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  • Sep. 13, 2015, 9:00 AM
    • The $1.1B iShares MSCI USA Quality Factor ETF (NYSEARCA:QUAL) now tracks the MSCI USA Sector Neutral Quality Index. The new index selects companies with a greater degree of quality characteristics relative to the other companies in their respective Global Industry Classification Standard sectors, rather than picking them from the parent index.
    • The $647M iShares USA Value Factor ETF (NYSEARCA:VLUE) now tracks the MSCI USA Enhanced Value Index for similar reasoning.
    • The $45M iShares MSCI USA ETF (NYSEARCA:EUSA) tries to garner some more interest, abandoning the MSCI USA Index and changing its name to the iShares MSCI USA Equal Weighted ETF. The newly-named ETF tracks the MSCI USA Equal Weighted Index, and transforms itself from a run-of-the-mill cap-weighted fund into the latest smart-beta ETF.
    • Source:
    | Sep. 13, 2015, 9:00 AM
  • Jan. 15, 2014, 11:47 AM
    • Invesco's (IVZ) ETF management group, PowerShares, announced the launch of the NYSE Century Portfolio ETF (NYCC) earlier today.
    • By tracking companies that have been incorporated in the U.S. for at least 100 years, with a market cap of over a billion dollars and are currently trading on the NYSE or NASDAQ, this fund offers exposure to some of the strongest institutions available.
    • Other multi-cap U.S. ETFs: VTI, SCHB, ITOT, ONEQ, IYY, NYC, EXT, FVI, EUSA, FNDB, TOTS
    | Jan. 15, 2014, 11:47 AM | 2 Comments
  • Nov. 23, 2013, 9:00 AM
    • The financial crisis changed nothing, writes Vanguard's Fran Kinniry: Investors continue to chase returns, and have lately been jettisoning fixed income for stocks. Driven by the 4th greatest bull market on record - a cumulative return of 198% since the bottom - global equity allocation for investors has increased to 57% from 38%, and vs. the 20-year median of 51%.
    • It's probably time for the typical investor (one with an equity-heavy portfolio) to maintain a prudent allocation by directing new cash flows into bonds, while selling stocks - the exact opposite of where money is flowing today.
    • "Rebalancing usually seems counterintuitive at the time when it promises to be most effective," says Finniry. "It can be difficult to implement from a behavioral standpoint and requires incredible discipline." With equities partying and the near-universal belief of higher interest rates on the way, who could blame an investor for not wanting to sell stocks and buy bonds.
    • "It is very common following significant gains in the equity markets for investors to question the benefits of rebalancing," but it's never "different this time;" instead it's the "same as it ever was."
    | Nov. 23, 2013, 9:00 AM | 35 Comments
  • Nov. 4, 2013, 3:29 PM
    • Sign of the times: Bill Gross' Total Return Fund (the ETF version is BOND) is no longer the world's largest mutual fund as fixed-income loses favor and indexing makes a comeback. With $251B in AUM, Vanguard's Total Stock Market Index Fund (ETF version is VTI) has moved to the #1 spot.
    • The Pimco fund is suffering its worst year of redemptions ever, losing $4.4B in October for a YTD total of $33.2B (it's down about another $4B due to market losses). Bond mutual funds in total have seen $117B in redemptions in the four months ended September vs. $35B of inflows into stock funds (earlier: October is 3rd best month ever for stock fund inflows).
    • Total stock market ETFs: IYY, VTI, EXT, TOTS, EUSA, ITOT.
    • Broad bond market ETFs: AGG, BND, LAG, SCHZ, BOND, SAGG, MINC.
    | Nov. 4, 2013, 3:29 PM
  • Nov. 4, 2013, 11:41 AM
    • Estimated at $54B, according to TrimTabs, stock fund and ETF inflows in October were the 3rd largest monthly total on record. Bond funds lost $26B during the same period, the worst month since 2000.
    • Separate data from BlackRock shows a rush of money entering funds following a deal to end the government shutdown  - $24.3B of the $32.9B of money entering ETFs worldwide during the month occurred after October 17.
    • Total market ETFs: IYY, VTI, EXT, TOTS, EUSA, ITOT.
    | Nov. 4, 2013, 11:41 AM | 5 Comments
  • Oct. 29, 2013, 1:04 PM
    • $277B in fresh cash has flowed into equity ETFs and stock mutual funds YTD, according to TrimTabs, putting 2013 on pace to surpass 2000's $324B in inflows.
    • Three of the largest single-month inflow totals on record occurred this year - $66.3B in January, $55.3B in July, and $46B thus far in October.
    • Total market ETFs: IYY, VTI, EXT, TOTS, EUSA, ITOT.
    | Oct. 29, 2013, 1:04 PM | 1 Comment
  • Oct. 24, 2013, 8:18 AM
    • Bears vanish in the AAII Investor Sentiment Survey, falling 7.3 points to just 17.6% in the week ending October 23. The last time it was this low was in early January 2012, not the worst time in the world to buy.
    • Bulls were 2.9 points higher to 49.2%.
    • At the August low (and when the 10-year Treasury rate was 50 basis points higher), bears were at 42.9%, bulls at 29%.
    • Total market ETFs: IYY, VTI, EXT, TOTS, EUSA, ITOT.
    | Oct. 24, 2013, 8:18 AM | 1 Comment
  • Oct. 22, 2013, 3:28 PM
    • With Nouriel Roubini now preferring the moniker "Dr. Realist" to "Dr. Doom," and David Rosenberg turning optimistic, who's left to sell?
    • "If you picture a small child throwing a stone upward and out over the edge of the Grand Canyon, you’ll get a general idea of the market trajectory that we expect over the completion of this cycle," says John Hussman, remaining faithful to his fans.
