ETFs Register Rare Weekly Outflow

Senior ETF Analyst

Sep 25, 2020

Reviewed by: Sumit Roy

Edited by: Sumit Roy

ETFs registered a rare net outflow this week as U.S. stocks neared correction territory. According to the latest data from FactSet, investors pulled $28.1 billion from U.S.-listed ETFs during the week ending Thursday, Sept. 24, bringing year-to-date inflows down to $304.4 billion (year-to-date inflows were $196.9 billion at this same time a year ago).

Some of this week's chunky outflow may be related to tax-related heartbeat trades from last week. But that doesn't explain all of it. The SPDR S&P 500 ETF Trust (SPY) faced outflows of $7.8 billion this week as the fund's underlying index briefly fell more than 10% below its all-time highs on Thursday. A decline of more than 10% for the index is considered a correction by many on Wall Street.

U.S. equity ETFs were responsible for the bulk of this week's outflows; $27.6 billion came out of the segment. But U.S. fixed income ETFs had outflows as well.

The iShares iBoxx USD High Yield Corporate Bond ETF (HYG) made up the majority of those outflows. It had redemptions of $3.3 billion during the week as prices for the fund dropped to their lowest level since mid-July.

Bargain Hunting

On the other side of the spectrum, the Invesco QQQ Trust (QQQ) headlined the weekly inflows list this week, despite a continued sell-off in technology names.

At the same time, the SPDR Gold Trust (GLD) added $1.3 billion in fresh assets, bringing its year-to-date inflows haul to $20.8 billion. Investors may have been using the recent slide in gold prices to go bargain hunting. Gold was last trading around $1,865/oz after peaking at $2,075 back in August.

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

Top 10 Creations (All ETFs)

Ticker	Name	Net Flows ($,mm)	AUM ($, mm)	AUM % Change
QQQ	Invesco QQQ Trust	1,425.40	125,291.84	1.14%
GLD	SPDR Gold Trust	1,274.71	76,301.95	1.67%
TLT	iShares 20+ Year Treasury Bond ETF	854.33	18,230.10	4.69%
AGG	iShares Core U.S. Aggregate Bond ETF	473.08	80,618.10	0.59%
MTUM	iShares MSCI USA Momentum Factor ETF	367.07	11,449.35	3.21%
BND	Vanguard Total Bond Market ETF	353.52	62,446.05	0.57%
XLY	Consumer Discretionary Select Sector SPDR Fund	337.60	15,459.44	2.18%
UUP	Invesco DB U.S. Dollar Index Bullish Fund	305.20	739.67	41.26%
VXUS	Vanguard Total International Stock ETF	234.87	25,662.11	0.92%
VCSH	Vanguard Short-Term Corporate Bond ETF	215.53	32,505.43	0.66%

Top 10 Redemptions (All ETFs)

Ticker	Name	Net Flows ($,mm)	AUM ($, mm)	AUM % Change
SPY	SPDR S&P 500 ETF Trust	-7,793.63	280,772.81	-2.78%
HYG	iShares iBoxx USD High Yield Corporate Bond ETF	-3,273.66	26,555.34	-12.33%
IWM	iShares Russell 2000 ETF	-2,129.03	35,993.79	-5.91%
SCHG	Schwab U.S. Large-Cap Growth ETF	-1,542.09	11,542.56	-13.36%
XLK	Technology Select Sector SPDR Fund	-1,460.84	32,398.20	-4.51%
VO	Vanguard Mid-Cap ETF	-1,346.99	33,187.55	-4.06%
VXF	Vanguard Extended Market ETF	-1,321.86	9,587.37	-13.79%
VUG	Vanguard Growth ETF	-1,275.86	57,966.46	-2.20%
VB	Vanguard Small-Cap ETF	-1,166.96	27,571.37	-4.23%
JNK	SPDR Bloomberg Barclays High Yield Bond ETF	-977.15	11,890.61	-8.22%

ETF Weekly Flows By Asset Class

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
U.S. Equity	-27,558.00	2,531,379.02	-1.09%
International Equity	396.67	847,522.55	0.05%
U.S. Fixed Income	-2,496.32	919,363.45	-0.27%
International Fixed Income	64.11	109,022.05	0.06%
Commodities	1,088.05	145,183.12	0.75%
Currency	311.60	2,220.34	14.03%
Leveraged	423.17	34,289.97	1.23%
Inverse	-249.70	15,285.44	-1.63%
Asset Allocation	-29.11	10,735.25	-0.27%
Alternatives	-14.18	5,145.56	-0.28%
Total:	-28,063.70	4,620,146.76	-0.61%

