ETFs Lose $8B As Equities Suffer
It’s the first weekly outflows since September 2021.
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 $1.8 billion.
For a full list of last week’s top inflows and outflows, see the tables below:
Top 10 Creations (All ETFs)
| Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
| TLT | iShares 20+ Year Treasury Bond ETF | 2,613.90 | 19,377.28 | 13.49% |
| SHV | iShares Short Treasury Bond ETF | 1,064.85 | 16,731.39 | 6.36% |
| QQQ | Invesco QQQ Trust | 988.38 | 189,536.93 | 0.52% |
| LQD | iShares iBoxx USD Investment Grade Corporate Bond ETF | 737.18 | 34,314.94 | 2.15% |
| IEMG | iShares Core MSCI Emerging Markets ETF | 733.96 | 73,061.96 | 1.00% |
| XLF | Financial Select Sector SPDR Fund | 722.55 | 46,715.77 | 1.55% |
| XLV | Health Care Select Sector SPDR Fund | 707.86 | 36,883.96 | 1.92% |
| SPY | SPDR S&P 500 ETF Trust | 671.51 | 411,047.76 | 0.16% |
| GLD | SPDR Gold Trust | 670.99 | 69,052.74 | 0.97% |
| BND | Vanguard Total Bond Market ETF | 636.26 | 80,723.62 | 0.79% |
Top 10 Redemptions (All ETFs)
| Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
| HYG | iShares iBoxx USD High Yield Corporate Bond ETF | -2,624.32 | 14,484.88 | -18.12% |
| VTI | Vanguard Total Stock Market ETF | -1,837.65 | 289,728.23 | -0.63% |
| DVY | iShares Select Dividend ETF | -1,794.64 | 21,766.20 | -8.25% |
| VIG | Vanguard Dividend Appreciation ETF | -1,794.25 | 65,994.47 | -2.72% |
| VB | Vanguard Small-Cap ETF | -1,615.11 | 47,531.95 | -3.40% |
| VO | Vanguard Mid-Cap ETF | -1,602.92 | 54,456.62 | -2.94% |
| RSP | Invesco S&P 500 Equal Weight ETF | -1,391.47 | 33,519.14 | -4.15% |
| VBR | Vanguard Small-Cap Value ETF | -1,216.72 | 26,453.26 | -4.60% |
| MOAT | VanEck Morningstar Wide Moat ETF | -1,198.13 | 7,202.36 | -16.64% |
| RDVY | First Trust Rising Dividend Achievers ETF | -962.28 | 9,832.06 | -9.79% |
ETF Weekly Flows By Asset Class
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| U.S. Equity | -14,109.02 | 4,232,236.91 | -0.33% |
| International Equity | 1,125.73 | 1,269,054.42 | 0.09% |
| U.S. Fixed Income | 2,166.73 | 1,063,970.70 | 0.20% |
| International Fixed Income | 465.99 | 157,568.27 | 0.30% |
| Commodities | 1,389.27 | 172,953.24 | 0.80% |
| Currency | 52.39 | 3,440.84 | 1.52% |
| Leveraged | -289.27 | 67,123.47 | -0.43% |
| Inverse | 983.05 | 16,481.96 | 5.96% |
| Asset Allocation | -6.25 | 19,721.83 | -0.03% |
| Alternatives | 99.07 | 7,367.40 | 1.34% |
| Total: | -8,122.30 | 7,009,919.03 | -0.12% |
Asset Classes (Year-to-Date)
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| U.S. Equity | 83,493.70 | 4,232,236.91 | 1.97% |
| International Equity | 43,163.73 | 1,269,054.42 | 3.40% |
| U.S. Fixed Income | 10,219.58 | 1,063,970.70 | 0.96% |
| International Fixed Income | 7,562.83 | 157,568.27 | 4.80% |
| Commodities | 18,665.22 | 172,953.24 | 10.79% |
| Currency | 352.74 | 3,440.84 | 10.25% |
| Leveraged | 6,605.75 | 67,123.47 | 9.84% |
| Inverse | 4,100.38 | 16,481.96 | 24.88% |
| Asset Allocation | 531.79 | 19,721.83 | 2.70% |
| Alternatives | 269.16 | 7,367.40 | 3.65% |
| Total: | 174,964.88 | 7,009,919.03 | 2.50% |
Top 10 Weekly Performers, Excluding Leverage/Inverse Funds and <1,000 Shares Traded
| Ticker | Name | Weekly Performance | Weekly Volume | AUM ($, mm) |
| GLOV | Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF | 42,017,900.00% | 8,663,206 | 235.03 |
| USFR | WisdomTree Floating Rate Treasury Fund | 100.16% | 3,353,894 | 2,799.40 |
| JJN | iPath Series B Bloomberg Nickel Subindex Total Return ETN | 35.19% | 608,629 | 89.02 |
| POTX | Global X Cannabis ETF | 12.83% | 523,045 | 89.42 |
| BUDX | Cannabis Growth ETF | 11.22% | 4,135 | 3.58 |
| BITQ | Bitwise Crypto Industry Innovators ETF | 10.81% | 442,543 | 128.17 |
| MJ | ETFMG Alternative Harvest ETF | 10.81% | 6,281,800 | 727.81 |
| BKCH | Global X Blockchain ETF | 10.12% | 664,499 | 121.38 |
| DAPP | VanEck Digital Transformation ETF | 9.72% | 598,409 | 63.69 |
| DAM | VanEck Digital Assets Mining ETF | 9.36% | 11,630 | 2.18 |
Top 10 YTD Performers
| Ticker | Name | YTD Performance | Weekly Performance | AUM ($, mm) |
| GLDM | SPDR Gold MiniShares Trust | 107.70% | 5,218.23 | |
| USFR | WisdomTree Floating Rate Treasury Fund | 100.48% | 100.16% | 2,799.40 |
| JJN | iPath Series B Bloomberg Nickel Subindex Total Return ETN | 64.96% | 35.19% | 89.02 |
| BNO | United States Brent Oil Fund LP | 60.11% | 1.37% | 310.51 |
| RJN | Elements Rogers International Commodity Index-Energy TR ETN | 59.09% | 4.23% | 15.83 |
| JJE | iPath Series B Bloomberg Energy Subindex Total Return ETN | 55.74% | 3.71% | 6.92 |
| OIH | VanEck Oil Services ETF | 52.61% | 1.65% | 3,822.58 |
| OIL | iPath Pure Beta Crude Oil ETN | 52.17% | 0.81% | 197.17 |
| GSP | iPath S&P GSCI Total Return Index ETN | 51.49% | 1.88% | 49.11 |
| USO | United States Oil Fund LP | 50.75% | 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.
