ETF Action: Research

4.25.2024

• The Equity: Thematic - Disruptive Tech category is comprised of 52 ETFs with $29.1 billion in total assets under management
• 6 of the ETFs in the category have more than $1 billion in AUM, the First Trust NASDAQ Cybersecurity ETF (CIBR) is the largest ETF at $6.6 billion
• 6 ETFs in the category have average daily volume higher than $10 million while 24 ETFs have ADV below $500K
• The average expense ratio is 56 bps, the average lifespan is 5.64 years, and the average TTM yield is 0.76%
• Industrials ETFs gathered $120 million in net inflows in March. The Global X Artificial Intelligence & Technology ETF (AIQ)gathered $250 million in net inflows while CIBR saw $56 million in net outflows on the month
• March performance was split: 32 ETFs posted gains while 20 ETFs posted losses, average 1-month reutrn was +0.32% and average 1-year return was +30.59%
• The Clockwise Core Equity & Innovation ETF (TIME) was the best performer of the group in March, up 4.26%
• The WisdomTree Cybersecurity Fund (WCBR) lagged in March, sinking 5.91%
• The category average exposure tilts towards Large-cap Growth (38%), U.S. exposure (78%), and the tech sector (69%).
• The category shows most funds have high groqwth ratings, below average value ratings, and average quality ratings.

4.22.2024

• The Equity: Sector - Industrial category is comprised of 25 ETFs with $43.8 billion in total assets under management
• 9 of the ETFs in the category have more than $1 billion in AUM, the Industrial Select Sector SPDR Fund (XLI) is the largest ETF at $18.2 billion
• 7 ETFs in the category have average daily volume higher than $10 million while 9 ETFs have ADV below $500K
• The average expense ratio is 45 bps, the average lifespan is 11.28 years, and the average TTM yield is 1.62%
• Industrials ETFs gathered $870 million in net inflows in March, XLI gathered $714.1 million in net inflows while the U.S. Global Jets ETF (JETS) saw $105.5 million in net outflows on the month
• Just 3 ETFs in the category posted losses last month, average 1-month reutrn was +3.13% and average 1-year return was +23.89%
• The SonicShares Global Shipping ETF (BOAT) lagged in March, sinking 2.49%
• The Invesco Aerospace & Defense ETF (PPA) has the highest sharpe ratio (3-year) relative to the iShares MSCI ACWI ETF (ACWI)
• The category is relatively diverse from a size and style perspective, average exposure to Europe at 9.05%
• The average price to earnings TTM is 21.34%, average return on equity is 19.2%, and the average dividend growth (TTM) is 9.1% 

4.18.2024

• There are 70 ETFs categorized as Fixed Income: Taxable - High Yield, total assets under management for the category is $72.4 billion
• The iShares iBoxx $ High Yield Corporate Bond ETF (HYG) is the largest ETF in the category with $16.9 billion in AUM and has the highest average daily volume at $2.8 billion
• 35 ETFs in the cateogry have ADV below $500K, average ADV for the category is $55.87 million
• The average expense ratio is 40 bps, the average lifespan is 5.87 years, and the average TTM yield is 5.45%
• The category has seen $1.15 billion in net inflows year-to-date, HYG has seen $2.1 billion in net outflows thus far in 2024
• All ETFs in the category were positive in March, average 1-month return was +1.15% and average 1-year return was +10.63%
• The BondBloxx CCC-Rated USD High Yield Corporate Bond ETF (XCCC) has the highest yield rating in the cateogry
• Average weighted coupon is 6.05%, average yield to maturity is 7.28%, and average effective maturity is 4.56 years

