NVDA ETF Gained Most Last Week; QQQ Led Outflows

Ron Day

Managing Editor

Feb 26, 2024

Reviewed by: etf.com Staff

Edited by: James Rubin

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Single stock ETFs tracking Nvidia Corp. and Moderna Inc., two companies that reported quarterly results that beat expectations, were last week’s best performers while billions departing the popular QQQ may signal investors think the tech rally is losing steam.

The $188.1 million YieldMax NVDA Option Income Strategy ETF (NVDY) gained 14% last week after the maker of semiconductors for artificial intelligence applications reported a fourth quarter that beat earnings and sales estimates and boosted its outlook for both. The fund uses covered calls to generate income.

The week’s second-best performer was YieldMax’s $19.5 million YieldMax MRNA Option Income Strategy ETF (MRNY), which leapt 12%. The fund also seeks to generate income and follows Moderna, the pharmaceutical company that last week surprised investors by reporting fourth-quarter profit when a loss was expected.

Both ETFs outperformed the Standard & Poor’s 500 as measured by the S&P 500 ETF Trust (SPY), which rose 1.7% last week.

Last week’s gain in the S&P 500 added to the 12% the index has appreciated over the past three months, which is the kind of return investors expect to see over a period four times as long. Those gains may have led to concerns that technology stocks—a handful of which being responsible for an outsized proportion of the index’s gains—are due for a breather.

The Invesco QQQ Trust (QQQ), with a 48% gain over the past year, led the week in outflows, shedding $3.49 billion. That was 1.4% of the funds’ assets. QQQ tracks a modified-market-cap-weighted index of 100 NASDAQ-listed stocks, and brings more risk that a broad index fund. It has gained thanks partly to the performances of a narrow pack of stocks, the so-called Magnificent 7, which includes Nvidia and Apple Inc.

Nvidia has more than tripled over the past year and its huge earnings day, and 16% stock jump on Feb. 22, may have led investors to put money into more conservative exchange-traded funds.

The biggest recipient of investor money last week was the iShares Core S&P 500 ETF (IVV), a broad S&P 500 fund, which brought in $2.18 billion. The Vanguard Intermediate-Term Treasury Index ETF (VGIT) pulled in $1.73 billion while the iShares Russell ETF (IWM) brought in $1.44 billion.

Below are top inflows and outflows for last week. The week's top performers can be found here.

Top 10 Creations (All ETFs)

Ticker	Name	Net Flows ($, mm)	AUM ($, mm)	AUM % Change<
IVV	iShares Core S&P 500 ETF	2,183.79	443,614.76	0.49
VGIT	Vanguard Intermediate-Term Treasury Index ETF	1,727.38	23,785.03	7.26
IWM	iShares Russell 2000 ETF	1,440.82	61,827.05	2.33
SHY	iShares 1-3 Year Treasury Bond ETF	669.11	25,923.20	2.58
SMH	VanEck Semiconductor ETF	622.40	16,004.64	3.89
VTI	Vanguard Total Stock Market ETF	570.12	374,002.48	0.15
IBIT	iShares Bitcoin Trust	567.30	6,573.01	8.63
BBEU	JPMorgan BetaBuilders Europe ETF	548.07	7,139.45	7.68
VOO	Vanguard 500 Index Fund	509.69	413,403.45	0.12
VGLT	Vanguard Long-Term Treasury Index ETF	473.99	11,284.95	4.20

Top 10 Redemptions (All ETFs)

Ticker	Name	Net Flows ($, mm)	AUM ($, mm)	AUM % Change
QQQ	Invesco QQQ Trust	-3,488.13	250,294.78	-1.39
LQD	iShares iBoxx USD Investment Grade Corporate Bond ETF	-857.78	32,293.77	-2.66
GLD	SPDR Gold Trust	-655.87	53,855.25	-1.22
QQQM	Invesco NASDAQ 100 ETF	-628.68	22,152.69	-2.84
GBTC	Grayscale Bitcoin Trust ETF	-542.44	23,145.37	-2.34
TLT	iShares 20+ Year Treasury Bond ETF	-527.79	48,587.35	-1.09
HYG	iShares iBoxx USD High Yield Corporate Bond ETF	-471.73	16,666.82	-2.83
FDVV	Fidelity High Dividend ETF	-468.17	2,295.28	-20.40
VGSH	Vanguard Short-Term Treasury Index Fund	-397.27	20,634.00	-1.93
SOXL	Direxion Daily Semiconductor Bull 3X Shares	-382.75	9,142.25	-4.19

ETF Weekly Flows By Asset Class

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
Alternatives	19.70	6,969.99	0.28%
Asset Allocation	29.71	17,298.65	0.17%
Commodities	-887.75	123,290.94	-0.72%
Currency	690.76	41,972.08	1.65%
International Equity	2,519.82	1,411,191.05	0.18%
International Fixed Income	867.87	174,480.96	0.50%
Inverse	-407.68	14,159.70	-2.88%
Leveraged	-377.41	88,734.48	-0.43%
U.S. Equity	5,065.99	5,253,289.30	0.10%
U.S. Fixed Income	2,766.91	1,358,582.78	0.20%
Total:	10,287.91	8,489,969.92	0.12%

