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Equity ETFs Attract Investors Amid Market Downturn Last Week
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The ETF buying spree continued last week despite the weakness in stock market. Overall, ETFs pulled in $12.5 billion in capital last week, taking the year-to-date inflows to $229.6 billion. U.S. equity ETFs led the way higher with $11.5 billion in inflows, closely followed by $765.2 million in international fixed-income ETFs and $546.8 million in U.S. fixed-income ETFs, per etf.com.
As such, iShares Core S&P 500 ETF (IVV - Free Report) , Invesco QQQ Trust (QQQ - Free Report) , Invesco Russell 1000 Dynamic Multifactor ETF (OMFL - Free Report) , Invesco S&P 500 Equal Weight ETF (RSP - Free Report) and Vanguard Total Stock Market ETF (VTI - Free Report) dominated the top creation list last week.
Wall Street capped weekly losses as rate hike fears returned. The S&P 500 and the Nasdaq Composite Index dropped 1.2% and 0.9%, respectively, while the Dow Jones shed 2% in its worst weekly performance since March.
Though the economy added lower-than-expected jobs in June, average hourly earnings increased by 0.4% and the unemployment rate declined from 3.7% in May. This has heightened fears that the central bank may have reason to resume hiking later this month. According to CME Group’s FedWatch tool, traders kept their bets on a resumption in rate hike on Jul 26, pricing in a 92% chance of a quarter-point increase.
In its last meeting, the Federal Reserve kept the rates unchanged after raising them for the 10th consecutive time to combat elevated inflation but signaled another rate hike in the near future. Fed officials indicated there could be two more quarter-percentage-point increases this year (read: 5 ETF Zones Primed for 2023 Growth Amid Rate Hike Prospects).
iShares Core S&P 500 ETF topped asset flow creation last week, pulling in $3 billion in capital. It tracks the S&P 500 Index and holds 503 stocks in its basket, each accounting for no more than 7.7% of assets. iShares Core S&P 500 ETF is heavy on the information technology sector, while healthcare and financials round off its next two spots with a double-digit allocation each.
iShares Core S&P 500 ETF charges investors 3 bps in annual fees and trades in an average daily volume of 3.5 million shares. It has AUM of $334.4 billion and a Zacks ETF Rank #2 (Buy) with a Medium risk outlook.
Invesco QQQ saw an inflow of $2.6 billion in capital. It provides exposure to the 101 largest domestic and international non-financial companies listed on the Nasdaq by tracking the Nasdaq 100 Index. Invesco QQQ is heavily concentrated on the top two firms with a double-digit allocation, while other firms hold no more than 7% of assets (read: 10 Most-Heavily Traded ETFs of the Last Three Months).
Invesco QQQ is one of the largest and most popular ETFs in the large-cap space, with AUM of $201.5 billion and an average daily volume of 49 million shares. QQQ charges investors 20 bps in annual fees and has a Zacks ETF Rank #2 with a Medium risk outlook.
Invesco Russell 1000 Dynamic Multifactor ETF (OMFL - Free Report)
Invesco Russell 1000 Dynamic Multifactor ETF accumulated $1.5 billion in its asset base last week, propelling total AUM to $5.8 billion. It tracks the Russell 1000 Invesco Dynamic Multifactor Index, which is constructed using a rules-based approach that re-weights large-cap securities of the Russell 1000 Index according to economic cycles and market conditions, reflected by expansion, slowdown, contraction or recovery. Invesco Russell 1000 Dynamic Multifactor ETF holds 414 well-diversified stocks in its basket, with key holdings in financials, industrials, consumer discretionary and materials.
Invesco Russell 1000 Dynamic Multifactor ETF charges 29 bps in annual fees and trades in an average daily volume of 793,000 shares.
Invesco S&P 500 Equal Weight ETF has gathered $683.7 million in capital. It tracks the S&P 500 Equal Weight Index, which equally weights the stocks in the S&P 500 Index. It holds 505 stocks in its basket and charges 20 bps in annual fees (read: ETFs to Tap S&P 500 After Best 1H Since 2009).
Invesco S&P 500 Equal Weight ETF has amassed $39.5 billion in its asset base and trades in an average daily volume of 5 million shares and has a Zacks Rank #3 (Hold).
Vanguard Total Stock Market ETF gathered $308 million in capital. It provides exposure to the broader stock market by tracking the CRSP US Total Market Index. Vanguard Total Stock Market ETF holds a large basket of well-diversified 3,883 stocks with key holdings in technology, consumer discretionary, healthcare, industrials and financials.
Vanguard Total Stock Market ETF charges 3 bps in fees per year from investors and trades in an average daily volume of 2.5 million shares. VTI has amassed $308.1 billion in its asset base and has a Zacks ETF Rank #2 with a Medium risk outlook.
