Midcaps Fuel Brisk Weekly Inflows; Big Outflows Seen In GLD

Inflows into U.S.-listed ETFs continued at a brisk pace despite the holiday-shortened trading week.

sumit
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Senior ETF Analyst
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Reviewed by: Sumit Roy
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Edited by: Sumit Roy

Inflows into U.S.-listed ETFs continued at a brisk pace this week, though they slowed from the eye-popping levels of the two previous weeks. In aggregate, a solid $8.1 billion flowed into ETFs in the week ending Nov. 23, even as markets were closed for Thanksgiving on Thursday. Year-to-date inflows now total $217.2 billion.

Once again, the biggest winners were U.S. equity ETFs, with inflows of $6.9 billion. During the week, the S&P 500 hit a record-high 2,210.

Meanwhile, international equity ETFs had inflows of $2.3 billion, and U.S. fixed-income ETFs had inflows of $1.9 billion. Bond markets continued to tumble during the week, pushing the 10-year Treasury yield to 2.42% at one point.

The worst ETF segment of the week was commodities, which had redemptions of $1.9 billion, largely due to outflows from one ETF in particular, the SPDR Gold Trust (GLD).

Midcap ETFs In Favor
ETF heavyweights such as the PowerShares QQQ Trust (QQQ) and the iShares Russell 2000 ETF (IWM) topped the creations list for individual funds. Both had inflows of around $1 billion.

Midcap ETFs also found themselves in favor, with the SPDR S&P Midcap 400 ETF Trust (MDY) and the iShares Core S&P Mid-Cap ETF (IJH) garnering inflows of about $500 million apiece.

A few fixed-income ETFs also made the cut. The iShares TIPS Bond ETF (TIP) had inflows of $465 million, while the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) had inflows of $375 million.

At the same time, two ETFs with exposure to international stocks made the top 10 list: The iShares MSCI Japan ETF (EWJ) and the Vanguard FTSE Developed Markets ETF (VEA) saw inflows of more than $350 million each.

Investors Dump GLD
On the outflows side, the most notable loser was GLD, with outflows of $1.4 billion. A surging dollar, and by extension, tumbling gold prices, pushed investors to sell some of the large positions in GLD that they accumulated throughout the year. Prices for gold hit a nine-month low below $1,180 during the week.

Other commodity-related products to see outflows were the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) and the VelocityShares 3x Long Crude Oil ETN (UWTI), with outflows of $398 million and $326 million, respectively. The latter is scheduled to delist from the NYSE Arca next month. 

When it comes to fixed-income products, the biggest loser of the week was the iShares 20+ Year Treasury Bond ETF (TLT), which had  $532 million in outflows. 

Finally, two real estate ETFs fell out of favor this week. The Vanguard REIT Index Fund (VNQ) had outflows of $314 million, and the Vanguard Global ex-US Real Estate Index Fund (VNQI) had outflows of $237 million.

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
QQQPowerShares QQQ Trust1,065.2140,937.042.67%
IWMiShares Russell 2000 ETF990.4036,953.312.75%
MDYSPDR S&P Midcap 400 ETF Trust563.1518,146.913.20%
IJHiShares Core S&P Mid-Cap ETF482.0232,629.101.50%
TIPiShares TIPS Bond ETF465.2721,284.552.23%
VTIVanguard Total Stock Market Index Fund377.0667,727.830.56%
HYGiShares iBoxx $ High Yield Corporate Bond ETF374.1016,175.082.37%
EWJiShares MSCI Japan ETF365.1814,792.762.53%
IWDiShares Russell 1000 Value ETF358.9133,388.621.09%
VEAVanguard FTSE Developed Markets ETF358.0037,356.680.97%

Top 10 Redemptions (All ETFs)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
SPYSPDR S&P 500 ETF Trust-2,218.47209,042.36-1.05%
GLDSPDR Gold Trust-1,357.7334,739.74-3.76%
TLTiShares 20+ Year Treasury Bond ETF-532.365,718.90-8.52%
XOPSPDR S&P Oil & Gas Exploration & Production ETF-398.051,987.90-16.68%
EFAViShares MSCI EAFE Minimum Volatility ETF-376.966,857.86-5.21%
UWTIVelocityShares 3x Long Crude Oil ETN-326.131,478.02-18.08%
VNQVanguard REIT Index Fund-313.8231,039.29-1.00%
FXGFirst Trust Consumer Staples AlphaDEX Fund-254.571,659.27-13.30%
IBBiShares NASDAQ Biotechnology ETF-241.268,278.96-2.83%
VNQIVanguard Global ex-US Real Estate Index Fund-236.893,269.00-6.76%

ETF Weekly Flows By Asset Class

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity6,931.081,384,943.860.50%
International Equity2,277.01488,300.900.47%
U.S. Fixed Income1,873.97399,708.820.47%
International Fixed Income-0.2638,988.19-0.00%
Commodities-1,864.7765,852.10-2.83%
Currency-28.683,054.78-0.94%
Leveraged-586.2724,115.18-2.43%
Inverse-552.4818,404.32-3.00%
Asset Allocation-113.976,096.66-1.87%
Alternatives172.324,037.424.27%
Total:8,107.932,433,502.230.33%

