETFs over the past month dropping nearly 20%. Year-to-date, XWEB is down over 48%
  • Energy (XLE) and Utilities (XLU) are currently trading above relative 50-day and 200-day moving averages while all other sectors are trading below relative 50-day and 200-day moving averages

 

 Macro Brief: Retail Sales

9.15.2022

Retail Sales increased 0.3% in August after declining 0.4% in July. 8 of 13 retail categories grew last month including a surge in sales at auto dealers

  • Headline retail sales rose 0.4% to $683.3 billion in August, above consensus estimates of +0.0%
  • Excluding autos & gas, sales also rose by 0.3%, below consensus estimates of +0.6%
  • Sales at gas stations decreased 4.2% last month as gas prices fell to $3.70 on average per gallon according to AAA
  • Gasoline stations were still up 29.3% year/year while nonstore retailers were up 11.2% year/year
  • Importantly, year-over-year consumer spending is up 9.1% in August illustrating the resiliency of consumers amid rising prices
  • These totals are not adjusted for inflation suggesting that spending outpaced price increases

 

 Macro Brief: Producer Price Index (PPI)

9.14.2022

The Producer Price Index (PPI) decreased 0.1% month-over-month in August, above consensus estimates of -0.4%. All eyes remain on the Federal Reserve which is expected to announce a 75 bps or 1% interest rate hike next week to battle historically high nflation

  • Headline PPI dropped 0.1% month/ month while Core PPI increased 0.2% month/month
  • Headline PPI jumped 8.7% year/year, the lowest increase since August 2021
  • After stripping out energy, food, and trade prices, core PPI rose 5.6% year/year
  • Final demand services increased just 0.4% in August , the fourth consecutive monthly rise
  • Final demand goods fell 1.2% in August after declining 1.7% in July driven by a 6.0% drop in final demand energy
  • OVer 75% of the decrease in prices for final demand goods is attributable to the index for gasoline which fell 12.7%
  • The PPI results coupled with the Consumer Price Index results announced last week indicate significant inflationary pressures have persisted adding to recession fears as the Fed continues its rate hike program

 

 Global Thematic Playbook

9.14.2022

An overview of the Global Thematic ETF landscape - Performance, Flows, Valuations, Earnings, & Technicals.

  • Amid weak recent performance, global thematic ETFs saw relatively muted flows over the past week. The ARK Innovation ETF (ARKK) gathered $247 million in net inflows, the largest amongst thematic ETFs by a significant margin. Meanwhile, the KraneShares CSI China Internet ETF (KWEB) saw the largest net outflows on the week with $32 million
  • Over the past month, all thematic segments have posted losses with FinTech ETFs, Disruptive Tech ETFs, Multi-Theme ETFs, and Industrial Revolution ETFs declining over 10% on average
  • Only 3 thematic ETFs have increased in the last month: the Neuberger Berman Carbon Transition Infrastructure ETF (NBCT, +14.28%), the Volt Crypto Industry Revolution and Tech ETF (BTCR, +1.65%), and the AdvisorShares Psychedelics ETF (PSIL, +1.22%)
  • Year-to-date, only 3 thematic ETFs have seen positive returns: the Invesco Solar ETF (TAN, +6.99%), the SPDR S&P Kensho Clean Power ETF (CNRG, +6.02%), and the iShares Global Clean Energy ETF (ICLN, +3.08%)

 

 Macro Brief: CPI

9.13.2022

The Consumer Price Index (CPI), a key inflationary measure, increased 0.1% in August and climbed 8.3% year-over-year as higher prices for shelter and food offset a sizeable decline in gasoline prices

  • Headline inflation was up 0.1% month/month in August, above consensus estimates of -0.1%
  • Year-over-year, headline inflation was up 8.3%, also above consensus estimates of 8.1%
  • Inflationary pressures remain near record high levels following a 1.0% jump in May and a 1.3% increase in June
  • Core inflation rose 0.6% month/month, above estimates of 0.3%
  • The food index increased 0.8% in August, the 21st consecutive monthly rise. Year-over-year the food index is up 11.4%, the fastest increase since May 1979
  • The energy index dropped 5.0% on the month as gasoline fell 10.6% in August. Year-over-year, the energy index is up 23.8%

 

