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.


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ETF Playbooks Archives

 U.S. Factor Playbook

8.2.2022

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

  • In July, all U.S. factor strategies increased over 5.50% led by Momentum/ Growth ETFs which surged 10.18% on average. Year-to-date, Momentum/ Growth ETFs have lagged other factors declining 18.56% on average
  • The  Invesco S&P 500 Low Volatility ETF (SPLV) saw the most net inflows amongst U.S. factor ETFs over the past week gatherinf $411 million follows by the SPDR Dow Jones Industrial Average ETF Trust (DIA) and  Schwab US Dividend Equity ETF (SCHD) which both saw over $300 million in net inflows
  • All U.S. factor ETFs posted gains in the last month. The top performer was the Janus Henderson Small Cap Growth Alpha ETF (JSML, +14.01%) and the worst performer was the VanEck Long/Flat Trend ETF (LFEQ, +4 bps)
  • S&P 500 Momentum/ Growth (SPMO) and S&P 500 Quality (SPHQ) have narrowly trailed the S&P 500 (SPY) over the trailing tweleve month period
  • 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), amd S&P 500 High Dividend (SPYD) are all currently trading above relative 50-day moving averages, but below relative 200-day moving averages

 

 

 U.S. Sector & Industry Playbook

8.1.2022

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

  • Energy ETFs gathered $992 million in net inflows over the last week with the Energy Select Sector SPDR Fund (XLE) saw $793 million in net inflows. The Utilities Select Sector SPDR Fund (XLU) saw $270 million in net outflows on the week
  • Technology ETFs outperformed other U.S. sector ETFs in July rising 13.36%, on average. Consumer Staples ETFs were the worst performing sector ETFs, but added 3.59% on average
  • The SPDR S&P Semiconductor ETF (XSD) was the top performing U.S. sector ETF over the past month, surging 18.61%. Only 5 sector ETFs were in negative territory over th past month (MLPO, KBWP, FTXH, IHE, IAK
  • Consumer Staples (XLP), Energy (XLE), Health Care (XLV), and Utilities (XLU) are now trading above relative 50-day and 200-day moving averages

 

 Global Thematic Playbook

7.27.2022

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

  • Another modest week for net flows for global thematic ETFs. Over the past month, the ARK Innovation ETF (ARKK) and the KraneShares CSI China Internet ETF (KWEB) have seen the largest net inflows with $606 million and $509 million, respectively. Year-to-date, KWEB has seen $2.7 billion in net inflows and ARKK has seen $1.8 billion in net inflows, the highest amongst thematic ETFs by far
  • Thus far in 2022, all thematic segments have declined more than 20%. FinTech ETFs have plummeted 51.14% on average year-to-date, largely due to underperformance from Blockchain ETFs
  • The top performing thematic ETF over the past month has been the Strategic CRISPR & Gene Editing Technology ETF (XDNA) which has climbed 17.02% while the worst performer has been the Volt Crypto Industry Revolution and Tech ETF (BTCR) which has sunk 21.25%
  • Over the past 3-month period, Solar ETFs have been strong with the Global X Solar ETF (RAYS) rocketing 36.89% and the Invesco Solar ETF (TAN) adding 16.47%

 

 U.S. Factor Playbook

7.26.2022

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

  • While all U.S. factor strategies have seen losses in the past 3-month period and year-to-date, all factors have recovered slightly over the past month rising over 1.50% on average. Notably, Momentum/ Growth ETFs have been the worst performing factors ETFs in 5 out of the last 8 months. 
  • Momenutm/ Growth ETFs saw $592 million in net outflows over the past week and have seen over $2 billion in net outflows over the past year. Last week, the iShares MSCI USA Momentum Factor ETF (MTUM) saw $621 million in net outflows, the second most among U.S. factor ETFs
  • The Invesco S&P Smallcap 600 Pure Growth ETF (RZG) and the VictoryShares US Small Cap Volatility Wtd ETF (CSA) have been the best performers in the last month both gaining over 6%. Year-to-date, only 7 U.S. factor ETFs are in positive territory led by the Global Beta Smart Income ETF (GBTV) , +2.41%)
  • S&P 500 Momentum/ Growth (SPMO) and S&P 500 Quality (SPHQ) have narrowly trailed the S&P 500 (SPY) over the trailing tweleve month period
  • S&P 550 Equal Weight (RSP), S&P 500 Quality (SPHQ), S&P 500 Low Volatility (SPLV), S&P 500 Momentum (SPMO), and S&P 500 Value (SPVU) are all trading fairly in line with relative 50-day moving averages, but are all trading well below relative 200-day moving averages

 

 U.S. Sector & Industry Playbook

7.25.2022

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

  • The SPDR S&P Biotech ETF (XBI) led U.S. Sector & Industry ETFs in net inflows over the past week gathering $130 million followed by the Health Care Select Sector SPDR Fund (XLV) which saw $130 million in net inflows. In  the last month, XBI has seen $521 million in net inflows. Meanwhile, the Utilities Select Sector SPDR Fund (XLU) saw $351 million in net outflows and the Consumer Staples Select Sector SPDR Fund (XLP) saw $207 million in net outflows on the week
  • Over the past month, Energy ETFs have lagged other sectors declining 85 bps on average while Consumer Discretionary ETFs have risen 8.53% on average. Over the past 3-month period, all Sector ETFs have declined with Materials ETFs falling 15.65% on average
  • The top two performers over the past month have been the iShares U.S. Home Construction ETF (ITB, +21.05%) and the SPDR S&P Homebuilders ETF (XHB, +17.68%) despite housing starts falling to their lowest levels since September 2021 in June
  • The S&P 500 (SPY), Consumer Discretionary (XLY), Consumer Staples (XLP), Health Care (XLV), Industrials (XLI), Real Estate (XLRE), and Technology (XLK) are all trading above relative 50-day moving averages, but below relative 200-day moving averages

 

 Global Thematic Playbook

7.20.2022

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

  • Relatively modest net flows for global thematic ETFs last week. The ARK Innovation ETF (ARKK) saw the largest net inflows with just $48 million while the largest net outflows came from the KraneShares CSI China Internet ETF (KWEB) with $162 million and the Invesco Solar ETF (TAN) which saw $125 million
  • After significantly underperforming other thematic segments in April, May, and June, FinTech ETFs have rallied thus far in July rising over 20% on average. Health Innovation ETFs have been the second best perfomers in July gaining 9.60% on average
  • Over the past month, the Strategic CRISPR & Gene Editing Technology ETF (XDNA) has surged 35.23% and handily outperformed other thematic ETFs
  • 23 of the 24 Blockchain ETFs have posted gains over the past month. The Volt Crypto Industry Revolution and Tech ETF (BTCR) fell 13.82% on the month while the iShares Blockchain and Tech ETF (IBLC) has climbed 28.93%

 

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