S&P 500 Funds Dominate Week’s Inflows

April 28, 2017

Over the last week, U.S. equities saw the most inflows of any asset class, pulling in some $17 billion, followed by U.S. fixed income, which saw a gain of $3.5 billion. The only category to see outflows during the week ended Thursday, April 27, was inverse ETFs, with outflows of $303.6 million. In all, U.S.-listed ETFs saw nearly $24 billion in inflows.

Although the iShares Russell 2000 ETF (IWM) was the top fund for inflows, with a gain of $4.1 billion, it was the S&P 500 complex of ETFs that had the most notable week.

The SPDR S&P 500 ETF Trust (SPY), iShares Core S&P 500 ETF (IVV) and the Vanguard S&P 500 Index Fund (VOO) laid claim to the second, third and fourth spots among the top 10, respectively, with inflows ranging from just short of $1 billion to $4 billion each. All together, the three funds pulled in roughly $8.6 billion.

A fourth large-cap fund claimed the No. 5 spot: The PowerShares QQQ Trust (QQQ), which tracks the Nasdaq-100 Index, saw inflows of $603.8 million. It was definitely a week for large-cap funds, and the Financial Select Sector SPDR Fund (XLF), yet another ETF with a focus on big companies, claimed the 10th spot, with inflows of $478.2 million.

The remainder of those top 10 funds included two covering the eurozone and emerging markets, and two covering the U.S. fixed-income market. Each one pulled in between $480 million and $555 million.

Gold Miners See Significant Outflows
The VanEck Vectors Gold Miners ETF (GDX) saw more than twice the outflows of the fund that was in second place, losing roughly $702 million, or 6.31% of its assets under management, along with a sharp drop in share price. It wasn’t alone though, with its counterpart the VanEck Vectors Junior Gold Miners ETF (GDXJ) laying claim to the No. 3 spot, with outflows of $285.9 million, or 6.34% of its AUM.

The SPDR S&P Midcap 400 ETF Trust (MDY) was in second place, with a loss of $305.6 million.

Other notable funds that saw large outflows were the Direxion Daily Small Cap Bull 3x Shares (TNA) and the ProShares Short VIX Short-Term Futures ETF (SVXY), which lost $242.7 million and $225.9 million, respectively, or nearly 30% of their AUM. They were the smallest funds in the leading outflows group.

Other funds that lost far less and had far more in assets included two Select Sector SPDRs, the Vanguard REIT Index Fund (VNQ) and the SPDR Dow Jones Industrial Average ETF Trust (DIA)

Top 10 Creations (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
IWM iShares Russell 2000 ETF 4,111.99 41,029.55 11.14%
SPY SPDR S&P 500 ETF Trust 4,005.19 237,796.61 1.71%
IVV iShares Core S&P 500 ETF 3,630.90 109,376.79 3.43%
VOO Vanguard S&P 500 Index Fund 999.52 65,932.93 1.54%
QQQ PowerShares QQQ Trust 603.82 48,423.94 1.26%
IEMG iShares Core MSCI Emerging Markets ETF 554.53 28,640.27 1.97%
EZU iShares MSCI Eurozone ETF 493.20 10,306.87 5.03%
TLT iShares 20+ Year Treasury Bond ETF 490.88 6,644.29 7.98%
HYG iShares iBoxx $ High Yield Corporate Bond ETF 482.27 19,367.75 2.55%
XLF Financial Select Sector SPDR Fund 478.16 23,394.33 2.09%

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
GDX VanEck Vectors Gold Miners ETF -701.94 10,419.05 -6.31%
MDY SPDR S&P Midcap 400 ETF Trust -305.59 19,488.44 -1.54%
GDXJ VanEck Vectors Junior Gold Miners ETF -285.90 4,223.05 -6.34%
TNA Direxion Daily Small Cap Bull 3x Shares -242.73 607.23 -28.56%
SVXY ProShares Short VIX Short-Term Futures ETF -225.90 527.38 -29.99%
XLK Technology Select Sector SPDR Fund -205.81 17,112.57 -1.19%
VNQ Vanguard REIT Index Fund -160.02 34,339.81 -0.46%
HEWJ iShares Currency Hedged MSCI Japan ETF -145.34 1,107.40 -11.60%
XLP Consumer Staples Select Sector SPDR Fund -136.23 8,982.81 -1.49%
DIA SPDR Dow Jones Industrial Average ETF Trust -134.39 16,252.74 -0.82%