4.17.2024

• The Equity: Thematic - Industrial Revolution category is made up of 26 ETFs with $8.1 billion in total assets under management
• Just 2 ETFs in the category have over $1 billion in AUM: the Global X Robotics & Artificial Intelligence ETF (BOTZ) with $2.9 billion and the ROBO Global Robotics & Automation Index ETF (BOTZ) with $1.4 billion
• The average expense ratio of the category is 59 bps, the average lifespan is 5.23 years, and the average TTM yield is 0.76%
• 14 Industrial Revolution ETFs have average daily volume below $500K, average ADV for the cateogry is $2.61 million
• BOTZ has the largest ADV at $37.5 million
• The category has seen modest net outflows thus far in 2024 but has gathered $620 million in net inflows over the past year
• BOTZ has gathered $645 million in net inflows in the last year while the Global X Autonomous & Electric Vehicles ETF (DRIV) has seen $291.9 million in net outflows
• 21 of the 26 ETFs in the category registered positive returns in March, average 1-month return was +1.72% and average 1-year return was +9.38%
• The Global X Defense Tech ETF (SHLD) jumped more than 6% last month
• The category is heavily tilted to Large Cap Growth names but is relatively diverse from a regional exporsure perspective
• Industrial Revolution ETFs have high average sector exposre to Technology (40.4%) and Industrials (33.3%)

4.16.2024

• The Equity: Emerging Large Cap category is made up ofo 82 ETFs with $245.5 billion in total assets under management
• 16 of the ETFs in the category have more than $1 billion in AUM, the largest is the iShares Core MSCI Emerging Markets ETF (IEMG) with $76.1 billion in AUM
• The average expense ratio is 47 bps but 16 ETFs have expense ratios above 75 bps
• The average lifespan is 7.14 years, the average TTM yield is 2.72%, and the average spread is 0.26%
• The average ADV is $30.27 million but 38 ETFs in the category have ADV below $500K
• Large Cap Emerging Market ETFs continue to see solid net inflows gathering $1.77 billion in March and $11.16 billion in the past year
• The iShares MSCI Emerging Markets ex China ETF (EMXC) saw the largest net inflows in March with $1.61 billion and has gathered more than $8.1 billion in the past year
• Just 4 ETFs in the category posted losses last month, average 1-month return was +2.12% and average 1-year return was +11.61%
• The SPDR S&P Emerging Markets Dividend ETF (EDIV) is the only ETF in the category with positve alpha (3-year) relative to the iShares MSCI ACWI ex U.S. ETF (ACWX) 
• The largest average country exposures for the category are Taiwan (1841%), China (17.60%), and India (16.96%)
• The category has high average sector exposures to Financials (21.7%) and Technology (21.4%)

4.15.2024

• The Equity: Sector - Health Care category is made up of 29 ETFs with $99.0 billion in total assets under management
• The  Health Care Select Sector SPDR Fund (XLV) is the largest ETF in the category with $41.3 billion in AUM followed by the Vanguard Health Care ETF (VHT) with $18.2 billion in AUM
• The average expense ratio of the category is 44 bps, the average lifespan is 14.24 years, and the average TTM yield is 0.86%
• About half of the Health Care ETFs have low liquidity ratings, average daily volume for the category is $92.68 million
• XLV and the SPDR S&P Biotech ETF (XBI) are the only ETFs in the category with average daily volume above $1 billion
• Health Care ETFs saw $170 million in net outflows in March but have gathered $450 million in net inflows year-to-date
• The iShares U.S. Medical Devices ETF (IHI) gathered $85.6 million in net inflows last month while XLV saw $99.2 million in net outflows
• Most Health Care ETFs posted gains in March, average 1-month return was +1.72% and average YTD return was +6.14%
• The SPDR S&P Health Care Services ETF (XHS) and the  Invesco Pharmaceuticals ETF (PJP) both climbed more than 4% on the month while XBI slid 3.59%
• The VanEck Pharmaceutical ETF (PPH) has the highest sharpe ratio (3-year) relative to the iShares MSCI ACWI ETF (ACWI) at 0.80
• Average up capture of the category is 66.32% and average down capture is 97.18%
• The category has high and above average stock concentration but is relatively diverse from a size and style perspective
• 25 of the 29 Health Care ETFs have high or above average growth ratings
• The Harbor Health Care ETF (MEDI) has the highest growth rating (4.09) while XHS has the highest value rating (4.02) 

