EEM had a great run in the week ended Oct. 25, but SPY-led outflows and a falling Dow pulled total U.S.-listed ETF assets down $1.284 trillion.
Investors plowed more than $500 million into the iShares MSCI Emerging Markets Index Fund (NYSEArca: EEM), the latest piece of a tale of shifting flows between EEM and the Vanguard MSCI Emerging Markets ETF (NYSEArca: VWO) that we’ve begun to take measure of here.
Since Vanguard announced at the beginning of the month that it would switch VWO’s MSCI index to a FTSE index next year, money has been moving into EEM. It’s not totally clear what’s going on, but it is possible that institutions sensitive to MSCI’s special place in their world of institutional benchmarking were choosing iShares’ EEM to achieve their emerging markets exposure.
On the flip side, the SPDR S&P 500 ETF (NYSEArca: SPY) suffered outflows of $9.13 billion, the leading edge of net outflows from U.S. equities that totaled more than $12 billion. Overall, total U.S.-listed ETF assets fell to $1.284 trillion from a record $1.318 trillion in the prior week.
Part of that asset drop was related to falling stocks. In the five-day trading period ended Oct. 25, the Dow Jones industrial average fell more than 3 percent to 13,103.68, pulled down by largely disappointing third-quarter earnings reports.
While deeper macroeconomic concerns were secondary to the relatively weak earnings season as far as what was fueling the selling, gold resonated with investors as the stock market moved downward.
SPDR Gold Shares (NYSEArca: GLD), the nearly $74 billion bullion ETF, pulled in $167.5 million, while the Market Vectors Gold Miners ETF (NYSEArca: GDX) added $293.6 million in fresh assets.
Top 10 Creations (All ETFs)
| Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
| EEM | iShares MSCI Emerging Markets | 504.74 | 38,396.23 | 1.33% |
| FXI | iShares FTSE China 25 | 455.06 | 5,956.27 | 8.27% |
| EZU | iShares MSCI EMU | 335.12 | 1,612.62 | 26.23% |
| GDX | Market Vectors Gold Miners | 293.58 | 10,032.98 | 3.01% |
| GLD | SPDR Gold | 167.45 | 73,715.25 | 0.23% |
| EFV | iShares MSCI EAFE Value | 148.66 | 1,505.52 | 10.96% |
| IHY | Market Vectors International High Yield Bond | 140.86 | 166.59 | 547.51% |
| IVV | iShares Core S&P 500 | 130.21 | 32,641.20 | 0.40% |
| BKLN | PowerShares Senior Loan | 124.24 | 1,173.51 | 11.84% |
| TLT | iShares Barclays 20+ Year Treasury Bond | 121.60 | 3,055.73 | 4.14% |
Top 10 Redemptions (All ETFs)
| Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
| SPY | SPDR S&P 500 | -9,127.51 | 106,414.81 | -7.90% |
| IWM | iShares Russell 2000 | -1,094.73 | 16,495.65 | -6.22% |
| XLE | Energy Select SPDR | -453.83 | 7,191.03 | -5.94% |
| XLF | Financial Select SPDR | -430.44 | 8,147.60 | -5.02% |
| QQQ | PowerShares QQQ | -386.91 | 30,835.19 | -1.24% |
| BND | Vanguard Total Bond Market | -321.73 | 17,222.79 | -1.83% |
| XLI | Industrial Select SPDR | -294.49 | 3,026.69 | -8.87% |
| XLB | Materials Select SPDR | -257.09 | 2,351.03 | -9.86% |
| IBB | iShares NASDAQ Biotechnology | -211.99 | 2,110.62 | -9.13% |
| MDY | SPDR S&P MidCap 400 | -187.31 | 9,272.32 | -1.98% |
ETF Weekly Daily Flows By Asset Class
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| U.S. Equity | -12,717.83 | 574,276.52 | -2.21% |
| International Equity | 2,277.67 | 301,459.54 | 0.76% |
| U.S. Fixed Income | 577.93 | 223,941.57 | 0.26% |
| International Fixed Income | 434.93 | 23,363.13 | 1.86% |
| Commodities | 440.80 | 120,233.20 | 0.37% |
| Currency | -21.27 | 2,797.41 | -0.76% |
| Leveraged | 244.09 | 12,656.89 | 1.93% |
| Inverse | -208.72 | 19,214.97 | -1.09% |
| Asset Allocation | 29.61 | 2,279.41 | 1.30% |
| Alternatives | -186.15 | 4,024.54 | -4.63% |
| Total: | -9,128.95 | 1,284,247.17 | -0.71% |
Top 10 Volume Surprises, Funds >$50 mm AUM
| Ticker | Name | Average Volume (30 Day) |
1 Week Average Volume |
% of Average |
| EXI | iShares S&P Global Industrials | 14,262 | 277,833 | 389.61% |
