Fixed Income ETF Inflows Offset Equity Outflows

Senior ETF Analyst

Jun 26, 2020

Reviewed by: Sumit Roy

Edited by: Sumit Roy

Stocks swung lower this week, but ETFs still managed to eke out net inflows for the period thanks to solid demand for fixed income funds. According to FactSet, about $3.7 billion flowed into U.S.-listed ETFs during the week ending Thursday, June 25, pushing year-to-date inflows up to $202.4 billion, ahead of the $132.9 billion seen at this same time a year ago.

About $6.9 billion headed for U.S. fixed income ETFs and $2.4 billion went into commodity ETFs, offsetting the $5.8 billion that investors pulled from U.S. equity ETFs.

Spiking coronavirus cases across the U.S. triggered demand for relatively safe assets like bonds and gold. The Vanguard Intermediate-Term Corporate Bond ETF (VCIT) and the SPDR Gold Trust (GLD) had weekly inflows of around $2.2 billion each.

Demand for gold ETFs in 2020 has been impressive. Prices for the precious metal popped to a seven-year high above $1,770/oz this week as GLD's year-to-date inflows hit $15.3 billion.

Equity ETF Outflows

On the flip side, U.S. equity ETFs struggled as investors weighed rising coronavirus concerns against expectations of virus treatments and vaccines in the months ahead. The Vanguard S&P 500 ETF (VOO) and the iShares Russell Mid-Cap Growth ETF (IWP) managed to pick up solid inflows during the week.

But those were more than offset by outflows from the Schwab U.S. Dividend Equity ETF (SCHD), the Vanguard Small-Cap ETF (VB), the Technology Select Sector SPDR Fund (XLK) and others.

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

Top 10 Creations (All ETFs)

Ticker	Name	Net Flows ($,mm)	AUM ($, mm)	AUM % Change
VOO	Vanguard S&P 500 ETF	3,314.41	145,763.19	2.27%
IWP	iShares Russell Mid-Cap Growth ETF	2,549.66	14,439.04	17.66%
VCIT	Vanguard Intermediate-Term Corporate Bond ETF	2,251.49	35,468.85	6.35%
GLD	SPDR Gold Trust	2,183.12	66,722.35	3.27%
SPY	SPDR S&P 500 ETF Trust	2,050.68	270,087.73	0.76%
SCHP	Schwab U.S. TIPS ETF	1,607.62	9,827.66	16.36%
IWR	iShares Russell Mid-Cap ETF	1,503.98	20,631.22	7.29%
SCHX	Schwab U.S. Large-Cap ETF	835.37	19,992.78	4.18%
SCHA	Schwab U.S. Small-Cap ETF	759.88	8,772.11	8.66%
VCSH	Vanguard Short-Term Corporate Bond ETF	741.25	28,631.42	2.59%

Top 10 Redemptions (All ETFs)

Ticker	Name	Net Flows ($,mm)	AUM ($, mm)	AUM % Change
SCHD	Schwab U.S. Dividend Equity ETF	-2,304.38	10,871.64	-21.20%
VTI	Vanguard Total Stock Market ETF	-1,984.08	141,800.77	-1.40%
SCHR	Schwab Intermediate-Term U.S. Treasury ETF	-1,592.85	3,585.35	-44.43%
VB	Vanguard Small-Cap ETF	-1,439.45	26,220.27	-5.49%
FNDX	Schwab Fundamental U.S. Large Company Index ETF	-1,225.95	4,509.27	-27.19%
VO	Vanguard Mid-Cap ETF	-1,169.46	31,410.49	-3.72%
VUG	Vanguard Growth ETF	-873.94	55,036.16	-1.59%
SCHH	Schwab U.S. REIT ETF	-820.95	4,204.40	-19.53%
VBK	Vanguard Small-Cap Growth ETF	-766.42	10,262.00	-7.47%
XLK	Technology Select Sector SPDR Fund	-640.53	30,401.02	-2.11%

ETF Weekly Flows By Asset Class

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
U.S. Equity	-5,780.91	2,402,990.65	-0.24%
International Equity	-369.62	781,858.11	-0.05%
U.S. Fixed Income	6,932.05	867,042.41	0.80%
International Fixed Income	292.44	92,086.04	0.32%
Commodities ETFs	2,444.23	122,306.62	2.00%
Currency	-86.00	1,547.36	-5.56%
Leveraged	-300.11	35,707.58	-0.84%
Inverse	453.20	15,520.26	2.92%
Asset Allocation	32.39	9,719.10	0.33%
Alternatives	81.76	4,457.78	1.83%
Total:	3,699.42	4,333,235.91	0.09%

Asset Classes (Year-to-Date)

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
U.S. Equity	75,093.70	2,402,990.65	3.13%
International Equity	-10,864.98	781,858.11	-1.39%
U.S. Fixed Income	87,408.42	867,042.41	10.08%
International Fixed Income	3,810.02	92,086.04	4.14%
Commodities ETFs	32,415.45	122,306.62	26.50%
Currency	232.59	1,547.36	15.03%
Leveraged	3,974.52	35,707.58	11.13%
Inverse	11,276.01	15,520.26	72.65%
Asset Allocation	377.69	9,719.10	3.89%
Alternatives	-1,289.55	4,457.78	-28.93%
Total:	202,433.88	4,333,235.91	4.67%

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

Ticker	Name	Weekly Performance	Weekly Volume	AUM ($, mm)
GAZZF	iPath Bloomberg Natural Gas Subindex Total Return ETN	233.33%	10,256	0.00
PDEV	Principal International Multi-Factor Core Index ETF	10.75%	2,232	16.67
JJA-OLD	iPath Bloomberg Agriculture Subindex Total Return ETN	10.53%	1,500	16.67
ARKG	ARK Genomic Revolution ETF	6.98%	3,601,052	1,283.62
GRNTF	iPath Global Carbon ETN	6.83%	1,094	4.87
OILNF	iPath S&P GSCI Crude Oil Total Return ETN	6.42%	17,955	21.28
CHIK	Global X MSCI China Information Technology ETF	5.94%	33,672	12.06
GOEX	Global X Gold Explorers ETF	5.01%	96,726	44.77
NFTY	First Trust India NIFTY 50 Equal Weight ETF	4.92%	1,872	2.82
SGDJ	Sprott Junior Gold Miners ETF	4.72%	111,008	69.45

Top 10 YTD Performers

Ticker	Name	YTD Performance	Weekly Performance	AUM ($, mm)
VIIX	VelocityShares Daily Long VIX Short-Term ETN	135.67%	0.13%	54.78
VXX	iPath Series B S&P 500 VIX Short Term Futures ETN	134.06%	-0.46%	760.94
VIXY	ProShares VIX Short-Term Futures ETF	132.98%	-0.33%	207.17
XVZ	iPath S&P 500 Dynamic VIX ETN	98.45%	0.01%	7.81
VIXM	ProShares VIX Mid-Term Futures ETF	93.75%	0.28%	58.30
VXZ	iPath Series B S&P 500 VIX Mid-Term Futures ETN	92.59%	1.17%	32.14
GRNTF	iPath Global Carbon ETN	74.64%	6.83%	4.87
ARKG	ARK Genomic Revolution ETF	56.47%	6.98%	1,283.62
WCLD	WisdomTree Cloud Computing Fund	52.80%	1.22%	394.28
CLIX	ProShares Long Online/Short Stores ETF	51.46%	1.39%	188.16

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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Fixed Income ETF Inflows Offset Equity Outflows

Fixed Income ETF Inflows Offset Equity Outflows

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