Investors Add Money To ETFs Ahead Of 'Brexit' Surprise
Weekly flows indicate that investors were optimistic about U.S. ETFs ahead of the surprise Brexit outcome.
Hopeful that the U.K. would vote to remain in the European Union, investors plowed $5 billion into U.S.-listed exchange-traded funds in the week ending Thursday, June 23. The data from FactSet excludes flows from Friday, the day that markets tanked following shocking news that voters had chosen to leave the EU by a 4-point margin.
The week-ending-Thursday data showed positive flows into most of the major categories, with U.S. equity and international equity ETFs each garnering more than $2.3 billion in inflows.
U.S. fixed-income and international fixed-income ETFs also had positive flows, to the tune of $880 million and $360 million, respectively.
GLD Continues To Gather Assets
Meanwhile, commodities received about $650 million in investor capital largely thanks, once again, to the SPDR Gold Trust (GLD | A-100). The physically backed gold fund had inflows of $555 million, bringing its year-to-date haul to $10.7 billion.
Also receiving considerable inflows were the iShares MSCI Eurozone ETF (EZU | B-84) and the iShares Nasdaq Biotechnology ETF (IBB | A-69), with inflows of more than $450 million apiece.
On the flip side of the flows ledger were inverse ETFs, which had outflows of $760 million. Most of that came from one product in particular, the VelocityShares Daily Inverse VIX Short-Term ETN , which had outflows of $242 million.
That was followed by three Vanguard index funds and the First Trust Morningstar Dividend Leaders Index Fund (FDL | A-71), which had outflows of $587 million, equal to 27.3% of its assets under management.
For a complete list of the ETFs with the top inflows and outflows, see the tables below.
Top 10 Creations (All ETFs)
| Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
| SPY | SPDR S&P 500 ETF Trust | 1,738.75 | 186,596.63 | 0.94% |
| IWD | iShares Russell 1000 Value ETF | 1,240.09 | 29,777.43 | 4.35% |
| VWO | Vanguard FTSE Emerging Markets ETF | 755.50 | 37,812.95 | 2.04% |
| EFA | iShares MSCI EAFE ETF | 618.51 | 59,735.38 | 1.05% |
| GLD | SPDR Gold Trust | 555.01 | 37,157.55 | 1.52% |
| EZU | iShares MSCI Eurozone ETF | 484.20 | 11,020.09 | 4.60% |
| IBB | iShares NASDAQ Biotechnology ETF | 451.50 | 6,799.83 | 7.11% |
| XLE | Energy Select Sector SPDR Fund | 433.42 | 14,606.79 | 3.06% |
| IWR | iShares Russell Midcap ETF | 418.94 | 13,050.33 | 3.32% |
| EEM | iShares MSCI Emerging Markets ETF | 396.38 | 22,773.92 | 1.77% |
Top 10 Redemptions (All ETFs)
| Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
| VO | Vanguard Mid-Cap Index Fund | -933.29 | 14,149.66 | -6.19% |
| VUG | Vanguard Growth Index Fund | -614.04 | 20,600.92 | -2.89% |
| VTV | Vanguard Value Index Fund | -606.69 | 21,781.69 | -2.71% |
| FDL | First Trust Morningstar Dividend Leaders Index Fund | -586.57 | 1,562.44 | -27.29% |
| BSV | Vanguard Short-Term Bond Index Fund | -581.03 | 18,442.29 | -3.05% |
| VB | Vanguard Small-Cap Index Fund | -349.39 | 12,928.47 | -2.63% |
| HEDJ | WisdomTree Europe Hedged Equity Fund | -305.36 | 11,652.21 | -2.55% |
| QQQ | PowerShares QQQ Trust | -269.29 | 36,302.89 | -0.74% |
| JNK | SPDR Barclays High Yield Bond ETF | -262.08 | 11,940.39 | -2.15% |
| XIV | VelocityShares Daily Inverse VIX Short-Term ETN | -242.08 | 757.02 | -24.23% |
ETF Weekly Flows By Asset Class
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| U.S. Equity | 2,379.13 | 1,237,267.51 | 0.19% |
| International Equity | 2,704.37 | 475,047.50 | 0.57% |
| U.S. Fixed Income | 882.18 | 377,452.52 | 0.23% |
| International Fixed Income | 356.99 | 35,655.32 | 1.00% |
| Commodities | 651.72 | 68,831.26 | 0.95% |
| Currency | -8.83 | 1,281.62 | -0.69% |
| Leveraged | 210.84 | 23,985.32 | 0.88% |
| Inverse | -760.32 | 20,723.25 | -3.67% |
| Asset Allocation | 105.17 | 6,020.66 | 1.75% |
| Alternatives | -86.07 | 4,166.62 | -2.07% |
| Total: | 6,435.18 | 2,250,431.58 | 0.29% |
Top 10 Volume Surprises, Funds >$50 mm AUM
| Ticker | Name | Average Volume (30 Day) | 1 Week Average Volume | % of Average |
| IBDB | iShares iBonds Mar 2018 Term Corporate ETF | 3,053 | 6,625 | 217.02% |
