Investors Flock to Bonds as Equities Slump
U.S. equity exchange-traded funds shed $6.2 billion last week.
Investors piled into bond exchange-traded funds as equity markets posted losses on fears of sticky inflation.
U.S. equity ETFs shed $6.2 billion in the week ending Feb. 24 as recently released economic data indicated that the Federal Reserve may keep interest rates higher for longer than anticipated. Equity markets posted their third straight week of declines as the S&P 500 slumped 3.3% during the week, while the Nasdaq dipped 3.3%. That marks the worst performance for the indexes in over two months.
Funds that lost the most assets included the SPDR S&P 500 ETF Trust (SPY), the iShares Core S&P 500 ETF (IVV) and the Invesco QQQ Trust (QQQ). The three funds collectively bled $4.8 billion, according to ETF.com data. This is the fourth consecutive week of losses for SPY, the oldest and largest U.S.-listed ETF.
Meanwhile, U.S. fixed income ETFs brought in $4.1 billion compared with the $2.1 billion the asset class lost in the week ending Feb. 17. Investors seemed to largely embrace a risk-off approach, as six of the 10 top-performing ETFs of the week were Treasury bill related.
The three top-performing ETFs of the week were the iShares Short Treasury Bond ETF (SHV), the SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) and the iShares 0-3 Month Treasury Bond ETF (SGOV), which hauled in nearly $6 billion, ETF.com data shows.
The inflows come as yield on short duration Treasury bills such as the one-, three- and six-month notes hit 4.6%, 4.8% and 5.1%, respectively. On Monday, the policy-sensitive two-year Treasury bill hit 4.8%, its highest level since 2007. Yields rise as prices fall.
For a full list of last week’s top inflows and outflows, see the tables below:
Top 10 Creations (All ETFs)
Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
SHV | iShares Short Treasury Bond ETF | 2,970.00 | 23,291.16 | 12.75% |
BIL | SPDR Bloomberg 1-3 Month T-Bill ETF | 1,786.75 | 26,120.63 | 6.84% |
SGOV | iShares 0-3 Month Treasury Bond ETF | 1,199.01 | 7,746.54 | 15.48% |
SPTS | SPDR Portfolio Short Term Treasury ETF | 870.17 | 5,473.89 | 15.90% |
BND | Vanguard Total Bond Market ETF | 850.04 | 87,761.72 | 0.97% |
JPST | JPMorgan Ultra-Short Income ETF | 683.42 | 24,974.19 | 2.74% |
GBIL | Goldman Sachs Access Treasury 0-1 Year ETF | 611.02 | 5,308.03 | 11.51% |
TLT | iShares 20+ Year Treasury Bond ETF | 574.86 | 30,375.31 | 1.89% |
JEPI | JPMorgan Equity Premium Income ETF | 407.91 | 21,163.58 | 1.93% |
VOO | Vanguard S&P 500 ETF | 365.24 | 276,874.40 | 0.13% |
Top 10 Redemptions (All ETFs)
Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
SPY | SPDR S&P 500 ETF Trust | -2,306.54 | 365,585.50 | -0.63% |
IVV | iShares Core S&P 500 ETF | -1,843.62 | 300,626.12 | -0.61% |
JNK | SPDR Bloomberg High Yield Bond ETF | -1,518.68 | 7,336.16 | -20.70% |
LQD | iShares iBoxx USD Investment Grade Corporate Bond ETF | -991.57 | 33,168.95 | -2.99% |
QQQ | Invesco QQQ Trust | -654.33 | 157,898.29 | -0.41% |
EMB | iShares JP Morgan USD Emerging Markets Bond ETF | -618.74 | 15,385.77 | -4.02% |
HYG | iShares iBoxx USD High Yield Corporate Bond ETF | -570.97 | 13,182.85 | -4.33% |
