Fixed Income ETFs Register Rare Weekly Outflow
Overall ETF flows were positive led by S&P 500 ETFs.
The SPDR S&P 500 ETF Trust (SPY) topped the inflows charts last week as the U.S. stock market hit fresh record highs led by A.I. powerhouse Nvidia.
Investors added nearly $3 billion to the world’s largest exchange-traded fund, more than a quarter of the $11 billion in total that went into U.S.-listed ETFs last week.
The two other giant S&P 500-focused ETFs, the Vanguard 500 Index Fund (VOO) and the iShares Core S&P 500 ETF (IVV), also registered weekly inflows of around a billion dollars each.
The S&P 500 closed above 5,321 for the first time ever last Tuesday, bringing its year-to-date gains up to 12.2%.
Investors have added a net $230.4 billion to U.S.-listed ETFs in aggregate so far this year.
Fixed Income Outflows
In addition to S&P 500 ETFs, investors also bought funds tied to the Nasdaq and emerging markets last week.
The iShares MSCI Emerging Markets ETF (EEM) had inflows of $1.1 billion, while the Invesco NASDAQ 100 ETF (QQQM) had inflows of $857 million.
On the other hand, U.S. fixed income ETFs registered a rare weekly outflow to the tune of $989 million last week.
The iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD) and the iShares 20+ Year Treasury Bond ETF (TLT) were the biggest flows losers, with redemptions of $1.1 billion and $893 million, respectively.
The 30-year Treasury bond yield edged up towards 4.6% last week, up from its recent low of 4.5%. TLT has returned -7.5% so far this year, more than reversing last year’s 2.8% gain.
However, on a year-to-date basis, flows for U.S. fixed income ETFs remain strong. Investors had put $50.7 billion into the category so far in 2024, behind only U.S. equity ETFs, which have year-to-date inflows of $123.2 billion.
For a full list of last week’s top inflows and outflows, see the tables below:
Top 10 Creations (All ETFs)
| Ticker | Name | Net Flows ($, mm) | AUM ($, mm) | AUM % Change< |
| SPY | SPDR S&P 500 ETF Trust | 2,973.36 | 525,798.83 | 0.57 |
| VOO | Vanguard 500 Index Fund | 1,331.33 | 452,365.62 | 0.29 |
| EEM | iShares MSCI Emerging Markets ETF | 1,071.28 | 19,148.87 | 5.59 |
| IVV | iShares Core S&P 500 ETF | 934.40 | 460,662.11 | 0.20 |
| QQQM | Invesco NASDAQ 100 ETF | 857.16 | 25,638.60 | 3.34 |
| SCHX | Schwab U.S. Large-Cap ETF | 850.35 | 41,478.05 | 2.05 |
| HYG | iShares iBoxx USD High Yield Corporate Bond ETF | 541.02 | 17,014.37 | 3.18 |
| IBIT | iShares Bitcoin Trust | 537.25 | 19,156.81 | 2.80 |
| SMH | VanEck Semiconductor ETF | 524.91 | 20,664.65 | 2.54 |
| IEFA | iShares Core MSCI EAFE ETF | 499.25 | 117,969.54 | 0.42 |
Top 10 Redemptions (All ETFs)
| Ticker | Name | Net Flows ($, mm) | AUM ($, mm) | AUM % Change |
| LQD | iShares iBoxx USD Investment Grade Corporate Bond ETF | -1,121.81 | 28,416.09 | -3.95 |
| TLT | iShares 20+ Year Treasury Bond ETF | -893.49 | 46,860.87 | -1.91 |
| XLV | Health Care Select Sector SPDR Fund | -643.91 | 39,027.16 | -1.65 |
| BUFC | AB Conservative Buffer ETF | -535.34 | 550.72 | -97.21 |
| RSP | Invesco S&P 500 Equal Weight ETF | -524.52 | 55,459.07 | -0.95 |
| GLD | SPDR Gold Trust | -488.29 | 63,058.49 | -0.77 |
| SOXL | Direxion Daily Semiconductor Bull 3X Shares | -419.19 | 11,136.86 | -3.76 |
| XLE | Energy Select Sector SPDR Fund | -417.08 | 37,899.42 | -1.10 |
| PBUS | Invesco MSCI USA ETF | -399.39 | 4,397.17 | -9.08 |
| IEF | iShares 7-10 Year Treasury Bond ETF | -381.25 | 29,244.24 | -1.30 |
ETF Weekly Flows By Asset Class
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| Alternatives | 35.64 | 7,651.89 | 0.47% |
| Asset Allocation | 67.73 | 18,218.85 | 0.37% |
| Commodities | -850.23 | 144,417.34 | -0.59% |
| Currency | 740.66 | 61,597.72 | 1.20% |
| International Equity | 3,285.05 | 1,508,411.02 | 0.22% |
| International Fixed Income | 1,165.72 | 199,190.93 | 0.59% |
| Inverse | 1,025.56 | 14,408.03 | 7.12% |
| Leveraged | -996.50 | 97,331.07 | -1.02% |
| U.S. Equity | 7,531.05 | 5,544,699.05 | 0.14% |
| U.S. Fixed Income | -989.01 | 1,386,262.56 | -0.07% |
| Total: | 11,015.68 | 8,982,188.46 | 0.12% |
Asset Classes (Year-to-Date)
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| Alternatives | 734.19 | 7,545.60 | 9.73% |
| Asset Allocation | 156.76 | 17,603.73 | 0.89% |
| Commodities | -4,457.34 | 141,725.43 | -3.15% |
| Currency | 12,337.98 | 56,479.94 | 21.84% |
| International Equity | 32,110.28 | 1,454,982.64 | 2.21% |
| International Fixed Income | 16,836.62 | 191,222.05 | 8.80% |
| Inverse | -869.68 | 13,467.27 | -6.46% |
| Leveraged | -392.45 | 91,946.51 | -0.43% |
| U.S. Equity | 123,206.68 | 5,369,234.47 | 2.29% |
| U.S. Fixed Income | 50,713.13 | 1,362,597.82 | 3.72% |
| Total: | 230,376.17 | 8,706,805.44 | 2.65% |
Top 10 Volume Surprises, Funds >$50 mm AUM
| Ticker | Name | Average Volume (30 Day) | 1 Week Average Volume | % of Average |
| UCRD | VictoryShares Corporate Bond ETF | 16,499 | 379,001.00 | 2,297.05%% |
| XHYC | BondBloxx USD High Yield Bond Consumer Cyclicals Sector ETF | 1,431 | 31,250.00 | 2,183.32%% |
| CDX | Simplify High Yield PLUS Credit Hedge ETF | 101,195 | 2,020,791.00 | 1,996.92%% |
| GVIP | Goldman Sachs Hedge Industry VIP ETF | 20,428 | 365,766.00 | 1,790.49%% |
| CSD | Invesco S&P Spin-Off ETF | 4,845 | 81,660.00 | 1,685.45%% |
| CNYA | iShares MSCI China A ETF | 12,148 | 186,601.00 | 1,536.07%% |
| GMAY | FT Vest U.S. Equity Moderate Buffer ETF - May | 23,477 | 360,372.00 | 1,535.00%% |
| RZV | Invesco S&P SmallCap 600 Pure Value ETF | 14,197 | 208,473.00 | 1,468.38%% |
| AESR | Anfield U.S. Equity Sector Rotation ETF | 97,727 | 1,395,565.00 | 1,428.03%% |
| SHLD | Global X Defense Tech ETF | 116,675 | 1,447,900.00 | 1,240.97%% |
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.
