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The Low Volatility ETF Purge Continues

Tuesday, November 22, 2016 10:49
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Analyst Paul Weisbruch’s daily fund flows update includes some outflows from the world’s most popular ETF, continued interest in small caps, and a rotation out of a major low volatility fund and into a riskier variant.

There was some mild profit taking yesterday in SPY, reversing the trend of unabated inflows into the ETF since the U.S. Presidential election results. We’ve seen about $1.1 billion leave the fund via redemptions after the SPY hit multiple new all-time highs.

As we’ve mentioned previously, the inflows into small-cap stocks has not worn off, however. Not only has IWM (Russell 2000) seen big inflows, but related fund IJR (iShares Core S&P SmallCap) has also attracted new assets on the near term breakout since Trump’s election.

Elsewhere, there seems to have been a rotation out of EFAV (iShares MSCI EAFE Minimum Volatility) and into IEFA (iShares Core MSCI EAFE), which is perhaps a reflection of portfolio managers being willing to embrace more risk in terms of their EAFE (Europe, Australasia and the Far East) exposure here.

We didn’t see much in terms of unusual options activity yesterday. ETF/Index options trading was rather dormant, and that trend may well continued throughout the rest of the week, given the shortened holiday schedule ahead of Turkey Day on Thursday, and only a half day of trading on Friday.

Disclaimer: The content of this article is excerpted from a daily newsletter from Street One Financial. While ETF Daily News may edit the contents and add a relevant title to the piece, the author, Paul Weisbruch, does not endorse or recommend any issuer or security mentioned herein.

About the Author: Paul Weisbruch
paul-weisbruchPaul Weisbruch is the VP of ETF/Options Sales and Trading at Street One Financial. Prior to joining the team at Street One, Paul served as the Director of RIA and Institutional ETF Sales at RevenueShares ETFs from December 2007 until November of 2009. Before RevenueShares, Paul was employed by Susquehanna International Group from 2000 until 2007 serving in roles including OTC/NYSE Institutional Block Trading, Nasdaq/OTC Market Making, ETF/Derivatives Intelligence and Strategy, Algorithmic Trading, as well as acting as the PHLX Floor Specialist in the ETFs, SPY and DIA.

Paul has been actively involved in the ETF space from both a product and trading standpoint since 2000. Additionally, Paul has well forged relationships with national RIAs, institutional pension fund managers and consultants, mutual fund and hedge fund managers, and also the ETF media. Co-authoring the “S1F ETF Daily” since 2009, the daily piece has become a must for many portfolio managers in the ETF space, with segments regularly appearing in the likes of Barron’s, WSJ, and for instance.

He holds his Series 4 (Registered Options Principal), 6, 7, 55 (Equity Trader), 63, and 65 licenses. He graduated from the University of Pittsburgh (B.S. – Economics), graduating magna cum laude, and has an MBA from Villanova University.

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