A NOTE FROM BOB
ETF rotation. The move into cyclicals and value is playing out in the ETF space. Low volatility ETFs, the market leaders in the first half of 2019, are poised for dramatic underperformance in the second half of the year. Momentum and bond funds are also outperforming, as are gold funds.
ETF birthdays. The 15th anniversary of the SPDR Gold Trust (GLD) brings back memories of covering the excitement of the first day of trading the first gold ETF, way back in 2004! Also, it's the10th anniversary of the PIMCO Enhanced Short Maturity Active ETF (MINT), one of the largest actively managed ETFs.
25% of ETF funds have closed. A study by CFRA's Todd Rosenbluth indicates that of the 1,662 ETFs that have been listed since December 31, 2014, 399 (24%) have closed, a higher number than Rosenbluth expected to see. "There's a handful of ETFs that we tend to remember, that probably should have never launched and died very quickly. But there are so many other products that were around for a period of time, and then they're just gone from the consciousness. And unless you went digging and searching for those products, you wouldn't know it," Rosenbluth told etf.com. Another point: the big just keep getting bitter. Just 100 ETFs accounted for 83% of the cumulative asset growth during the study.
Where fun came to die: The ETF and mutual fund business: If you want a chuckle, check out this column from fund industry veteran John Rekenthaler, who complains that the ETF and mutual fund industry has become so efficient at cutting expenses and removing expensive and under-performing funds that it has become, well, boring: "Back in the day, the mutual fund business had heroes and villains. It had stories. It offered the promise of miracles. Today, the industry has … packagers. It is the place where fun went to die." If that was all we had to worry about.... For more analysis and actionable insights, watch me live on Mondays at 1pm ET on ETF Edge. KEY STORIES
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Kamis, 14 November 2019
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