Top 10 Volume Surprises, Funds >$50 mm AUM

TickerNameAverage Volume
(30 Day)
1 Week Average
Volume
% of Average
FXRFirst Trust Industrials/Producer Durables AlphaDEX Fund458,6511,777,174387.48%
QLTAiShares Aaa-A Rated Corporate Bond ETF17,32653,391308.16%
FXGFirst Trust Consumer Staples AlphaDEX Fund620,2541,659,508267.55%
IXGiShares Global Financials ETF88,372210,837238.58%
DBJPDeutsche X-trackers MSCI Japan Hedged Equity ETF1,023,4732,158,420210.89%
DXGEWisdomTree Germany Hedged Equity Fund42,891104,127242.77%
HEWJiShares Currency Hedged MSCI Japan ETF812,4682,116,757260.53%
RLYSPDR SSgA Multi-Asset Real Return ETF20,13035,177174.75%
MLPXGlobal X MLP & Energy Infrastructure ETF108,917228,494209.79%
IWXiShares Russell Top 200 Value ETF12,66922,894180.71%

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

TickerNameWeekly PerformanceWeekly VolumeAUM ($, mm)
JJTiPath Bloomberg Tin Subindex Total Return ETN10.71%1,4263.46
SLXVanEck Vectors Steel ETF9.34%788,474171.83
GREKGlobal X MSCI Greece ETF8.54%3,207,883262.21
ERGFiShares Edge MSCI Multifactor Energy ETF8.52%1,6822.73
UGAUnited States Gasoline Fund LP8.30%206,49164.53
IOILIQ Global Oil Small Cap ETF8.20%3,3244.10
COPXGlobal X Copper Miners ETF8.10%388,13331.53
UNGUnited States Natural Gas Fund LP7.31%127,808,005603.01
TOFRStock Split Index Fund7.28%9,6403.94
JJEiPath Bloomberg Energy Subindex Total Return ETN7.13%4,7081.46

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

TickerNameWeekly PerformanceWeekly VolumeAUM ($, mm)
VMAXREX VolMAXX Long VIX Weekly Futures Strategy ETF-8.96%42,8632.86
VIIXVelocityShares Daily Long VIX Short-Term ETN-7.16%1,369,51711.33
VIXYProShares VIX Short-Term Futures ETF-7.10%8,353,868172.42
VXXiPath S&P 500 VIX Short-Term Futures ETN-7.04%141,655,4421,372.06
SGDJSprott Junior Gold Miners ETF-6.33%93,87949.74
PSAUPowerShares Global Gold & Precious Metals Portfolio-6.16%76,13737.67
GDXVanEck Vectors Gold Miners ETF-6.14%383,101,5099,584.92
UBGETRACS UBS Bloomberg CMCI Gold Total Return ETN-6.12%1,4956.70
GOEXGlobal X Gold Explorers ETF-6.02%111,41660.09
SGDMSprott Gold Miners ETF-5.69%308,003189.59

Top 10 YTD Performers

TickerNameYTD PerformanceWeekly PerformanceAUM ($, mm)
SILJPureFunds ISE Junior Silver (Small Cap Miners/Explorers) ETF145.36%-2.43%58.56
XMESPDR S&P Metals & Mining ETF114.08%7.10%907.97
KOLVanEck Vectors Coal ETF113.76%2.30%128.03
SLXVanEck Vectors Steel ETF107.79%9.10%171.83
SLVPiShares MSCI Global Silver Miners ETF93.87%-2.60%67.48
RSXJVanEck Vectors Russia Small-Cap ETF86.86%3.09%76.93
SILGlobal X Silver Miners ETF83.41%-3.52%321.39
COPXGlobal X Copper Miners ETF82.98%7.83%31.53
GDXJVanEck Vectors Junior Gold Miners ETF75.69%-2.32%3,730.43
VIXYProShares VIX Short-Term Futures ETF74.79%-4.23%172.42

Bottom 10 YTD Performers

TickerNameYTD PerformanceWeekly PerformanceAUM ($, mm)
VXXiPath S&P 500 VIX Short-Term Futures ETN-65.20%-4.28%1,372.06
VIIXVelocityShares Daily Long VIX Short-Term ETN-65.12%-4.15%11.33
KWTVanEck Vectors Solar Energy ETF-43.09%-0.36%10.47
TANGuggenheim Solar ETF-42.33%1.09%184.34
NGEGlobal X MSCI Nigeria ETF-39.09%-2.05%26.24
GRNiPath Global Carbon ETN-37.74%-8.93%1.21
GAZiPath Bloomberg Natural Gas Subindex Total Return ETN-30.56%-0.20%4.31
EGPTVanEck Vectors Egypt Index ETF-28.29%-3.35%35.64
BBCBioShares Biotechnology Clinical Trials Fund-25.99%-0.48%21.10
NIBiPath Bloomberg Cocoa Subindex Total Return ETN-24.78%0.91%12.29

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 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.