Investors Bought Up IWM, RSP Last Week

Senior ETF Analyst

Jul 15, 2024

Reviewed by: etf.com Staff

Edited by: James Rubin

A cool $36 billion flowed into U.S.-listed ETFs during the week ending Friday, July 12, pushing year-to-date inflows above $406 billion.

U.S. equity ETFs pulled in the bulk of the weekly inflows as stocks continued to hit record highs, but fixed income ETFs also saw demand as rate cut expectations ticked higher following the latest inflation data.

The S&P 500 was up by almost 19% on a year-to-date basis on Friday. Investors cheered data which showed a smaller-than-expected increase in consumer prices last month.

The probability of a rate cut in September neared 90% after the CPI data came out, which also lent support to bond prices.

Individual flows winners for last week include the SPDR S&P 500 ETF Trust (SPY), the iShares Russell 2000 ETF (IWM) and the iShares 20+ Year Treasury Bond ETF (TLT).

Small caps handily outperformed their large cap counterparts last week as investors rotated into cheaper stocks from the megacap stocks that have led this year’s rally.

The Invesco S&P 500 Equal Weight ETF (RSP) was also in high demand with weekly inflows of $1 billion. The daily return differential between RSP and SPY on Thursday—the day the CPI data came out—was the largest since 2020.

Still, despite there being some rotation from megacaps to smaller stocks, the tech giants that dominate the S&P 500 remain close to their all-time highs.

In other words, everything seems to be working all of a sudden—mega caps, small caps and everything in between.

Only one ETF saw outflows of more than $1 billion last week: the Invesco Russell 1000 Dynamic Multifactor ETF (OMFL).

The Direxion Daily Semiconductor Bull 2X Shares (SOXL) and the ProShares UltraPro QQQ (TQQQ) followed suit with outflows of $663 million and $446 million, respectively, on what seems to be profit taking after huge rallies.

The two ETFs are up 106% and 62%, respectively, so far this year.

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	4,740.04	555,682.04	0.85
IWM	iShares Russell 2000 ETF	2,350.39	63,863.44	3.68
QQQ	Invesco QQQ Trust	1,880.52	299,633.18	0.63
TLT	iShares 20+ Year Treasury Bond ETF	1,821.62	56,723.92	3.21
VOO	Vanguard 500 Index Fund	1,800.97	486,827.10	0.37
VTI	Vanguard Total Stock Market ETF	1,561.35	421,753.98	0.37
RSP	Invesco S&P 500 Equal Weight ETF	987.24	56,449.81	1.75
HYG	iShares iBoxx USD High Yield Corporate Bond ETF	859.21	17,618.31	4.88
DIA	SPDR Dow Jones Industrial Average ETF Trust	579.24	33,735.62	1.72
VCIT	Vanguard Intermediate-Term Corporate Bond ETF	563.10	47,257.09	1.19

Top 10 Redemptions (All ETFs)

Ticker	Name	Net Flows ($, mm)	AUM ($, mm)	AUM % Change
OMFL	Invesco Russell 1000 Dynamic Multifactor ETF	-1,935.54	5,813.24	-33.30
SOXL	Direxion Daily Semiconductor Bull 3X Shares	-663.02	11,643.74	-5.69
TQQQ	ProShares UltraPro QQQ	-446.15	24,844.60	-1.80
IVV	iShares Core S&P 500 ETF	-390.88	504,003.23	-0.08
SHY	iShares 1-3 Year Treasury Bond ETF	-359.19	23,675.83	-1.52
TIP	iShares TIPS Bond ETF	-256.67	17,829.81	-1.44
SLV	iShares Silver Trust	-159.07	13,442.09	-1.18
IWB	iShares Russell 1000 ETF	-151.71	36,782.06	-0.41
KWEB	KraneShares CSI China Internet ETF	-120.77	5,452.95	-2.21
ARKK	ARK Innovation ETF	-103.39	6,147.32	-1.68

ETF Weekly Flows By Asset Class

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
Alternatives	174.35	8,244.30	2.11%
Asset Allocation	165.33	19,090.69	0.87%
Commodities	61.89	146,839.00	0.04%
Currency	932.29	54,519.91	1.71%
International Equity	2,029.25	1,554,361.19	0.13%
International Fixed Income	1,474.41	201,726.86	0.73%
Inverse	629.52	13,060.93	4.82%
Leveraged	-711.99	114,486.85	-0.62%
U.S. Equity	21,689.14	5,889,119.15	0.37%
U.S. Fixed Income	9,336.42	1,448,901.00	0.64%
Total:	35,780.60	9,450,349.88	0.38%

