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

 Macro Brief: JOLTS

12.8.2021

In October, quit rates declined slightly after hitting a series high in September while Job Openings rose

  • 11.033 million job openings above consensus of 10.438 million
  • September data revised higher from 10.438 million to 10.602 million
  • Hires were little changed at 6.3 million, while separations fell slightly to 5.9 million
  • Demand for labor continues to be high as quit rates fell slightly from highs in September
  • Layoffs remained unchanged at 0.9%

 

 Global Thematic Playbook

12.8.2021

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

  • Over the past week, the Industrial Revolution segment was the lone segment to see net inflows. Sustainability saw the most net outflows in the period (-$298 million) followed by Health Innovation (-$198 million)
  • The Invesco Solar ETF (TAN) saw $170 million in net outflows over the past week. However, Year-to-date, TAN has gathered nearly $500 million in net inflows. Additionally, 5 ARK ETFs (ARKG, ARKK, ARKW, ARKF, ARKQ) are in the top 10 thematic ETFs for net outflows over the last week
  • All thematic segments have posted losses over the past month with FinTech and Evolving Consumer both declining double digits, on average
  • The AdvisorShares Psychedelics ETF (PSIL) has plunged 31.37% over the last month. 3 other thematic ETFs (BTCR, PSY, DAPP) have sunken over 20% in the period

 

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

12.7.2021

In October, the trade deficit fell 17.6% to $67.1 billion

  • Trade defcit falls to $67.1 billion, a $14.3 billion decrease from September
  • Exports rise $16.8 billion to $223.6 billion
  • Imports also rise $2.5 billion to $290.7 billion
  • Consumer spending continues to rise despite lingering fears of a COVID resurgence and the emergence of the Omicron variant

 

 U.S. Factor Playbook

12.7.2021

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

  • On average, Momentum/ Growth ETFs have underperformed all other U.S. Factor strategies across the 1-month, 3-month, year-to-date and 1-year periods
  • After posting solid gains in October, all U.S. Factor strategies declined slightly in November. Dividend ETFs lead month-to-date performance, adding 2.77%, on average
  • Only 8 U.S. Factor ETFs (LEAD, SPLV, DVOL, LVHD, HUSV, LGLV, KVLE, XMLV) are up over the past month, with the large majority being Low Volatility ETFs
  • The worst performer over the last month has been the Innovator IBD 50 ETF (FFTY) which plunged nearly 14%
  • S&P 500 Value (SPVU) now sits between its 50-day and 200-day moving averages

 

 U.S. Sector & Industry Playbook

12.6.2021

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

  • Financials ETFs saw over $1.1 billion in net outflows over the past week while Real Estate ETFs saw over $800 million in net outflows in the period. Despite relative underperformance over the past week, Technology ETFs gathered $806 million in net inflows
  • Over the past month, Communication Services ETFs, Health Care ETFs, and Energy ETFs were all down over 8% on average. All sector ETFs seen declines over the last month on average
  • The iShares U.S. Home Construction ETF (ITB) gained 8.38% and was the best perfoming U.S. Sector ETF in the last month. The worst performer in the period was the Invesco Dynamic Oil & Gas Services ETF (PXJ) which plunged 19.52%
  • Communication Services (XLC) has now fallen well below its 50-day and 200-day moving averages

 

 

 

 Macroeconomic Review

12.6.2021

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

  • November Employment Situation: Nonfarm, Private, and Manufaturing Payrolls were all below respective consensus estimates
  • Jobless Claims: Initial jobless claims rose to 222K, despite high employee turnover
  • Consumer Confidence: After an increase in October, Consumer Confidence moderated in November measuring 109.5 
  • Dallas Fed Manufacturing Survey: Texas manufacturing expansion improved in November, but price and wage pressures persist