 U.S. Factor Playbook

9.13.2022

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

  • After declining in August, all U.S. factor strategies have posted gains thus far in September with Size ETFs, Momentum/ Growth ETFs, and Quality ETFs all up over 3%
  • The iShares MSCI USA Min Vol Factor ETF (USMV) gathered $577 million over the past week while the iShares MSCI USA Quality Factor ETF (QUAL) saw $168 million in net outflows on the week
  • Over the past month, only 4 factor ETFs have seen positive returns (AILV, STLV, USLB, QMOM) while 6 factor ETFs have declined over 8% (AOTG, JSML, LCG, DEEP, LFEQ, RZG)
  • S&P 500 Dividend (SPYD), S&P 500 Low Volatility (SPLV), S&P 500 Equal Weight (RSP), and S&P 500 Value (SPVU) have outperformed the S&P 500 across the trailing-twelve month period
  • S&P 500 Low Volatility (SPLV) is the only factor currently trading above its 50-day and 200-day moving average. All other factors are currently trading above relative 50-day moving averages and below relative 200-day moving averages

 

 U.S. Sector & Industry Playbook

9.12.2022

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

  • Last week, the Consumer Discretionary Select Sector SPDR Fund (XLY) saw the largest net inflows for U.S. Sector & Industry ETFs over the past week with $273 million. Meanwhile, the Financial Select Sector SPDR Fund (XLF) and the Energy Select Sector SPDR Fund (XLE) saw $925 million and $593 million in net outflows on the week
  • Thus far in September, all U.S. Sectors are higher with Health Care ETFs and Consumer Discretionary ETFs gaining over 4% on average. Over the past month, Energy ETFs are up 7.22% on average
  • 4 Energy ETFs (IEO, PXE, PXI, FCG) have climbed over 11% over the past month. The SPDR S&P Internet ETF (XWEB) was the worst performer in the month, declining 7.03%. Year-to-date, XWEB has fallen over 44%
  • Energy (XLE) and Utilities (XLU) are currently trading above relative 50-day and 200-day moving averages while all other sectors are trading below relative 50-day and 200-day moving averages

 

 Macro Brief: Jobless Claims

9.8.2022

For the week ended September 3, initial jobless claims declined for the 4th consecutive week to 222K, a 3-month low

  • Initial jobless claims were down 6K to 222K from the previous week's revised figures of 228K
  • Continuing claims increased 36K to 1.473 million while the 4-week moving average rose 10.75K to 1.439 million
  • Advance adjusted insured unemployment rate stood at 1.0%, unchanged from the previous week's figure
  • The latest data is consistent with other recent gauges that show the U.S. jobs market is strong, but cooling from earlier in 2022, when hiring was more robust and layoffs were even lower
  • The Federal Reserve currently has a 86% probibility of hiking another 75 bps at the September meeting according to the CME Group FedWatch Tool

 

 Macro Brief: U.S. International Trade in Goods & Services

9.7.2022

The goods and services trade deficit decreased $10.2 billion to $70.6 billion in July 2022 as the goods deficit decreased by $.2 billion to $91.1 billion while the services surplus increased $2.1 billion to $20.4 billion

  • Trade deficit declined 12.6% in July to $70.6 billion
  • Exports rose $0.5 billion (+0.2%) to $259.3 billion and imports decreased just $9.7 billion (-2.9%) to $329.9 billion
  • The average goods and services deficit decreased $5.4 billion to $79.1 billion for the three months ending in July
  • Year-to-date, the goods and services deficit has risen $136.6 billion, or 29.0%, from July 2021

 

 Global Thematic Playbook

9.7.2022

An overview of the Global Thematic ETF landscape - Performance, Flows, Valuations, Earnings, & Technicals.

  • Weak flows for thematic ETFs over the past week with just 2 ETFs seeing over $15 million in net inflows (ICLN, HERO). The ARK Genomic Revolution ETF (ARKG) saw the largest net outflows on the week with $39 million
  • After an excellent July, all thematic segments posted modest losses in August and thus far in September. Over the past month, FinTech ETFs have fallen another 16.01% on average
  • Just 7 thematic ETFs have posted gains over the past month, 4 of which are Cannabis ETFs (PSDN, PSIL, MSOS, MJUS). 9 of the 10 worst performing on the month are Blockchain ETFs and all have declined more than 20%
  • Year-to-date, only 3 thematic ETFs have seen positive returns: the Invesco Solar ETF (TAN, +6.99%), the SPDR S&P Kensho Clean Power ETF (CNRG, +6.02%), and the iShares Global Clean Energy ETF (ICLN, +3.08%)

 

