Strong Earnings Fuel Strong Weekly ETF Flows

April 20, 2018

A strong start to the corporate earnings season led the U.S. stock market to a one-month high this week. The S&P 500 briefly touched 2,717 on Wednesday before slipping back below 2,700 on Thursday. Still, sentiment is decidedly more positive than it was only a few weeks ago, when trade war fears were front and center.

The positive momentum in the stock market inspired investors to plow a solid chunk of change into U.S. equity ETFs—$11 billion in total, including $6.8 billion into U.S. equity ETFs and $1.1 billion into international equity ETFs during the week ending Thursday, April 19.

Year-to-date inflows now stand at $82.1 billion.

A late-week sell-off in bonds spooked investors a bit. The benchmark 10-year Treasury yield jumped to as much as 2.95%, the loftiest level in four years. Even so, U.S. fixed-income ETFs managed to pull in $2.2 billion in new money.

The most interesting name on this week’s top inflows list is the iPath S&P 500 VIX Short-Term Futures ETN (VXX), with creations of $354 million. The VIX hit its lowest level in over a month on Tuesday, at 14.57, which may have prompted some speculators to bet on a rebound.

On the outflows side, the Energy Select Sector SPDR Fund (XLE) and the VanEck Vectors Gold Miners ETF (GDX) were two of the biggest flows losers, with redemptions of around $400 million each. Both ETFs rallied significantly in the past few weeks, so some investors may have used that as an opportunity to take profits.

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
QQQ PowerShares QQQ Trust 1,263.63 63,449.47 2.03%
IWM iShares Russell 2000 ETF 1,149.95 44,455.37 2.66%
IEMG iShares Core MSCI Emerging Markets ETF 799.10 51,312.28 1.58%
SPY SPDR S&P 500 ETF Trust 708.46 259,841.48 0.27%
AGG iShares Core U.S. Aggregate Bond ETF 608.04 55,410.09 1.11%
JNK SPDR Bloomberg Barclays High Yield Bond ETF 540.55 9,711.62 5.89%
IVE iShares S&P 500 Value ETF 500.36 15,487.67 3.34%
XLI Industrial Select Sector SPDR Fund 493.55 13,794.96 3.71%
SHV iShares Short Treasury Bond ETF 474.19 13,355.33 3.68%
VXX iPath S&P 500 VIX Short-Term Futures ETN 353.93 972.89 57.18%

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF -757.96 32,168.81 -2.30%
MTUM iShares Edge MSCI USA Momentum Factor ETF -422.63 7,816.28 -5.13%
XLE Energy Select Sector SPDR Fund -418.05 18,595.45 -2.20%
GDX VanEck Vectors Gold Miners ETF -371.93 8,351.66 -4.26%
XLU Utilities Select Sector SPDR Fund -278.06 6,816.61 -3.92%
XLF Financial Select Sector SPDR Fund -277.08 32,014.27 -0.86%
IWD iShares Russell 1000 Value ETF -237.74 36,881.92 -0.64%
CIU iShares Intermediate Credit Bond ETF -213.50 6,833.49 -3.03%
BIL SPDR Bloomberg Barclays 1-3 Month T-Bill ETF -178.42 3,384.65 -5.01%
XLP Consumer Staples Select Sector SPDR Fund -175.46 7,534.92 -2.28%

ETF Weekly Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 6,791.91 1,947,585.47 0.35%
International Equity 1,132.03 856,088.16 0.13%
U.S. Fixed Income 2,245.49 534,635.31 0.42%
International Fixed Income 457.72 64,546.25 0.71%
Commodities  85.64 71,990.33 0.12%
Currency 0.00 1,428.34 0.00%
Leveraged -413.64 37,155.50 -1.11%
Inverse 304.79 13,379.80 2.28%
Asset Allocation 11.03 9,236.03 0.12%
Alternatives 380.52 4,467.04 8.52%
Total: 10,995.50 3,540,512.24 0.31%

Top 10 Volume Surprises, Funds >$50 mm AUM

Ticker Name Average Volume
(30 Day)
1 Week Average
Volume
% of Average
JKL iShares Morningstar Small Cap Value ETF 7,475 18,184 243.27%
DIVC C-Tracks ETN - Miller/Howard Strategic Dividend Reinvestor 29 143 483.90%
SMB VanEck Vectors AMT-Free Short Municipal Index ETF 66,694 140,828 211.15%
SLVP iShares MSCI Global Silver Miners ETF 50,522 117,628 232.82%
MXDU Nationwide Maximum Diversification U.S. Core Equity ETF 988 1,450 146.76%
FYT First Trust Small Cap Value AlphaDEX Fund 20,238 34,606 171.00%
CUT PowerShares MSCI Global Timber Portfolio 26,606 56,126 210.95%
FNDB Schwab Fundamental US Broad Market Index ETF 24,095 59,592 247.32%
JPMB JPMorgan USD Emerging Markets Sovereign Bond ETF 281 374 133.07%
STOT SPDR DoubleLine Short Duration Total Return Tactical 5,724 8,176 142.83%

 

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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