Weekly Market Monitor – Week Ending 14 October 2022

  • The Global X Ultra Short Nasdaq 100 Hedge Fund (SNAS) was the top performing ASX-listed fund last week, as the Nasdaq 100 had a difficult run. SNAS has now been the top performer year-to-date and over the past 12 months as well.
  • Bottom performers were in many respects a reflection of the rising US dollar. Silver (ETPMAG), Oil (OOO), gold miners (MNRS), and the Aussie dollar (AUDS) all ranked among the poorest performers. All of these are negatively impacted when the US dollar rises.
  • There were $362.14 million in reported inflows. As has become a regular occurrence in recent months, cash ETFs, like AAA and BILL, which stand to gain when interest rates rise, saw strong flows.
  • There were $91.32 million in reported outflows, meaning the industry saw a net inflow week. Gold ETFs – such as QAU and GOLD saw some of the largest chunks of outflows as the gold price continued to struggle.
  • Trading volumes were unusual in that inverse funds – BBUS, BBOZ, SNAS – made up three of the top five most traded. In so doing they out-traded VAS and IOZ, usually the two most popular funds.

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