ETFs Barely Break Even In Turbulent Week

ETFs Barely Break Even In Turbulent Week

U.S.-listed ETFs gained just $430.8 million in net flows last week.

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Reviewed by: Dan Mika
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Edited by: Dan Mika

U.S.-listed ETFs gained a relatively tiny net inflow of $430.8 million last week after another 50 basis point rate hike from the Fed sent markets tumbling on Friday. 

The U.S. ETF industry has garnered $192.4 billion in net inflows year to date as of Friday, according to ETF.com data provider FactSet, and has $6.6 trillion in assets. 

Bond Inflows Curb Equity Losses 

U.S.-focused bond funds led all asset classes last week, with $3.4 billion in new assets, canceling out the approximately $2.9 billion in outflows from U.S. equity ETFs. 

The iShares iBoxx USD High Yield Corporate Bond ETF (HYG) led all ETFs, with approximately $1.7 billion in net inflows, followed by the iShares National Muni Bond ETF (MUB) and the Vanguard Mortgage-Backed Securities ETF (VMBS), with $795 million and $747 million, respectively. 

Bond investors also flocked to super-safe short-term Treasury assets, with the iShares 1-3 Year Treasury Bond ETF (SHY) and the SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) adding $663 million and $603 million, respectively. 

The Vanguard Total Stock Market ETF (VTI) was the top equity gainer on the week, with $633 million in new assets, while the Utilities Select Sector SPDR Fund (XLU) added $530 million. 

It wasn’t all risk-off last week, with the iShares Russell 1000 Growth ETF (IWF) adding $590 million and the ARK Innovation ETF (ARKK) taking in $512 million. 

Widespread Fallout 

Outflows varied across asset classes and sectors last week, with the SPDR S&P Dividend ETF (SDY) seeing the largest loss of all funds, with $2.1 billion pulled. However, the move appears to be the second leg of a tax-minimizing heartbeat trade that began the week prior. 

The Schwab U.S. TIPS ETF (SCHP) was second on the top outflows list, shedding $2.1 billion. 

The Financial Select Sector SPDR Fund (XLF) led equity fund losses with a $1.5 billion outflow as investors questioned broader economic growth conditions, while the Energy Select Sector SPDR Fund (XLE) lost $1.1 billion. The SPDR S&P 500 ETF Trust (SPY) saw a decrease of $900 million. 

The SPDR Gold Trust (GLD) was the lone commodity fund on the top 10 outflows list, losing $741 million. 

 

For a full list of last week’s top inflows and outflows, see the tables below: 

 

Top 10 Creations (All ETFs)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
HYGiShares iBoxx USD High Yield Corporate Bond ETF1,793.4514,323.6612.52%
MUBiShares National Muni Bond ETF795.5025,430.213.13%
VMBSVanguard Mortgage-Backed Securities ETF747.4914,714.295.08%
SHYiShares 1-3 Year Treasury Bond ETF663.1523,347.762.84%
VTIVanguard Total Stock Market ETF633.45267,115.760.24%
BILSPDR Bloomberg 1-3 Month T-Bill ETF603.3916,877.473.58%
IWFiShares Russell 1000 Growth ETF590.2964,860.210.91%
USFRWisdomTree Floating Rate Treasury Fund544.124,605.1911.82%
XLUUtilities Select Sector SPDR Fund529.9215,750.423.36%
ARKKARK Innovation ETF511.699,422.265.43%

 

Top 10 Redemptions (All ETFs)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
SDYSPDR S&P Dividend ETF-2,163.9421,182.21-10.22%
SCHPSchwab U.S. TIPS ETF-2,158.7216,334.89-13.22%
XLFFinancial Select Sector SPDR Fund-1,587.8936,587.93-4.34%
XLEEnergy Select Sector SPDR Fund-1,065.7838,510.50-2.77%
SPYSPDR S&P 500 ETF Trust-900.09371,534.50-0.24%
VCITVanguard Intermediate-Term Corporate Bond ETF-799.9642,111.06-1.90%
GLDSPDR Gold Trust-741.0365,824.31-1.13%
IWMiShares Russell 2000 ETF-594.7056,660.98-1.05%
SMHVanEck Semiconductor ETF-487.848,561.18-5.70%
VGLTVanguard Long-Term Treasury Index ETF-426.583,473.95-12.28%

 

ETF Weekly Flows By Asset Class

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity-2,975.213,968,522.01-0.07%
International Equity465.061,196,545.260.04%
U.S. Fixed Income3,412.941,052,040.060.32%
International Fixed Income159.80144,749.790.11%
Commodities-751.56168,739.31-0.45%
Currency34.103,784.800.90%
Leveraged265.5861,079.850.43%
Inverse-138.3416,905.62-0.82%
Asset Allocation-94.8318,371.77-0.52%
Alternatives53.277,540.140.71%
Total:430.816,638,278.610.01%

 

Asset Classes (Year-to-Date)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity68,247.503,968,522.011.72%
International Equity54,453.621,196,545.264.55%
U.S. Fixed Income26,371.831,052,040.062.51%
International Fixed Income6,809.35144,749.794.70%
Commodities20,369.43168,739.3112.07%
Currency766.293,784.8020.25%
Leveraged11,323.7961,079.8518.54%
Inverse2,962.5416,905.6217.52%
Asset Allocation674.8418,371.773.67%
Alternatives423.937,540.145.62%
Total:192,403.136,638,278.612.90%

 

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

TickerNameWeekly PerformanceWeekly VolumeAUM ($, mm)
GAZiPath Series B Bloomberg Natural Gas Subindex Total Return ETN19.72%221,71032.48
UNGUnited States Natural Gas Fund LP15.77%27,990,694525.48
UNLUnited States 12 Month Natural Gas Fund LP13.53%596,77439.53
BDRYBreakwave Dry Bulk Shipping ETF10.24%437,71066.15
ATMPiPath Select MLP ETN10.19%17,927220.67
GRNiPath Series B Carbon ETN7.23%184,11395.00
IEOiShares U.S. Oil & Gas Exploration & Production ETF7.11%851,544904.36
PXEInvesco Dynamic Energy Exploration & Production ETF6.89%821,012288.33
KEUAKraneShares European Carbon Allowance Strategy ETF6.61%101,534133.39
FXNFirst Trust Energy AlphaDEX Fund6.60%5,908,2961,765.66

 

Top 10 YTD Performers

TickerNameYTD PerformanceWeekly PerformanceAUM ($, mm)
UNGUnited States Natural Gas Fund LP140.99%15.77%525.48
UNLUnited States 12 Month Natural Gas Fund LP125.67%13.53%39.53
RJNElements Rogers International Commodity Index-Energy TR ETN69.32%4.20%13.21
PFIXSimplify Interest Rate Hedge ETF63.25%1.19%253.65
UGAUnited States Gasoline Fund LP59.38%4.03%123.76
DBEInvesco DB Energy Fund56.21%1.52%273.34
PXEInvesco Dynamic Energy Exploration & Production ETF56.00%6.89%288.33
BNOUnited States Brent Oil Fund LP51.94%2.38%366.00
FCGFirst Trust Natural Gas ETF49.59%6.55%806.51
RYEInvesco S&P 500 Equal Weight Energy ETF48.84%6.16%627.90

 

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.

Dan Mika is a reporter for etf.com. He has previously covered business for the Ames Tribune and Cedar Rapids Gazette in Iowa, and BizWest Media in Fort Collins, Colorado. Dan holds a bachelor's degree in journalism from Truman State University.