Tech Funds' Record Cash Injection Is Traced to ‘Messy' Rebalance [BNN Bloomberg (Canada)]
Apple Inc. (AAPL)
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Source: BNN Bloomberg
The Technology Select Sector SPDR Fund (ticker XLK) attracted more than $8 billion of fresh money during the week through Wednesday, accounting for the bulk of the inflows into the sector, according to data compiled by EPFR. The fund also made up a third of the total inflows to US equities, the data shows. The sudden spike came right before XLK's widely watched quarterly rebalance, in which more than $10 billion of Apple Inc. shares are estimated to be sold to make room for Nvidia Corp. The huge inflow is likely part of a transaction where the fund is looking to get rid of Apple shares that have appreciated in value, without incurring taxes, according to Todd Sohn, managing director of ETF and technical strategy at Strategas Securities. A practice that's fairly common within the ETF industry known as a heartbeat trade, inflows and outflows are made via a market maker who by design swaps assets for shares rather than transacting in cash. With a heartbeat, a friendly bank is pumpin
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