White Paper

Threading the Needle: 2020 ETF Market Outlook

Get 3 portfolio strategies for the new year

Heading into 2020, there are a lot of positive signs in the market. However, the margin for error in 2020 will likely be as small as it’s been in a very long time. Read our 2020 ETF Market Outlook to find out how to:

  1. Stay invested, but limit downside risks
  2. Actively balance risk in the hunt for yield
  3. Position to temper the impact of macro volatility

Register for access to our 2020 ETF Market Outlook

White Paper

Analyzing ETF Liquidity: It’s a Fluid Process

Many investors use point-in-time statistics for the most recent 30 or 90 trading days to assess the liquidity profile of an ETF. This is a problem because — with the exception of a few highly liquid ETFs — a fund’s liquidity profile can change in different market regimes, especially in periods of high volatility. This paper explores how ETFs’ liquidity dynamics impact total cost of ownership (TCO), underscoring why investors need to look beyond a single period statistic when analyzing liquidity.

Commentary

Worried Index-Based Strategies are Distorting the Bond Market? The Data Says You Shouldn’t Be

Despite record inflows into fixed income ETFs, concerns around the growth of these funds leading to an outsized impact on the fixed income market and the distortion of bond prices are still overblown, according to the data.

Commentary

What ‘Back to the Future’ Can Teach Us About Portfolio Rebalancing

This article draws parallels between the blockbuster film ‘Back to the Future’ and portfolio rebalancing—underscoring the importance of timing when rebalancing, why it should be a greater consideration in the due diligence process and how it can influence portfolio performance over time.

Commentary

Sector Business Cycle Analysis

To make a quantitative and systematic assessment of how different sectors performed through various business cycles, we used the Conference Board Leading Economic Indicator Index (LEI) to segregate business cycles and evaluated sector performance over multiple business cycles between 1960 and 2018. This provided a good sample size to evaluate sector performance persistency for different cycles.

White Paper

Navigating A Downhill Climb: 2019 ETF Market Outlook

Corporate profits and economic growth remain positive, but are past their peak. Investors may soon find that reaching the summit was the easy part. The real challenges occur in the climb down. Chief Investment Strategist Michael Arone, CFA and Head of SPDR® Americas Research Matthew Bartolini, CFA present three strategies to position for a market with potentially more downside than upside.

Commentary

After a Lost Decade, Will Value Get its Groove Back in 2019?

In spite of its recent track record, value is not dead. It’s just been wounded a few times since the financial crisis, as investors favored growth-oriented segments of the market amidst easy monetary policy.

Commentary

G7 Weekly Economic Perspectives

U.S. housing starts rose 2.8 percent in January, and industrial production jumped 0.9 percent to its highest level since December 2008. Investor risk appetites revived, boosting commodities and sending equities higher for the second week in a row, while government bonds eased.
Commentary

G7 Weekly Economic Prospects

Christopher Probyn and Geoffrey Somes of State Street Global Advisors say in their weekly economic commentary that US retail sales rose 0.5 percent in January, but consumer confidence fell 0.7 points, to 73.7. Investor risk appetites improved following assurances that the EU will stand behind Greek fiscal reforms.
Commentary

G7 Weekly Economic Perspectives

In SSgA's weekly market roundup, Christopher Probyn says the latest Purchasing Managers Indexes suggest that activity is picking up, albeit unevenly, across the G7. Concerns over sovereign credit, regulatory policy and the sustainability and strength of the global recovery, however, are holding down appetites for risk.
Commentary

The Week in Review

SSgA?s weekly G7 market review and commentary
Commentary

G7 Weekly Economic Perspectives: 1/15/10

This week?s data were generally disappointing. They were not bad enough to believe that the recovery is in danger, but rather that despite a potential fourth-quarter growth ?blip? caused by the invent
Commentary

Weekly Market Review

The minutes of the December 15-16 FOMC meeting suggest that members are becoming slightly more optimistic about the economy?s prospects. However, they remain cautious, particularly over the near term:
Commentary

Forecasts