 

ETF Weekly Flows By Asset Class 

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 17,028.29 1,639,188.79 1.03%
International Equity 2,649.67 613,253.62 0.10%
U.S. Fixed Income 3,487.23 455,428.93 0.75%
International Fixed Income 420.21 45,819.39 0.91%
Commodities 219.94 64,6729.89 0.34%
Currency 28.03 2,851.86 0.34%
Leveraged 231.34 26,832.20 0.81%
Inverse -303.61 17,257.78 -0.13%
Asset Allocation 45.86 6,896.83 0.17%
Alternatives 161.19 3,778.16 2.33%
Total: 23,974.24 2,875,699.16 0.83%

 

Top 10 Volume Surprises, Funds >$50 mm AUM

Ticker Name Average Volume
(30 Day)
1 Week Average
Volume
% of Average
PSCU PowerShares S&P SmallCap Utilities Portfolio 15,825 77,882 492.16%
HAP VanEck Vectors Natural Resources ETF 16,498 64,465 390.75%
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 138,915 465,101 334.81%
IUSG iShares Core S&P U.S. Growth ETF 552,322 1,586,968 287.33%
FAN First Trust Global Wind Energy ETF 36,322 104,793 288.51%
SGDJ Sprott Junior Gold Miners ETF 69,163 419,756 606.91%
VQT Barclays ETN+ S&P VEQTOR ETN 1,127 2,286 202.90%
FFR First Trust FTSE EPRA/NAREIT Developed Markets Real Estate 6,654 12,257 184.20%
RING iShares MSCI Global Gold Miners ETF 254,529 1,077,214 423.22%
USCI United States Commodity Index Fund 83,930 148,082 176.43%

Top 10 Weekly Performers, Excluding Leverage/Inverse Funds and <1,000 Shares Traded

Ticker Name Weekly Performance Weekly Volume AUM ($, mm)
VMAX REX VolMAXX Long VIX Weekly Futures Strategy ETF 15.95% 64,727 1.74
VIXY ProShares VIX Short-Term Futures ETF 13.39% 9,629,454 131.62
VXX iPath S&P 500 VIX Short-Term Futures ETN 13.27% 212,320,811 1,035.80
GRN iPath Global Carbon ETN 7.21% 5,054 0.77
AGF DB Agriculture Long ETN 7.11% 3,627 1.46
GDXJ VanEck Vectors Junior Gold Miners ETF 7.01% 93,150,558 4,223.05
RING iShares MSCI Global Gold Miners ETF 6.60% 4,308,857 177.94
SGDJ Sprott Junior Gold Miners ETF 6.45% 1,679,023 86.93
SGDM Sprott Gold Miners ETF 6.14% 511,299 180.37
GOEX Global X Gold Explorers ETF 6.04% 126,012 41.22

Bottom 10 Weekly Performers, Excluding Leverage/Inverse Funds and <1,000 Shares Traded

Ticker Name Weekly Performance Weekly Volume AUM ($, mm)
XIVH VelocityShares VIX Short Volatility Hedged ETN -8.63% 12,268 51.19
JPEH JPMorgan Diversified Return Europe Currency Hedged -7.88% 1,064 28.38
EUFN iShares MSCI Europe Financials ETF -6.14% 12,380,249 985.15
EWI iShares MSCI Italy Capped ETF -6.00% 4,489,577 585.53
GREK Global X MSCI Greece ETF -5.98% 1,862,195 292.67
EWD iShares MSCI Sweden Capped ETF -5.78% 2,193,148 340.76
EPOL iShares MSCI Poland Capped ETF -5.78% 1,225,967 286.83
SMEZ SPDR EURO STOXX Small Cap ETF -5.64% 3,358 13.66
EWQ iShares MSCI France ETF -5.61% 8,921,795 380.90
PLND VanEck Vectors Poland ETF -5.61% 38,551 17.28

 

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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