Market Moves: Week Ending 21 March 2025

• India-focussed ETFs (FIIN, IAEF, IIND, NDIA) outperformed last week after the RBI stepped in with cash infusions of about US$68 billion to stimulate the economy.¹ As part of the cash injection, the RBI provided cash to lenders through auction-based open market bond purchases, variable rate repurchase operations and FX swaps. This was far more policy support than market expectations.
• China-focussed ETFs (CETF, CNEW) were the poorest performing non-leveraged funds of the week after investors took money off the table in preparation for Trump’s new wave of tariffs to be announced on April 2nd.2 US Treasury Secretary has indicated the tariffs will target a so-called “Dirty 15”, the 15% of countries with which US has the largest trade deficits.
• There were $687.5 million in reported inflows for the week and $230.5 million in outflows, marking a week of net inflows for the Australian ETF industry.

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