ETF Action Research

 Fixed Income Playbook

1.21.2021

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

  • 10-year treasury yield makes no change from a week ago; sitting at 1.08% (page 5)
  • US Aggregate (AGG) moves slightly higher again while preferreds lead (PFF +0.79%)
  • Since going negative in 2019 the 10YR/2YR spread now sits at 0.95%
  • Credit spreads tighten again; Investment grade spread sitting below 1.00%

 Thematic Playbook

1.20.2021

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

  • Strong inflows across all thematic segments; sustainability leads again (+$933 million) (page 3)
  • ARK ETF suite brings in over $2 billion in net inflows as assets continue to surge
  • Cannabis ETFs top best performing thematic products over the past week (POTX +58.5% YTD)  (page 6)
  • Wide dispersion among Evolving Consumer segment; over 25% seperating top and bottom performers

 U.S. Factor Playbook

1.19.2021

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

  • More outflows for low volatility ETFs which have seen over $11 billion out over last 12 months (page 3)
  • iShares MSCI Momentum Factor ETF (MTUM) leads category in net inflows (+$906MM)
  • Dividend factor leads during the week (SPYD +2.14%) but value still leading for third consecutive month (page 5)
  • All factors pull back from extended technical levels

 U.S. Sector Playbook

1.18.2021

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

  • Financial sector ETFs dominate flows again $2.45 billion (page 3)
  • Energy sector (XLE) continues to provide sector leadership gaining 3.21% during the week (page 5)
  • SPY falls 1.46% while four of 11 sectors rise
  • MicroSectors FANG+ ETN (FNGS -3.74%) lags all category ETFs; First Trust Nasdaq Oil & Gas ETF (FTXN +9.62%) leads

 U.S. Size & Style Playbook

1.18.2021

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

  • Small-cap winning streak continues as small-cap value (IJS +2.31%) leads U.S. sizes and styles for the week
  • Over $4 billion in net outflows for large-cap ETFs, small/mid-caps bring in ~$3 billion
  • RSI levels still extended for small-caps while 90% of holdings trading above their 50 day moving averages

 U.S. Sector & Industry AIM Positioning Guide

1.18.2021

U.S. Sector & Industry AIM Portfolio returned -0.74% last week, outperforming the S&P 500 by 0.72%

  • Top Performers: XAR +3.69%, XHB +3.14%, XBI +1.46%
  • Bottom Performers: FCOM -2.94%, XME -2.94%, XLK -2.55%
  • Since Inception Performance: 26.77% outperforming the S&P 500 (SPY) by 7.61%

 Fixed Income Playbook

1.14.2021

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

  • 10-year treasury yield trending higher, now at 1.08% (page 5)
  • US Aggregate (AGG) makes small gain over last week (+0.02%) while senior loans lead (BKLN +0.54%)
  • Net inflows for Corporate Bond ETFs over last year has been dominant with ~$97 billion (page 3)
  • Fed Funds Futures pointing to near zero rates for the forseeable future while Fed balance sheet continues to slowly expand (page 8)

 Thematic Playbook

1.13.2021

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

  • Investors continue to pour money into Sustainability ETFs; +2,35 billion over last week (page 3)
  • Evolving Consumer and Sustainability ETFs lead thematic performance year to date (page 5)
  • Now sitting in overbought territory, cannabis ETFs (YOLO, MJ, CNBS, THCX, POTX) all up over 15% over last five days

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