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16 April 2026
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Evan Metcalf discusses the rapid evolution of the ETF market - and why US small caps are emerging as one of the most interesting segments in today’s environment.
Despite ongoing geopolitical volatility and shifting market conditions, ETF flows remain strong both in Australia and globally. At the same time, investor behaviour is becoming more dynamic, with increased use of ETFs for tactical positioning.
A key focus of the discussion is the rotation into US small caps, which have recently outperformed large caps - and, notably, have shown greater resilience than typically expected during periods of market stress.
Evan explores the drivers behind this shift, including:
- valuation dispersion across equity markets
- changing investor positioning and capital flows
- structural inefficiencies within the small cap universe
The conversation also examines the growing role of active ETFs globally, where active strategies are now capturing a significant share of new inflows - a trend that is still underdeveloped in the Australian market.
Finally, Evan outlines Savana’s systematic, algorithm-driven investment approach, designed to identify and capture mispriced opportunities across the US small cap universe through a disciplined, repeatable process.
Evan Metcalf discusses the rapid evolution of the ETF market - and why US small caps are emerging as one of the most interesting segments in today’s environment.
Despite ongoing geopolitical volatility and shifting market conditions, ETF flows remain strong both in Australia and globally. At the same time, investor behaviour is becoming more dynamic, with increased use of ETFs for tactical positioning.
A key focus of the discussion is the rotation into US small caps, which have recently outperformed large caps - and, notably, have shown greater resilience than typically expected during periods of market stress.
Evan explores the drivers behind this shift, including:
- valuation dispersion across equity markets
- changing investor positioning and capital flows
- structural inefficiencies within the small cap universe
The conversation also examines the growing role of active ETFs globally, where active strategies are now capturing a significant share of new inflows - a trend that is still underdeveloped in the Australian market.
Finally, Evan outlines Savana’s systematic, algorithm-driven investment approach, designed to identify and capture mispriced opportunities across the US small cap universe through a disciplined, repeatable process.
Evan Metcalf discusses the rapid evolution of the ETF market - and why US small caps are emerging as one of the most interesting segments in today’s environment.
Despite ongoing geopolitical volatility and shifting market conditions, ETF flows remain strong both in Australia and globally. At the same time, investor behaviour is becoming more dynamic, with increased use of ETFs for tactical positioning.
A key focus of the discussion is the rotation into US small caps, which have recently outperformed large caps - and, notably, have shown greater resilience than typically expected during periods of market stress.
Evan explores the drivers behind this shift, including:
- valuation dispersion across equity markets
- changing investor positioning and capital flows
- structural inefficiencies within the small cap universe
The conversation also examines the growing role of active ETFs globally, where active strategies are now capturing a significant share of new inflows - a trend that is still underdeveloped in the Australian market.
Finally, Evan outlines Savana’s systematic, algorithm-driven investment approach, designed to identify and capture mispriced opportunities across the US small cap universe through a disciplined, repeatable process.
IMPORTANT DISCLAIMER:
This material has been prepared by Savana Asset Management Pty Ltd (ABN 79 662 088 904) (Savana). Savana is a corporate authorised representative of Fat Prophets Pty Ltd (ABN 62 094 448 549 AFS Licence No. 229183) (Fat Prophets), CAR Auth No. 1308949. The Savana US Small Caps Active ETF (ASX: SVNP) (ARSN 649 028 722) is issued by K2 Asset Management Limited (K2) ABN 95 085 445 094, AFS Licence No 244393, a wholly owned subsidiary of K2 Asset Management Holdings Limited (ABN 59 124 636 782). The information contained in this document is produced in good faith and does not constitute any representation or offer by K2, Savana or Fat Prophets.
This material is for information purposes only and has been prepared for both retail and wholesale investors. It is not an offer or a recommendation to invest. No representation is made as to future performance or volatility of the investment, and there is no guarantee that the investment objectives or strategy will be successful. Any forward-looking statements, opinions and estimates are based on assumptions and contingencies which are subject to change without notice. No representations or warranties, expressed or implied, are made as to the accuracy or completeness of the information contained in this document. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available to Savana. Persons should rely solely upon their own investigations in respect of the subject matter discussed. To the maximum extent permitted by law, all liability in reliance on this document is expressly disclaimed.
This material may not be reproduced, distributed or published, in whole or in part, without the prior approval of Savana. There are risks associated with an investment in the Savana US Small Caps Active ETF (SVNP), including active management risk, market risk, currency risk, concentration risk, liquidity risk and model risk. Investment values may rise and fall, and past performance is not indicative of future performance.This document has not been prepared taking into account your objectives, financial situation or needs. An investment in SVNP should be considered as part of a broader portfolio, having regard to your individual objectives, financial situation and needs, including your tolerance for risk.
Before making an investment decision, you should consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD), available at www.savana.ai.
