Weekly Update 1/10

The US equity markets bounced back quickly last week as tensions with Iran cooled off. Futures slid slightly after the Iranian missile strike on Tuesday night, but quickly recovered by the end of trading Wednesday. Corporate bond markets followed a similar pattern.

European equity markets rose mainly on positive news coming out of the US regarding Iran and China relations. Despite negative Eurozone manufacturing data, positive numbers from the consumers & service sectors for November helped to improve the outlook for the region.

China saw a sixth week of gains, and on Thursday confirmed that Vice Premier Liu He would be in Washington on January 13th to sign phase one of the US trade deal.

Despite all of the geopolitical tensions in the Middle East, Saudi equities stayed strong overall.

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One Week ETF Trends

US Equity ETFs Best & Worst Performers

The iShares MSCI Turkey ETF TUR was one of the biggest winners, mainly due to de-escalation of US-Iran tensions. Marijuana ETFs also witnessed solid gains last week.

Energy and precious metal ETFs dipped sharply last week, again due to de-escalation.

US Fixed Income ETFs Best & Worst Performers

Fixed Income ETFs saw small return fluctuations, led by iShares Convertible Bond ETF ICVT.

US Equity ETFs Top Inflows & Outflows

Large Cap Index ETFs SPY, VTI, and IVV led equity flows for last week.

SPDR S&P 500 Value ETF SPYV saw the largest outflows, followed by iShares Russell 2000 IWM.

US Fixed Income ETFs Top Inflows & Outflows

AGG saw over $900M in inflows last week, followed by iShares Mortgage-Backed Securities ETF MBB.

Overall, outflows were small for the fixed income category, except for $464.9M out of TLT.

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 Name	Ticker	% Diff.
Syntax Stratified LargeCap ETF	SSPY	382%
iShares Commodities Select Strategy ETF	COMT	252%
SPDR Portfolio S&P 500 Value ETF	SPYV	228%
Janus Henderson Short Duration Income ETF	VNLA	228%
Vanguard Global ex-U.S. Real Estate ETF	VNQI	210%
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	PDBC	200%
SPDR Portfolio S&P 500 Growth ETF	SPYG	194%
iShares Edge MSCI U.S.A. Size Factor ETF	SIZE	192%
iShares MSCI Netherlands ETF	EWN	183%
ProShares Short 20+ Year Treasury	TBF	176%

Industry Changes

Launches

• Global Beta Smart Income ETF GBDV, 29bps
• AdvisorShares Dorsey Wright Alpha Equal Weight ETF DWEQ, 99bps
• Innovator MSCI Emerging Markets Power Buffer ETF – January EJAN, 89bps
• Innovator MSCI EAFE Power Buffer ETF – January IJAN, 85bps
• Innovator Russell 2000 Power Buffer ETF – January KJAN, 79bps
• Innovator Nasdaq-100 Power Buffer ETF – January NJAN, 79bps
• Leuthold Core ETF LCR, 86bps

Expense Ratio Changes

• Teucrium Wheat Fund WEAT, 363-381bps
• Pacific Global Senior Loan ETF FLRT, 113-68bps
• Teucrium Soybean Fund SOYB, 363-375bps
• Teucrium Sugar Fund CANE, 358-372bps
• Franklin Liberty International Opportunities ETF FLIO, 65-60bps
• ARK Next Generation Internet ETF ARKW, 76-75bps
• Direxion Daily CSI 300 China A Share Bull 2X Shares CHAU, 104-115bps
• Teucrium Corn Fund CORN, 365-371bps
• ProShares VIX Short-Term Futures ETF VIXY, 87-85bps
• Vanguard made changes (primarily fee slashing) to nearly a 3rd of their products
  • Vanguard ESG International Stock ETF VSGX, 15-17bps
  • Vanguard Total Bond Market ETF BND, 4-3.5bps
  • Vanguard Intermediate-Term Corporate Bond ETF VCIT, 7-5bps
  • Vanguard Short-Term Corporate Bond ETF VCSH, 7-5bps
  • Vanguard Mortgage-Backed Securities ETF VMBS, 7-5bps
  • Vanguard Short-Term Treasury Index ETF VGSH, 7-5bps
  • Vanguard Intermediate-Term Treasury Index ETF VGIT, 7-5bps
  • Vanguard Long-Term Corporate Bond ETF VCLT, 7-5bps
  • Vanguard Russell 1000 Growth ETF VONV, 12-8bps
  • Vanguard Long-Term Treasury Index ETF VGLT, 7-5bps
  • Vanguard Russell 2000 ETF VTWO, 15-10bps
  • Vanguard Russell 1000 ETF VONE, 12-8bps
  • Vanguard S&P Small-Cap 600 ETF VIOO, 15-10bps
  • Vanguard S&P Mid-Cap 400 ETF IVOO, 15-10bps
  • Vanguard S&P Mid-Cap 400 Growth ETF IVOG, 20-15bps
  • Vanguard S&P Mid-Cap 400 Value ETF IVOV, 20-15bps
  • Vanguard Russell 3000 ETF VTHR, 15-10bps
  • Vanguard S&P Small-Cap 600 Value ETF VIOV, 20-15bps
  • Vanguard S&P Small-Cap 600 Growth ETF VIOG, 20-16bps
  • Vanguard Russell 2000 Growth ETF VTWG, 20-15bps
  • Vanguard Total Corporate Bond ETF VTC, 7-5bps
  • Vanguard Russell 2000 Value ETF VTWV, 20-15bps
  • Vanguard Total World Bond ETF BNDW, 9-6bps