Big Inflows From SPY, Outflows From XLK Last Week

Sumit Roy

Senior ETF Analyst

Jul 01, 2024

Reviewed by: etf.com Staff

Edited by: James Rubin

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Investors pushed $3.9 billion into U.S.-listed ETFs last week, bringing year-to-date inflows up to $406.1 billion.
U.S. fixed income ETFs accumulated $4 billion of new money, while U.S. equity ETFs shed $3.2 billion.

Total assets under management in U.S.-listed ETFs hit $9.22 trillion thanks to the modest inflows and fresh record highs in the U.S. stock market.

The S&P 500 hovered just below 5,500 for much of last week, a gain of almost 16% for the year.

On the other hand, despite their inflows last week, prices for fixed income ETFs mostly fell as Treasury yields ticked up.

The 10-year Treasury bond yield approached 4.5% for the first time in three weeks as election odds shifted in favor of Trump over Biden.

More Tax-Related Trades

Taking a look at individual ETFs, the SPDR S&P 500 ETF Trust (SPY) easily topped the inflows charts with creations of $16.7 billion. It was followed by the iShares Russell Mid-Cap ETF (IWR) and the iShares Russell Mid-Cap Growth ETF (IWP).

However, just like last week, many of these flows figures are muddied by heartbeat trades designed to minimize taxes.

Those trades tend to be more common during quarterly index rebalancings, when stocks are added and subtracted from indices.

The Technology Select Sector SPDR Fund (XLK), which had outflows of $8.5 billion last week, is case in point. Its outflow is essentially a mirror image of the prior week’s inflow, and is meant to reduce the taxes associated with its shifting portfolio, including a $10 billion sale of Apple shares in exchange for Nvidia.

Following behind XLK on the weekly outflows list was the Vanguard Growth ETF (VUG), which had $6 billion of outflows—another heartbeat trade.

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

Top 10 Creations (All ETFs)

Ticker	Name	Net Flows ($, mm)	AUM ($, mm)	AUM % Change<
SPY	SPDR S&P 500 ETF Trust	16,678.36	543,033.82	3.07
IWR	iShares Russell Mid-Cap ETF	3,376.51	36,998.11	9.13
IWP	iShares Russell Mid-Cap Growth ETF	3,340.88	17,672.54	18.90
TLT	iShares 20+ Year Treasury Bond ETF	2,699.13	53,985.80	5.00
IVV	iShares Core S&P 500 ETF	2,189.58	489,887.17	0.45
IWS	iShares Russell Mid-Cap Value ETF	1,597.39	14,158.41	11.28
OMFL	Invesco Russell 1000 Dynamic Multifactor ETF	1,374.82	7,392.34	18.60
VONG	Vanguard Russell 1000 Growth ETF	1,282.46	22,196.42	5.78
VEA	Vanguard FTSE Developed Markets ETF	1,278.45	132,333.10	0.97
IWB	iShares Russell 1000 ETF	1,235.19	37,687.06	3.28

Top 10 Redemptions (All ETFs)

Ticker	Name	Net Flows ($, mm)	AUM ($, mm)	AUM % Change
XLK	Technology Select Sector SPDR Fund	-8,583.07	70,250.76	-12.22
VUG	Vanguard Growth ETF	-6,030.51	134,986.94	-4.47
VOO	Vanguard 500 Index Fund	-5,858.06	473,839.57	-1.24
COWZ	Pacer U.S. Cash Cows 100 ETF	-3,070.65	23,016.98	-13.34
SPHQ	Invesco S&P 500 Quality ETF	-2,881.87	10,029.12	-28.74
VXF	Vanguard Extended Market ETF	-2,703.36	18,349.01	-14.73
MOAT	VanEck Morningstar Wide Moat ETF	-2,437.79	14,395.57	-16.93
VTI	Vanguard Total Stock Market ETF	-1,908.20	410,244.71	-0.47
SMH	VanEck Semiconductor ETF	-1,582.26	22,778.90	-6.95
SPGP	Invesco S&P 500 GARP ETF	-1,466.55	4,763.97	-30.78

ETF Weekly Flows By Asset Class

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
Alternatives	60.27	7,933.13	0.76%
Asset Allocation	118.07	18,561.06	0.64%
Commodities	-190.24	141,435.58	-0.13%
Currency	-217.39	56,973.19	-0.38%
International Equity	1,468.59	1,498,184.14	0.10%
International Fixed Income	857.83	205,374.50	0.42%
Inverse	-444.82	12,979.50	-3.43%
Leveraged	1,389.88	107,082.42	1.30%
U.S. Equity	-3,179.70	5,749,283.80	-0.06%
U.S. Fixed Income	4,014.38	1,422,718.09	0.28%
Total:	3,876.88	9,220,525.41	0.04%

Asset Classes (Year-to-Date)

