ETFs Lose $8B As Equities Suffer

It’s the first weekly outflows since September 2021.

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Reviewed by: Dan Mika
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Edited by: Dan Mika

U.S.-listed ETFs saw $8 billion in outflows in the week ended March 25, marking the first weekly outflows since late September 2021. The losses were driven primarily by the usually dominant U.S. equity asset class suffering a $14.1 billion net loss in its worst week so far this year. 

The U.S. ETF industry has garnered $174.9 billion in net assets year-to-date and manages just over $7 billion in assets as of the end of trading Friday. 

Bonds Break Out 

Hawkish comments from the Fed sent billions into the short and long ends of the maturity curve for treasury ETFs, with the iShares 20+ Year Treasury Bond ETF (TLT) and the iShares Short Treasury Bond ETF (SHV) leading all ETFs, with inflows of $2.6 billion and $1.06 billion, respectively. 

The iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD) and the Vanguard Total Bond Market (BND) added $737 million and $636 million, respectively, to round out fixed income funds in the top 10. 

The  Invesco QQQ Trust (QQQ) was the largest equity ETF to gain in the week, with a $988.4 million haul, while the SPDR S&P 500 ETF Trust (SPY) added $671.5 million. 

The SPDR Gold Trust (GLD) returned to the top 10 last week, with a $671 million inflow. 

Vanguard Funds Take Individual Outflows 

The iShares iBoxx USD High Yield Corporate Bond ETF (HYG) saw the largest outflows on the week by far, with a $2.6 billion loss, as Fed speakers last week signaled their intent to let expiring bonds on its gargantuan balance sheet roll off this year, meaning pandemic-era support for the corporate credit market is coming to an end. 

Although Vanguard ended the week with a net inflow just shy of $1.8 billion, several of its largest ETFs saw the steepest outflows on the week among all U.S.-listed funds. Five Vanguard funds lost at least $1 billion each and a combined $8 billion during the period, with the Vanguard Total Stock Market ETF (VTI) losing approximately $1.8 billion. 

 

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
TLTiShares 20+ Year Treasury Bond ETF2,613.9019,377.2813.49%
SHViShares Short Treasury Bond ETF1,064.8516,731.396.36%
QQQInvesco QQQ Trust988.38189,536.930.52%
LQDiShares iBoxx USD Investment Grade Corporate Bond ETF737.1834,314.942.15%
IEMGiShares Core MSCI Emerging Markets ETF733.9673,061.961.00%
XLFFinancial Select Sector SPDR Fund722.5546,715.771.55%
XLVHealth Care Select Sector SPDR Fund707.8636,883.961.92%
SPYSPDR S&P 500 ETF Trust671.51411,047.760.16%
GLDSPDR Gold Trust670.9969,052.740.97%
BNDVanguard Total Bond Market ETF636.2680,723.620.79%

 

Top 10 Redemptions (All ETFs)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
HYGiShares iBoxx USD High Yield Corporate Bond ETF-2,624.3214,484.88-18.12%
VTIVanguard Total Stock Market ETF-1,837.65289,728.23-0.63%
DVYiShares Select Dividend ETF-1,794.6421,766.20-8.25%
VIGVanguard Dividend Appreciation ETF-1,794.2565,994.47-2.72%
VBVanguard Small-Cap ETF-1,615.1147,531.95-3.40%
VOVanguard Mid-Cap ETF-1,602.9254,456.62-2.94%
RSPInvesco S&P 500 Equal Weight ETF-1,391.4733,519.14-4.15%
VBRVanguard Small-Cap Value ETF-1,216.7226,453.26-4.60%
MOATVanEck Morningstar Wide Moat ETF-1,198.137,202.36-16.64%
RDVYFirst Trust Rising Dividend Achievers ETF-962.289,832.06-9.79%

 

ETF Weekly Flows By Asset Class

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity-14,109.024,232,236.91-0.33%
International Equity1,125.731,269,054.420.09%
U.S. Fixed Income2,166.731,063,970.700.20%
International Fixed Income465.99157,568.270.30%
Commodities1,389.27172,953.240.80%
Currency52.393,440.841.52%
Leveraged-289.2767,123.47-0.43%
Inverse983.0516,481.965.96%
Asset Allocation-6.2519,721.83-0.03%
Alternatives99.077,367.401.34%
Total:-8,122.307,009,919.03-0.12%

 

Asset Classes (Year-to-Date)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity83,493.704,232,236.911.97%
International Equity43,163.731,269,054.423.40%
U.S. Fixed Income10,219.581,063,970.700.96%
International Fixed Income7,562.83157,568.274.80%
Commodities18,665.22172,953.2410.79%
Currency352.743,440.8410.25%
Leveraged6,605.7567,123.479.84%
Inverse4,100.3816,481.9624.88%
Asset Allocation531.7919,721.832.70%
Alternatives269.167,367.403.65%
Total:174,964.887,009,919.032.50%

 

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

TickerNameWeekly PerformanceWeekly VolumeAUM ($, mm)
GLOVGoldman Sachs ActiveBeta World Low Vol Plus Equity ETF42,017,900.00%8,663,206235.03
USFRWisdomTree Floating Rate Treasury Fund100.16%3,353,8942,799.40
JJNiPath Series B Bloomberg Nickel Subindex Total Return ETN35.19%608,62989.02
POTXGlobal X Cannabis ETF12.83%523,04589.42
BUDXCannabis Growth ETF11.22%4,1353.58
BITQBitwise Crypto Industry Innovators ETF10.81%442,543128.17
MJETFMG Alternative Harvest ETF10.81%6,281,800727.81
BKCHGlobal X Blockchain ETF10.12%664,499121.38
DAPPVanEck Digital Transformation ETF9.72%598,40963.69
DAMVanEck Digital Assets Mining ETF9.36%11,6302.18

 

Top 10 YTD Performers

TickerNameYTD PerformanceWeekly PerformanceAUM ($, mm)
GLDMSPDR Gold MiniShares Trust107.70% 5,218.23
USFRWisdomTree Floating Rate Treasury Fund100.48%100.16%2,799.40
JJNiPath Series B Bloomberg Nickel Subindex Total Return ETN64.96%35.19%89.02
BNOUnited States Brent Oil Fund LP60.11%1.37%310.51
RJNElements Rogers International Commodity Index-Energy TR ETN59.09%4.23%15.83
JJEiPath Series B Bloomberg Energy Subindex Total Return ETN55.74%3.71%6.92
OIHVanEck Oil Services ETF52.61%1.65%3,822.58
OILiPath Pure Beta Crude Oil ETN52.17%0.81%197.17
GSPiPath S&P GSCI Total Return Index ETN51.49%1.88%49.11
USOUnited States Oil Fund LP50.75%0.26%3,595.15

 

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.