Asset Classes (Year-to-Date)

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
Alternatives	1,157.42	7,931.00	14.59%
Asset Allocation	717.68	18,561.24	3.87%
Commodities	-4,833.02	141,439.14	-3.42%
Currency	14,775.18	56,973.19	25.93%
International Equity	56,003.64	1,499,474.09	3.73%
International Fixed Income	28,858.72	198,197.40	14.56%
Inverse	633.13	12,987.45	4.87%
Leveraged	-3,924.61	107,093.01	-3.66%
U.S. Equity	223,239.35	5,749,763.98	3.88%
U.S. Fixed Income	89,689.93	1,430,299.26	6.27%
Total:	406,317.43	9,222,719.75	4.41%

Top 10 Volume Surprises, Funds >$50 mm AUM

Ticker	Name	Average Volume (30 Day)	1 Week Average Volume	% of Average
XBJL	Innovator U.S. Equity Accelerated 9 Buffer ETF - July	104,504	2,071,657.00	1,982.37%%
TJUL	Innovator Equity Defined Protection ETF - 2 Yr to July 2025	102,760	1,819,672.00	1,770.79%%
CLOX	Panagram AAA CLO ETF	25,612	395,838.00	1,545.51%%
GCOR	Goldman Sachs Access U.S. Aggregate Bond ETF	54,116	761,030.00	1,406.30%%
IBD	Inspire Corporate Bond ETF	100,526	1,369,145.00	1,361.99%%
BBEU	JPMorgan BetaBuilders Europe ETF	798,329	9,362,205.00	1,172.73%%
CUT	Invesco MSCI Global Timber ETF	3,019	34,919.00	1,156.46%%
BBCA	JPMorgan BetaBuilders Canada ETF	418,885	3,885,647.00	927.62%%
WWJD	Inspire International ETF	40,330	366,823.00	909.55%%
GXC	SPDR S&P China ETF	36,846	295,600.00	802.26%%

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

Ticker	Name	Weekly Performance	Weekly Volume	AUM ($, mm)
PBW	Invesco WilderHill Clean Energy ETF	12.63%	1,719,117	322.35
BBC	Virtus LifeSci Biotech Clinical Trials ETF	12.46%	18,536	11.25
CNCR	Range Cancer Therapeutics ETF	10.59%	40,797	13.69
UPGR	Xtrackers US Green Infrastructure Select Equity ETF	10.35%	1,304	4.47
ITB	iShares U.S. Home Construction ETF	10.21%	16,601,900	2,742.53
TAN	Invesco Solar ETF	9.49%	6,015,386	1,010.59
XHB	SPDR S&P Homebuilders ETF	9.44%	15,055,233	1,883.42
RAYS	Global X Solar ETF	9.40%	86,492	6.45
ACES	ALPS Clean Energy ETF	9.27%	628,996	226.88
CNRG	SPDR S&P Kensho Clean Power ETF	9.03%	98,759	189.01

Top 10 YTD Performers

Ticker	Name	YTD Performance	Weekly Performance	AUM ($, mm)
NVDY	YieldMax NVDA Option Income Strategy ETF	106.96%	2.16%	842.63
SMH	VanEck Semiconductor ETF	56.95%	0.08%	23,743.68
GBTC	Grayscale Bitcoin Trust ETF	47.72%	1.95%	15,648.77
MAGS	Roundhill Magnificent Seven ETF	43.23%		763.68
CRPT	First Trust SkyBridge Crypto Industry and Digital Economy ETF	41.26%	1.15%	56.92
WUGI	AXS Esoterica NextG Economy ETF	39.67%	-0.76%	33.95
SOXQ	Invesco PHLX Semiconductor ETF	38.98%	0.17%	515.22
SPMO	Invesco S&P 500 Momentum ETF	37.73%	-0.41%	2,257.52
TUR	iShares MSCI Turkey ETF	35.99%	0.86%	249.52
SOXX	iShares Semiconductor ETF	35.64%	0.11%	16,023.30

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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