WEEKLY UPDATE 11/15

US equities continued their climb last week despite overall mixed economic data. With all of the political volitility we’ve seen, there has been almost no fluctuation in market volatility. In fact, equity markets have seen the calmest month since August 2018.

US Treasury bonds fell from their three-month highs over concerns about the stalling of the US-China trade deal.

Eurozone GDP data was much stronger than originally predicted, and data out of Germany showed that the country had just narrowly missed a recession in the third quarter.

In Asia, Chinese stocks slumped on weak economic data and Japan posted slight losses for the week.

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One Week ETF Trends

US Listed ETFs – Equity – 1 Week Best & Worst Returns

Nigerian equities have been rallying around regulatory changes in the country, which led to the Global X MSCI Nigeria ETF NGE topping equity performers for last week.

Health care related ETFs were also a winning trend last week, with 7 out of the 10 names having high exposure to the sector.

Cannabis ETFs dropped steeply last week, as most marijuana companies have reported lower than expected earnings this quarter.

US Listed ETFs – Fixed Income – 1 Week Best & Worst Returns

Long term treasury ETFs led fixed income last week, led by ZROZ.

Emerging markets bonds were a losing category in fixed income ETFs with 5 names.

US Listed ETFs – Equity – 1 Week Top Inflows & Outflows

Interesting top inflows winner last week with SIZE, a unique ETF with a focus on investing in smaller-than-average market capitalizations.

SPY continued to suffer outflows last week, and was followed by Utilities select sector SPDR fund XLU.

US Listed ETFs – Fixed Income -1 Week Top Inflows & Outflows

Bond index funds BND and AGG led fixed income inflows, followed by iShares National Muni Bond ETF MUB.

US corporate bond ETFs LQD, VCIT, and SPIB bottomed out on the list with the largest outflows last week.

On-Screen Liquidity Momentum

Top 10 secondary-market volume increases where ADV 5-day increased substantially over ADV 20-day and ADV 5-day > $10mm

ETF NameTicker% Diff.
iShares Edge MSCI U.S.A. Size Factor ETFSIZE382%
Nuveen Enhanced Yield U.S. Aggregate Bond ETFNUAG382%
iShares Government/Credit Bond ETFGBF371%
JPMorgan BetaBuilders MSCI U.S. REIT ETFBBRE360%
IQ Ultra Short Duration ETFULTR354%
SPDR Portfolio Europe ETFSPEU334%
Fidelity Limited Term Bond ETFFLTB299%
Tortoise North American Pipeline FundTPYP298%
iShares Agency Bond ETFAGZ272%
iShares U.S. Utilities ETFIDU256%

Industry Changes

Launches

  • ProShares S&P Technology Dividend Aristocrats ETF TDV, 45bps
  • WisdomTree Mortgage Plus Bond Fund MTGP, 45bps
  • Defiance Next Gen Food & Agriculture ETF DIET, 30bps

Closings

Filings

  • iShares ESG MSCI EM Leaders ETF 

Expense Ratio Changes

  • Invesco BLDRS Emerging Markets 50 ADR Index Fund ADRE, 30→18bps
  • United States Copper Index Fund CPER 79.5→80bps
  • ProShares Ultra Euro ULE 101→95bps
  • Ideanomics NextGen Vehicles & Technology ETF EKAR, 95→65bps