| ADRD | BLDRS Developed Markets 100 ADR Index Fund | 6,785 | 17,327 | 255.36% |
| LOWC | SPDR MSCI ACWI Low Carbon Target ETF | 394 | 768 | 194.91% |
| GSIE | Goldman Sachs ActiveBeta International Equity ETF | 86,589 | 211,863 | 244.68% |
| FXB | CurrencyShares British Pound Sterling Trust | 48,757 | 144,437 | 296.24% |
| IYLD | iShares Morningstar Multi-Asset Income ETF | 27,755 | 57,396 | 206.79% |
| FNDA | Schwab Fundamental US Small Co. Index ETF | 109,587 | 192,873 | 176.00% |
| PSQ | ProShares Short QQQ | 698,364 | 1,099,967 | 157.51% |
| DEW | WisdomTree Global High Dividend Fund | 8,736 | 11,750 | 134.50% |
| DOO | WisdomTree International Dividend ex-Financials Fund | 30,010 | 47,538 | 158.41% |
Top 10 Weekly Performers, Excluding Leverage/Inverse Funds and <1,000 Shares Traded
| Ticker | Name | Weekly Performance | Weekly Volume | AUM ($, mm) |
| GAZ | iPath Bloomberg Natural Gas Subindex Total Return ETN | 19.86% | 382,311 | 5.98 |
| GREK | Global X MSCI Greece ETF | 14.68% | 3,069,319 | 272.04 |
| EUFN | iShares MSCI Europe Financials ETF | 14.07% | 3,353,703 | 221.79 |
| FKU | First Trust United Kingdom AlphaDEX Fund | 13.73% | 216,976 | 160.81 |
| EWUS | iShares MSCI United Kingdom Small Cap ETF | 13.45% | 141,713 | 13.98 |
| FBZ | First Trust Brazil AlphaDEX Fund | 13.39% | 4,304 | 3.02 |
| BRAQ | Global X Brazil Consumer ETF | 12.49% | 12,438 | 4.00 |
| QGBR | SPDR MSCI United Kingdom Quality Mix ETF | 12.04% | 1,889 | 2.54 |
| EZA | iShares MSCI South Africa ETF | 11.82% | 3,749,254 | 359.95 |
| EWU | iShares MSCI United Kingdom ETF | 11.06% | 61,978,850 | 2,140.12 |
Bottom 10 Weekly Performers, Excluding Leverage/Inverse Funds and <1,000 Shares Traded
| Ticker | Name | Weekly Performance | Weekly Volume | AUM ($, mm) |
| VXUP | AccuShares Spot CBOE VIX Up Shares | -17.12% | 74,768 | 0.55 |
| VIXY | ProShares VIX Short-Term Futures ETF | -12.90% | 34,942,025 | 275.87 |
| VIIX | VelocityShares Daily Long VIX Short-Term ETN | -12.72% | 1,578,463 | 10.14 |
| VXX | iPath S&P 500 VIX Short-Term Futures ETN | -12.64% | 411,053,365 | 1,555.04 |
| VMAX | REX VolMAXX Long VIX Weekly Futures Strategy ETF | -12.17% | 51,779 | 2.16 |
| VIXM | ProShares VIX Mid-Term Futures ETF | -7.36% | 388,274 | 42.60 |
| VXZ | iPath S&P 500 VIX Mid-Term Futures ETN | -7.31% | 4,089,594 | 53.60 |
| VIIZ | VelocityShares VIX Medium Term ETN | -6.80% | 30,300 | 0.60 |
| CORN | Teucrium Corn Fund | -6.73% | 563,872 | 69.81 |
| EGPT | VanEck Vectors Egypt Index ETF | -6.56% | 156,824 | 28.36 |
Top 10 YTD Performers
| Ticker | Name | YTD Performance | Weekly Performance | AUM ($, mm) |
| FCG | First Trust ISE-Revere Natural Gas Index Fund | 473.88% | 3.89% | 227.11 |
| SILJ | PureFunds ISE Junior Silver (Small Cap Miners/Explorers) ETF | 166.46% | 0.29% | 40.60 |
| GLDX | Global X Gold Explorers ETF | 114.97% | 0.34% | 64.03 |
| SLVP | iShares MSCI Global Silver Miners ETF | 111.49% | 1.16% | 50.82 |
| SIL | Global X Silver Miners ETF | 108.48% | 1.02% | 319.44 |
| GDXJ | VanEck Vectors Junior Gold Miners ETF | 107.08% | -1.31% | 3,296.10 |
| SGDJ | Sprott Junior Gold Miners ETF | 97.35% | -1.28% | 45.53 |
| RING | iShares MSCI Global Gold Miners ETF | 97.02% | -2.03% | 174.14 |
| SGDM | Sprott Gold Miners ETF | 85.39% | -1.06% | 215.87 |
| PSAU | PowerShares Global Gold & Precious Metals Portfolio | 84.85% | -1.18% | 56.17 |
Bottom 10 YTD Performers
| Ticker | Name | YTD Performance | Weekly Performance | AUM ($, mm) |
| BBC | BioShares Biotechnology Clinical Trials Fund | -35.22% | 2.32% | 18.81 |
| GRN | iPath Global Carbon ETN | -33.39% | 2.26% | 1.60 |
| VIXY | ProShares VIX Short-Term Futures ETF | -32.63% | -12.90% | 275.87 |
| VXX | iPath S&P 500 VIX Short-Term Futures ETN | -32.29% | -12.64% | 1,555.04 |
| VIIX | VelocityShares Daily Long VIX Short-Term ETN | -32.20% | -12.55% | 10.14 |
| TAN | Guggenheim Solar ETF | -31.95% | 2.46% | 227.41 |
| KWT | VanEck Vectors Solar Energy ETF | -28.92% | 2.66% | 13.13 |
| DXJF | WisdomTree Japan Hedged Financials Fund | -28.39% | 6.20% | 10.86 |
| VXUP | AccuShares Spot CBOE VIX Up Shares | -27.23% | -15.87% | 0.55 |
| SBIO | ALPS Medical Breakthroughs | -26.42% | 1.48% | 132.21 |
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.