 U.S. Size & Style Playbook

12.5.2021

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

  • Small-caps see over $500 million in net outflows last week while large-caps brought in significant inflows ($15 billion)
  • Invesco QQQ Trust (QQQ) sees $3.1 billion in net inflows last week; has brought in over $17 billion YTD
  • Large-cap growth leads in performance during November, up 0.89%; small-cap growth lags (-3.95%)
  • Best performing size and style ETF over past month? SPDR Portfoli oS&P 500 Growth ETF (-1.63%)

 Macro Brief: Employment Situation

12.3.2021

November Employment Situation disappointed as Nonfarm, Private, and Manufaturing Payrolls were all below respective consensus estimates

  • Nonfarm payrolls rose by 210K in November, well below consensus estimates of 545K, disappointing investors following 531K seen in October 
  • Unemployment rate fell for the second consecutive month to 4.2%
  • Job gains were concentrated in professional business services, transportation and warehousing, and manufacturing
  • Participation rate increasd to 61.6% in the month
  • 11.3% of employed persons teleworked because of the coronavirus pandemic, down fron 11.6 % in October

 Macro Brief: Jobless Claims

12.2.2021

Initial jobless claims rose to 222K, despite high employee turnover

  • 222K initial claims rose from the prior week of 194K, but were below consensus estimates (est. 245K)
  • Continuing claims increased by 21.5K to 2.306 million
  • Advance adjusted insured unemployment rate dropped slightly to 1.4%
  • 4-week moving average fell to 238.75K, the lowest average since March 14, 2020

 

 

 

 Global Thematic Playbook

12.1.2021

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

  • The ARK Innovation ETF (ARKK) led net inflows over the past week gathering $112 million. However, the ARK Fintech Innovation ETF (ARKF, -$67 million), the ARK Next Generation Internet ETF (ARKW, -$57 million), and the ARK Genomic Revolution ETF (ARKG, -$51 million) saw the most net outflows in the period
  • All global thematic segments saw losses in November. Evolving Consumer was the worst performer on the month down 7.87%. 
  • The KraneShares SSE STAR Market 50 Index ETF (KSTR) outperformed all other thematic ETFs over the past month adding 6.54%. Meanwhile, the AdvisorShares Psychedelics ETF (PSIL) declined over 20% in the period
  • The Global X Education ETF (EDUT) also dropped 13.27% in the period and is down nearly 50% year-to-date

 

 

 Macro Brief: Conference Board Consumer Confidence

11.30.2021

After an increase in October, Consumer Confidence moderated in November measuring 109.5 

  • Consumer confidence index fell to 109.5 in November, just below the consensus (est 110.7)
  • Present Situation Index declined from 145.5 to 142.5
  • Expectations Index dropped from 89.0 to 87.6
  • Spending for homes, automobiles and major appliances all declined slightly

 U.S. Factor Playbook

11.30.2021

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

  • Fairly concentrated performance over the past month with for U.S. Factor strategies as all strategies were within +0.58% and -1.30% on average in the period. On a 3-month basis, the performance range for all strategies is between +0.60% and +2.40%, on average
  • Low Volatility ETFs have gathered over $1.5 billion in net inflows over the past week. Over the last year, Low Volatility ETFs have seen $10.4 billion in net outflows
  • The iShares MSCI USA Quality Factor ETF (QUAL) saw net inflows of $3.4 billion in the past week while the iShares MSCI USA Momentum Factor ETF (MTUM) gathered $2.1 billion in net inflows 
  • The Alpha Architect U.S. Quantitative Value ETF (QVAL) has been the top performing U.S. Factor ETF over the past month gaining 3.71%. Meanwhile, the Motley Fool Small-Cap Growth ETF (MFMS) has been the worst performer in the period sinking 6.84%
  • The closing price, 50-day moving average, and 200-day moving average for the S&P 500 Dividend ETF (SPYD) have converged around the $40 level

 

