Earnings Lead to Record Highs

Monday, July 29, 2019 - The stock market finished the week higher with the S&P 500 (+1.7%) and Nasdaq Composite (+2.3%) setting new record highs in the process. Upbeat earnings results throughout the week, and an encouraging first look into second-quarter GDP, helped the stock market continues its upward trend. The Russell 2000 advanced 2.0%. The Dow Jones Industrial Average increased just 0.1%, undercut by an 8.6% weekly decline in shares of Boeing (BA) amid ongoing company-specific issues.

More than 40% of S&P 500 companies have now released their earnings reports and most of the results this week continued to come in better than expected. Alphabet (GOOG) exceeded expectations, and shares climbed more than 10% the following day. Investors were less pleased, however, with tepid revenue guidance from Facebook (FB) and a profit miss from Amazon (AMZN).

The S&P 500 communication services sector (+4.6%), which is home to Alphabet, was this week's outright leader. The financials (+2.7%) and information technology (+2.4%) sectors followed suit, while the energy (-0.6%) and utilities (-0.6%) sectors finished lower. The Philadelphia Semiconductor Index remained on a tear, rising 4.6% this week on positive commentary out of Goldman Sachs, upbeat earnings results from Texas Instruments (TXN), and news that the U.S. will head to China next week to continue trade talks. For the year, the PHLX is now up 38.0%.

On the data front, the advance estimate for second-quarter GDP increased at a seasonally adjusted annual rate of 2.1% (Briefing.com consensus 1.8%). Although the U.S. economy did slow down from the 3.1% growth recorded in the first quarter, strong consumer spending helped the economy grow better than expected. The upbeat data is likely to feed into Boston Fed President Rosengren's (FOMC voter) view that the Fed should keep rates unchanged at its policy meeting next week. Mr. Rosengren's stance is a minority position in the market's mind, though, especially at a time when central banks around the world, including the European Central Bank, have called for easier monetary policy.

U.S. Treasuries ended the week little changed, leaving yields at relatively low levels that continued to favor risk assets. The 2-yr yield increased three basis points to 1.87%, and the 10-yr yield remained unchanged at 2.08%. The U.S. Dollar Index advanced 0.9% to 98.01. WTI crude advanced 1.0% to $56.19/bbl.

The top 3 ETFG Quant Gainers of this week are Principal Contrarian Value Index ETF (PVAL), First Trust Hedged BuyWrite Income ETF (FTLB), and Global X FinTech Thematic ETF (FINX). The top rated 3 Quant Losers of the week are Vanguard FTSE All-World ex-US ETF (VEU), IQ 50 Percent Hedged FTSE Europe ETF (HFXE), and WisdomTree Europe Quality Dividend Growth Fund (EUDG).

The ETFG Select list shows our top-rated ETF by each sector. Global X Gold Explorers ETF (GOEX) is our top rated Basic Material. Invesco Dynamic Retail ETF (PMR) is our top rated Consumer Discretionary. Our top rated Consumer Staples ETF is iShares Global Consumer Staples ETF (KXI). Our top rated Energy ETF is VanEck Vectors Oil Service ETF (OIH).

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Assumptions, opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice.  ETF Global LLC (“ETFG”) and its affiliates and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively ETFG Parties) do not guarantee the accuracy, completeness, adequacy or timeliness of any information, including ratings and rankings and are not responsible for errors and omissions or for the results obtained from the use of such information and ETFG Parties shall have no liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of such information. ETFG PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE.  In no event shall ETFG Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the information contained in this document even if advised of the possibility of such damages.

ETFG ratings and rankings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. ETFG ratings and rankings should not be relied on when making any investment or other business decision.  ETFG’s opinions and analyses do not address the suitability of any security.  ETFG does not act as a fiduciary or an investment advisor.  While ETFG has obtained information from sources they believe to be reliable, ETFG does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors.  Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.  Prices, values, or income from any securities or investments mentioned in this report may fall against the interests of the investor and the investor may get back less than the amount invested.  Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate.  Where an investment or security is denominated in a different currency to the investor's currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor.

