ETFs See $7.9B of Outflows
It’s the third straight week of outflows for U.S. exchange-traded products.
U.S.-listed ETFs continued to lose assets during the week ending April 22 with a net outflow of $7.9 billion, driven primarily by $17.2 billion in outflows from key S&P 500 funds from Vanguard and BlackRock.
The U.S. ETF industry had a net gain of $179.5 billion year-to-date as of last Friday and held a total of $6.8 trillion in assets under management.
Flows For S&P 500 Funds Split
The mix of head winds against the global economy led to a 2.73% drop in the S&P 500 in the week, sending the three largest ETFs in the U.S. markets in different flow directions.
The SPDR S&P 500 ETF Trust (SPY) led all ETFs, with $1.8 billion in inflows, showing a slight uptick in its use as a trading tool. The Vanguard S&P 500 ETF (VOO) and the iShares Core S&P 500 ETF (IVV) saw an extreme amount of redemptions, at $9.5 billion and $7.7 billion, respectively, amounting to AUM reductions of 3.5% and 2.5%.
However, it’s unclear if the outflows are a change in sentiment or part of a short-term tax strategy. VOO has added $13.6 billion in net flows year-to-date, fitting with Vanguard’s strategy of consistently investing in indexes, while IVV has net inflows of $2.17 billion.
The iShares S&P 500 Growth ETF (IVW) also lost just over $1 billion, and the SPDR Portfolio S&P 500 Value ETF (SPYV) lost $637.6 million as a risk-off attitude in broad large cap equities took hold.
Dividends Gain
Several dividend-focused ETFs made the top 10 inflows list for the period, with the iShares Core High Dividend ETF (HDV) adding $452 million, the JPMorgan Equity Premium Income ETF (JEPI) taking in $371 million and the Schwab U.S. Dividend Equity ETF (SCHD) adding $341 million.
Quality Corporate Debt, Tax-Free Bonds Advance
On the fixed income side, investors largely jumped into investment-grade corporate debt as the iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD) added $1.2 billion. That was likely fueled in part by fears of a broader economic slowdown, combined with a $720 million outflow from the SPDR Bloomberg High Yield Bond ETF (JNK).
There were also plays into the safety of government debt. The Vanguard Tax-Exempt Bond ETF (VTEB) added $489.5 million, while the SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) added $371.1 million.
For a full list of last week’s top inflows and outflows, see the tables below:
Top 10 Creations (All ETFs)
| Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
| SPY | SPDR S&P 500 ETF Trust | 1,828.99 | 396,672.57 | 0.46% |
| LQD | iShares iBoxx USD Investment Grade Corporate Bond ETF | 1,204.00 | 32,983.24 | 3.65% |
| FV | First Trust Dorsey Wright Focus 5 ETF | 596.69 | 3,458.01 | 17.26% |
| VTEB | Vanguard Tax-Exempt Bond ETF | 489.47 | 14,911.33 | 3.28% |
| HDV | iShares Core High Dividend ETF | 452.18 | 10,250.70 | 4.41% |
| XRT | SPDR S&P Retail ETF | 436.84 | 801.49 | 54.50% |
| BIL | SPDR Bloomberg 1-3 Month T-Bill ETF | 402.22 | 14,968.95 | 2.69% |
| JEPI | JPMorgan Equity Premium Income ETF | 371.11 | 8,822.00 | 4.21% |
| XLU | Utilities Select Sector SPDR Fund | 346.41 | 15,639.36 | 2.22% |
| SCHD | Schwab U.S. Dividend Equity ETF | 341.07 | 35,605.58 | 0.96% |
Top 10 Redemptions (All ETFs)
| Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
| VOO | Vanguard 500 Index Fund | -9,511.78 | 271,545.22 | -3.50% |
| IVV | iShares Core S&P 500 ETF | -7,773.26 | 311,018.68 | -2.50% |
| XLF | Financial Select Sector SPDR Fund | -1,180.59 | 40,313.32 | -2.93% |
| IVW | iShares S&P 500 Growth ETF | -1,052.38 | 33,261.03 | -3.16% |
