Equity ETFs See Massive Outflows

An astronomical $22 billion flowed out of equity ETFs last week, as familiar post-crash jitters took hold.

ETF.com
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Reviewed by: etf.com Staff
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Edited by: etf.com Staff

An astronomical $22 billion flowed out of equity ETFs last week, as familiar post-crash jitters took hold.

Investors pulled more than $22 billion from equities-focused ETFs last week, $19 billion of it from U.S. equities strategies, as markets went into a familiar post-2008-crash “risk-off” mode in the wake of choppy economic data that have renewed concerns about the global recovery.

The flip side of that exodus from equities was powerful inflows into sundry fixed-income ETFs—the latest sign in the post-crash era that investors are willing to make peace with paltry yields at the first signs of trouble. Bond ETFs pulled $11.26 billion.

Overall, investors yanked $9.79 billion from ETFs in the week ended Thursday, Feb. 6, pulling down total U.S.-listed ETF assets by 4 percent to $1.625 trillion, according to data compiled by ETF.com.

The dramatic pivot in ETF flows is a case of back to the future for post-financial crisis investors, who rode the S&P 500 Index up about 30 percent on last year's prevailing risk-on sentiment. But markets have fallen to 4.1 percent so far in 2014 as economic data has turned dodgy.

From weak December and January labor-market gains to strong fourth-quarter gross domestic product output in the fourth quarter of 2013, investors are rushing back to the safety of bond funds, in a repetition of a risk-on/risk-off pattern that has prevailed in financial markets pretty much since Lehman Brothers declared bankruptcy in September 2008.

To be clear, the concern is global in scope, spanning worries about flagging growth in other developed markets such as Japan and Europe, and reflecting concerns that an asset-price bubble in the emerging markets over the past five years may be deflating.

So, investors are fleeing equities and buying bond funds spanning the yield curve and credit quality.

The iShares 1-3 Year Treasury Bond (SHY | A-97) led all bond funds, raking in $3.7 billion last week, bringing its total assets up to $11.86 billion. On the contrary, the SPDR S&P 500 (SPY | A-97) was the least popular ETF last week, redeeming $8.63 billion, bringing its assets down to $144 billion.

Top 10 Creations (All ETFs)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
SHYiShares 1-3 Year Treasury Bond3,702.6711,863.8045.37%
IEIiShares 3-7 Year Treasury Bond3,639.126,187.83142.78%
USTProShares Ultra 7-10 Year Treasury2,817.172,808.98-34,359.97%
CSJiShares 1-3 Year Credit Bond864.0512,971.057.14%
BNDVanguard Total Bond Market584.2419,286.293.12%
TLTiShares 20+ Year Treasury Bond582.323,316.5021.30%
LQDiShares iBoxx $ Investment Grade Corporate Bond474.7616,269.993.01%
MDYSPDR S&P MidCap 400420.9814,501.802.99%
IEFiShares 7-10 Year Treasury Bond378.784,385.439.45%
SHViShares Short Treasury Bond363.792,755.7515.21%

Top 8 Redemptions (All ETFs)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
SPYSPDR S&P 500-8,626.27144,063.74-5.65%
IVViShares Core S&P 500-3,182.9247,185.81-6.32%
IJHiShares Core S&P Mid-Cap-2,934.2619,434.69-13.12%
IWMiShares Russell 2000-1,727.3923,088.51-6.96%
MVVProShares Ultra MidCap 400-1,524.44154.09-90.82%
SSOProShares Ultra S&P 500-1,431.631,668.40-46.18%
XLYConsumer Discretionary Select SPDR-1,235.325,041.85-19.68%
EEMiShares MSCI Emerging Markets-1,194.5830,645.05-3.75%

ETF Weekly Flows By Asset Class

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity -19,092.90865,857.09-2.21%
International Equity -2,718.18381,622.52-0.71%
U.S. Fixed Income 11,255.72242,733.264.64%
International Fixed Income 2.5620,638.920.01%
Commodities 32.3664,158.760.05%
Currency 20.232,032.551.00%
Leveraged73.6219,793.700.37%
Inverse1,032.9121,034.744.91%
Asset Allocation-27.263,867.78-0.70%
Alternatives-366.113,352.64-10.92%
Total:-9,787.031,625,091.95-0.60%

