Got a case of TMI (Too Much Information)? ETF Trends takes a condensed look at latest happenings…
The Day’s Hot News In Equity ETFs
Markets saw what appeared to be a rotation in U.S. equities and fixed income names.
Both SPDR S&P Dividend (NYSEArca: SDY) and iShares Russell 2000 ETF (NYSEArca: IWM) had large sells. This may have been paired with buyers of iShares Barclays TIPS Bond Fund ETF (NYSEArca: TIP) and Vanguard Intermediate Term Corp Bond (NasdaqGM: VCIT), iShares Russell 1000 Value (NYSEArca: IWD) and iShares Russell 100 Growth (NYSEArca: IWF).
PowerShares High Yield Equity Dividend Achievers (NYSEArca: PEY) had a block buyer today, trading 4x ADV.
In internationals, PowerShares Europe Currency Hedged Low Volatility (NYSEArca: FXEU) has seen some big volumes recently in what look to be inflows.
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The fund screens the 80 least volatile Eurozone stocks, while hedging the currency of the euro to the US dollar. This has become a popular product since its inception, with volatile European equities and an expense ratio that competes even with vanilla euro exposure products.
iShares MSCI EAFE Growth (NYSEArca: EFG) looked to have a block seller this morning; trading 5x ADV. iShares International Developed Real Estate (Nasdaq: IFGL) and iShares Mortgage Real Estate (NYSEArca: REM) both looked to have steady buyers today. A derivatively priced print in Vanguard Large Cap (NYSEArca: VV) had volumes over 22x ADV.
Millennial Themed ETF Launched
The first millennial themed ETF launched today on Nasdaq: Global X Millennials Thematic ETF (MILN).
The fund takes a new approach to track key demographic and consumer behavior trends of the millennial population.
[related_stories]To be specific – the Millennial generation refers to the demographic cohort in the US with birth years ranging from 1980 to 2000.
The index identifies eight key spending categories (Clothing, apparel, health, fitness etc.) and allocates the companies based on their exposure. Top weightings at inception lean towards Internet Software and Services, Internet Retail, Residential REITs, and Restaurants.
Turkey ETF Pops As PM Resigns
National holidays in Japan, South Korea, Indonesia, and a few Nordic European countries led to light volume overseas on Thursday.
An ETF that stood out was the iShares MSCI Turkey ETF (NYSEArca: TUR) following news their Prime Minister Ahmet Davutoglu resigned; the ETF popped roughly +4% today, after declining over 14% this week.
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President Erdogan appointed PM Davutoglu in 2014, while still seeking tighter control over the Turkey.
This comes at a time of instability, where there has been escalating conflict with rebels, attacks by ISIS, and an influx of refugees. His successor will be chosen on May 22, with potential successors being the transport minister Minali Yildirm or Erdogan’s son-in-law and energy minister Berat Albayrak.
Don’t Forget Fixed Income/Commodities
In addition to the names above, the market also saw buyers of SPDR Barclays Capital TIPS ETF (NYSEArca: IPE), trading 8x ADV.
Both iShares High Yield Corp Bond (NYSEArca: HYG) and SPDR Barclays Capital High Yield Bond ETF (NYSEArca: JNK) looked to be under selling pressure again today, as redemptions extended.
Oil markets were in rally mode with a number of headline catalysts affecting supply.
Related: 32 Best ETFs to Track Crude Oil
First, a massive wildfire in Alberta Canada caused evacuations and shut oil production in the area, which takes about 640,000 barrels per day or 16% of Canada’s crude production offline. There also was tension between competing government crude tankers in Libya, due to blocking of ports.
In addition, Saudi Aramco raised pricing for Arab Light crude to Asia by $1.10 a barrel to a 25 cent premium over the regional benchmark. Bloomberg estimates pegged the increase around 65 cents a barrel.