 U.S. Factor Playbook

9.6.2022

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

  • All U.S. factors were down more than 2.70% in August with Quality ETFs underperforming, falling over 4% on average. Year-to-date, Quality ETFs have dropped more than 16% on average
  • The Schwab US Dividend Equity ETF (SCHD) gathered another $216 million in net inflows over the past week while the iShares MSCI USA Quality Factor ETF (QUAL) saw $682 million in net outflows
  • Only three U.S. factor ETFs posted positive returns over the past month (QMOM, AILV, SPVM). The Janus Henderson Small Cap Growth Alpha ETF (JSML) and the AOT Growth and Innovation ETF (AOTG) were the worst performers in the period, declining more 9%
  • S&P 500 Dividend (SPYD), S&P 500 Low Volatility (SPLV), S&P 500 Equal Weight (RSP), and S&P 500 Value (SPVU) have outperformed the S&P 500 across the trailing-twelve month period
  • The S&P 500 (SPY), S&P 500 Equal Weight (RSP), S&P 500 Quality (SPHQ), S&P 500 Low Volatility (SPLV), S&P 500 Momentum (SPMO), S&P 500 Value (SPVU), and S&P 500 Dividend (SPYD) are all trading below relative 50-day and 200-day moving averages

 

 Macro Brief: ISM Services

9.6.2022

In August, the ISM Services increased just 0.2% to 56.9%, the 27th consecutive month of expansion. A reading above 50% indicates the services sector economy is generally expanding

  • Services index rose to 56.9%, well above consensus estimates of 55.4%
  • The Business Activity Index increased 1.0% while the New Orders Index jumped 1.4%
  • The Prices Index decreased for the 4th consecutive month to 71.5%, but 17 service industries reported an increase in prices paid during the month of August
  • The Inventories Index contracted for the third consecutive month while the Inventory Sentiment Index moved back into contraction territory in August
  • 14 of the 18 industries reported overall growth. According to respondents, there have been improvements in supply chain, logistics, and cost improvements, however, challenges stemming from material shortages remain 

 U.S. Sector & Industry Playbook

9.5.2022

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

  • Last week, the Consumer Discretionary Select Sector SPDR Fund (XLY) saw $413 million in net outflows while the Financial Select Sector SPDR Fund (XLF) and the Consumer Staples Select Sector SPDR Fund (XLP) lost over $300 million in net outflows 
  • Energy ETFs were the only U.S. sector ETFs to post gains in August, rising 3.19% on average. Real Estate ETFs lagged on the month dropping over 6% on average
  • Over the past month, the Virtus LifeSci Biotech Products ETF (BBP) climbed 11.70% and handily outpaced othe U.S. Sector & Industry ETFs. The four worst perfomers in the period were Semiconductor ETFs (PSI, SOXQ, SOXX, FTXL) and all declined over 10%
  • Energy (XLE) and Utilities (XLU) are currently trading above relative 50-day and 200-day moving averages while all other sectors are trading below relative 50-day and 200-day moving averages

 

 

 

 Macro Brief: Employment Situation

9.2.2022

The Employment Situation report indicated that the labor market remains strong, but job growth slowed after the blowout report in July which saw emloyment surge by 526K positions

  • Nonfarm payrolls increased by 315K in August, well above consensus estimates of 293K
  • The Unemployment Rate rose slightly to 3.7% and the number of unemployed persons increased by 344K to 6.0 million
  • Sizeable job gains continued in professional and business services, health care, and retail trade
  • The Participation Rate increased rose to 62.4%
  • The number of employed persons that teleworked due to the coronavirus pandemic fell to 6.5% in August
  • While inflation remains high ahead of the September meeting for the Federal Reserve, the labor market continues to be a bright spot 
  • Last week, Fed Chairman Powell stated that the labor market was, "clearly out of balance, with demand for workers substantially exceeding the supply of available workers"

 

 Macro Brief: Jobless Claims

9.1.2022

For the week ended August 27, initial jobless claims dropped to 232K as the labor market remains relatively strong

  • Initial jobless claims were down 5K to 232K from the previous week's revised figures of 237K
  • Continuing claims increased 26K to 1.438 million while the 4-week moving average rose 4.5K to 1.429 million
  • Advance adjusted insured unemployment rate stood at 1.0%, unchanged from the previous week's figure
  • Despite concerns of an economic slowdown in the U.S., the jobs market has remained a bright spot indicating that hiring demand is strong and consumer spending has held up despite historically high inflation
  • The Federal Reserve currently has a 76% probibility of hiking another 75 bps at the September meeting according to the CME Group FedWatch Tool

 

Sign Up