IWF | iShares Russell 1000 Growth ETF | -549.65 | 59,519.05 | -0.92% |
SPTL | SPDR Portfolio Long Term Treasury ETF | -524.64 | 6,017.30 | -8.72% |
IEF | iShares 7-10 Year Treasury Bond ETF | -523.05 | 22,814.51 | -2.29% |
ETF Weekly Flows By Asset Class
Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
U.S. Equity | -6,215.26 | 4,029,210.71 | -0.15% |
International Equity | 224.74 | 1,231,448.76 | 0.02% |
U.S. Fixed Income | 4,058.49 | 1,180,810.69 | 0.34% |
International Fixed Income | -643.92 | 145,458.82 | -0.44% |
Commodities | -243.45 | 129,581.28 | -0.19% |
Currency | 22.64 | 3,649.21 | 0.62% |
Leveraged | 916.45 | 51,784.24 | 1.77% |
Inverse | -403.68 | 25,456.63 | -1.59% |
Asset Allocation | -56.16 | 16,119.42 | -0.35% |
Alternatives | -26.73 | 7,553.33 | -0.35% |
Total: | -2,366.89 | 6,821,073.09 | -0.03% |
Asset Classes (Year-to-Date)
Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
U.S. Equity | -3,865.09 | 4,029,210.71 | -0.10% |
International Equity | 27,216.33 | 1,231,448.76 | 2.21% |
U.S. Fixed Income | 18,115.61 | 1,180,810.69 | 1.53% |
International Fixed Income | 5,396.88 | 145,458.82 | 3.71% |
Commodities | 392.81 | 129,581.28 | 0.30% |
Currency | -355.09 | 3,649.21 | -9.73% |
Leveraged | -31.99 | 51,784.24 | -0.06% |
Inverse | 5,345.73 | 25,456.63 | 21.00% |
Asset Allocation | -1,812.13 | 16,119.42 | -11.24% |
Alternatives | 73.48 | 7,553.33 | 0.97% |
Total: | 50,476.52 | 6,821,073.09 | 0.74% |
Top 10 Weekly Performers, Excluding Leverage/Inverse Funds and <1,000 Shares Traded
Ticker | Name | Weekly Performance | Weekly Volume | AUM ($, mm) |
KSET | KraneShares Global Carbon Offset Strategy ETF | 17.14% | 4,795 | 2.83 |
BDRY | Breakwave Dry Bulk Shipping ETF | 12.75% | 3,514,427 | 82.52 |
UNG | United States Natural Gas Fund LP | 11.93% | 104,137,396 | 1,197.21 |
GAZ | iPath Series B Bloomberg Natural Gas Subindex Total Return ETN | 11.76% | 691,733 | 27.94 |
UNL | United States 12 Month Natural Gas Fund LP | 8.17% | 89,457 | 14.21 |
NGE | Global X MSCI Nigeria ETF | 3.56% | 39,378 | 40.91 |
ZROZ | PIMCO 25+ Year Zero Coupon US Treasury Index ETF | 3.16% | 832,449 | 772.29 |
GOVZ | iShares 25+ Year Treasury STRIPS Bond ETF | 3.05% | 475,427 | 324.18 |
SMH | VanEck Semiconductor ETF | 3.04% | 12,827,189 | 7,498.45 |
SEA | U.S. Global Sea to Sky Cargo ETF | 2.95% | 10,926 | 3.70 |
Top 10 YTD Performers
Ticker | Name | YTD Performance | Weekly Performance | AUM ($, mm) |
WGMI | Valkyrie Bitcoin Miners ETF | 84.56% | -2.83% | 5.36 |
DAM | VanEck Digital Assets Mining ETF | 73.32% | -2.30% | 1.30 |
DAPP | VanEck Digital Transformation ETF | 65.17% | -1.34% | 28.77 |
BITQ | Bitwise Crypto Industry Innovators ETF | 62.83% | -1.43% | 56.63 |
SATO | Invesco Alerian Galaxy Crypto Economy ETF | 53.16% | -0.65% | 2.74 |
IBLC | iShares Blockchain and Tech ETF | 51.81% | 0.63% | 6.03 |
BITS | Global X Blockchain and Bitcoin Strategy ETF | 50.50% | -1.44% | 9.99 |
NFTZ | Defiance Digital Revolution ETF | 47.56% | -0.23% | 5.01 |
GFOF | Grayscale Future of Finance ETF | 45.26% | -1.54% | 4.97 |
BITO | ProShares Bitcoin Strategy ETF | 44.78% | -2.10% | 802.65 |
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.