| ZROZ | PIMCO 25+ Year Zero Coupon U.S. Treasury | 39,670 | 615,299 | 310.21% |
| DSI | iShares MSCI KLD 400 Social | 11,583 | 179,072 | 309.19% |
| RXI | iShares S&P Global Consumer Discretionary | 14,935 | 228,669 | 306.23% |
| EMHY | iShares Emerging Markets High Yield Bond | 107,415 | 1,553,846 | 289.32% |
| RJN | ELEMENTS Rogers International Commodity - Energy Total Return ETN | 81,191 | 1,156,856 | 284.97% |
| IHY | Market Vectors International High Yield Bond | 243,547 | 3,446,397 | 283.02% |
| IGM | iShares S&P North American Technology | 46,051 | 622,102 | 270.18% |
| DJCI | ETRACS DJ-Commodity Total Return ETN | 6,020 | 73,309 | 243.55% |
| RYJ | Guggenheim Raymond James SB-1 Equity | 17,498 | 192,291 | 219.79% |
Top 10 Weekly Performers, Excluding Leverage/Inverse Funds and <1,000 Shares Traded
| Ticker | Name | Weekly Performance | Weekly Volume | AUM ($, mm) |
| VXX | iPath S&P 500 VIX Short-Term Futures ETN | 10.97% | 171,563,314 | 1,645.84 |
| VIXY | ProShares VIX Short-Term | 10.93% | 5,971,858 | 178.09 |
| VIIX | VelocityShares VIX Short Term ETN | 10.93% | 3,212,163 | 8.84 |
| EMFN | iShares MSCI Emerging Markets Financials | 5.02% | 2,404 | 4.88 |
| COLX | Market Vectors Colombia | 4.80% | 1,150 | 2.91 |
| WEET | iPath Pure Beta Grains ETN | 3.26% | 5,651 | 2.70 |
| FUE | ELEMENTS MLCX Biofuels Total Return ETN | 2.58% | 3,830 | 1.79 |
| VIIZ | VelocityShares VIX Mid Term ETN | 2.47% | 5,040 | 5.66 |
| EWH | iShares MSCI Hong Kong | 2.24% | 29,312,166 | 2,652.30 |
| GREK | Global X FTSE Greece 20 | 2.12% | 539,404 | 29.42 |
Bottom 10 Weekly Performers, Excluding Leverage/Inverse Funds and <1,000 Shares Traded
| Ticker | Name | Weekly Performance | Weekly Volume | AUM ($, mm) |
| KWT | Market Vectors Solar Energy | -7.27% | 15,756 | 9.56 |
| FCG | First Trust ISE-Revere Natural Gas | -7.14% | 2,175,923 | 450.27 |
| OIL | iPath S&P GSCI Crude Oil Total Return ETN | -6.99% | 3,669,981 | 399.16 |
| TWTI | RBS Oil Trendpilot ETN | -6.85% | 7,367 | 7.34 |
| XBI | SPDR S&P Biotech | -6.75% | 2,191,514 | 637.29 |
| USO | United States Oil | -6.72% | 65,611,488 | 1,241.43 |
| CVOL | C-Tracks Exchange-Traded Notes on the Citi Volatility | -6.64% | 339,833 | 6.00 |
| FBT | First Trust NYSE Arca Biotechnology | -6.62% | 415,186 | 227.64 |
| ICLN | iShares S&P Global Clean Energy | -6.57% | 64,919 | 24.38 |
| OLO | PowerShares DB Crude Oil Long ETN | -6.50% | 31,003 | 12.44 |
Top 10 YTD Performers
| Ticker | Name | YTD Performance | Weekly Performance | AUM ($, mm) |
| ITB | iShares Dow Jones U.S. Home Construction | 72.60 | -2.11 | 1,471.98 |
| EGPT | Market Vectors Egypt | 61.18 | -0.99 | 55.27 |
| XHB | SPDR S&P Homebuilders | 51.08 | -2.10 | 1,965.31 |
| TUR | iShares MSCI Turkey Investable Market | 48.12 | 0.62 | 604.43 |
| BBH | Market Vectors Biotech | 44.06 | -4.40 | 144.35 |
| TAO | Guggenheim China Real Estate | 43.58 | 1.79 | 42.81 |
| INCO | EGShares India Consumer | 37.52 | -0.43 | 2.18 |
| IFAS | iShares FTSE EPRA/NAREIT Developed Asia | 36.36 | 0.84 | 29.21 |
| PKB | PowerShares Dynamic Building & Construction | 35.75 | -1.34 | 42.93 |
| EPHE | iShares MSCI Philippines Investable Market | 34.66 | -1.10 | 132.17 |
Bottom 10 YTD Performers
| Ticker | Name | YTD Performance | Weekly Performance | AUM ($, mm) |
| CVOL | C-Tracks Exchange-Traded Notes on the Citi Volatility | -74.45 | -6.64 | 6.00 |
| VXX | iPath S&P 500 VIX Short-Term Futures ETN | -74.33 | 10.97 | 1,645.84 |
| VIIX | VelocityShares VIX Short Term ETN | -74.32 | 10.93 | 8.84 |
| VIXY | ProShares VIX Short-Term | -74.28 | 10.93 | 178.09 |
| VXZ | iPath S&P 500 VIX Mid-Term Futures ETN | -48.62 | 1.07 | 121.28 |
| VIXM | ProShares VIX Mid-term | -48.25 | 1.32 | 100.23 |
| VIIZ | VelocityShares VIX Mid Term ETN | -47.28 | 2.47 | 5.66 |
| KWT | Market Vectors Solar Energy | -42.37 | -7.27 | 9.56 |
| TAN | Guggenheim Solar | -39.76 | -6.42 | 40.46 |
| JO | iPath Dow Jones-UBS Coffee Total Return ETN | -33.28 | 1.45 | 45.19 |
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.
