blog

Latest from the Quantamize Blog

SCHX Challenging The Likes Of SPY In the ETF Wars? Yes…Maybe!

May 23, 2019

Better Data for Better Investment DecisionsBetter Data for Better Investment Decisions
Better Data for Better Investment DecisionsBetter Data for Better Investment Decisions

US Large-Cap ETF Fund Flow

Name Ticker 1-Day
Fund Flow ($)
1-Week
Fund Flow ($)
30-Day
Fund Flow ($)
90-Day
Fund Flow ($)
Assets Under
Management ($ billions)
Net
Expense Ratio (%)
Invesco S&P 500 Equal Weight ETF RSP $0 -$10,470,200 $96,008,950 $360,857,050 $15.69 0.20%
First Trust Large Cap Core AlphaDEX Fund FEX $0 $0 $14,669,592 -$2,504,833 $1.43 0.61%
iShares Dow Jones U.S. ETF IYY $0 $0 -$7,196,830 -$14,177,630 $1.20 0.20%
iShares Russell 1000 ETF IWB $47,802,630 $228,150 -$112,120,105 $148,551,480 $19.59 0.15%
Schwab US Large-Cap ETF SCHX $13,703,367 $37,550,697 $315,551,225 $1,127,408,717 $16.44 0.03%
Invesco FTSE RAFI US 1000 ETF PRF $5,727,800 $5,727,800 -$23,567,600 -$66,732,900 $5.39 0.39%
Vanguard Large-Cap ETF VV $0 $13,402,674 $46,801,811 -$52,497,060 $14.00 0.04%
SPDR S&P 500 ETF Trust SPY $973,930,969 $4,149,020,587 -$9,144,491,467 -$28,655,563 $264.25 0.09%
Vanguard S&P 500 ETF VOO -$11,208,360 $93,920,282 $317,431,610 $4,740,172,407 $110.29 0.03%
Oppenheimer S&P 500 Revenue ETF RWL $0 $0 -$13,232,503 -$65,153,055 $0.94 0.39%
iShares Core S&P 500 ETF IVV $57,677,740 $774,146,560 $800,841,730 $11,057,112,250 $175.19 0.04%
iShares S&P 100 ETF OEF $25,468,960 $25,468,960 $19,389,375 $75,694,250 $4.91 0.20%
Oppenheimer ESG Revenue ETF ESGL $0 $0 $0 -$1,513,732 $0.03 0.40%
Vanguard Mega Cap ETF MGC $0 $0 $22,593,750 $172,590,250 $1.84 0.07%
iShares Morningstar Large-Cap ETF JKD $0 -$8,137,270 -$16,371,630 -$40,049,940 $0.82 0.20%

Source: ETF Global
 

  • Over the past few months, flows into the S&P500 ETF Trust (SPY) have been volatile
     
  • In comparison, the steady growth of assets under management (AUM) for the Schwab US Large-Cap ETF (SCHX) has been remarkably strong
     
  • Obviously, flows into the iShares Core S&P 500 ETF (IVV) and the Vanguard S&P 500 ETF (VOO) have been steady though we have been highlighting that for a while
     
  • Are the flows into SCHX, IVV and VOO related to the fact that their expense ratios are some of the lowest for the peer group?  While there is no empirical evidence to support this conclusion, the race to zero fees must be impacting the decision making by asset allocators
  • SCHX is AI Smart Beta Rating CAUTION
  • IVV is AI Smart Beta Rating CAUTION
  • VOO is AI Smart Beta Rating CAUTION
  • SPY is AI Smart Beta Rating CAUTION
     
  • As multi-factor followers, we couldn’t end this post without talking about the Invesco FTSE RAFI US 1000 ETF (PRF) which has seen a nice uptake in flows over the past month
     
  • One of the bigger challenges for this ETF will be selling investors on the multi-factor framework given its relatively high expense ratio (for the peer group)
  • PRF is AI Smart Beta Rating CAUTION

 

 

We Crunch the Numbers, You Make the Trade.We Crunch the Numbers, You Make the Trade.
We Crunch the Numbers, You Make the Trade.We Crunch the Numbers, You Make the Trade.

 

Global Top Stock IdeasTOP LONG & TOP SHORT STOCK IDEAS FOR GLOBAL MARKETSMONTHLY TOP IDEAS FROM OUR MULTI-FACTOR QUANTITATIVE MODELS
Global Top Stock IdeasTOP LONG & TOP SHORT STOCK IDEAS FOR GLOBAL MARKETSMONTHLY TOP IDEAS FROM OUR MULTI-FACTOR QUANTITATIVE MODELS