Weekly ETF Fund Flows: X-L-V Spells Obama

June 29, 2012

The health care ETF ‘XLV’ led fund flows in the week ended Thursday, June 28—the very day the U.S. Supreme Court ruled to preserve the so-called mandate in ‘Obamacare.’

Investors made the Health Care Select Sector SPDR Fund (NYSEArca: XLV) the most popular U.S. ETF in the past week, pouring $346.4 million into a fund that for now seems to be a lightning rod for how the U.S. Supreme Court’s decision let stand the cornerstone of Obamacare plays out in financial markets.

The creations amounted to almost 8 percent of XLV’s assets, which totaled $4.75 billion as of Thursday, June 28—the end point of our five-day “weekly” survey. Overall, net outflows were about $1 billion and total U.S.-listed ETF assets fell to about $1.154 trillion from $1.158 trillion seven days earlier, according to data compiled by IndexUniverse.

The Dow Jones industrial average rose less than 30 points on the week to close at 12,602.26, though the Nasdaq dipped about a third of a percent to end the five-day period at 2,849.49.

Stocks have been volatile all week on continuing anxiety surrounding the eurozone, which dampened the effects of the High Court’s historic decision to preserve much of President Obama’s landmark 2010 health care bill, the implications of which still aren’t totally clear. XLV’s price ended on June 28 down 0.5 percent—a bit more in the red than the Dow, which ended 0.2 percent lower.

It’s worth noting that our weekly flows survey didn’t capture the effects of the Dow’s 278-point, 2.2 percent rally on Friday, June 29 that was related to optimism that European policymakers are making progress at a two-day summit in finding new ways to bring the continent’s debt crisis under control.

BOND And Other Bond ETFs

Among other noteworthy creations was the more than $200 million that Bill Gross’ Pimco Total Return ETF (NYSEArca: BOND) hauled in last week, a reflection both of investors’ nervousness about the macro situation and of BOND’s obvious allure.

Those inflows into BOND amounted to more than 13 percent of the fund’s assets, and demonstrate that it won’t be before long the $1.72 billion fund will cross the $2 billion barrier.

A few other bond funds that pulled in assets in the past week are the iShares iBoxx $ Investment Grade Corporate Bond Fund (NYSEArca: LQD) and the iShares iBoxx $ High Yield Corporate Bond Fund (NYSEArca: HYG), which gathered $233.8 million and $116.4 million, respectively.

Redemptions

The top three funds in terms of outflows were funds that canvass broad sectors of the U.S. equities universe, which, in the aggregate, suffered outflows of $2.37 billion in the five-day period.

Those funds and their redemptions are as follows:

  • SPDR S&P 500 ETF (NYSEArca: SPY), $1.83 billion
  • PowerShares QQQ Trust (NasdaqGM: QQQ), $473.0 million
  • SPDR Dow Jones Industrial Average Trust (NYSEArca: DIA), $302.8 million

 

Also worth mentioning was the $283.1 million that flowed out of the PowerShares S&P 500 Low Volatility Portfolio (NYSEArca: SPLV).

The fund, which was launched in May 2011, has been hovering around the $2 billion AUM level for a few weeks. It ended the period with assets of $1.96 billion.

Its redemptions amounted to 12.6 percent of its assets.

Top 10 Creations (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
XLV Health Care Select SPDR 346.39 4,752.26 7.86%
LQD iShares iBoxx $ Investment Grade Corporate Bond 233.82 22,575.09 1.05%
IVV iShares S&P 500 213.32 28,849.91 0.74%
VTI Vanguard Total Stock Market 204.06 20,927.51 0.98%
BOND PIMCO Total Return 200.74 1,717.13 13.24%
XLE Energy Select SPDR 189.33 6,677.27 2.92%
DEM WisdomTree Emerging Markets Equity Income 156.19 3,610.74 4.52%
VNQ Vanguard REIT 119.81 12,849.96 0.94%
HYG iShares iBoxx $ High Yield Corporate Bond 116.36 14,515.95 0.81%
XLI Industrial Select SPDR 114.48 3,155.95 3.76%

 

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
SPY SPDR S&P 500 -1,833.99 100,514.42 -1.79%
QQQ PowerShares QQQ -472.99 31,377.96 -1.48%
DIA SPDR Dow Jones Industrial Average Trust -302.76 10,708.06 -2.75%
SPLV PowerShares S&P 500 Low Volatility -283.07 1,964.21 -12.60%
FXI iShares FTSE China 25 -254.03 4,520.47 -5.32%
SHY iShares Barclays 1-3 Year Treasury Bond -219.35 10,833.11 -1.98%
GDX Market Vectors Gold Miners -210.50 8,068.68 -2.54%
XRT SPDR S&P Retail -184.62 625.14 -22.80%
IEF iShares Barclays 7-10 Year Treasury Bond -183.45 5,195.71 -3.41%
XLY Consumer Discretionary Select SPDR -135.78 3,223.29 -4.04%

 

ETF Weekly Daily Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity -2,372.04 527,429.60 -0.45%
International Equity -211.57 253,538.78 -0.08%
U.S. Fixed Income 414.75 211,367.03 0.20%
International Fixed Income 350.55 16,950.73 2.07%
Commodities 149.27 103,580.12 0.14%
Currency -19.11 2,919.14 -0.65%
Leveraged 305.93 12,409.54 2.47%
Inverse 276.89 19,733.42 1.40%
Asset Allocation -14.47 1,854.16 -0.78%
Alternatives 112.10 4,164.46 2.69%
Total: -1,007.68 1,153,946.97 -0.09%

