A NOTE FROM BOB
ETF flows: Fixed income breaks records, gold on a hot streak. Matthew Bartolini at iShares out with thoughts on recent ETF flows: "Together, four straight months of massive inflows and positive market movement—core bonds, IG credit, and high yield returns are all positive year-to-date—have pushed assets under management for US-listed fixed income ETFs to more than $1 trillion for the first time ever, as shown below.... Gold ETFs have taken in more than $1 billion for a record seven consecutive months, pushing the year-to-date inflow total to a record high. With gold prices flirting with $2,000/oz and supportive macro factors (including low real rates, heightened macro risk, and a weakening US dollar), investors have gravitated towards this market segment in search of a source of potential return and a possible way to mitigate risk in a significantly uncertain market."Inflows into Technology and Health Care continue, and outflows from Financials and especially Real Estate.
Work From Home keeps chugging along. Since its inception six weeks ago, the Direxion Work From Home ETF (WFH) has become a bit of a darling among investors seeking to hop on the latest investment trend. It has seen shares outstanding go from roughly 400,000 to about 1.6 milliion and gathered nearly $70 million in assets, despite some price volatility. Largest holdings include Twilio, Crowdstrike, Zoom Video, and Plantronics.
Speaking of staying home...video games are hot too. The Global X Video Games & Esports ETF (HERO) is up 56.48% year-to-date. HERO has 38 stocks from nine countries. "According to the Q2 2020 Games Market Dynamics: U.S. report from The NPD Group, overall total industry consumer spending on video gaming in the U.S. reached a second quarter (April-June) record $11.6 billion, an increase of 30% when compared to the same time period last year," according to NPD Group.
Delisted but not liquidated? There's been a lot of Exchange Traded Notes (ETNs) -particularly leveraged and inverse ETNs--that are being delisted this year. Eric Balchunas lists 55 delisted ETNs, (Barclays has 33, Credit Suisse has 9 and Deutsche Bank has 15) but also notes that none of them have liquidated. What's up with that?
COVID-19 is impacting investment decisions. A recent Schwab poll found 41% made changes to their 401(k) as a direct result of COVID-19. Of those who made changes, 14% rebalanced their portfolio and 12% increased their contribution rate. Some (8%) increased (8%) their exposure to equities, while some (7%) decreased their exposure. For more analysis and actionable insights, catch me live on Mondays at 1 PM ET on ETF Edge. KEY STORIES
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Kamis, 13 Agustus 2020
ETF Edge Newsletter
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