Earnings, Earnings, Earnings

Monday, July 22, 2019 - US earnings season officially kicked off last week and through yesterday approximately 15% of the S&P 500 has reported results for the second quarter. This earnings season draws particular interest due to recent economic indicators, both domestically and abroad, pointing to signs of slowing growth and the impact of trade tariffs. While still very early in the reporting season, the good news is that earnings have been better than feared. The EPS growth rate for the second quarter is trending toward +2.3%, which is a slight improvement relative to the -2% growth rate expected only a few weeks earlier.

US Financials have posted stronger than expected results due to a robust lending environment, tight expense controls and aggressive share buybacks. Credit conditions remain sound, putting to rest any concerns that the US consumer is showing signs of fatigue. While the consumer appears healthy, earnings weakness from US railroads highlight some of the challenges that the US industrial sector is facing. CSX lowered full year guidance this week due to macroeconomic and trade uncertainty, sending the stock down 10% on the day. The disparity in earnings reflects the bifurcation that the US economy is experiencing since the trade dispute began last year. Adding to the noise, the continued shutdown of Boeing’s 737 fleet has also damaged trade – airlines are a significant manufacturing segment with ripples through a variety of industrial areas.

Recent trade policies have slowed several cylinders of the US economic engine, leading to declining economic forecasts for the full year despite a healthy consumer. The market appears to be optimistic that US and China trade relations will improve in the coming months healing the US industrial sector and business confidence. Until then, we expect a choppy environment for the foreseeable future with heightened earnings volatility. Our view is that the US consumer will finish strong after a noisy start to the year, but ultimately the industrial sector needs to fire up again for this economy to get back to a growth rate that soothes investors and extends the cycle.

ETFG Quant Movers

The top 3 Quant Gainers of this week are IQ Chaikin US Large Cap ETF (CLRG), Sprott Gold Miners ETF (SGDM), and Vanguard FTSE All-World ex-US ETF (VEU). The top rated 3 Quant Losers of the week are IQ 50 Percent Hedged FTSE Europe ETF (HFXE), Global X MSCI Greece ETF (GREK), and JPMorgan Long/Short ETF (JPLS).

ETFG Weekly Select List

The ETFG Select list shows our top-rated ETF by each sector. Global X Gold Explorers ETF (GOEX) is our top rated Basic Material. Invesco Dynamic Retail ETF (PMR) is our top rated Consumer Discretionary. Our top rated Consumer Staples ETF is iShares Global Consumer Staples ETF (KXI). Our top rated Energy ETF is VanEck Vectors Oil Service ETF (OIH).

To learn more about our ETFG Select List, please visit us at https://www.etfg.com/etfg-select-list or call us at (212) 223-ETFG (3834).

Thanks for reading ETF Global Perspectives!

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Assumptions, opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice.  ETF Global LLC (“ETFG”) and its affiliates and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively ETFG Parties) do not guarantee the accuracy, completeness, adequacy or timeliness of any information, including ratings and rankings and are not responsible for errors and omissions or for the results obtained from the use of such information and ETFG Parties shall have no liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of such information. ETFG PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE.  In no event shall ETFG Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the information contained in this document even if advised of the possibility of such damages.

ETFG ratings and rankings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. ETFG ratings and rankings should not be relied on when making any investment or other business decision.  ETFG’s opinions and analyses do not address the suitability of any security.  ETFG does not act as a fiduciary or an investment advisor.  While ETFG has obtained information from sources they believe to be reliable, ETFG does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors.  Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.  Prices, values, or income from any securities or investments mentioned in this report may fall against the interests of the investor and the investor may get back less than the amount invested.  Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate.  Where an investment or security is denominated in a different currency to the investor's currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor.

A Rate Cut Looms...

Monday, July 15, 2019 - Expectations for monetary easing around the world continued to drive stocks higher this week. The Dow Jones Industrial Average rallied to a record high, closing above 27,000 for the first time, following the Fed chairman's testimony to Congress. Powell conveyed that the case for more a accommodating policy had strengthened, further solidifying expectations for a rate cut in the coming months.

The European Central Bank (ECB) is also considering injecting fresh stimulus to the economy through interest-rate cuts, or the relaunch of quantitative easing. As the second-quarter earnings season kicks off next week and attention shifts from central banks to earnings, we think volatility will likely pick up. With domestic large-cap stocks near all-time highs, its always a good time to review to review and potentially rebalance portfolios that have strayed far from the initial target asset allocation.