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Equity ETFs Attract Investors Amid Market Downturn Last Week
The ETF buying spree continued last week despite the weakness in stock market. Overall, ETFs pulled in $12.5 billion in capital last week, taking the year-to-date inflows to $229.6 billion. U.S. equity ETFs led the way higher with $11.5 billion in inflows, closely followed by $765.2 million in international fixed-income ETFs and $546.8 million in U.S. fixed-income ETFs, per etf.com.
As such, iShares Core S&P 500 ETF (IVV - Free Report) , Invesco QQQ Trust (QQQ - Free Report) , Invesco Russell 1000 Dynamic Multifactor ETF (OMFL - Free Report) , Invesco S&P 500 Equal Weight ETF (RSP - Free Report) and Vanguard Total Stock Market ETF (VTI - Free Report) dominated the top creation list last week.
Wall Street capped weekly losses as rate hike fears returned. The S&P 500 and the Nasdaq Composite Index dropped 1.2% and 0.9%, respectively, while the Dow Jones shed 2% in its worst weekly performance since March.
Though the economy added lower-than-expected jobs in June, average hourly earnings increased by 0.4% and the unemployment rate declined from 3.7% in May. This has heightened fears that the central bank may have reason to resume hiking later this month. According to CME Group’s FedWatch tool, traders kept their bets on a resumption in rate hike on Jul 26, pricing in a 92% chance of a quarter-point increase.
In its last meeting, the Federal Reserve kept the rates unchanged after raising them for the 10th consecutive time to combat elevated inflation but signaled another rate hike in the near future. Fed officials indicated there could be two more quarter-percentage-point increases this year (read: 5 ETF Zones Primed for 2023 Growth Amid Rate Hike Prospects).
We have detailed the ETFs below:
iShares Core S&P 500 ETF (IVV - Free Report)
iShares Core S&P 500 ETF topped asset flow creation last week, pulling in $3 billion in capital. It tracks the S&P 500 Index and holds 503 stocks in its basket, each accounting for no more than 7.7% of assets. iShares Core S&P 500 ETF is heavy on the information technology sector, while healthcare and financials round off its next two spots with a double-digit allocation each.
iShares Core S&P 500 ETF charges investors 3 bps in annual fees and trades in an average daily volume of 3.5 million shares. It has AUM of $334.4 billion and a Zacks ETF Rank #2 (Buy) with a Medium risk outlook.
Invesco QQQ Trust (QQQ - Free Report)
Invesco QQQ saw an inflow of $2.6 billion in capital. It provides exposure to the 101 largest domestic and international non-financial companies listed on the Nasdaq by tracking the Nasdaq 100 Index. Invesco QQQ is heavily concentrated on the top two firms with a double-digit allocation, while other firms hold no more than 7% of assets (read: 10 Most-Heavily Traded ETFs of the Last Three Months).
Invesco QQQ is one of the largest and most popular ETFs in the large-cap space, with AUM of $201.5 billion and an average daily volume of 49 million shares. QQQ charges investors 20 bps in annual fees and has a Zacks ETF Rank #2 with a Medium risk outlook.
Invesco Russell 1000 Dynamic Multifactor ETF (OMFL - Free Report)
Invesco Russell 1000 Dynamic Multifactor ETF accumulated $1.5 billion in its asset base last week, propelling total AUM to $5.8 billion. It tracks the Russell 1000 Invesco Dynamic Multifactor Index, which is constructed using a rules-based approach that re-weights large-cap securities of the Russell 1000 Index according to economic cycles and market conditions, reflected by expansion, slowdown, contraction or recovery. Invesco Russell 1000 Dynamic Multifactor ETF holds 414 well-diversified stocks in its basket, with key holdings in financials, industrials, consumer discretionary and materials.
Invesco Russell 1000 Dynamic Multifactor ETF charges 29 bps in annual fees and trades in an average daily volume of 793,000 shares.
Invesco S&P 500 Equal Weight ETF (RSP - Free Report)
Invesco S&P 500 Equal Weight ETF has gathered $683.7 million in capital. It tracks the S&P 500 Equal Weight Index, which equally weights the stocks in the S&P 500 Index. It holds 505 stocks in its basket and charges 20 bps in annual fees (read: ETFs to Tap S&P 500 After Best 1H Since 2009).
Invesco S&P 500 Equal Weight ETF has amassed $39.5 billion in its asset base and trades in an average daily volume of 5 million shares and has a Zacks Rank #3 (Hold).
Vanguard Total Stock Market ETF (VTI - Free Report)
Vanguard Total Stock Market ETF gathered $308 million in capital. It provides exposure to the broader stock market by tracking the CRSP US Total Market Index. Vanguard Total Stock Market ETF holds a large basket of well-diversified 3,883 stocks with key holdings in technology, consumer discretionary, healthcare, industrials and financials.
Vanguard Total Stock Market ETF charges 3 bps in fees per year from investors and trades in an average daily volume of 2.5 million shares. VTI has amassed $308.1 billion in its asset base and has a Zacks ETF Rank #2 with a Medium risk outlook.