ETFs Gain $8B On Volatile Week

ETFs Gain $8B On Volatile Week

Despite the whipsaw, some broad-market funds gained assets.

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Reviewed by: Dan Mika
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Edited by: Dan Mika

U.S.-listed ETFs gained just over $8.1 billion in new assets last week despite a confluence of inflation, geopolitical tensions and a Fed that isn’t ruling out a half-point rate hike this year.

The U.S. ETF industry has seen $38.6 billion in inflows year-to-date, according to ETF.com data provider FactSet, and now manages more than $6.7 trillion in assets.

Major Market ETFs Diverge

U.S. equities took in a net $1.6 billion in new assets on the week despite a split in flows between some of the ETFs that turned 2021 into a record-breaking year for inflows.

The Vanguard S&P 500 ETF (VOO) led all ETFs, with $3.9 billion in new assets, while the iShares Core S&P 500 ETF (IVV) and the iShares Russell 2000 ETF (IWM) gained $2.7 billion and $2.3 billion, respectively. The Vanguard Total Stock Market ETF (VTI) added $1.3 billion in the week.

Those funds may have benefited from dip-buyers looking to add to the core of their portfolios, while the broad-market funds prized for their intraday liquidity struggled.

The SPDR S&P 500 ETF Trust (SPY) lost $7.8 billion on the week, followed by the Invesco QQQ Trust (QQQ), which had an outflow of just under $3.6 billion.

Day traders took contrarian positions on the prospects for the tech industry, adding just over $1 billion into the triple-leveraged ProShares UltraPro QQQ (TQQQ) for a higher-risk, higher-return bet on some of the largest companies in the world. QQQ finished higher on Monday and Friday last week.

The IShares MSCI Kokusai ETF (TOK) was second among all ETFs in new assets, with more than $3.7 billion on the week. However, all of that came on Wednesday alone, after weeks of little to no flow activity. The massive single-day amount suggests that it is the first leg of a heartbeat trade designed to avoid capital gains taxes.

US Bonds Retreat While TIPS Split

U.S. fixed income ETFs had the largest outflows among the asset classes last week, with nearly $3 billion pulled from the sector.

The SPDR Portfolio Long Term Treasury ETF (SPTL) led fixed income ETFs on the week, taking in $902.5 million as traders loaded onto the flattening long end of the Treasury curve.

The only other bond ETF on the top 10 gainers list was the Schwab U.S. TIPS ETF (SCHP) with $882 million, although a $515.8 million outflow from the iShares TIPS Bond ETF (TIP) muddied the narrative of investors clamoring for inflation-protected bonds.

High yield bond ETFs also struggled, as a potential double-whammy of inflation and the Federal Reserve’s hawkish turn toward cutting down its balance sheet sent investors fleeing. The iShares iBoxx USD High Yield Corporate Bond ETF (HYG) lost $761 million in assets, while the SPDR Bloomberg High Yield Bond ETF (JNK) decreased by $701 million.

 

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

 

Top 10 Creations (All ETFs)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
VOOVanguard S&P 500 ETF3,960.47258,308.901.53%
TOKiShares MSCI Kokusai ETF3,667.253,822.7595.93%
IVViShares Core S&P 500 ETF2,747.99304,748.300.90%
IWMiShares Russell 2000 ETF2,304.2359,235.313.89%
SDYSPDR S&P Dividend ETF1,546.2821,737.557.11%
VTIVanguard Total Stock Market ETF1,339.66272,093.220.49%
TQQQProShares UltraPro QQQ1,006.0815,824.106.36%
SPTLSPDR Portfolio Long Term Treasury ETF902.515,639.8216.00%
SCHPSchwab U.S. TIPS ETF882.0521,654.944.07%
XLEEnergy Select Sector SPDR Fund860.8233,959.352.53%

 

