ETF Weekly Flows Show Home Bias
In a short week, demand for U.S. equity and U.S. fixed income remained strong.
In a relatively short week due to the Labor Day holiday, investors poured a net of $3.24 billion into U.S.-listed ETFs. That’s only about a third of the total asset flows seen the week prior.
A look at the top net asset gainers in the past week show that demand was largely split into two asset classes: U.S. equity and U.S. fixed income.
Among the most popular funds were large, liquid and very-well-established strategies such as the Vanguard S&P 500 ETF (VOO), the iShares Core S&P 500 ETF (IVV) and the Invesco QQQ Trust (QQQ).
Strong Home Bias
In the aggregate, U.S. equity ETFs have now attracted roughly 41% of total net creations in 2018, as the stock market forges new highs and investors display strong home bias in the face of positive economic data pointing to a booming, growing economy.
For U.S. fixed income, demand also went on unabated this week—the segment has taken in a net of $55 billion so far this year. Funds like the iShares 20+ Year Treasury Bond ETF (TLT) and the iShares TIPS Bond ETF (TIP) led net creations.
On the flip side, gold continues to be lackluster. The SPDR Gold Trust (GLD) was again among the week’s biggest asset losers, having now bled a net of $3.46 billion in assets year-to-date. GLD has had a difficult time this year, as gold prices have dropped some 8.5%. Demand for the perceived safety of gold has been muted in the face of a strong stock market, strong dollar and rising rates.
The U.S. ETF market is ending this week with $3.691 trillion in total assets.
Top 10 Creations (All ETFs)
Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
VOO | Vanguard S&P 500 ETF | 3,898.15 | 103,311.15 | 3.92% |
IVV | iShares Core S&P 500 ETF | 2,953.86 | 163,164.01 | 1.84% |
TLT | iShares 20+ Year Treasury Bond ETF | 1,247.93 | 8,737.54 | 16.66% |
TIP | iShares TIPS Bond ETF | 412.94 | 24,243.86 | 1.73% |
QQQ | Invesco QQQ Trust | 412.43 | 72,717.99 | 0.57% |
XLK | Technology Select Sector SPDR Fund | 325.04 | 23,026.35 | 1.43% |
MINT | PIMCO Enhanced Short Maturity Active ETF | 269.88 | 10,371.23 | 2.67% |
DIA | SPDR Dow Jones Industrial Average ETF Trust | 246.82 | 21,975.60 | 1.14% |
IVE | iShares S&P 500 Value ETF | 214.59 | 15,228.98 | 1.43% |
XLE | Energy Select Sector SPDR Fund | 164.16 | 17,883.73 | 0.93% |
Top 10 Redemptions (All ETFs)
Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
SPY | SPDR S&P 500 ETF Trust | -6,494.42 | 271,980.94 | -2.33% |
LQD | iShares iBoxx USD Investment Grade Corporate Bond ETF | -614.87 | 33,595.70 | -1.80% |
HYG | iShares iBoxx USD High Yield Corporate Bond ETF | -454.42 | 16,730.53 | -2.64% |
GLD | SPDR Gold Trust | -420.71 | 28,725.78 | -1.44% |
JNK | SPDR Bloomberg Barclays High Yield Bond ETF | -340.06 | 9,380.70 | -3.50% |
IJR | iShares Core S&P Small Cap ETF | -248.22 | 47,578.25 | -0.52% |
EWP | iShares MSCI Spain ETF | -237.33 | 869.78 | -21.44% |
SHV | iShares Short Treasury Bond ETF | -154.49 | 15,143.02 | -1.01% |
SOXX | iShares PHLX Semiconductor ETF | -143.17 | 1,889.79 | -7.04% |
XBI | SPDR S&P BIOTECH ETF | -140.30 | 5,794.28 | -2.36% |
ETF Weekly Flows By Asset Class
Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
U.S. Equity | 2,810.86 | 2,157,258.80 | 0.13% |
International Equity | -514.10 | 778,470.89 | -0.07% |
U.S. Fixed Income | 1,323.43 | 568,363.65 | 0.23% |
International Fixed Income | 204.55 | 63,353.03 | 0.32% |