 U.S. Sector & Industry Playbook

11.29.2021

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

  • The Technology Select Sector SPDR Fund (XLK) led in net inflows over the past week, gathering $341 million. Despite relatively weak performance recently, the Energy Select SPDR Fund (XLE) also saw net inflows for the second consecutive week.
  • The SPDR S&P Retail ETF (XRT) saw net outflows totaling $247 million in the period bringing its overall assets undermanagement to just over $1 billion
  • After leading other sector ETFs in September and October, Energy ETFs have underperformed all other sectors on average thus far in November, declining 4.93% this month
  • The top five performers over the past month (PSI, XSD, SOXX, FTXL, SOXQ) are all semiconductor ETFs that have each climbed over 10.50% in the period
  • Communication Services (XLC) now sits below its 50-day and 200-day moving averages

 

 

 

 Macro Brief: Dallas Fed Manufacturing Survey

11.29.2021

Texas manufacturing expansion improved in November, but price and wage pressures persist

  • The Dallas Fed Production Index rose 9.1 points to finish at 27.4
  • General activity index slightly fell nearly 3 points to 11.8, well below consensus estimates of 19.5
  • New orders, capacity utilization and shipments all moved higher. Shipments jumped to 24.3, its highest levels since July
  • Wage and price pressures continued to steadily increase, uncertainty also remains high
  • Expectations regarding future activity were generally more positive in November

 

 U.S. Factor Playbook

11.23.2021

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

  • Dividend ETFs gathered another $618 million in net inflows over the past week while Momentum/ Growth ETFs saw $451 million in net outflows over the period
  • Amid recent tech losses over the past week, the SPDR Dow Jones Industrial Average ETF (DIA) Trust saw $540 million in net inflows
  • The Invesco S&P SmallCap Momentum ETF (XSMO) has been the top performer over the past month climbing 7.80%
  • Quality (SPHQ) sits just below relative trailing-twelve-month performance of the S&P 500 (SPY) while Size (RSP) is just above relative performance

 

 U.S. Sector & Industry Playbook

11.22.2021

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

  • The Financial Select Sector SPDR Fund (XLF) and the Energy Select Sector SPDR Fund (XLE) saw $558 million and $398 million in net outflows over the past week, respectively. Meanwhile, the Real Estate Select Sector SPDR Fund (XLRE) gathered $395 million in net inflows in the period
  • After climbing 7.04% in October, Technology ETFs have been the best performing U.S. Sector ETFs thus far in November, gaining 6.18% on average
  • The three worst performers over the past month (PXJXES, and IEZ) are all Oil & Gas Equipment & Services ETFs'
  • Consumer Discretionary (XLY) and Technology (XLK) each sit well above their respective 50-day and 200-day moving averages

 

 

 Macroeconomic Review

11.22.2021

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

  • Existing Home Sales: Existing home sales rose in October, despite low inventory and continued affordability challenges
  • Housing Starts: Housing starts fell for the second consecutive month in October with 1.520 million
  • EIA Petroleum Status Report: Crude oil inventories unexpectedly declined by 2.1 million barrels last wee
  • Retail Sales: Retail sales topped expectations in October, rising for the third consecutive month
  • CPI: Headline inflation month/month rises more than expected in October by 0.9%
  • Macroeconomic releases in the week ahead: GDP, Jobless Claims, New Home Sales, EIA Petroleum Status Report

 

 Macro Brief: Existing Home Sales

11.22.2021

Existing home sales rose in October, despite low inventory and continued affordability challenges

  • Existing sales reported 6.340 million vs 6.200 million estimated
  • Median existing home sales increased 13.1% year-over-year to $353,900
  • Inventory down 0.8% month-over-month and down 12% from last October
  • Homes remained on the market for an average of 18 days, an increase from 17 days in September

 

 

 

 Macro Brief: EIA Petroleum Status Report

11.18.2021

Crude oil inventories unexpectedly declined by 2.1 million barrels last week

  • At 433.0 million barrels, U.S. crude oil inventories are about 7% below the five year average for this time of year
  • Gasoline inventories fell by 0.7 million barrels
  • Distillate inventories declined by 0.8 million barrels 
  • Industrial production levels remain low leading to higher prices seen nationwide