4.12.2024

• The Commodity: Multi-Sector - Broad Based category is comprised of 27 ETFs with $13.6 billion in total assets under management
• The average expense ratio of the category is 61 bps, the average lifespan is 6.96 years, and the average TTM yield is 2.82%
• Just 4 ETFs in the category have more than $1 billion in AUM, the Invesco Optimum Yield Diversified Commodity Strategy (PDBC) is the largest with $4.7 billion in AUM
• 7 ETFs in the category have an expense ratio above 75 bps
• 9 ETFs in the category have an average daily volume of less than $500K, average ADV is $4.14 million
• Multi-Sector Commodity ETFs have seen $430 million in net outflows year-to-date and $2.43 billion in net outflows over the last year
• PDBC has seen $763 million in net outflows in the last year
• Almost ETFs in the category registered positive returns in March, average 1-month return was +4.23% and average 3-month return was +3.79%
• The WisdomTree Enhanced Commodity Strategy Fund (GCC) was the best perfomer last month, rising 5.92%

4.10.2024

• The average expense ratio of the 33 Infrastructure ETFs is 51 bps, the average lifespan is 8.21 years, and the average TTM yield is 1.92%
• The Thematic - Infrastructure category has $24.6 billion in total assets under management, the largest ETF in the category is the Global X U.S. Infrastructure Development ETF (PAVE) with $7.3 billion in AUM
• Just 5 other ETFs in the category have over $1 billion in AUM (IGF, ITB, IFRA, NFRA, XHB)
• 21 of the 33 ETFs in the category have below $500K in average daily volume, average ADV is $17.80 million
• Infrastructure ETFs gathered nearly $1 billion in net inflows in March and have seen $2.31 billion in net inflows in the past year
• PAVE gathered $501.7 million in net inflows last month and $1.42 billion in net inflows over the last year 
• Just 2 ETFs in the category posted losses in March (SRVR, XTL), average 1-month return was +3.68% and average 1-year return was +15.25%
• The SPDR S&P Homebuilders ETF (XHB) rose 8.44% last month and has surged nearly 70% in the past year
• The average 3-year average volatility relative to ACWI is 21.14%, average shapre ratio is 0.17, and average down capture is 107.15%
• The category is relatively diverse from a size & style perspective and has average stock concentration
• The highest average sector exposures for Infrastructure ETFs are Industrials (30.8%), Utilities (17.8%), and Real Estate (15.6%)
• Average price to earnings (TTM) is 18.85, average return on equity is 13.4%. and average dividend growth (TTM) is 8.0%

4.9.2024

• The U.S. Small Cap - Value category is comprised of 30 ETFs with $87.3 billion in total assets under management
• The average expense ratio of the category is 39 bps, the average lifespan is 11.50 years, and the average TTM yield is 1.60%
• 11 ETFs in the category have more than $1 billion in AUM and 2 ETFs have less than $10 million in AUM
• The Vanguard Small Cap Value ETF (VBR) is the largest ETF in the category with $28.8 billion
• The average daily volume of the category is $20.70 million, the iShares Russell 2000 Value ETF (IWN) has the highest ADV with $213.17 million
• U.S. Small Cap - Value ETFs gathered $1.18 billion in net inflows in March and $4.17 billion in net inflows int the 1st quarter
• All ETFs in the category gained more than 1.60% in March, average 1-month return was +3.93% and average return for Q1 was +2.54%
• The Themes US Small Cap Cash Flow Champions ETF (SMCF, +8.20%) was the best performer last month
• The average 3-year volatility relative to the S&P 500 (SPY) was 21.75% and average correlation was 0.80
• The average top 10 holdings weight is just 12.07% and average weighted average market cap was $2.99 billion
• The category has high average sector exposure towards Financials (23.0%), Industrials (17.2%), and Consumer Discretionary (16.1%)