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
Alternatives	1,157.42	7,933.13	14.59%
Asset Allocation	722.32	18,561.06	3.89%
Commodities	-4,833.02	141,435.58	-3.42%
Currency	14,775.18	56,973.19	25.93%
International Equity	55,954.04	1,498,184.14	3.73%
International Fixed Income	28,405.03	205,374.50	13.83%
Inverse	631.24	12,979.50	4.86%
Leveraged	-3,911.16	107,082.42	-3.65%
U.S. Equity	223,151.21	5,749,283.80	3.88%
U.S. Fixed Income	90,056.05	1,422,718.09	6.33%
Total:	406,108.31	9,220,525.41	4.40%

Top 10 Volume Surprises, Funds >$50 mm AUM

Ticker	Name	Average Volume (30 Day)	1 Week Average Volume	% of Average
JULW	AllianzIM U.S. Large Cap Buffer20 Jul ETF	125,681	3,175,349.00	2,526.52%%
NUGO	Nuveen Growth Opportunities ETF	177,328	4,358,296.00	2,457.76%%
FEBT	AllianzIM U.S. Large Cap Buffer10 Feb ETF	56,593	1,359,209.00	2,401.72%%
MKOR	Matthews Korea Active ETF	7,222	151,786.00	2,101.68%%
SIXP	AllianzIM U.S. Large Cap 6 Month Buffer10 Mar/Sep ETF	39,934	833,365.00	2,086.84%%
MARW	AllianzIM U.S. Large Cap Buffer20 Mar ETF	96,545	1,709,653.00	1,770.84%%
USCL	iShares Climate Conscious & Transition MSCI USA ETF	31,669	539,287.00	1,702.91%%
XEMD	BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF	10,603	179,470.00	1,692.58%%
GSID	Goldman Sachs MarketBeta International Equity ETF	35,267	586,153.00	1,662.05%%
SIXJ	AllianzIM U.S. Large Cap 6 Month Buffer10 Jan/Jul ETF	56,328	857,004.00	1,521.45%%

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

Ticker	Name	Weekly Performance	Weekly Volume	AUM ($, mm)
PFIX	Simplify Interest Rate Hedge ETF	5.74%	149,516	141.51
BUG	Global X Cybersecurity ETF	5.26%	933,243	790.45
CONY	YieldMax COIN Option Income Strategy ETF	5.10%	5,346,439	631.14
WCBR	WisdomTree Cybersecurity Fund	4.71%	151,321	92.74
NVDY	YieldMax NVDA Option Income Strategy ETF	4.64%	8,163,928	738.10
WCLD	WisdomTree Cloud Computing Fund	4.63%	1,198,977	485.25
LRNZ	TrueShares Technology, AI & Deep Learning ETF	4.43%	50,983	42.88
PSWD	Xtrackers Cybersecurity Select Equity ETF	3.94%	1,333	5.97
SKYY	First Trust Cloud Computing ETF	3.92%	495,101	2,979.98
TSLP	Kurv Yield Premium Strategy Tesla TSLA ETF	3.91%	34,177	3.39

Top 10 YTD Performers

Ticker	Name	YTD Performance	Weekly Performance	AUM ($, mm)
NVDY	YieldMax NVDA Option Income Strategy ETF	93.79%	4.64%	738.10
GBTC	Grayscale Bitcoin Trust ETF	53.78%	1.27%	16,916.59
SMH	VanEck Semiconductor ETF	49.08%	1.94%	22,778.90
BTF	Valkyrie Bitcoin and Ether Strategy ETF	39.64%	1.77%	48.31
EETH	ProShares Ether Strategy ETF	39.59%	2.40%	103.49
ARKY	ARK 21Shares Active Bitcoin Ethereum Strategy ETF	38.88%	1.26%	4.76
ARKZ	ARK 21Shares Active Ethereum Futures Strategy ETF	38.65%	1.60%	12.91
CRPT	First Trust SkyBridge Crypto Industry and Digital Economy ETF	38.57%	3.02%	59.24
BETE	ProShares Bitcoin & Ether Equal Weight Strategy ETF	37.74%	1.78%	4.20
BETH	ProShares Bitcoin & Ether Market Cap Weight Strategy ETF	36.89%	1.50%	7.05

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.

Sumit Roy

| Contact: [email protected]

Sumit Roy is the senior ETF analyst for etf.com, where he has worked for 13 years. He creates a variety of content for the platform, including news articles, analysis pieces, videos and podcasts.

Before joining etf.com, Sumit was the managing editor and commodities analyst for Hard Assets Investor. In those roles, he was responsible for most of the operations of HAI, a website dedicated to education about commodities investing.

Though he still closely follows the commodities beat, Sumit covers a much broader assortment of topics for etf.com, with a particular focus on stock and bond exchange-traded funds.

He is the host of etf.com’s Talk ETFs, a popular video series that features weekly interviews with thought leaders in the ETF industry. Sumit is also co-host of Exchange Traded Fridays, etf.com’s weekly podcast series.

He lives in the San Francisco Bay Area, where he enjoys climbing the city’s steep hills, playing chess and snowboarding in Lake Tahoe.

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