| BBEU | JPMorgan BetaBuilders Europe ETF | -809.55 | 10,250.31 | -7.90% |
| JNK | SPDR Bloomberg High Yield Bond ETF | -719.87 | 6,008.34 | -11.98% |
| IWF | iShares Russell 1000 Growth ETF | -690.56 | 65,262.84 | -1.06% |
| SPYV | SPDR Portfolio S&P 500 Value ETF | -637.64 | 14,123.28 | -4.51% |
| SMH | VanEck Semiconductor ETF | -375.09 | 8,063.80 | -4.65% |
| FXD | First Trust Consumer Discretionary AlphaDEX Fund | -352.40 | 1,125.00 | -31.32% |
ETF Weekly Flows By Asset Class
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| U.S. Equity | -13,678.15 | 4,122,385.64 | -0.33% |
| International Equity | 639.34 | 1,235,273.98 | 0.05% |
| U.S. Fixed Income | 3,282.00 | 1,041,096.86 | 0.32% |
| International Fixed Income | 231.47 | 155,350.50 | 0.15% |
| Commodities | 1,192.95 | 174,683.05 | 0.68% |
| Currency | 88.52 | 3,759.28 | 2.35% |
| Leveraged | 488.69 | 62,260.58 | 0.78% |
| Inverse | -116.80 | 17,261.49 | -0.68% |
| Asset Allocation | -73.79 | 18,636.52 | -0.40% |
| Alternatives | 56.54 | 7,411.23 | 0.76% |
| Total: | -7,889.23 | 6,838,119.13 | -0.12% |
Asset Classes (Year-to-Date)
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| U.S. Equity | 65,431.66 | 4,122,385.64 | 1.59% |
| International Equity | 54,564.40 | 1,235,273.98 | 4.42% |
| U.S. Fixed Income | 14,310.60 | 1,041,096.86 | 1.37% |
| International Fixed Income | 8,325.80 | 155,350.50 | 5.36% |
| Commodities | 21,788.24 | 174,683.05 | 12.47% |
| Currency | 699.10 | 3,759.28 | 18.60% |
| Leveraged | 9,430.53 | 62,260.58 | 15.15% |
| Inverse | 3,916.03 | 17,261.49 | 22.69% |
| Asset Allocation | 625.70 | 18,636.52 | 3.36% |
| Alternatives | 410.55 | 7,411.23 | 5.54% |
| Total: | 179,502.61 | 6,838,119.13 | 2.63% |
Top 10 Weekly Performers, Excluding Leverage/Inverse Funds and <1,000 Shares Traded
| Ticker | Name | Weekly Performance | Weekly Volume | AUM ($, mm) |
| GRN | iPath Series B Carbon ETN | 9.37% | 255,151 | 92.64 |
| KEUA | KraneShares European Carbon Allowance Strategy ETF | 8.53% | 55,242 | 138.51 |
| KRBN | KraneShares Global Carbon Strategy ETF | 6.19% | 1,085,328 | 1,445.52 |
| JETS | U.S. Global Jets ETF | 6.00% | 34,810,892 | 3,627.72 |
| FDTS | First Trust Developed Markets ex-US Small Cap AlphaDEX Fund | 5.79% | 3,648 | 10.87 |
| HAUS | The Home Appreciation U.S. REIT ETF | 4.53% | 12,429 | 2.20 |
| VAMO | Cambria Value and Momentum ETF | 4.48% | 38,821 | 30.39 |
| RESI | Kelly Residential & Apartment Real Estate ETF | 4.40% | 1,974 | 1.50 |
| NURE | Nuveen Short-Term REIT ETF | 3.96% | 152,216 | 149.45 |
| XTN | SPDR S&P Transportation ETF | 3.94% | 263,612 | 828.97 |
Top 10 YTD Performers
| Ticker | Name | YTD Performance | Weekly Performance | AUM ($, mm) |
| UNG | United States Natural Gas Fund LP | 93.76% | -10.80% | 423.70 |
| GAZ | iPath Series B Bloomberg Natural Gas Subindex Total Return ETN | 93.55% | -11.10% | 31.21 |
| UNL | United States 12 Month Natural Gas Fund LP | 86.17% | -11.19% | 40.57 |
| JJE | iPath Series B Bloomberg Energy Subindex Total Return ETN | 63.14% | -5.55% | 7.24 |
| JJN | iPath Series B Bloomberg Nickel Subindex Total Return ETN | 62.99% | -0.82% | 62.21 |
| RJN | Elements Rogers International Commodity Index-Energy TR ETN | 57.20% | -5.03% | 12.38 |
| OIH | VanEck Oil Services ETF | 55.22% | -6.99% | 4,089.68 |
| XES | SPDR S&P Oil & Gas Equipment & Services ETF | 54.84% | -7.23% | 372.53 |
| IEZ | iShares U.S. Oil Equipment & Services ETF | 51.95% | -6.63% | 377.20 |
| PXE | Invesco Dynamic Energy Exploration & Production ETF | 51.47% | -4.40% | 285.92 |
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.
