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U.S. stocks had an upbeat July. The solid performance was driven by cooling inflation and stronger-than-expected earnings reports that supported the case that the United States could avoid a recession. Upbeat GDP data added to the strength.
The American economy surprisingly gathered steam in the second quarter, thanks to resilience among consumers and businesses in the face of high interest rates. This is especially true as the GDP grew 2.4% annually from 2% growth in the first quarter.
Though the month of August opened on an edgy note thanks to the Fitch Ratings’ downgrade of U.S. credit from AAA to AA+, the underlying investing backdrop looks pretty solid. Against this backdrop, we highlight the ETF asset winners of the past month (as of Aug 3, 2023).
S&P 500 Tops
iShares Core S&P 500 ETF (IVV - Free Report) , Vanguard 500 Index Fund (VOO) and Invesco QQQ Trust (QQQ - Free Report) added about $11.79 billion, $4.51 billion and $4.50 billion in assets, respectively, over the past month (as of Aug 3, 2023). Invesco S&P 500 Equal Weight ETF (RSP - Free Report) hauled in about $3.73 billion in assets.
The S&P 500’s major share goes to big tech stocks now and hence to the Nasadq-100 ETF QQQ. With the AI mania sweeping the world, investors put a lot of trust in big tech stocks as well as in the S&P 500 and QQQ. After all, tech is still dominating the stock market (read: "Big Tech" Earnings Review: ETFs in Focus).
Mid-Cap Wins
iShares Core S&P Mid-Cap ETF (IJH - Free Report) attracted about $3.95 billion in the past month (as of Aug 3, 2023). Mid caps offer the best of both worlds. It is the most popular fund in the mid-cap space, with AUM of $74.2 billion and an average daily volume of 1.4 million shares. It tracks the S&P MidCap 400 Index and holds 406 stocks in its basket. Industrials, consumer discretionary, financials and information technology are the top four sectors with double-digit exposure each (read: 5 ETFs That Garnered Investors' Love Last Week).
Bonds: Investors’ Favorite Too
iShares 20+ Year Treasury Bond ETF (TLT - Free Report) , iShares Treasury Floating Rate Bond ETF (TFLO - Free Report) , iShares Core U.S. Aggregate Bond ETF (AGG - Free Report) and Vanguard Intermediate-Term Treasury Index ETF (VGIT - Free Report) fetched about $4.41 billion, $3.26 billion, $2.61 billion and $2.0.5 billion in assets in the past one month.
The Fed hiked interest rate in July, marking its 11th hike since March 2022. The interest rates in the United States are expected to remain higher for longer. The Fed may hike rates further (though at a sluggish pace) to tame sticky inflation due to a solid labor market and signs of economic resilience.
Moreover, U.S. credit downgrade has raised benchmark treasury yields to levels not seen since November 2022. As a result, floating rate bonds (that are designed to fight surging yields), as well as higher-yielding bonds, have gained attention (read: Rising Rates ETF (RISR) Hits New 52-Week High).
International Value ETF Rocks
iShares MSCI EAFE Value ETF (EFV - Free Report) has amassed about $1.64 billion in assets in the past month. The underlying MSCI EAFE Value Index includes securities from Europe, Australasia, the Middle East and the Far East. With rising rate worries taking the world in its grip and economic slowdown fears looming in the international economies, value investing appears to have taken a place in the investor psyche.
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ETF Asset Reports of July: S&P 500 Wins
U.S. stocks had an upbeat July. The solid performance was driven by cooling inflation and stronger-than-expected earnings reports that supported the case that the United States could avoid a recession. Upbeat GDP data added to the strength.
The American economy surprisingly gathered steam in the second quarter, thanks to resilience among consumers and businesses in the face of high interest rates. This is especially true as the GDP grew 2.4% annually from 2% growth in the first quarter.
Though the month of August opened on an edgy note thanks to the Fitch Ratings’ downgrade of U.S. credit from AAA to AA+, the underlying investing backdrop looks pretty solid. Against this backdrop, we highlight the ETF asset winners of the past month (as of Aug 3, 2023).
S&P 500 Tops
iShares Core S&P 500 ETF (IVV - Free Report) , Vanguard 500 Index Fund (VOO) and Invesco QQQ Trust (QQQ - Free Report) added about $11.79 billion, $4.51 billion and $4.50 billion in assets, respectively, over the past month (as of Aug 3, 2023). Invesco S&P 500 Equal Weight ETF (RSP - Free Report) hauled in about $3.73 billion in assets.
The S&P 500’s major share goes to big tech stocks now and hence to the Nasadq-100 ETF QQQ. With the AI mania sweeping the world, investors put a lot of trust in big tech stocks as well as in the S&P 500 and QQQ. After all, tech is still dominating the stock market (read: "Big Tech" Earnings Review: ETFs in Focus).
Mid-Cap Wins
iShares Core S&P Mid-Cap ETF (IJH - Free Report) attracted about $3.95 billion in the past month (as of Aug 3, 2023). Mid caps offer the best of both worlds. It is the most popular fund in the mid-cap space, with AUM of $74.2 billion and an average daily volume of 1.4 million shares. It tracks the S&P MidCap 400 Index and holds 406 stocks in its basket. Industrials, consumer discretionary, financials and information technology are the top four sectors with double-digit exposure each (read: 5 ETFs That Garnered Investors' Love Last Week).
Bonds: Investors’ Favorite Too
iShares 20+ Year Treasury Bond ETF (TLT - Free Report) , iShares Treasury Floating Rate Bond ETF (TFLO - Free Report) , iShares Core U.S. Aggregate Bond ETF (AGG - Free Report) and Vanguard Intermediate-Term Treasury Index ETF (VGIT - Free Report) fetched about $4.41 billion, $3.26 billion, $2.61 billion and $2.0.5 billion in assets in the past one month.
The Fed hiked interest rate in July, marking its 11th hike since March 2022. The interest rates in the United States are expected to remain higher for longer. The Fed may hike rates further (though at a sluggish pace) to tame sticky inflation due to a solid labor market and signs of economic resilience.
Moreover, U.S. credit downgrade has raised benchmark treasury yields to levels not seen since November 2022. As a result, floating rate bonds (that are designed to fight surging yields), as well as higher-yielding bonds, have gained attention (read: Rising Rates ETF (RISR) Hits New 52-Week High).
International Value ETF Rocks
iShares MSCI EAFE Value ETF (EFV - Free Report) has amassed about $1.64 billion in assets in the past month. The underlying MSCI EAFE Value Index includes securities from Europe, Australasia, the Middle East and the Far East. With rising rate worries taking the world in its grip and economic slowdown fears looming in the international economies, value investing appears to have taken a place in the investor psyche.