The ETFG Select list shows our top-rated ETF by each sector. Sprott Junior Gold Miners ETF (SGDJ) is our top rated Basic Material. SPDR S&P Retail ETF (XRT) is our top rated Consumer Discretionary. PowerShares S&P SmallCap Consumer Staples Portfolio (PSCC) is our top rated Consumer Staples. Our top rated Energy ETF is iShares Edge MSCI Multifactor Energy ETF (ERGF).

The top 3 Quant Gainers of this week are IQ Chaikin US Large Cap ETF (CLRG), SPDR Russell 1000 Yield Focus ETF (ONEY), and First Trust Index Innovative Transaction & Process ETF (LEGR). The top 3 Quant Losers of the week are Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN), Global X MSCI China Communication Services ETF (CHIC), and Global X MSCI Greece ETF (GREK).

To learn more about our ETFG Quant Gainers and Losers, please visit us at https://www.etfg.com/research/quant-movers or call us at (212) 223-ETFG (3834).

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Assumptions, opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice.  ETF Global LLC (“ETFG”) and its affiliates and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively ETFG Parties) do not guarantee the accuracy, completeness, adequacy or timeliness of any information, including ratings and rankings and are not responsible for errors and omissions or for the results obtained from the use of such information and ETFG Parties shall have no liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of such information. ETFG PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE.  In no event shall ETFG Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the information contained in this document even if advised of the possibility of such damages.

ETFG ratings and rankings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. ETFG ratings and rankings should not be relied on when making any investment or other business decision.  ETFG’s opinions and analyses do not address the suitability of any security.  ETFG does not act as a fiduciary or an investment advisor.  While ETFG has obtained information from sources they believe to be reliable, ETFG does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors.  Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.  Prices, values, or income from any securities or investments mentioned in this report may fall against the interests of the investor and the investor may get back less than the amount invested.  Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate.  Where an investment or security is denominated in a different currency to the investor's currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor.

Strong Week for the 4th

Monday, July 8, 2019 - Though it was a shortened week, the stock markets rode the heat wave right into the July 4^th holiday with all major US Indices on the rise.

For the week, the Dow Jones Industrial Average rose about 322 points up 1.21% closing at 26,922. The S&P 500 gained 1.7% to 2990 and the Nasdaq Composite gained 1.9% finishing at 8161 for the week. This all on news of more dovish signal from the federal reserve and continued hope of an agreement in the trade negotiations between the US and China.

In ETFs, we saw inflows into some of the largest products on the market place. LQD, iShares iBoxx USD Investment Grade Corporate Bond ETF, gained about $4B in assets for the month of July. That was followed by SPY, the SPDRS S&P 500 ETF, which gained over $3.07B in assets. In outflows, and to somewhat of a surprise, we saw money leave IVV, iShares S&P 500 ETF, which lost over $4B in the four trading days of July. That was followed by SHY, iShares 1-3 year treasury bond ETF, which lost over $2.69B, all according to our ETFG Fund Flow Summary.

In the ETFG Quant Movers, we saw international based ETFs gain the most points to their overall scores. The Franklin FTSE Italy ETF, FLIY, and the WisdomTree Japan Multifactor ETF, JAMF, added 14.68 and 14.57 to their overall Quant scores respectively.

On the loser’s side, we saw technology-based ETFs drop points in their overall scores. The ETFMG Drone Economy Strategy, IFLY and the 3D Printing ETF PRNT lost 4.65 and 4.23 to their overall scores respectively.

There was also some great news for the ETF Industry coming at the beginning of the week. Fixed Income based ETFs now have over $1 Trillion in assets, a sign of the industries strength. Many experts believe that this growth in the fixed income space will continue upward as the products become more popular within the insurance space.

We will see if the markets can continue their hot streak throughout the summer, but it will depend on a number of factors. One of the most prevalent is seeing how the trade deal with China continues to move forward. Another is the continued rise in tensions between the US and Iran over the stricter nuclear sanctions that President Trump has imposed on the nation.

From all of us at ETF Global, we hope you had a happy and healthy 4^th of July. Thanks for reading ETF Global Perspectives!