Asset Classes (Year-to-Date)

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
U.S. Equity	76,304.15	2,531,379.02	3.01%
International Equity	12,596.86	847,522.55	1.49%
U.S. Fixed Income	138,644.77	919,363.45	15.08%
International Fixed Income	13,284.68	109,022.05	12.19%
Commodities	45,437.15	145,183.12	31.30%
Currency	902.57	2,220.34	40.65%
Leveraged	3,396.19	34,289.97	9.90%
Inverse	13,128.29	15,285.44	85.89%
Asset Allocation	994.28	10,735.25	9.26%
Alternatives	-257.79	5,145.56	-5.01%
Total:	304,431.13	4,620,146.76	6.59%

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

Ticker	Name	Weekly Performance	Weekly Volume	AUM ($, mm)
VXX	iPath Series B S&P 500 VIX Short Term Futures ETN	9.56%	123,535,507	1,059.31
VIXY	ProShares VIX Short-Term Futures ETF	9.56%	20,432,087	293.78
BDRY	Breakwave Dry Bulk Shipping ETF	7.13%	194,622	31.80
GAZ	iPath Series B Bloomberg Natural Gas Subindex Total Return ETN	6.33%	16,496	4.36
UNG	United States Natural Gas Fund LP	6.16%	23,039,658	356.31
GSCE	GS Connect S&P GSCI Enhanced Commodity TR Strategy Index ETN	6.14%	25,259	356.31
MOM	AGFiQ U.S. Market Neutral Momentum Fund	5.37%	123,219	6.21
VIXM	ProShares VIX Mid-Term Futures ETF	4.50%	279,991	105.66
VXZ	iPath Series B S&P 500 VIX Mid-Term Futures ETN	4.27%	87,865	32.35
BTAL	AGFiQ U.S. Market Neutral Anti-Beta Fund	3.22%	528,136	227.93

Top 10 YTD Performers

Ticker	Name	YTD Performance	Weekly Performance	AUM ($, mm)
XVZ	iPath S&P 500 Dynamic VIX ETN	116.35%	0.50%	10.26
VIXM	ProShares VIX Mid-Term Futures ETF	100.75%	4.50%	105.66
VXZ	iPath Series B S&P 500 VIX Mid-Term Futures ETN	100.06%	4.27%	32.35
TAN	Invesco Solar ETF	82.76%	1.94%	1,281.19
ARKG	ARK Genomic Revolution ETF	79.21%	-4.77%	2,127.87
ARKW	ARK Next Generation Internet ETF	79.09%	0.00%	2,331.87
VXX	iPath Series B S&P 500 VIX Short Term Futures ETN	76.59%	9.56%	1,059.31
VIXY	ProShares VIX Short-Term Futures ETF	76.11%	9.56%	293.78
ARKK	ARK Innovation ETF	75.72%	-2.15%	8,334.56
CLIX	ProShares Long Online/Short Stores ETF	69.28%	2.42%	229.66

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.

Sumit Roy

| Contact: [email protected]

Sumit Roy is the senior ETF analyst for etf.com, where he has worked for 13 years. He creates a variety of content for the platform, including news articles, analysis pieces, videos and podcasts.

Before joining etf.com, Sumit was the managing editor and commodities analyst for Hard Assets Investor. In those roles, he was responsible for most of the operations of HAI, a website dedicated to education about commodities investing.

Though he still closely follows the commodities beat, Sumit covers a much broader assortment of topics for etf.com, with a particular focus on stock and bond exchange-traded funds.

He is the host of etf.com’s Talk ETFs, a popular video series that features weekly interviews with thought leaders in the ETF industry. Sumit is also co-host of Exchange Traded Fridays, etf.com’s weekly podcast series.

He lives in the San Francisco Bay Area, where he enjoys climbing the city’s steep hills, playing chess and snowboarding in Lake Tahoe.

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ETFs Register Rare Weekly Outflow

ETFs Register Rare Weekly Outflow

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