Asset Classes (Year-to-Date)

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
Alternatives	171.80	6,768.70	2.54%
Asset Allocation	-281.06	16,971.70	-1.66%
Commodities	-3,197.52	126,628.29	-2.53%
Currency	-2,913.67	31,912.51	-9.13%
International Equity	5,095.34	1,364,386.37	0.37%
International Fixed Income	3,966.13	172,530.78	2.30%
Inverse	-1,289.26	13,943.18	-9.25%
Leveraged	-2,261.44	85,121.53	-2.66%
U.S. Equity	14,473.64	5,099,264.25	0.28%
U.S. Fixed Income	17,263.42	1,367,475.78	1.26%
Total:	31,027.39	8,285,003.09	0.37%

Top 10 Volume Surprises, Funds >$50 mm AUM

Ticker	Name	Average Volume (30 Day)	1 Week Average Volume	% of Average
FLCO	Franklin Investment Grade Corporate ETF	540,822	13,890,634.00	2,568.43%%
UBND	VictoryShares Core Plus Intermediate Bond ETF	76,685	1,560,828.00	2,035.37%%
CARY	Angel Oak Income ETF	120,888	1,786,335.00	1,477.67%%
ERTH	Invesco MSCI Sustainable Future ETF	21,207	277,235.00	1,307.29%%
VETZ	Academy Veteran Impact ETF	496	6,162.00	1,242.16%%
SMTH	ALPS Smith Core Plus Bond ETF	342,303	3,860,364.00	1,127.76%%
DWM	WisdomTree International Equity Fund	43,367	479,203.00	1,105.00%%
UYLD	Angel Oak Ultrashort Income ETF	85,482	834,690.00	976.45%%
GSID	Goldman Sachs MarketBeta International Equity ETF	31,764	270,122.00	850.40%%
BOCT	Innovator U.S. Equity Buffer ETF - October	19,174	161,605.00	842.82%%

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

Ticker	Name	Weekly Performance	Weekly Volume	AUM ($, mm)
NVDY	YieldMax NVDA Option Income Strategy ETF	13.99%	1,475,433	217.80
MRNY	YieldMax MRNA Option Income Strategy ETF	12.30%	106,921	21.26
UNG	United States Natural Gas Fund LP	10.22%	24,465,636	855.01
UNL	United States 12 Month Natural Gas Fund LP	9.19%	422,005	15.10
AMDY	YieldMax AMD Option Income Strategy ETF	8.97%	739,502	81.25
SMH	VanEck Semiconductor ETF	6.14%	31,498,183	16,004.64
TESL	Simplify Volt TSLA Revolution ETF	5.58%	12,430	0.00
MAGS	Roundhill Magnificent Seven ETF	4.75%	833,467	149.41
BSSX	Invesco BulletShares 2033 Municipal Bond ETF	4.75%	102,754	28.82
CHPS	Xtrackers Semiconductor Select Equity ETF	4.70%	4,073	6.29

Top 10 YTD Performers

Ticker	Name	YTD Performance	Weekly Performance	AUM ($, mm)
NVDY	YieldMax NVDA Option Income Strategy ETF	37.98%	13.99%	217.80
GBTC	Grayscale Bitcoin Trust ETF	34.14%	0.06%	23,145.37
WEED	Roundhill Cannabis ETF	31.98%		9.41
MSOS	AdvisorShares Pure US Cannabis ETF	30.96%	3.85%	960.97
EETH	ProShares Ether Strategy ETF	28.82%	0.82%	33.47
MJUS	Amplify U.S. Alternative Harvest ETF	28.50%	2.46%	119.65
ARKZ	ARK 21Shares Active Ethereum Futures Strategy ETF	28.38%	0.85%	6.65
KSET	KraneShares Global Carbon Offset Strategy ETF	28.19%	-0.40%	1.13
ARKY	ARK 21Shares Active Bitcoin Ethereum Strategy ETF	27.61%	0.56%	2.88
AETH	Bitwise Ethereum Strategy ETF	27.48%	0.87%	6.17

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.

Ron Day

| Contact: [email protected]

Ron Day is Managing Editor at etf.com. He joined the company in October 2022 and previously served as editor and deputy managing editor.

Ron covered business and financial news at Bloomberg News for 20 years, working on the breaking news, technology, commodities, headlines and First Word teams. He was previously senior editor at ESG news outlet Karma Impact and filled the same role at Boundless Impact. He also covered a variety of beats at New Jersey daily papers including the Daily Record in Parsippany, the North Jersey Herald & News and the Asbury Park Press. Ron's freelance work has been published in AARP.com, Investopedia.com and BigThink.com.

Ron is an advocate and fan of literacy. He hopes to one day master his Telecaster, rather than the other way around. His wonderful family includes a 10-lb. malti-poo named Emmy.

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