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the flows do a good job i think capturing the moment the weekly flows if we look at the one-week flows into etfs look who's number one gold you probably read about this lately gold is having a big summer we'll get to that in a minute we've also got tips right people maybe think a dovish fed inflation could go up they buying that and then gobt is interesting this covers the whole yield curve at once right so this is a way to play the uh all bonds going up tlt and low vol gold treasuries low vol again risk-averse type etfs and these also happen to be the top performers so that's part of the story here let's look at the outflows now the outflows it may be even more interesting because there aren't that many it's interesting this includes a week where the market was down 2.6 on one day right so but the panic didn't really translate too much floating right etf here there's a little equity outflows there iwm for sure but look nothing over a billion these are more like baby type flows so a lot of investors kind of hanging in on the equity side at least for now let's look at gold though to me this is the story of the week the month and the summer goldie tiff's taken in 6 billion since the end of may a lot of this is performance chasing once gold goes up people buy it just because it's up but they're also buying it in my opinion for peace of mind you know a lot of what we've seen lately is trump's tweets have created some unpredictability some volatility you buy gold to hedge on that but you don't sell your stocks because the policies are good so uh scarlet i mean uh taylor excuse me forgiven routine here um looks like people are picking uh two ways to play trump the policies versus sort of the twitter feed well i love that analysis eric and i want to bring in luke oliver head of index investing for the americas and bloomberg sarah ponzac and luke sort of play on this theme that we just heard eric talking about massive rush into gold and more importantly sort of a safe haven across all assets is that what you're seeing as well we've seen the same thing we've seen this big big flow towards gold but what i've taken a closer look at is the more nuanced exposures we're seeing to different sectors so for example um surprisingly we've seen etfs continue to stake him taking flows but most flows have been going towards fixed income versus equities and then within equities we've seen um defensive sectors and even like defensive factors like quality or high dividend or low volatility have also been taken inflow so pretty much what you would expect from a risk-off environment and also one that cropped up on the screen just there was um the long duration um treasury so something that's with rates coming down has been something people have been putting money towards so sarah i want to bring you in here because a lot of these comments have sounded defensive arguably it all stems because of the trade fight with china what are the china etf showing us well you absolutely see it taking its toll shameless plug for bloomberg intelligence they do track etf flows by geographic regions so if you actually look at outflows in aggregate across all china etfs so far in the third quarter we've already seen one and a half billion dollars exit now that would be the most for any quarter ever in data going back to 2004 and we've actually seen an acceleration in selling as we head to the end of the month if you look at fxi for example which is ishare's version of a large cap china etf we've sent six straight days of selling there so it doesn't seem like it's letting up at all and what's interesting luke you guys have this a share etf and you mentioned fxi which is the eight shares which foreigners tend to buy um there's a big disconnect this year between the two ashrs having a way better year is there some isolation in china to all this news where people outside of china are flipping out a little more than people in china is that why there's a big disconnect there between those two etfs well there's a few reasons why we've seen this disconnect so we've seen the eight share based dts roughly flat on the year whereas we've seen great performance of over 20 in the asia base and part of that comes from the fact that potentially there's some hong kong effect with everything that's that's going on in hong kong at the moment also there's a lot more diversification the the asia market is much larger over 3 000 stocks so that means that even though some of these sectors common to both funds have performed the fact that you're not so concentrated in the eight shares means that we've really picked up uh performance in the a's well another big story that broke this morning was all from the big short now michael bury said quote the bubble in passive investing through etfs and index funds as well as the trend very large size among asset managers has orphaned smaller value type securities globally so sarah this was interesting of course because we know him from the big short walk me through this because with global central bank's massive influence you would think rising tide lifts all boats you go passive he seems to think that's not the case why well i can just see it in my head from the movie the big short michael bury sitting at his office music playing really really loudly but what is very interesting and what you have to take to heart from this story it's a great story on the terminal you can read it there is that michael bury is not saying that the entire passive investing world is going to blow up that etfs are going to fall apart that's going to cause the next downturn that's absolutely not what he's saying what he's pointing to is the fact that when you have growth and passive investing you have people moving to etfs or index funds which really track many of the large benchmarks like the s p 500 for example just naturally you see more and more people moving to large cap popular growth stacks now what that means is that there's a lot of names that could be a bit left out particularly in the small cap value area so i have created a name for everything sarah just described the beta vortex so passive is where people go but then active has to kind of hug that benchmark and you do kind of have a lot of crowding in the big growthy kind of names what he really said at the end of the day was he liked small cap value for this vbr is one of the etfs to play it what else could someone do if they were worried about this beta vortex and wanted to plan ahead something that wasn't in it so to echo those comments he's not saying passive is bad he's saying that there are pockets of opportunity outside the traditional benchmark so one way to look at this while still using etfs for example would be to look at some of the factor-based dts or esg etfs or other etfs that exploit some other less traditional so we call that smart beta anything that isn't traditional large cap so even putting a currency overlay is giving you access to a different exposure on that traditional benchmark at the beginning of the segment you had mentioned flows into long duration treasuries on the flip side of that i wanted to take a look at credit and junk with calls of a recession of maybe the economy starts turning over do you still like junk at this point well we've look we've got um a suite of etfs in the high yield space and we've seen generally outflows in in in high yield but we have seen flows towards the lower cost products so people certainly are keeping high yield as a diversifier and as a uh and as a part of their their core portfolio so we've seen that there's still yield to be had there and there's still some um products out there that offer the junkier end of that um one that we have in particular that allows investors to still get um some yield pickup
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