ETF Action Research

 Macro Brief: FHFA House Price Index

9.23.2020

FHFA House Price Index makes largest two-month advance in index history

  • July prices moved 1.0% higher month/month (est 0.6%)
  • June data revised slightly higher (0.9% to 1.0%)
  • Regions ranged from 0.6% m/m in the West North Central division to 2.0% in New England
  • Strong price gains attributed to low interest rates, rebounding housing demand from spring shutdown, and low supply of homes

 Macro Brief: Existing Home Sales

9.22.2020

Existing home sales continued climb in August for third consecutive month

  • Existing sales reported 6.00 Million vs 5.965 Million estimated
  • Year/year sales were 10.5% higher marking the highest sales pace since 2006
  • Home sales took 22 days, fastest on record

 Fixed Income Playbook

9.22.2020

An overview of the Fixed Income ETF landscape - Performance, Flows, Rates, Spreads, and the Fed.

  • 10-year treasury yield rises three basis points to 0.69% (page 3) as Fed's new dot plot shows near-zero rates through 2023
  • US Aggregate (AGG) drops 0.13% over the week, preferreds lead (PFF +0.58%) (page 3)
  • High yield corporate ETFs see $874 in net outflows (but still $26 billion in net inflows over last six months) (page 2)
  • Fed dot plot and Fed Funds futures actually in agreement on multi-year rate outlook (page 4)

 Latin America Playbook

9.22.2020

An overview of the Latin America  ETF landscape - Performance, Flows, Valuations, Earnings, & Technicals.

  • Brazil sees $75 million in net outflows, Mexico sees $20 million out (page 2)
  • Region falls 0.89% (ILF), Argentina leads declines (AGT -3.34%) (page 3)
  • 2020E earnings may be seeing a bottom for Brazil, Mexico while Chile & Argentina continue to fall (page 5)

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