ETFS

Since the COVID-related market meltdown in March, equity funds (including ETFs) have continued to suffer net outflows despite the average equity fund moving into positive territory and posting a year-to-date return of 2.93%. They have handed back some $317.0 billion year to date (their largest net outflows for any full one-year period) through the Refinitiv
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Thesis Summary The Fidelity Blue Chip Growth Fund (FBGRX) is an ETF that invests most of its assets into blue-chip growth stocks. It has outperformed its peers and the market over the last few years and I have strong reasons to believe this will continue. The fund invests in large and established companies, which have
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Like most asset classes, global bonds have seen very little action over the past few months. The Vanguard Total International Bond ETF (BNDX) is virtually unchanged since I wrote “BNDX: Another Wave Lower In Global Bonds Is Likely” three months ago; this may be the calm before the storm. The economic situation has changed a
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The following data is derived from trading activity on the Tradeweb Markets institutional European- and U.S.-listed ETF platforms. European-Listed ETFs Total traded volume Notional volume executed on the Tradeweb European-listed ETF marketplace reached EUR 30.7 billion in September. The proportion of transactions processed via Tradeweb’s Automated Intelligent Execution (AiEX) tool was 72%. Adriano Pace, head
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Author’s note: This article was previously released to CEF/ETF Income Laboratory members on Oct. 12, 2020. Please check latest data before investing. The Weekly Closed-End Fund Roundup will be put out at the start of each week to summarize recent price movements in closed-end fund [CEF] sectors in the last week, as well as to
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This article series shows every month a dashboard with aggregate industry metrics in healthcare. Most of the companies used to calculate these metrics are holdings of the Health Care Select Sector SPDR ETF (XLV). Therefore, this is also a top-down survey of XLV. Shortcut If you are used to this dashboard series or if you
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The market had lost some of its mojo in September but has regained ground since the start of this month. The S&P 500 is attempting to make new all-time highs once again. So, what’s leading this fresh momentum? It’s probably a combination of many positive factors, for example, the renewed hope of a fresh round
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This article series shows every month a dashboard with aggregate industry metrics in materials. Most of the companies used to calculate these metrics are holdings of the Materials Select Sector SPDR ETF (NYSEARCA:XLB). Therefore, this is also a top-down survey of XLB. Shortcut If you are used to this dashboard series or if you are
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The VanEck Vectors Muni Allocation ETF (MAAX) tactically allocates among VanEck municipal bond ETFs based on interest rate and credit opportunities to seek capital appreciation plus tax-exempt income. It uses a data-driven, rules-based process that leverages technical and macroeconomic indicators to guide credit and duration exposure, seeking to avoid market risks when appropriate. Overview The
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(Source: Unsplash) Introduction I recently published an article encouraging investors to avoid long-term bonds because they currently offer extremely low incremental yield pickups per unit of duration (interest rate) risk – lower than ever before in history. I have encouraged selling not only long-term bond funds, but even core bond funds because they have so
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iShares Short Treasury Bond ETF (SHV) holds over $21.2 billion in assets when we last looked at it. It is one of the larger ETFs around and assets have actually gone up over the last few years. We examine this one today as its numbers gave us a mild case of indigestion. Returns Are Nothing
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Vulnerability is basically uncertainty, risk, and emotional exposure. – Brene Brown The ProShares UltraPro QQQ ETF (NASDAQ:TQQQ) has set an ambitious goal – generating a daily return that is three times that of the NASDAQ 100 (NDX), before fees and expenses. It achieves its goals by leveraging its net assets and trading derivative contracts which
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All of a sudden, the future outlook turns more positive and SPY decides to break out to the upside, instead of continuing down to test the lower limits. The market seems to know the results of the impending election and is happy with the outcome. Trump wants a bigger stimulus package. The news on the
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Steadily lower CEF yields and heightened volatility have underlined the attraction of alpha-generation strategies. In this article, we take a look at a number of relative value CEF opportunities in the preferreds sector. Within the Flaherty & Crumrine suite of preferred CEFs, we highlight the Flaherty & Crumrine/Claymore Total Return Fund (FLC) over the Flaherty
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Refinitiv Lipper’s fund asset groups (including both mutual funds and ETFs) experienced net negative flows of $9.3 billion for the fund-flows trading week ended Wednesday, October 7. This week’s results marked the ninth straight overall net outflow for funds during which time their coffers have contracted by almost $159 billion. In this week’s activity, the
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This article will talk about the expanding risk profile of the Invesco Nasdaq 100 ETF (QQQ). After the once-in-a-lifetime pandemic run to all-time highs in 2020, the big tech names in America appear ready for a serious fall. I discussed rich mega-tech valuations in an article last week here. A number of fundamental and technical
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The WisdomTree LargeCap Dividend ETF (NYSE:DLN) is meant to track the performance of the largest U.S. dividend-paying stocks. The allure here is that companies able to regularly distribute payouts to shareholders generally present stronger fundamentals with lower risk and potentially higher total returns. Indeed, the fund has a value-tilt while offering a 2.7% yield which
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The Aberdeen Asia-Pacific Income Fund (NYSEMKT:FAX) is a closed-end fund that invests in Asia-Pacific region bonds and debt securities. While the COVID-19 pandemic has represented a challenging market environment, the fund has been able to overcome significant volatility to return 2% thus far this year. The actively-managed fund currently yields 8.3% distributed monthly, making it
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My judgment is based on looking at publicly available supply and demand reports (EIA). Those reports indicated that COVID lockdowns crashed demand by ~4 million barrels per day (mb/d). Beginning in mid-April, gasoline demand has recovered to about 1 mb/d below pre-COVID. In response to the Russian-Saudi price war, COVID demand decreases, and financial issues,
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As you can see in the following chart, the Invesco DB Gold Fund (NYSEARCA:DGL) has performed quite strongly this year with shares sitting on a 24% year-to-date gain. It is my belief that now is a solid time to buy gold. I believe that the long-run fundamentals suggest that gold is going to head higher
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So far the SPY (NYSEARCA:SPY) has had a normal correction after an enormous move up from the bottom of a market crash to a rather surprising new high. This move was fueled by extreme fiscal and monetary stimulus. The latest stimulus package is stalled in Congress and the market move up is also stalled. Interest
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The ProShares UltraPro Short S&P 500 ETF (SPXU) is one of the most popular instruments to short the broad market for trading or hedging purposes. However, its daily -3X leverage factor is a source of drift. It must be closely monitored to detect changes in the drift regime. This article explains what “drift” means, quantifies
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Update [Oct. 1, 2020]: The article has been corrected as the wrong yield was originally shown. The Brookfield Group of Companies has some interesting offerings under their name. Their reputation has certainly helped them market a lot of different products, but quite a few of them have had issues of late (see here, here and
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Source: Goodfon Instrument The Teucrium Corn ETF (CORN) provides investors unleveraged direct exposure to corn without the need for a futures account. Therefore, the decision to invest in this fund should be made after analyzing the corn market. Seasonality The corn futures price is close to its five-year average. At that, the seasonality involves a
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