ETFs Lose $11B In Short Week

The three largest S&P 500 ETFs lost more than $14 billion combined.

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Reviewed by: Dan Mika
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Edited by: Dan Mika

The U.S. ETF industry posted its second straight week of net outflows in the Good Friday-shortened trading week ending April 14, driven primarily by deep outflows in the three largest S&P 500-tracking funds. It is the first time the industry has posted two straight weeks of net outflows since late March 2020.

U.S.-listed funds posted net outflows of $11.2 billion, according to ETF.com data provider FactSet. The industry now has net inflows of $187.6 billion year-to-date and held $6.9 trillion in assets under management as of last Thursday. 

S&P Rout 

The S&P 500 index lost 1.8% last week amid another red-hot inflation reading, giving more reason for the Fed to issue a 50 basis point hike to its prime rate in two weeks’ time and raising fears in the market over potentially hiking into a recession. 

U.S. equities as an asset class lost $17.5 billion, led by the SPDR S&P 500 ETF Trust (SPY) shedding $5.8 billion and the iShares Core S&P 500 ETF (IVV) losing $5.6 billion. The Vanguard S&P 500 ETF (VOO) far less losses than its counterparts, with a $2.56 billion outflow. 

The tech-heavy Invesco QQQ Trust (QQQ) struggled alongside the S&P 500, seeing $2.5 billion of outflows. 

Investor dollars allocated to broad equities rotated instead to the iShares MSCI USA Min Vol Factor ETF (USMV) and the iShares Core High Dividend ETF (HDV), adding a combined $1.1 billion. 

Mixed Credit Outlook 

Corporate bonds were a hotbed of action, with the iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD) adding $975.8 million to lead inflows among all ETFs. BlackRock’s sister fund for junk bonds went in the opposite direction, as the iShares iBoxx USD High Yield Corporate Bond ETF (HYG) lost $1.2 billion in the period. 

The SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) added nearly $750 million in the week to round out fixed income gainers as some investors sought the safety of near-maturity bonds, while the JPMorgan Inflation Managed Bond ETF (JCPI) lost just under $641 million. 

Semiconductor Bets Ramp Up 

Investors snapped up exposure to the semiconductor industry last week, betting that the downtrodden stocks would recover during the earnings season. The VanEck Semiconductor ETF (SMH) added $883 million in the period, while the triple-leveraged Direxion Daily Semiconductor Bull 3X Shares (SOXL) added $557.8 million as part of its nearly $1 billion in net inflows in the past several days. 

 
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
LQDiShares iBoxx USD Investment Grade Corporate Bond ETF975.8132,431.673.01%
SMHVanEck Semiconductor ETF883.238,626.9210.24%
BILSPDR Bloomberg 1-3 Month T-Bill ETF749.5914,566.405.15%
VGTVanguard Information Technology ETF687.1848,669.521.41%
SOXLDirexion Daily Semiconductor Bull 3X Shares577.865,647.0810.23%
USMViShares MSCI USA Min Vol Factor ETF576.4129,025.961.99%
HDViShares Core High Dividend ETF568.889,718.205.85%
GLDSPDR Gold Trust563.8969,867.770.81%
XLEEnergy Select Sector SPDR Fund539.7638,527.351.40%
XLVHealth Care Select Sector SPDR Fund532.4238,928.061.37%

 

Top 10 Redemptions (All ETFs)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
SPYSPDR S&P 500 ETF Trust-5,864.08399,570.67-1.47%
IVViShares Core S&P 500 ETF-5,649.81322,569.34-1.75%
VOOVanguard 500 Index Fund-2,558.01284,340.26-0.90%
QQQInvesco QQQ Trust-2,539.60185,948.87-1.37%
IWMiShares Russell 2000 ETF-1,415.9558,931.68-2.40%
HYGiShares iBoxx USD High Yield Corporate Bond ETF-1,256.3213,253.74-9.48%
FDNFirst Trust Dow Jones Internet Index Fund-737.316,003.15-12.28%
JCPIJPMorgan Inflation Managed Bond ETF - United States-640.781,123.54-57.03%
MDYVSPDR S&P 400 Mid Cap Value ETF-579.821,626.78-35.64%
IWFiShares Russell 1000 Growth ETF-574.7967,865.06-0.85%

 

ETF Weekly Flows By Asset Class

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity-17,545.474,179,305.87-0.42%
International Equity3,130.641,260,931.140.25%
U.S. Fixed Income1,037.421,048,250.640.10%
International Fixed Income-3.50156,410.500.00%
Commodities1,419.26176,041.090.81%
Currency-17.513,615.81-0.48%
Leveraged937.7263,684.291.47%
Inverse-234.6117,456.57-1.34%
Asset Allocation-46.6418,947.67-0.25%
Alternatives66.717,438.490.90%
Total:-11,255.976,932,082.07-0.16%

 

Asset Classes (Year-to-Date)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity79,094.094,179,305.871.89%
International Equity53,934.461,260,931.144.28%
U.S. Fixed Income11,028.601,048,250.641.05%
International Fixed Income8,094.33156,410.505.18%
Commodities20,590.85176,041.0911.70%
Currency611.863,615.8116.92%
Leveraged9,056.6763,684.2914.22%
Inverse4,163.8517,456.5723.85%
Asset Allocation699.5018,947.673.69%
Alternatives348.107,438.494.68%
Total:187,622.316,932,082.072.71%

 

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 ETN12.01%257,87830.58
UNGUnited States Natural Gas Fund LP11.45%40,105,793434.19
UNLUnited States 12 Month Natural Gas Fund LP11.12%529,49033.33
JJEiPath Series B Bloomberg Energy Subindex Total Return ETN8.55%1,0487.20
BALiPath Series B Bloomberg Cotton Subindex Total Return ETN8.17%25,20440.33
JETSU.S. Global Jets ETF7.50%24,201,3313,389.53
WCBRWisdomTree Cybersecurity Fund7.44%42,41050.94
PAKGlobal X MSCI Pakistan ETF6.99%44,89120.39
RJNElements Rogers International Commodity Index-Energy TR ETN6.96%197,09713.19
DBEInvesco DB Energy Fund6.38%534,076249.03

 

Top 10 YTD Performers

TickerNameYTD PerformanceWeekly PerformanceAUM ($, mm)
UNGUnited States Natural Gas Fund LP97.12%11.45%434.19
GAZiPath Series B Bloomberg Natural Gas Subindex Total Return ETN96.83%12.01%30.58
UNLUnited States 12 Month Natural Gas Fund LP91.88%11.12%33.33
JJEiPath Series B Bloomberg Energy Subindex Total Return ETN63.80%8.55%7.20
OIHVanEck Oil Services ETF61.05%1.89%4,122.78
XESSPDR S&P Oil & Gas Equipment & Services ETF60.21%2.31%369.20
JJNiPath Series B Bloomberg Nickel Subindex Total Return ETN58.90%-3.51%62.67
IEZiShares U.S. Oil Equipment & Services ETF57.39%1.55%373.57
RJNElements Rogers International Commodity Index-Energy TR ETN57.20%6.96%13.19
PSCEInvesco S&P SmallCap Energy ETF55.41%3.93%178.41

 

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.