    • He notes the S&P 500 price/revenue ratio of 1.6 is double the pre-bubble historical norm of 0.8. At the 1987 peak, the ratio was less than 1. At the 1965 and 1972 highs, it never breached 1.3.
    • "Also, take care to note that the price/revenue multiple is twice the historical median – not twice the level where bear markets have typically ended. No, the price/revenue ratio is closer to three times that level."
    • Total U.S. stock market ETFs: IYY, VTI, EXT, TOTS, EUSA, ITOT.
    | Oct. 22, 2013, 3:28 PM | 11 Comments
  • Oct. 20, 2013, 8:56 PM
    • It's no surprise fixed income is a hated asset class, but how much so? Just 4% of respondent's in Barron's Big Money poll of money managers are bullish on the sector, with 85% bearish. By contrast, 79% have a positive view of equities vs. 7% negative.
    • Not surprising given negative feelings about the bond market, the utility sector garners the most votes (32%) for being the worst expected performer over the next year. Taking first place for the sector expected to perform best is - what else - tech.
    • WIth 91% of managers in agreement, Sears (SHLD) tops the list of most-hated stocks. Next at 87% is Tesla (TSLA). After that with 80% Is Herbalife (HLF), followed closely by ZIllow (Z) and Netflix (NFLX).
    • Apple (AAPL) and Berkshire Hathaway (BRK.A, BRK.B) top the list of most-loved stocks with 70%, followed by Citibank (C) at 60%.
    • Broad fixed-income ETFs: AGG, BND, LAG, SCHZ, BOND, SAGG, MINC.
    • Broad equity exposure ETFs: IYY, VTI, EXT, TOTS, EUSA, ITOT.
    | Oct. 20, 2013, 8:56 PM | 14 Comments
  • Oct. 4, 2013, 3:28 PM
    | Oct. 4, 2013, 3:28 PM
  • Sep. 27, 2013, 9:49 AM
    • Seeing weaker returns for fixed income going forward following a 30-year bull market, Fidelity is boosting equity exposure in its target-date retirement funds. For investors under the age of 67, allocations to equities will rise as much as 1500 basis points.
    • The move to a more aggressive stance brings Fidelity more inline with that of 401(k) plan competitors like Vanguard and T. Rowe Price (together the three control about 75% of industry assets).
    • Fidelity's changed mix will have a 90% allocation to stocks until workers reach 48 vs. 75% now. By the time they reach age 84, about 75% will be in fixed income and cash.
    | Sep. 27, 2013, 9:49 AM
  • Sep. 19, 2013, 8:52 AM
    • The Fed ins't worried about inflation, and wants "growth first, growth second, and growth third," says David Tepper, opining on the non-taper.
    • Toss in the stabilization in Europe, the "apparent" pickup in China, and a reasonable U.S. economy, and it's a "pretty favorable environment for the markets."
    • Broad equity ETFs: IYY, VTI, EXT, TOTS, EUSA, ITOT.
    | Sep. 19, 2013, 8:52 AM
  • Sep. 17, 2013, 10:55 AM
    • The summer bond crash has fund managers shuffling money into equities, according to the BAML fund manager survey, which shows those overweight stocks rising to 60% in September - the highest level since February 2011. Digging a little deeper finds exposure to consumer staples (XLP) is the highest in 10 years, to European stocks the highest in 6 years, and an 11-year high for U.K. equities (EWU).
    • European stock ETFs: EZU, VGK, FEZ, EPV, IEV, ADRU, FEP, FDD, UPV, EPV, DFE, FEU, FEEU.
    • Blogger ukarlewitz digs even deeper and finds the spread between equity and bond ratings is the 2nd highest in the 12-year history of the survey.
    • Undermining this apparent confidence, notes BAML's Michael Hartnett, are cash levels that remain "exceptionally high" at 4.6%. He reminds of the rule to buy stocks when cash is above 4.5%, and sell when it falls below 3.5%.
    • Broad fixed income ETFs: AGG, BND, LAG, SCHZ, BOND, SAGG, MINCGYLD, INKM.
    • Broad equity ETFs: IYY, VTI, EXT, TOTS, EUSA, ITOT.
    | Sep. 17, 2013, 10:55 AM
  • Aug. 30, 2013, 12:29 PM
    • Bond yields won't present a headwind to equities until the 10-year Treasury gets to the 3.25-3.5% level, says Credit Suisse, recommending clients stay overweight stocks.
    • Year-over-year global GDP growth is accelerating for the first time in 3 years.
    • Liquidity conditions remain supportive with the first Fed rate hike still many quarters away.
    • The trends of equity outflows/fixed income inflows has now clearly reversed. Not mentioned by those bullish because of the great rotation is that stocks have had a massive rally the past few years as money exited equity funds. Why then would inflows be a tailwind?
    • Broad equity ETFs: IYY, VTI, EXT, TOTS, EUSA, ITOT.
    | Aug. 30, 2013, 12:29 PM
  • Aug. 28, 2013, 9:50 AM
    | Aug. 28, 2013, 9:50 AM
  • Aug. 12, 2013, 7:51 AM
    • That this bull market is "unloved" is a myth, writes Brent Arends. Retail investors poured $92B into stock mutual funds YTD, according to ICI, compared to last year's first 7 months in which they withdrew $180B. The last time this sort of money flowed into stocks was the first 7 months of 2007.
    • Separately, a JPMorgan report says retail investors are not overweight bonds and instead appear to be "significantly overweight" equities.
    • Every stock bought must be sold, so who's selling? A Citi report says hedge fund and real money selling over the past month has been almost unprecedented.
    • Broad U.S. market ETFs: IYY, VTI, EXT, TOTS, EUSA, ITOT.
    | Aug. 12, 2013, 7:51 AM | 2 Comments
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