Top 10 Redemptions (All ETFs)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
SPYSPDR S&P 500 ETF Trust-7,802.55397,875.61-1.96%
QQQInvesco QQQ Trust-3,576.60177,826.97-2.01%
VLUEiShares MSCI USA Value Factor ETF-1,358.3713,996.00-9.71%
VGTVanguard Information Technology ETF-908.2647,539.65-1.91%
HYGiShares iBoxx USD High Yield Corporate Bond ETF-761.1017,460.57-4.36%
JNKSPDR Bloomberg High Yield Bond ETF-701.198,541.68-8.21%
VCRVanguard Consumer Discretionary ETF-542.305,900.17-9.19%
XLYConsumer Discretionary Select Sector SPDR Fund-517.8219,362.43-2.67%
TIPiShares TIPS Bond ETF-515.8336,594.44-1.41%
AGGiShares Core U.S. Aggregate Bond ETF-504.2589,883.96-0.56%

 

ETF Weekly Flows By Asset Class

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity1,605.883,970,912.480.04%
International Equity8,166.541,249,211.050.65%
U.S. Fixed Income-2,950.091,081,571.05-0.27%
International Fixed Income-124.66159,675.47-0.08%
Commodities855.08141,982.430.60%
Currency-5.582,922.34-0.19%
Leveraged958.3360,364.031.59%
Inverse-355.2213,536.20-2.62%
Asset Allocation41.0619,767.840.21%
Alternatives-64.187,180.35-0.89%
Total:8,127.166,707,123.240.12%

 

Asset Classes (Year-to-Date)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity9,292.763,970,912.480.23%
International Equity24,123.461,249,211.051.93%
U.S. Fixed Income-7,594.341,081,571.05-0.70%
International Fixed Income2,287.37159,675.471.43%
Commodities4,257.62141,982.433.00%
Currency-28.832,922.34-0.99%
Leveraged4,634.3760,364.037.68%
Inverse1,135.5513,536.208.39%
Asset Allocation380.0519,767.841.92%
Alternatives133.187,180.351.85%
Total:38,621.206,707,123.240.58%

 

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

TickerNameWeekly PerformanceWeekly VolumeAUM ($, mm)
PALLAberdeen Standard Physical Palladium Shares ETF9.18%342,497386.81
SPAXRobinson Alternative Yield Pre-Merger SPAC ETF8.83%10,07519.38
SARKTuttle Capital Short Innovation ETF5.95%13,125,951312.47
OIHVanEck Oil Services ETF5.91%4,541,9072,556.86
GRNiPath Series B Carbon ETN5.59%373,432156.04
RJNElements Rogers International Commodity Index-Energy TR ETN5.15%415,9577.65
IEZiShares U.S. Oil Equipment & Services ETF5.05%1,539,421125.88
UNGUnited States Natural Gas Fund LP4.95%19,721,999407.47
EWZSiShares MSCI Brazil Small-Cap ETF4.95%222,527108.34
XESSPDR S&P Oil & Gas Equipment & Services ETF4.95%494,608158.07

 

Top 10 YTD Performers

TickerNameYTD PerformanceWeekly PerformanceAUM ($, mm)
SOGUThe Short De-SPAC ETF36.04%3.43%35.09
SARKTuttle Capital Short Innovation ETF33.23%5.95%312.47
VXXiPath Series B S&P 500 VIX Short Term Futures ETN31.25%2.53%933.79
VIXYProShares VIX Short-Term Futures ETF30.78%2.43%388.82
OIHVanEck Oil Services ETF24.66%5.91%2,556.86
MLPOCredit Suisse S&P MLP Index ETN23.46%0.00%25.15
PALLAberdeen Standard Physical Palladium Shares ETF23.24%9.18%386.81
IEZiShares U.S. Oil Equipment & Services ETF22.73%5.05%125.88
NORWGlobal X MSCI Norway ETF21.00%1.06%72.11
XESSPDR S&P Oil & Gas Equipment & Services ETF20.51%4.95%158.07

 

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.