ETFs Lose $11B In Short Week
The three largest S&P 500 ETFs lost more than $14 billion combined.
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 $1 billion in net inflows in the past several days.
For a full list of last week’s top inflows and outflows, see the tables below:
Top 10 Creations (All ETFs)
| Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
| LQD | iShares iBoxx USD Investment Grade Corporate Bond ETF | 975.81 | 32,431.67 | 3.01% |
| SMH | VanEck Semiconductor ETF | 883.23 | 8,626.92 | 10.24% |
| BIL | SPDR Bloomberg 1-3 Month T-Bill ETF | 749.59 | 14,566.40 | 5.15% |
| VGT | Vanguard Information Technology ETF | 687.18 | 48,669.52 | 1.41% |
| SOXL | Direxion Daily Semiconductor Bull 3X Shares | 577.86 | 5,647.08 | 10.23% |
| USMV | iShares MSCI USA Min Vol Factor ETF | 576.41 | 29,025.96 | 1.99% |
| HDV | iShares Core High Dividend ETF | 568.88 | 9,718.20 | 5.85% |
| GLD | SPDR Gold Trust | 563.89 | 69,867.77 | 0.81% |
| XLE | Energy Select Sector SPDR Fund | 539.76 | 38,527.35 | 1.40% |
| XLV | Health Care Select Sector SPDR Fund | 532.42 | 38,928.06 | 1.37% |
Top 10 Redemptions (All ETFs)
| Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
| SPY | SPDR S&P 500 ETF Trust | -5,864.08 | 399,570.67 | -1.47% |
| IVV | iShares Core S&P 500 ETF | -5,649.81 | 322,569.34 | -1.75% |
| VOO | Vanguard 500 Index Fund | -2,558.01 | 284,340.26 | -0.90% |
| QQQ | Invesco QQQ Trust | -2,539.60 | 185,948.87 | -1.37% |
| IWM | iShares Russell 2000 ETF | -1,415.95 | 58,931.68 | -2.40% |
| HYG | iShares iBoxx USD High Yield Corporate Bond ETF | -1,256.32 | 13,253.74 | -9.48% |
| FDN | First Trust Dow Jones Internet Index Fund | -737.31 | 6,003.15 | -12.28% |
| JCPI | JPMorgan Inflation Managed Bond ETF - United States | -640.78 | 1,123.54 | -57.03% |
| MDYV | SPDR S&P 400 Mid Cap Value ETF | -579.82 | 1,626.78 | -35.64% |
| IWF | iShares Russell 1000 Growth ETF | -574.79 | 67,865.06 | -0.85% |
ETF Weekly Flows By Asset Class
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| U.S. Equity | -17,545.47 | 4,179,305.87 | -0.42% |
| International Equity | 3,130.64 | 1,260,931.14 | 0.25% |
| U.S. Fixed Income | 1,037.42 | 1,048,250.64 | 0.10% |
| International Fixed Income | -3.50 | 156,410.50 | 0.00% |
| Commodities | 1,419.26 | 176,041.09 | 0.81% |
| Currency | -17.51 | 3,615.81 | -0.48% |
| Leveraged | 937.72 | 63,684.29 | 1.47% |
| Inverse | -234.61 | 17,456.57 | -1.34% |
| Asset Allocation | -46.64 | 18,947.67 | -0.25% |
| Alternatives | 66.71 | 7,438.49 | 0.90% |
| Total: | -11,255.97 | 6,932,082.07 | -0.16% |
Asset Classes (Year-to-Date)
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| U.S. Equity | 79,094.09 | 4,179,305.87 | 1.89% |
| International Equity | 53,934.46 | 1,260,931.14 | 4.28% |
| U.S. Fixed Income | 11,028.60 | 1,048,250.64 | 1.05% |
| International Fixed Income | 8,094.33 | 156,410.50 | 5.18% |
| Commodities | 20,590.85 | 176,041.09 | 11.70% |
| Currency | 611.86 | 3,615.81 | 16.92% |
| Leveraged | 9,056.67 | 63,684.29 | 14.22% |
| Inverse | 4,163.85 | 17,456.57 | 23.85% |
| Asset Allocation | 699.50 | 18,947.67 | 3.69% |
| Alternatives | 348.10 | 7,438.49 | 4.68% |
| Total: | 187,622.31 | 6,932,082.07 | 2.71% |
Top 10 Weekly Performers, Excluding Leverage/Inverse Funds and <1,000 Shares Traded
| Ticker | Name | Weekly Performance | Weekly Volume | AUM ($, mm) |
| GAZ | iPath Series B Bloomberg Natural Gas Subindex Total Return ETN | 12.01% | 257,878 | 30.58 |
| UNG | United States Natural Gas Fund LP | 11.45% | 40,105,793 | 434.19 |
| UNL | United States 12 Month Natural Gas Fund LP | 11.12% | 529,490 | 33.33 |
| JJE | iPath Series B Bloomberg Energy Subindex Total Return ETN | 8.55% | 1,048 | 7.20 |
| BAL | iPath Series B Bloomberg Cotton Subindex Total Return ETN | 8.17% | 25,204 | 40.33 |
| JETS | U.S. Global Jets ETF | 7.50% | 24,201,331 | 3,389.53 |
| WCBR | WisdomTree Cybersecurity Fund | 7.44% | 42,410 | 50.94 |
| PAK | Global X MSCI Pakistan ETF | 6.99% | 44,891 | 20.39 |
| RJN | Elements Rogers International Commodity Index-Energy TR ETN | 6.96% | 197,097 | 13.19 |
| DBE | Invesco DB Energy Fund | 6.38% | 534,076 | 249.03 |
Top 10 YTD Performers
| Ticker | Name | YTD Performance | Weekly Performance | AUM ($, mm) |
| UNG | United States Natural Gas Fund LP | 97.12% | 11.45% | 434.19 |
| GAZ | iPath Series B Bloomberg Natural Gas Subindex Total Return ETN | 96.83% | 12.01% | 30.58 |
| UNL | United States 12 Month Natural Gas Fund LP | 91.88% | 11.12% | 33.33 |
| JJE | iPath Series B Bloomberg Energy Subindex Total Return ETN | 63.80% | 8.55% | 7.20 |
| OIH | VanEck Oil Services ETF | 61.05% | 1.89% | 4,122.78 |
| XES | SPDR S&P Oil & Gas Equipment & Services ETF | 60.21% | 2.31% | 369.20 |
| JJN | iPath Series B Bloomberg Nickel Subindex Total Return ETN | 58.90% | -3.51% | 62.67 |
| IEZ | iShares U.S. Oil Equipment & Services ETF | 57.39% | 1.55% | 373.57 |
| RJN | Elements Rogers International Commodity Index-Energy TR ETN | 57.20% | 6.96% | 13.19 |
| PSCE | Invesco S&P SmallCap Energy ETF | 55.41% | 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.
