morning-quant-ride

Morning Brief

Wake up to the Morning Quant Ride, your global markets update every morning!

ETF AM Wrap-Up: Investors Dump SPY for US Consumer, Utility & International ETFs

May 08, 2019

Actionable and Transparent Quantitative ResearchActionable and Transparent Quantitative Research
Actionable and Transparent Quantitative ResearchActionable and Transparent Quantitative Research
 
  • Investors appeared to rotate away from US large-cap stocks yesterday with the SPDR S&P 500 ETF Trust (SPY) observing elevated outflows of $2.65 billion. Investors have sold off large-cap US stocks since the start of the week as fears that a resolution to the US-China trade war will not be soon reached growth. We discuss trade war concerns in further detail in our morning markets preview, “Where’s That Melt-Up? Global Meltdown Rolls on as Trade Tension Grows; VIX Surging Further, Up Over 60% this Week”.  
     
  • With the SPY’s 1-week outflow of $7.42 billion and the Invesco QQQ Trust’s (QQQ) 1-week outflow of $1.52 billion, it is clear that some type of rotation is occurring.
  • SPY has a “BUY” trading signal and a “Caution” Smart Beta rating. 
  • QQQ has a “BUY” trading signal and a “Poor” Smart Beta rating.
     
  • Despite the outflows from SPY, the iShares Core S&P 500 ETF (IVV) and the Vanguard S&P 500 ETF (VOO) experienced positive flows.  This would suggest the outflows from SPY may be tactical and the result of quantitative funds rebalancing.
  • IVV has a “BUY” trading signal with a “Caution” Smart Beta rating.
  • VOO has a “SELL” trading signal with a “Caution” Smart Beta rating.
     
  • Despite rising trade tensions between the US and China, demand for international stocks remains strong.  Both the iShares Core MSCI EAFE ETF (IEFA) and the Vanguard FTSE Emerging Markets ETF (VWO) are top 5 ETFs by 1-day fund flow with $235.39 million and $205.31 of inflows.
  • VWO has a “Buy” trading signal.  
  • VOO has a “SELL” trading signal and a “Caution” Smart Beta rating.
     
  • Despite the broad selloff of US stocks, the Consumer Discretionary Select Sector SPDR Fund (XLY) and the Utilities Select Sector SPDR Fund (XLU) are the number 1 and 2 ETFs by 1-day fund flow in our coverage universe with $447.55 million and $347.75 million in inflows.
  • XLY has a “SELL” trading signal and a “Caution” Smart Beta rating.  
  • XLU has a “SELL” trading signal.

 

Top 5 ETFs by Assets Under Management (AUM)

On Mobile/Tablet scroll to the right

Name Ticker 1-Day
Fund Flow ($)
1-Week
Fund Flow ($)
1-Month
Fund Flow ($)
3-Month
Fund Flow ($)
Assets Under
Management ($ billions)
Net
Expense Ratio (%)
SPDR S&P 500 ETF Trust SPY -$2,649,967,895 -$7,423,446,234 -$3,458,246,902 $1,618,054,865 $269.29 0.09%
iShares Core S&P 500 ETF IVV $44,220,645 -$160,994,545 $991,530,590 $9,914,832,615 $175.07 0.04%
Vanguard Total Stock Market ETF VTI $69,954,230 $257,619,073 $1,088,732,498 $2,688,681,034 $113.26 0.03%
Vanguard S&P 500 ETF VOO $201,247,896 $576,189,551 $1,732,875,438 $5,444,779,360 $111.50 0.03%
Invesco QQQ Trust QQQ -$370,379,100 -$1,524,462,450 $110,338,850 $1,579,463,550 $73.20 0.20%

Source: ETF Global

Top 5 ETFs by Lowest Net Expense Ratios

On Mobile/Tablet scroll to the right

Name Ticker 1-Day
Fund Flow ($)
1-Week
Fund Flow ($)
1-Month
Fund Flow ($)
3-Month
Fund Flow ($)
Assets Under
Management ($ billions)
Net
Expense Ratio (%)
JPMORGAN BETABUILDERS U.S. EQUITY ETF BBUS $0 $0 $2,602,500 $0 $0.03 0.02%
Vanguard Total Stock Market ETF VTI $69,954,230 $257,619,073 $1,088,732,498 $2,688,681,034 $113.26 0.03%
Schwab US Broad Market ETF SCHB $0 $10,513,483 -$160,061,930 $399,906,466 $14.52 0.03%
Vanguard S&P 500 ETF VOO $201,247,896 $576,189,551 $1,732,875,438 $5,444,779,360 $111.50 0.03%
SPDR Portfolio Total Stock Market ETF SPTM $0 $5,499,010 $55,804,552 $221,027,377 $3.26 0.03%