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Assumptions, opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice.  ETF Global LLC (“ETFG”) and its affiliates and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively ETFG Parties) do not guarantee the accuracy, completeness, adequacy or timeliness of any information, including ratings and rankings and are not responsible for errors and omissions or for the results obtained from the use of such information and ETFG Parties shall have no liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of such information. ETFG PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE.  In no event shall ETFG Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the information contained in this document even if advised of the possibility of such damages.

ETFG ratings and rankings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. ETFG ratings and rankings should not be relied on when making any investment or other business decision.  ETFG’s opinions and analyses do not address the suitability of any security.  ETFG does not act as a fiduciary or an investment advisor.  While ETFG has obtained information from sources they believe to be reliable, ETFG does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors.  Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.  Prices, values, or income from any securities or investments mentioned in this report may fall against the interests of the investor and the investor may get back less than the amount invested.  Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate.  Where an investment or security is denominated in a different currency to the investor's currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor.

3Q Rebalance - ETF Global Dynamic Model Portfolios

Wednesday, July 3, 2019 - Another quarter down and investors (and the Federal Reserve) are still wondering which way this thing is going and whether it’s time to start taking some chips off the table.  On the one hand, investors suffered through a minor pullback by equities in May only to see them immediately bounce back to old highs in June even as the ten-year Treasury bond yield fell below that of the three month note. And the less said about the burgeoning trade war with China the better, yet, equities have proved remarkably resilient throughout all of this with enough IPO and merger mania to have investors wondering if the market is partying like it’s 1999 all over again.

Investors will have to wait for the next employment report to shed some light on where the market is going, but, the quarterly reallocation of our ETFG Dynamic Model Portfolios waits for no one as all 4 of the base portfolios and the 8 “tilts” were updated on July 1^st and the back and forth nature of this market has left value funds firmly entrenched within domestic sleeve.

The fund line-up for the third quarter is a mix of old and new favorites with only one fund, the SPDR S&P 600 Small Cap Value ETF (SLYV) remaining for another quarter. Leaving the strategy are the Direxion NASDAQ 100 Equal Weighted Fund (QQQE), the SPDR S&P 600 Small Cap ETF (SLY) and the SPDR S&P 400 Mid Cap Value ETF (MDYV.)  Taking their places are several familiar names including the iShares Russell Midcap ETF (IWR) and the SPDR Portfolio S&P 500 Growth ETF (SPYG) with the WisdomTree U.S. SmallCap Dividend Fund (DES) also joining the fund.

Even though the second and third quarter domestic allocations might have similar sounding names, there are substantial differences with the model showing a clear preference for larger stocks with a substantial increase in bigger names thanks to the addition of SPYG which has a larger average market cap than QQQE. But under the hood, the sector breakdown between the two quarterly allocations remains relatively stable as the back and forth trading over the last few months hasn’t substantially altered the sector leadership so far.

The international equity exposure remains largely unchanged from the prior quarter as our ETFG Quant Model continues to favor two broad funds from Schwab, the Schwab Fundamental International Large Company Index (FNDF) and its small cap equivalent, FNDC. Not surprisingly, the model also favors the return of one of our on-again, off-again positions, the iShares MSCI United Kingdom fund (EWU) whose presence depends on the latest Brexit drama. EWU was in the program as recently as the first quarter and fortunately the model favored replacing it just before the last twist in the saga as PM Theresa May’s failure to pass her long-negotiated deal led to her resignation and a race to replace her. EWU was relatively flat in the 2^nd quarter despite heavy volatility, although the iShares MSCI Eurozone ETF was up over 5%.

The emerging market sleeve also saw its share of turnover this quarter as the iShares MSCI Emerging Markets ETF (EEM) was replaced by the iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) model while the First Trust Chindia Fund (FNI) remains.  Exactly what factors is the fund looking for?  According to the iShares website, it has a focus on more inexpensive and financially healthy smaller stocks with better momentum.  That gives the fund a substantially different make-up than EEM, with a smaller overall market cap and with a distinct bent towards value stocks. So, like the domestic allocation, the EM portion of the portfolio is looking for a bargain!

To learn more about our ETFG model portfolio strategy, please email us at sales@etfg.com or call us at (212) 223-ETFG (3834).