Commodities | -331.24 | 58,859.62 | -0.56% |
Currency | -11.13 | 1,090.98 | -1.02% |
Leveraged | -107.51 | 36,891.87 | -0.29% |
Inverse | -123.57 | 12,864.84 | -0.96% |
Asset Allocation | -17.97 | 9,422.28 | -0.19% |
Alternatives | 9.81 | 4,667.10 | 0.21% |
Total: | 3,243.13 | 3,691,243.07 | 0.09% |
Asset Classes (Year-to-Date)
Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
U.S. Equity | 72,838.37 | 2,157,258.80 | 3.38% |
International Equity | 35,680.59 | 778,470.89 | 4.58% |
U.S. Fixed Income | 55,006.68 | 568,363.65 | 9.68% |
International Fixed Income | 8,008.26 | 63,353.03 | 12.64% |
Commodities | -1,654.35 | 58,859.62 | -2.81% |
Currency | -93.31 | 1,090.98 | -8.55% |
Leveraged | 2,814.72 | 36,891.87 | 7.63% |
Inverse | 2,469.98 | 12,864.84 | 19.20% |
Asset Allocation | 629.99 | 9,422.28 | 6.69% |
Alternatives | 433.69 | 4,667.10 | 9.29% |
Total: | 176,134.59 | 3,691,243.07 | 4.77% |
Top 10 Volume Surprises, Funds >$50 mm AUM
Ticker | Name | Average Volume (30 Day) | 1 Week Average Volume | % of Average |
PDN | Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 55,491 | 370,557 | 667.78% |
PXF | Invesco FTSE RAFI Developed Markets ex-U.S. ETF | 168,110 | 844,182 | 502.16% |
PXH | Invesco FTSE RAFI Emerging Markets ETF | 304,174 | 1,356,589 | 445.99% |
WBIA | WBI BullBear Rising Income 2000 ETF | 14,274 | 61,422 | 430.31% |
EBND | SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | 331,782 | 1,591,866 | 479.79% |
WBIY | WBI Power Factor High Dividend ETF | 96,007 | 390,461 | 406.70% |
WBIE | WBI BullBear Rising Income 1000 ETF | 34,894 | 130,984 | 375.38% |
PXI | Invesco DWA Energy Momentum ETF | 28,343 | 182,141 | 642.64% |
WBIL | WBI BullBear Quality 1000 ETF | 24,153 | 77,886 | 322.47% |
WBIF | WBI BullBear Value 1000 ETF | 25,627 | 81,647 | 318.60% |
Top 10 Weekly Performers, Excluding Leverage/Inverse Funds and <1,000 Shares Traded
Ticker | Name | Weekly Performance | Weekly Volume | AUM ($, mm) |
MJ | ETFMG Alternative Harvest ETF | 4.84% | 2,752,556 | 500.36 |
SGGB | iPath Series B Bloomberg Sugar Subindex Total Return ETN | 2.33% | 40,900 | 26.01 |
BJO | iPath Series B Bloomberg Coffee Subindex Total Return ETN | 1.93% | 177,873 | 59.39 |
YMLI | VanEck Vectors High Income Infrastructure MLP ETF | 1.92% | 13,334 | 22.55 |
EWI | iShares MSCI Italy ETF | 1.88% | 2,701,240 | 410.47 |
PMR | Invesco Dynamic Retail ETF | 1.85% | 3,361 | 12.74 |
XLU | Utilities Select Sector SPDR Fund | 1.85% | 39,290,445 | 7,699.21 |
RYU | Invesco S&P 500 Equal Weight Utilities ETF | 1.73% | 10,423 | 148.40 |
VPU | Vanguard Utilities ETF | 1.72% | 237,683 | 2,859.64 |
IDU | iShares U.S. Utilities ETF | 1.71% | 78,458 | 627.88 |
Top 10 YTD Performers
Ticker | Name | YTD Performance | Weekly Performance | AUM ($, mm) |
PSCH | Invesco S&P SmallCap Health Care ETF | 45.65% | -0.48% | 1,288.84 |
XWEB | SPDR S&P Internet ETF | 40.54% | -2.33% | 57.26 |
XHE | SPDR S&P Health Care Equipment ETF | 35.34% | -1.16% | 727.50 |
PSJ | Invesco Dynamic Software ETF | 34.20% | -2.37% | 274.80 |
PTH | Invesco DWA Healthcare Momentum ETF | 33.18% | -1.41% | 318.45 |
ARKG | ARK Genomic Revolution Multi-Sector ETF | 32.99% | -2.00% | 301.68 |
XITK | SPDR FactSet Innovative Technology ETF | 31.08% | -2.43% | 66.63 |
XSW | SPDR S&P Software & Services ETF | 30.27% | -1.63% | 121.03 |
FINX | Global X FinTech ETF | 28.79% | -2.90% | 374.94 |
OILX | ETRACS S&P GSCI Crude Oil Total Return ETN | 28.13% | 0.00% | 16.54 |
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.