Source: ETF Global

Top 5 ETFs by 1-Day Fund Flow

On Mobile/Tablet scroll to the right

Name Ticker 1-Day
Fund Flow ($)
1-Week
Fund Flow ($)
1-Month
Fund Flow ($)
3-Month
Fund Flow ($)
Assets Under
Management ($ billions)
Net
Expense Ratio (%)
Consumer Discretionary Select Sector SPDR Fund XLY $447,550,624 $620,852,777 $877,384,806 $1,006,601,466 $14.18 0.13%
Utilities Select Sector SPDR Fund XLU $347,748,534 $446,734,245 -$59,275,816 $435,289,563 $9.46 0.13%
iShares Core MSCI EAFE ETF IEFA $235,387,200 $235,387,200 $2,445,509,120 $5,658,993,120 $63.36 0.08%
Vanguard FTSE Emerging Markets ETF VWO $205,307,521 $205,819,099 $410,243,562 $2,275,453,320 $63.76 0.12%
Vanguard S&P 500 ETF VOO $201,247,896 $576,189,551 $1,732,875,438 $5,444,779,360 $111.50 0.03%

Source: ETF Global

Top 5 ETFs by 1-Week Fund Flow

On Mobile/Tablet scroll to the right

Name Ticker 1-Day
Fund Flow ($)
1-Week
Fund Flow ($)
1-Month
Fund Flow ($)
3-Month
Fund Flow ($)
Assets Under
Management ($ billions)
Net
Expense Ratio (%)
Consumer Discretionary Select Sector SPDR Fund XLY $447,550,624 $620,852,777 $877,384,806 $1,006,601,466 $14.18 0.13%
Vanguard S&P 500 ETF VOO $201,247,896 $576,189,551 $1,732,875,438 $5,444,779,360 $111.50 0.03%
Technology Select Sector SPDR Fund XLK $113,438,980 $533,857,457 $462,844,120 $200,483,168 $20.71 0.13%
Utilities Select Sector SPDR Fund XLU $347,748,534 $446,734,245 -$59,275,816 $435,289,563 $9.46 0.13%
iShares Broad USD High Yield Corporate Bond ETF USHY $0 $368,693,780 $557,450,810 $1,003,470,055 $1.23 0.22%

Source: ETF Global

Top 5 ETFs by 1-Month Fund Flow

On Mobile/Tablet scroll to the right

Name Ticker 1-Day
Fund Flow ($)
1-Week
Fund Flow ($)
1-Month
Fund Flow ($)
3-Month
Fund Flow ($)
Assets Under
Management ($ billions)
Net
Expense Ratio (%)
iShares Core MSCI EAFE ETF IEFA $235,387,200 $235,387,200 $2,445,509,120 $5,658,993,120 $63.36 0.08%
Vanguard S&P 500 ETF VOO $201,247,896 $576,189,551 $1,732,875,438 $5,444,779,360 $111.50 0.03%
iShares 20+ Year Treasury Bond ETF TLT $0 -$864,569,390 $1,562,295,160 $1,955,344,740 $12.37 0.15%
iShares U.S. Treasury Bond ETF GOVT $17,543,470 $55,061,990 $1,313,870,760 $1,937,280,950 $9.98 0.15%
Financial Select Sector SPDR Fund XLF -$200,772,634 $277,622,580 $1,279,985,463 -$285,856,213 $25.46 0.13%

Source: ETF Global

Top 5 ETFs by 3-Month Fund Flow

On Mobile/Tablet scroll to the right

Name Ticker 1-Day
Fund Flow ($)
1-Week
Fund Flow ($)
1-Month
Fund Flow ($)
3-Month
Fund Flow ($)
Assets Under
Management ($ billions)
Net
Expense Ratio (%)
iShares Core S&P 500 ETF IVV $44,220,645 -$160,994,545 $991,530,590 $9,914,832,615 $175.07 0.04%
iShares Core MSCI EAFE ETF IEFA $235,387,200 $235,387,200 $2,445,509,120 $5,658,993,120 $63.36 0.08%
Vanguard S&P 500 ETF VOO $201,247,896 $576,189,551 $1,732,875,438 $5,444,779,360 $111.50 0.03%
Graniteshares Gold Trust BAR $0 $0 -$10,801,550 $4,099,239,270 $0.45 0.17%
Vanguard Total International Bond ETF BNDX $2,778,771 $92,101,409 $288,531,396 $2,983,704,047 $16.65 0.09%

Source: ETF Global

 

 

Stock Model PortfoliosMulti-factor quantitatively optimized portfolios risk-adjusted to provide investors an ATTRACTIVERISK/RETURN TRADE-OFF
Stock Model PortfoliosMulti-factor quantitatively optimized portfolios risk-adjusted to provide investors an ATTRACTIVERISK/RETURN TRADE-OFF