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Home Technology Focus on bitcoin in Q1 overshadows broadening of US ETF
landscape
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FOCUS ON BITCOIN IN Q1 OVERSHADOWS BROADENING OF US ETF LANDSCAPE
By
Nikhil Linga
-
April 1, 2024
0
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(Reuters) – The birth of spot bitcoin exchange-traded funds (ETFs) and the quest
for new ways to invest in the artificial intelligence overshadowed other trends
in the broader ETF market in the first quarter, but analysts say other themes
like single-country ETFs and bond ETFs are likely to play out through 2024.
Here are some of the trends identified by market participants and analysts for
the ETF industry for the second quarter and beyond.
JAPAN
As the Nikkei 225 (.N225), opens new tab benchmark index notched its first
record high since 1989, investors are flocking to single-country ETFs focused on
Japan. As of the final days of the first quarter, the group of ETFs saw $3.3
billion of inflows — more than half the $6.2 billion they attracted throughout
2023 as a whole, according to data from State Street Global Advisors. Almost a
third of that amount, $996 million, flowed into a single ETF, the WisdomTree
Japan Hedged Equity Fund , according to data from VettaFi. That fund, which
strips out currency risk, has been particularly appealing to both investors and
traders as the yen has tumbled to a 34-year low.
MOVING PAST THE “MAGNIFICENT SEVEN”
State Street’s data shows that U.S. stock market leadership appears to be
broadening beyond megacap technology stocks. While technology-focused ETFs
pulled in $9 billion in the first three months of the year, only $500 million of
that came in March, said Matthew Bartolini, head of SPDR Americas Research at
State Street. By comparison, he said, “energy ETFs took in $1.2 billion;
industrial funds another $1 billion, and real estate $2 billion.”
Investors also showed growing interest in value stocks in the first quarter,
noted Brian Kraus, senior vice president for systematic ETFs at Hartford Funds.
He noted that the Russell 1000 Value Index gained 5.25% in March, while the
Russell 1000 Growth climbed only 2.78%.
WATCHING THE FED; EYEING BOND ETFs
Actively managed bond ETFs continue to gather assets and expand in number and
focus, even as the focus shifts to different slices of that universe as Federal
Reserve policymakers come closer to cutting interest rates. Drew Pettit,
director of ETF strategy at Citigroup, flags the “risk on” rotation that has
boosted corporate bond ETFs, in particular, and cautioned that “risk taking has
become particularly aggressive” in this space.
NEW PLAYERS MAKING THEIR MARK
While the three largest players — BlackRock (BLK.N), opens new tab, Vanguard and
State Street — continue to account for some 75% of the assets in the $8.2
trillion U.S. ETF market, newer arrivals are growing more rapidly. The debut of
the Fidelity Wise Origin Bitcoin Fund (FBTC.Z), opens new tab, which has $10
billion in assets, triggered a 16% surge in Fidelity’s overall ETF assets,
according to TrackInsight, double that of Vanguard and triple the growth of
State Street. The market is also keeping a keen eye on Invesco (IVZ.N), opens
new tab, Capital Group, Dimensional Fund Advisors and even smaller players, like
Janus Henderson.
NEW RISKS, NEW STRATEGIES
For now, said Citigroup’s Pettit, investors continue to focus more on getting
exposure to the broad market than to emerging risks. But he expects that will
change as the coming months unfold and geopolitical anxieties and market
volatility cause risk awareness to increase. “As more of those risks pop up,” he
said, “we’ll start seeing investors turn to more specific, targeted ETFs,” such
as sector funds.
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Nikhil Linga
Nikhil Linga is an Indian Author and Writer who was born on 26 February 2001.
Nikhil Linga was also known for his debut book MLP Hacked which gives you a
piece of clear information on how mobile phones and computers can be hacked and
how can we secure them.
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