Weekly Market Monitor – Week Ending 19 May 2023

  • Tech heavy ETFs (CLDD, FANG, HYGG, LNAS, LPGD, RBTZ, SEMI, CRYP) dominated the top performance charts last week. Artificial intelligence (AI) has thus far been the belle of the ball this year, with seemingly any and all adjacent companies reaping major rewards.
  • Gold and gold miner ETFs (GDX, GOLD, MNRS, NUGG) struggled as gold traders priced in Fed comments on dollar yields remaining higher for longer. Non-yielding assets such as gold tend to lose appeal in high interest rate environments. Gold miners, which usually represent a leveraged view on gold prices, naturally also fell.
  • There were $383.3 million in reported industry inflows last week, of which ASX 200 ETFs (A200, IOZ) were responsible for almost half. Bond and income ETFs (AAA, CRED, QPON, SUBD) also took in major flows as yields remain attractive.
  • There were only $49.5 million in reported outflows, marking a major week of positive net flows for the ETF industry.
  • As usual, broad-base index tracking ETFs (IOZ, IVV, NDQ, STW, VAS, VGS) were the top traded funds for the week.

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