 

 

 ETF Action Thematic All-Stars Composite Index - November Rebalance Slick

11.17.2021

-The ETF All-Stars Thematic Composite Index added 4 companies and dropped 14 companies in the November rebalance bringing the total number of securities to 147

-Notable adds include Marathon Digital Holdings (MARA)and Renewable Energy Group (REGI)

-Tesla (TSLA) was reduced to the 5% maximum weight while Coinbase Global (COIN) was increased 46 bps to 1.83% weight

-The Top 10 holdings represent 28.30% of the index

 

 

 Global Thematic Playbook

11.17.2021

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

  • The KraneShares CSI China Internet ETF (KWEB) gathered another $656 million in net inflows over the past week bringing its AUM to over $8.4 billion. KWEB has seen the most net inflows for global thematic ETFs year-to-date with $7.8 billion. The second highest net inflows in the period belong to the ARK Innovation ETF (ARKK) with nearly $5 billion
  • FinTech ETFs continue to outperform other thematic segments on average over the 1-month and 3-month periods
  • The top performing thematic ETF year-to-date has been the VanEck Rare Earth/Strategic Metals ETF (REMX) which has surged 74.22%. The Amplify Transformational Data Sharing ETF (BLOK) has been the second best performed thus far in 2021, adding 69.27%

 

 

 

 Macro Brief: Housing Starts

11.17.2021

Housing starts fell for the second consecutive month in October with 1.520 million

  • Home starts decreased to an annual rate of 1.520 million, below the consensus 1.587 million
  • Permits increased to 1.650 million, above the consensus of 1.630 million
  • Starts continue to hindered by labor and materials shortages as well as a severe shortage of previously owned homes on the market which has lifted prices to record levels
  • Lumber and Copper prices remain expensive also contributing to lower-than-expected starts

 

 U.S. Factor Playbook

11.16.2021

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

  • On average, all, U.S. Factor strategies have posted gains thus far in November after climbing over 4% in October 2021
  • Dividend ETFs gathered over $500 million in net inflows over the past week and have seen nearly $8 billion in net inflows in the past 3 months
  • The Invesco S&P SmallCap Momentum ETF (XSMO) has been the top performing U.S. factor ETF over the past month, adding 11.41%
  • The 50-day and 200-day moving averages for the S&P 500 Dividend ETF (SPYD) are converging, however, its current price sits well above both averages

 

 Macro Brief: Retail Sales

11.16.2021

Retail sales topped expectations in October, rising for the third consecutive month

  • Headline retail sales increased month/month by 1.7% (est. +1.0%)
  • Excluding autos & gas rose by 1.4%, above consensus estimates (est. +0.8%)
  • Gasoline stations were  up 46.8% year/year
  • Despite inflation rising at the fastest pace in 30 years, retail sales continue to rise rapidly

 

 U.S. Sector & Industry Playbook

11.15.2021

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

  • Technology ETFs and Energy ETFs saw net outflows of $756 million and $591 million, respectively, over the past week
  • All U.S. sectors on average are positive month to date with Materials (+6.16%) and Technology ETFs (+5.51%) leading the charge
  • The Credit Suisse S&P MLP Index ETN (MLPO) is down nearly 13% over the past month and has been the worst performer
  • Communication Services (XLC) now sits just below its 50-day average, but well above its 200-day average

 

 Macro Brief: CPI

11.10.2021

Headline inflation month/month rises more than expected in October by 0.9%

  • Headline inflation above consensus 0.4%, primarily driven by sharp rises in energy prices
  • Core inflation rises 0.6% month/month, above estimates
  • The index for energy increased 4.8% in October
  • Food index rose with sustained increases in food at home and food away from home

 

Sign Up