 

Top 10 Volume Surprises, Funds >$50 mm AUM

Ticker Name Average Volume
(30 Day)
1 Week Average
Volume
% of Average
FFR First Trust FTSE EPRA/NAREIT Developed Markets Real Estate 32,101 716,820 446.60%
GLJ iShares 10+ Year Government/Credit Bond 95,343 1,774,466 372.23%
WDTI WisdomTree Managed Futures Strategy Fund 75,969 1,354,882 356.69%
AOK iShares S&P Conservative Allocation 59,838 1,040,748 347.86%
ALT iShares Diversified Alternatives 15,909 244,597 307.49%
KOL Market Vectors Coal 328,900 5,031,735 305.97%
VTWO Vanguard Russell 2000 21,422 324,510 302.97%
EUSA iShares MSCI USA 24,861 371,881 299.17%
UCI ETRACS CMCI Total Return ETN 40,618 587,179 289.12%
CORN Teucrium Corn 60,020 826,086 275.27%

 

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

Ticker Name Weekly Performance Weekly Volume AUM ($, mm)
GRN iPath Global Carbon ETN 27.80% 2,109 1.40
EGPT Market Vectors Egypt 18.17% 123,468 40.69
CORN Teucrium Corn 10.70% 826,086 59.73
WEAT Teucrium Wheat 9.40% 46,368 2.83
GRU ELEMENTS MLCX Grains - Total Return ETN 9.19% 180,577 14.81
JJG iPath Dow Jones UBS Grains Total Return ETN 8.59% 485,535 160.86
FCG First Trust ISE-Revere Natural Gas 8.05% 4,099,888 379.92
AGF PowerShares DB Agriculture Long ETN 7.62% 11,297 11.25
ITB iShares Dow Jones U.S. Home Construction 7.17% 15,138,235 765.70
XOP SPDR S&P Oil & Gas Exploration & Production 7.03% 28,506,900 772.46

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

Ticker Name Weekly Performance Weekly Volume AUM ($, mm)
TSXV Global X S&P/TSX Venture 30 Canada -11.96% 18,322 1.65
GAZ iPath Dow Jones-UBS Natural Gas Total Return ETN -10.86% 587,613 36.59
VIIX VelocityShares VIX Short Term ETN -8.16% 4,012,155 73.77
VXX iPath S&P 500 VIX Short-Term Futures ETN -8.14% 216,756,531 1,755.22
VIXY ProShares VIX Short-Term -8.08% 4,014,117 146.97
GWO ELEMENTS Credit Suisse Global Warming ETN -7.84% 2,202 2.63
GLDX Global X Gold Explorers -7.19% 304,481 26.68
PALL ETFS Physical Palladium -7.17% 696,974 476.70
PICK iShares MSCI Global Select Metals & Mining Producers -7.09% 6,565 3.78
EWCS iShares MSCI Canada Small Cap -6.96% 2,448 4.17

Top 10 YTD Performers

Ticker Name YTD Performance Weekly Performance AUM ($, mm)
XIV VelocityShares Daily Inverse VIX Short Term ETN 61.75 7.78 242.46
SVXY ProShares Short VIX Short-Term Futures 60.94 8.09 21.09
AAVX ETRACS Daily Short 1-Month S&P 500 VIX Futures ETN 55.62 5.36 13.49
SCO ProShares UltraShort DJ-UBS Crude Oil 52.70 -1.10 82.87
DTO PowerShares DB Crude Oil Double Short ETN 43.99 -0.35 59.64
BIB ProShares Ultra NASDAQ Biotech 41.36 -1.24 25.00
RETL Direxion Daily Retail Bull 3X Shares 39.94 -4.61 8.47
IVOP iPath Inverse January 2021 S&P 500 VIX Short-Term Futures ETN 38.52 5.03 3.19
BDCL ETRACS 2X Leveraged Long Wells Fargo Business Development Company ETN 36.45 2.52 44.66
ITB iShares Dow Jones U.S. Home Construction 36.21 7.17 765.70

Bottom 10 YTD Performers

Ticker Name YTD Performance Weekly Performance AUM ($, mm)
UVXY ProShares Ultra VIX Short-Term Futures -84.43 -15.41 302.73
TVIX VelocityShares Daily 2X VIX Short Term ETN -82.85 -14.77 378.40
CVOL C-Tracks Exchange-Traded Notes on the Citi Volatility -59.95 -6.57 8.54
BOIL ProShares Ultra DJ-UBS Natural Gas -56.57 10.03 60.51
VIXY ProShares VIX Short-Term -54.34 -8.08 146.97
VXX iPath S&P 500 VIX Short-Term Futures ETN -54.24 -8.14 1,755.22
VIIX VelocityShares VIX Short Term ETN -54.19 -8.16 73.77
FOL FactorShares 2X: Oil Bull/S&P 500 Bear -53.53 -1.48 1.00
VXAA ETRACS 1-Month S&P 500 VIX Futures ETN -52.93 -0.30 4.04
NUGT Direxion Daily Gold Miners Bull 3X -49.16 -9.87 199.50

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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