Top 10 Volume Surprises, Funds >$50 mm AUM

TickerNameAverage Volume
(30 Day)
1 Week Average
Volume
% of Average
USTProShares Ultra 7-10 Year Treasury2,529,57575,337,482595.65%
TENZPIMCO 7-15 Year U.S. Treasury26,018711,112546.64%
IEIiShares 3-7 Year Treasury Bond1,458,66038,673,137530.26%
MVVProShares Ultra MidCap 4001,421,71734,658,466487.56%
EFZProShares Short MSCI EAFE104,3442,424,152464.65%
SHYiShares 1-3 Year Treasury Bond2,752,01363,151,086458.94%
IBCCiSharesBondTM 2018 Corporate ex-Financials Term3,61673,632407.31%
UCIETRACS CMCI Total Return ETN96,3931,921,538398.69%
RYHGuggenheim S&P Equal Weight Health Care32,997645,258391.10%
FEMFirst Trust Emerging Markets AlphaDex464,9369,087,600390.92%

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

TickerNameWeekly PerformanceWeekly VolumeAUM ($, mm)
JOiPath Dow Jones-UBS Coffee Total Return ETN23.97%3,077,591165.51
CAFEiPath Pure Beta Coffee ETN22.18%373,5299.68
VXXiPath S&P 500 VIX Short-Term Futures ETN15.75%299,833,397748.34
VIIXVelocityShares VIX Short Term ETN15.75%1,424,07611.20
VIXYProShares VIX Short-Term15.70%17,384,781215.94
JJSiPath Dow Jones-UBS Softs Total Return ETN11.88%8,7006.83
GRNiPath Global Carbon ETN11.83%39,6901.50
SGGiPath Dow Jones-UBS Sugar Total Return ETN9.75%119,83829.28
VIXMProShares VIX Mid-term9.67%624,78660.72
VIIZVelocityShares VIX Mid Term ETN9.65%209,0992.07

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

TickerNameWeekly PerformanceWeekly VolumeAUM ($, mm)
GAZiPath Dow Jones-UBS Natural Gas Total Return ETN-9.80%2,094,28538.94
DXJSWisdomTree Japan Hedged SmallCap Equity-8.28%235,17866.22
UNGUnited States Natural Gas-7.98%151,486,346760.49
JSCSPDR Russell/Nomura Small Cap Japan-7.77%26,57077.86
SCJiShares MSCI Japan Small-Cap-7.67%152,672127.20
DBJPdb X-trackers MSCI Japan Hedged Equity-7.30%878,258415.17
DFJWisdomTree Japan SmallCap Dividend-7.27%215,742272.27
DXJWisdomTree Japan Hedged Equity-7.11%55,245,71911,451.69
JPPSPDR Russell/Nomura PRIME Japan-6.37%154,876126.87
EWJiShares MSCI Japan-6.22%236,987,22612,935.13

Top 10 YTD Performers

TickerNameYTD PerformanceWeekly PerformanceAUM ($, mm)
BXDBBarclays Short B Leveraged Inverse S&P 500 TR ETN58.359.362.27
TVIXVelocityShares Daily 2X VIX Short Term ETN56.1232.70162.81
UVXYProShares Ultra VIX Short-Term Futures55.8132.67172.45
UGAZVelocityShares 3X Long Natural Gas ETN46.96-26.8881.37
JNUGDirexion Daily Junior Gold Miners Bull 3X44.57-6.9428.45
BRZSDirexion Daily Brazil Bear 3x43.46-0.323.63
RUSSDirexion Daily Russia Bear 3X41.75-2.647.92
YANGDirexion Daily FTSE China Bear 3X40.756.5818.30
BOILProShares Ultra DJ-UBS Natural Gas36.18-17.0746.75
KORZDirexion Daily South Korea Bear 3X34.081.991.57

Bottom 10 YTD Performers

TickerNameYTD PerformanceWeekly PerformanceAUM ($, mm)
DGAZVelocityShares 3X Inverse Natural Gas ETN-60.0912.99284.89
JDSTDirexion Daily Junior Gold Miners Bear 3X-45.914.8510.42
KOLDProShares UltraShort DJ- UBS Natural Gas-41.8310.8864.72
BRZUDirexion Daily Brazil Bull 3x-34.60-1.675.31
YINNDirexion Daily FTSE China Bull 3X-33.87-7.1480.55
RUSLDirexion Daily Russia Bull 3X-33.520.6416.51
LBJDirexion Daily Latin America Bull 3X-32.50-2.0315.80
DUSTDirexion Daily Gold Miners Bear 3X-29.8810.00191.83
KORUDirexion Daily South Korea Bull 3x-29.09-2.802.00
EDCDirexion Daily Emerging Markets Bull 3x-27.75-1.02309.94

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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