Index Updates Skew Weekly ETF Flows

Index Updates Skew Weekly ETF Flows

Expect a lot of noise from ETF flows data this week and next.

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Reviewed by: Dan Mika
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Edited by: Dan Mika

On its face, the period between Dec. 10 and Dec. 16 was a bumper week for ETFs, with a net inflow of $78.2 billion despite significant volatility in the week from the Omicron COVID-19 variant and the Fed decision.

Indeed, the vast majority of the net flows came on Thursday, as $37.9 billion in flows were detected during a single trading session. But almost all of that amount is noise caused by the year-end rebalancing of the Nasdaq-100 and indexes from S&P Dow Jones Indices and CRSP.

Those three major index providers have been issuing pro-forma indexes through the first two weeks of December, with effective dates set either for next Monday or Tuesday. ETF managers following those indexes must realign the holdings and weights within their funds to align with the changes, requiring large sums of cash to do the job.

That’s why the SPDR S&P 500 ETF Trust (SPY) registered a whopping $6.34 billion in net inflows on Tuesday, despite the S&P 500 moving just 6 points that day, and added $9.13 billion in new assets despite a flat week for the major indicator.

Next week’s weekly flows data is also expected to be obscured by the rebalancing effect as institutional managers withdraw the excess liquidity needed to get their funds tracking their index properly.

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

 

Top 10 Creations (All ETFs)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
SPYSPDR S&P 500 ETF Trust9,128.91440,125.462.07%
VTIVanguard Total Stock Market ETF3,930.54297,000.671.32%
VOVanguard Mid-Cap ETF3,244.6259,244.925.48%
IVWiShares S&P 500 Growth ETF3,080.5943,302.087.11%
QQQInvesco QQQ Trust2,929.79212,249.871.38%
SPYVSPDR Portfolio S&P 500 Value ETF2,104.3015,428.4113.64%
VBVanguard Small-Cap ETF2,087.3650,955.584.10%
IJRiShares Core S&P Small-Cap ETF1,879.3573,542.892.56%
IJHiShares Core S&P Mid-Cap ETF1,777.7567,573.902.63%
IVEiShares S&P 500 Value ETF1,767.0625,076.867.05%

 

Top 10 Redemptions (All ETFs)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
VOOVanguard S&P 500 ETF-2,917.91274,554.16-1.06%
IVViShares Core S&P 500 ETF-2,849.06327,422.74-0.87%
FXLFirst Trust Technology AlphaDEX Fund-726.841,994.05-36.45%
SCHDSchwab U.S. Dividend Equity ETF-622.0830,695.76-2.03%
DIASPDR Dow Jones Industrial Average ETF Trust-501.5629,557.40-1.70%
TLTiShares 20+ Year Treasury Bond ETF-488.4719,067.87-2.56%
JNKSPDR Bloomberg High Yield Bond ETF-474.708,722.41-5.44%
IVOLQuadratic Interest Rate Volatility and Inflation Hedge ETF-454.272,635.12-17.24%
LQDiShares iBoxx USD Investment Grade Corporate Bond ETF-399.4137,607.25-1.06%
IEIiShares 3-7 Year Treasury Bond ETF-347.6010,276.56-3.38%

 

ETF Weekly Flows By Asset Class

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity66,675.544,334,804.771.54%
International Equity9,890.921,281,564.000.77%
U.S. Fixed Income133.381,106,995.570.01%
International Fixed Income628.19152,428.220.41%
Commodities-719.76133,135.18-0.54%
Currency6.643,197.310.21%
Leveraged1,342.4673,874.721.82%
Inverse-272.3311,984.71-2.27%
Asset Allocation394.0220,637.931.91%
Alternatives85.836,808.921.26%
Total:78,164.887,125,431.321.10%

 

Asset Classes (Year-to-Date)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity476,418.644,334,804.7710.99%
International Equity205,512.001,281,564.0016.04%
U.S. Fixed Income162,406.031,106,995.5714.67%
International Fixed Income33,041.43152,428.2221.68%
Commodities-3,748.05133,135.18-2.82%
Currency1,950.163,197.3160.99%
Leveraged5,142.8573,874.726.96%
Inverse5,860.3711,984.7148.90%
Asset Allocation5,871.0420,637.9328.45%
Alternatives2,988.556,808.9243.89%
Total:895,443.017,125,431.3212.57%

 

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

TickerNameWeekly PerformanceWeekly VolumeAUM ($, mm)
IHEiShares U.S. Pharmaceuticals ETF5.11%55,651400.14
IEIHiShares Evolved U.S. Innovative Healthcare ETF5.05%17,58842.37
FBTFirst Trust NYSE Arca Biotechnology Index Fund4.43%183,1801,697.93
NIBiPath Bloomberg Cocoa Subindex Total Return ETN4.11%74,69024.09
BBPVirtus LifeSci Biotech Products ETF3.91%6,47618.93
PBEInvesco Dynamic Biotechnology & Genome ETF3.79%23,806272.80
PJPInvesco Dynamic Pharmaceuticals ETF3.51%30,848429.58
SBIOALPS Medical Breakthroughs ETF3.49%99,619179.81
BBHVanEck Biotech ETF3.43%95,900578.01
IBBiShares Biotechnology ETF3.19%12,305,5459,875.53

 

Top 10 YTD Performers

TickerNameYTD PerformanceWeekly PerformanceAUM ($, mm)
BDRYBreakwave Dry Bulk Shipping ETF206.62%-11.90%54.58
GRNiPath Series B Carbon ETN147.44%-3.18%125.63
JJTiPath Series B Bloomberg Tin Subindex Total Return ETN119.28%-3.68%18.10
KRBNKraneShares Global Carbon Strategy ETF100.12%-2.81%1,565.46
FCGFirst Trust Natural Gas ETF92.55%-5.48%436.53
PXEInvesco Dynamic Energy Exploration & Production ETF89.66%-5.42%130.77
REMXVanEck Rare Earth/Strategic Metals ETF73.03%-3.73%1,068.04
JOiPath Series B Bloomberg Coffee Subindex Total Return ETN71.77%2.83%106.89
PXIInvesco DWA Energy Momentum ETF71.16%-5.57%161.00
IEOiShares U.S. Oil & Gas Exploration & Production ETF70.81%-4.36%309.45

 

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.

Dan Mika is a reporter for etf.com. He has previously covered business for the Ames Tribune and Cedar Rapids Gazette in Iowa, and BizWest Media in Fort Collins, Colorado. Dan holds a bachelor's degree in journalism from Truman State University.