Thanks for reading ETF Global Perspectives!

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_______________________________________________________

Assumptions, opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice.  ETF Global LLC (“ETFG”) and its affiliates and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively ETFG Parties) do not guarantee the accuracy, completeness, adequacy or timeliness of any information, including ratings and rankings and are not responsible for errors and omissions or for the results obtained from the use of such information and ETFG Parties shall have no liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of such information. ETFG PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE.  In no event shall ETFG Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the information contained in this document even if advised of the possibility of such damages.

ETFG ratings and rankings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. ETFG ratings and rankings should not be relied on when making any investment or other business decision.  ETFG’s opinions and analyses do not address the suitability of any security.  ETFG does not act as a fiduciary or an investment advisor.  While ETFG has obtained information from sources they believe to be reliable, ETFG does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors.  Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.  Prices, values, or income from any securities or investments mentioned in this report may fall against the interests of the investor and the investor may get back less than the amount invested.  Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate.  Where an investment or security is denominated in a different currency to the investor's currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor.

Summer Cooling

Monday, July 1, 2019 - Though the US Stock markets cooled down a bit this week, they finished off the first half of the year riding their continued bull market hot streak. For the week, the Dow Jones Industrial Average dropped 119 points or down .4% closing at 26,599.96. The S&P 500 and Nasdaq Composite also finished lower down .3% each to 2941 and 1566, respectively.

In ETFs, we saw significant inflows in some bond ETFs over the past month. LQD, iShares iBoxx USD Investment Grade Corporate Bond ETF, gained about $4.62B in assets. That was followed by SHV, the iShares Short Treasury Bond ETF, which gained over $4.15b in assets. In outflows, investors sold shares of international ETFs. EFA, iShares MSCI EAFE ETF, lost over $1.45b over the month of June. EWJ, iShares MSCI Japan ETF, lost over $595m, all according to our ETFG Fund Flow Summary.

In the ETFG Quant Movers, small cap ETFs gained the most points to their overall scores. The AlphaMark Actively Managed Small Cap ETF, SCMP, and the Legg Mason Small-Ca Quality ETF, SQLV, added 7.98% and 7.17% to their overall Quant scores respectively. On the loser’s side, we saw international ETFs. The Invesco International Revenue ETF, REFA and the Global X DAX Germany ETF DAX lost 8.45 and 8.30 to their overall scores respectively.

ETFG Weekly Select List - the 5 most highly rated ETFs per Sector, Geographic Region and Strategy as ranked by the ETFG Quant model.

Because of the sector’s success in the major indexes this week, we’d like to highlight some substantial movement in the Telecommunications portion when comparing this week’s Select List to last. The Fidelity MSCI Telecommunications Services Index ETF, FCOM, moved up one spot to take the first overall position on the list. This knocked the iShares US Telecommunications ETF, IYZ out of first place and into 3^rd. VOX, the Vanguard Communication Services ETF, moved up one spot and into 2^nd place this week. XLC, the SDPR Communications Services ETF, remained in the 4^th position. A new addition to the list this week was XTL, The SPDR S&P Telecom ETF which is now in 5^th place. It knocked off IXP, iShares Global Telecom ETF.

Thanks for reading ETF Global Perspectives!

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_______________________________________________________

Assumptions, opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice.  ETF Global LLC (“ETFG”) and its affiliates and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively ETFG Parties) do not guarantee the accuracy, completeness, adequacy or timeliness of any information, including ratings and rankings and are not responsible for errors and omissions or for the results obtained from the use of such information and ETFG Parties shall have no liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of such information. ETFG PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE.  In no event shall ETFG Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the information contained in this document even if advised of the possibility of such damages.

ETFG ratings and rankings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. ETFG ratings and rankings should not be relied on when making any investment or other business decision.  ETFG’s opinions and analyses do not address the suitability of any security.  ETFG does not act as a fiduciary or an investment advisor.  While ETFG has obtained information from sources they believe to be reliable, ETFG does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors.  Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.  Prices, values, or income from any securities or investments mentioned in this report may fall against the interests of the investor and the investor may get back less than the amount invested.  Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate.  Where an investment or security is denominated in a different currency to the investor's currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor.