Weekly Flows Positive Despite $8B Outflow From 'SPY'

April 07, 2017

U.S.-listed ETFs managed to eke out a modest inflow this week, even as the world's largest ETF saw a big outflow of its own. In total, investors added $765 million to ETFs in the week ending Thursday, April 6, despite an $8 billion outflow from the SPDR S&P 500 ETF (SPY). Year-to-date inflows for the U.S.-listed ETF universe now stand at $132.7 billion, according to FactSet. 

U.S. equity ETFs were the biggest losers of the week, with outflows of $9.4 billion―most of that from SPY. 

During the week, news about the Fed reducing the size of its balance sheet, warnings about how long tax reform could take and the bombings in Syria all weighed on U.S. stocks. Even so, the S&P 500 only finished fractionally lower week-over-week.

On the other hand, international equity ETFs and U.S. fixed-income ETFs were big winners, with inflows for the week of $6.5 billion and $3.2 billion, respectively. The U.S. 10-year yield fell as low as 2.27% on Friday before rebounding to trade at 2.38%, leaving it unchanged on the week.

The other only other segment to see a notable inflow was international fixed-income ETFs, with net creations of $666 million.

International Equity ETFs In Favor 
Turning to individual ETFs, the Vanguard FTSE Emerging Markets ETF (VWO) took the No. 1 spot, with creations of $871 million. The iShares Core MSCI Emerging Markets ETF (IEMG) and the iShares JP Morgan USD Emerging Markets Bond ETF (EMB) were two other EM-focused winners, with inflows of $346 million and $260 million, respectively.

Indeed, most of this week's top 10 ETF list was made up of international ETFs. The iShares MSCI EAFE ETF (EFA) had inflows of $784 million; the Vanguard FTSE Developed Markets ETF (VEA) had inflows of $587 million; the iShares Core MSCI EAFE ETF (IEFA) had inflows of $577 million; and the iShares MSCI Eurozone ETF (EZU) had inflows of $254 million.

Along with EMB, the only other fixed-income ETF to make the top 10 was the iShares iBoxx $ High Yield Corporate Bond ETF (HYG), with creations of $602 million.

Enormous Outflows From 'SPY'
On the end of the spectrum, SPY had redemptions totaling nine times more than the next biggest loser, which was the iShares Russell 2000 ETF (IWM), with outflows of $867 million. The Financial Select Sector SPDR Fund (XLF) was another fund to fall out of favor, with outflows of $625 million.

In fact, every ETF on the top 10 redemptions list was a U.S. equity ETF. Other notable names on the list include the Vanguard REIT Index Fund (VNQ), with outflows of $281 million; the SPDR S&P Oil & Gas Exploration & Production ETF (XOP), with outflows of $249 million; and the SPDR S&P Retail ETF (XRT), with outflows of $200 million.

For a full list of this week's top inflows and outflows, see the tables below:

 

Top 10 Creations (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
VWO Vanguard FTSE Emerging Markets ETF 870.80 51,173.31 1.73%
EFA iShares MSCI EAFE ETF 784.18 67,042.36 1.18%
IVV iShares Core S&P 500 ETF 711.21 101,896.41 0.70%
HYG iShares iBoxx $ High Yield Corporate Bond ETF 602.35 18,647.87 3.34%
VEA Vanguard FTSE Developed Markets ETF 586.61 47,492.40 1.25%
IEFA iShares Core MSCI EAFE ETF 576.82 21,043.82 2.82%
IEMG iShares Core MSCI Emerging Markets ETF 346.43 26,937.03 1.30%
IVW iShares S&P 500 Growth ETF 335.09 16,648.71 2.05%
EMB iShares JP Morgan USD Emerging Markets Bond ETF 260.17 10,009.49 2.67%
EZU iShares MSCI Eurozone ETF 254.11 9,049.48 2.89%

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
SPY SPDR S&P 500 ETF Trust -8,034.91 235,160.33 -3.30%
IWM iShares Russell 2000 ETF -866.90 38,075.49 -2.23%
XLF Financial Select Sector SPDR Fund -625.40 23,465.78 -2.60%
QQQ PowerShares QQQ Trust -609.48 46,851.45 -1.28%
IJR iShares Core S&P Small Cap ETF -483.16 28,926.84 -1.64%
VNQ Vanguard REIT Index Fund -281.03 34,082.66 -0.82%
IJJ iShares S&P Mid-Cap 400 Value ETF -272.42 6,004.75 -4.34%
XOP SPDR S&P Oil & Gas Exploration & Production ETF -248.84 2,482.25 -9.11%
XRT SPDR S&P Retail ETF -199.91 364.36 -35.43%
IJS iShares S&P Small-Cap 600 Value ETF -197.12 4,686.09 -4.04%

ETF Weekly Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity -9,381.99 1,597,362.73 -0.59%
International Equity 6,476.02 591,138.20 1.10%
U.S. Fixed Income 3,199.39 445,843.13 0.72%
International Fixed Income 666.17 44,948.31 1.48%
Commodities -3.12 64,138.13 -0.00%
Currency -48.77 2,822.86 -1.73%
Leveraged -316.47 26,644.54 -1.19%
Inverse 149.88 17,327.06 0.87%
Asset Allocation 56.19 6,683.71 0.84%
Alternatives -32.18 3,713.55 -0.87%
Total: 765.13 2,800,622.22 0.03%

Top 10 Volume Surprises, Funds >$50 mm AUM

Ticker Name Average Volume
(30 Day)
1 Week Average
Volume
% of Average
CLTL PowerShares Treasury Collateral Portfolio 4 19 535.71%
YLD Principal EDGE Active Income ETF 3,376 14,713 435.80%
EWX SPDR S&P Emerging Markets Small Cap ETF 111,316 487,204 437.68%
PXI PowerShares DWA Energy Momentum Portfolio 94,000 451,527 480.35%
PUI PowerShares DWA Utilities Momentum Portfolio 133,266 585,051 439.01%
COMT iShares Commodities Select Strategy ETF 29,418 65,002 220.96%
OILB iPath Series B S&P GSCI Crude Oil ETN 937 3,200 341.64%
IXP iShares Global Telecom ETF 17,681 42,526 240.51%
JKJ iShares Morningstar Small-Cap ETF 6,888 23,513 341.37%
EZY WisdomTree LargeCap Value Fund 8,889 16,373 184.20%

Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges.

 

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