ETF Action: Research

ETF Playbooks

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Weekly reviews of popular ETF market segments, including visualizations of major market moves, performance highlights, technical trends and more.


Markets covered include:



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ETF Playbooks Archives

 U.S. Factor Playbook

3.2.2021

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

  • Dividend factor ETFs lead in net inflows (+796 million) over the week while large outflows mount for low volatility ETFs (3 month net flows = -$7 billion)
  • Value leads all factors during the week (SPVU +1.52%), now up 35.48% over last six months (page 5)
  • Momentum factor valuation quickly moving away from expensive levels over last month (page 9)
  • Size factor still maintains highest estimated 2021 EPS growth (page 10)

 Global Thematic AIM Positioning Guide

3.1.2021

Global Thematic AIM Portfolio returned -8.13% last week, underperforming the MSCI ACWI (ACWI) by 4.67%

  • Top PerformersGRID -1.86%, SRVR -3.21%, IBUY -5.20%
  • Bottom Performers: ARKK -14.58%, WCLD -11.11%, PBW -10.14%
  • Since Inception Performance: +65.60% outpacing MSCI ACWI (ACWI) by 41.23%

 U.S. Sector Playbook

3.1.2021

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

  • Financial sector sees more net inflows as yields make new 52-week highs
  • February net inflows to sector ETFs largest since April 2020 (page 3)
  • Energy lone sector to gain over the week (XLE +4.27%) while SPY falls 2.48% (page 5)
  • Consumer staples sector now most attractive relative to its 5-year average and relative to SPY (page 8)

 U.S. Size & Style Playbook

2.28.2021

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

  • Large inflows into size and style ETFs over the week illustrative of investors "buying the dip"
  • Invesco S&P 500 Low Volatility ETF (SPLV) tops size & style ETFs in net outlfows with -$832 million
  • Cyclical trade still on as value tops growth across all sizes; small-cap value (IJS +4.37%) leads
  • Mid-cap valuations sliding into more expensive territory relative to its 5-year average (page 7)

 Fixed Income Playbook

2.25.2021

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

  • Fixed Income ETFs fall as 10-year treasury hits 1.38%; AGG declines 0.68%
  • Over $3 billion in net outflows for corporate bond ETFs
  • 10year-3month treasury spread continues to make new multi-year highs, hits 1.35%
  • Fed balance sheet assets edge higher near $7.5 trillion

 Global Thematic Playbook

2.24.2021

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

  • Sustainability ETFs fall on average 7.96% over the past week amid thematic sell off
  • ARK Invest ETFs continue to top thematic category in net inflows; ARKK rakes in $893 million
  • Cannabis ETFs drop but still lead YTD
  • FinTech ETFs leading in February (+14.4%) after finishing last among thematic segments in January

 U.S. Factor Playbook

2.23.2021

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

  • Dividend factor leads U.S. factor ETFs (+3.33%) while SPY falls 1.43% over past week
  • Dividend factor leading for second consecutive month, up 10.71% but sitting in overbought technical levels
  • Low Volatility moves further into most attractive valuation relative to S&P 500

 U.S. Sector Playbook

2.22.2021

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

  • Financial sector ETFs lead in net inflows for the week (+$682 million); nearly $9 billion in net inflows over last three months
  • SPY falls 0.66% over the week while only four of 11 sectors rise
  • Energy sector leading all sectors in February (XLE +17.44%)
  • Health Care sector slides into most attractive valuation relative to S&P 500 (page 8)

 U.S. Size & Style Playbook

2.21.2021

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

  • Large-caps lead in flows for second consecutive week with over $3 billion net inflows
  • Mid-cap value (IJJ) leading sizes and styles MTD, up 8.70%
  • Small-caps retreat with exception to small-cap value (IJS +0.39%) over the week (page 4)
  • Large-cap growth valuation levels getting more attractive from extended levels over the past month (page 7)

 Fixed Income Playbook

2.18.2021

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

  • Over $2 billion in net outflows for Corporate bond ETFs (page 3)
  • 10-year treasury yield hits highest levels in over a year while U.S. Aggregate (AGG) falls 0.62% over the week
  • Investment grade spread now at 0.95%, five basis points above the three-year low
  • 10year-3month treasury spread hits highest level since last February

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