In fund flows action, IEI (iShares Barclays 3-7 Year Treasury) and related ETF UST (ProShares Ultra 7-10 Year Treasury) had huge days in terms of trading volume and net asset inflows thanks what appears to be a tactical long “intermediate term” bond play to begin May here.
(IEI +$1.2 billion) and expect UST flows to follow in coming days. On the sell-side, Small Caps were pressured all day, and both IWM (iShares Russell 2000) and UWM (ProShares Ultra Russell 2000) were sold aggressively at some points and weighed heavily on the overall market all day.
Expect to see larger dollar asset outflows in both products in coming sessions in terms of net redemption activity.
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