ETF Action Research

 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)

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 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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 U.S. Sector Playbook

9.21.2020

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

  • Industrials (+$615 million) and tech (+$337 million) lead net inflows; utilities see $100 million out (page 2)
  • S&P 500 falls again (SPY -0.62%) energy leads all U.S. sectors (XLE +3.03%) (page 3)
  • Health Care & tech have seen largest upward revisions to 2020E earnings (page 6)

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U.S. Sector Playbook

9.15.2020

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

  • U.S. sector ETFs see large outflows; Industrials (+$129MM) & Materials (+$120MM) see net inflows (page 2)
  • S&P 500 falls back (SPY -2.48%) while Materials (XLB +0.98%) leads for second consecutive week (page 3)
  • Energy only sector trading below historical P/E ratio (page 6)

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 Asia-Pacific Playbook

9.8.2020

An overview of the Asia-Pacific  ETF landscape - Performance, Flows, Valuations, Earnings, & Technicals.

  • More outflows for China ETFs with $114MM out during the week (page 2)
  • Emerging Asia-Pacific (EEMA -2.18%) falls along with Developed Asia-Pacific (IPAC -0.53%) during the week; Vietnam leads (VNM +1.83%) (page 3)
  • EM and Developed Asia-Pacific still holding above moving averages despite recent declines (page 4

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 U.S. Sector Playbook

9.8.2020

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

  • Flows favor Industrials (+$362MM) and Consumer Staples (+$313MM) (page 2)
  • S&P 500 falls back (SPY -2.28%) while Materials (XLB +0.73%) leads (page 3)
  • 2020E earnings estimates beginning to lift off the floor, Real Estate and Financials still trending lower (page 6)

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 U.S. Size & Style Playbook

9.8.2020

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

  • Large-caps see net outflows; large-cap growth ETFs see nearly $4 billion out over last three months (page 2)
  • U.S. total market falls 2.43% (ITOT), large-cap value leads (IVE -0.97%) (page 3)
  • Large-cap valuations still frothy despite recent pull back (page 7)

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 Fixed Income Playbook

9.7.2020

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

  • 10-year treasury yield remains at 0.72% (page 3)
  • US Aggregate (AGG) gains 0.16% over the week, long treasuries lead (TLT 1.12%) (page 3)
  • Investment grade corporate ETFs lead inflows (+$1.790 Billion) (page 2)
  • Fed Fund Futures projecting near zero policy rate through 2022 (page 4)

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U.S. Sector Playbook

8.31.2020

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

  • Financials ETFs see $569 million in net inflows leading all sectors, $114MM out of Real Estate ETFs (page 2)
  • S&P 500 rises 3.27% during as Comm Services leads (XLC 4.63%), Utilities lag (XLU -0.59%) (page 3)
  • Energy only sector still trading below 5-year average price to earnings ratios (page 5)

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 Latin America Playbook

8.31.2020

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

  • Mexico sees $879 million in net outflows during the week but still has $152 in over last three months (page 2)
  • Region gains 3.05% (ILF), Colombia leads (ICOL +4.28%) (page 3)
  • Latin America still offers relative valuation discounts compared to other regions (page 5)

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