Rare Weekly ETF Outflow Masks Underlying Demand
Year-to-date inflows stand at more than $900 billion.
U.S.-listed ETFs saw $33 million in net outflows last week, a rare dip that was almost entirely the result of tax-related “heartbeat” trades.
The Vanguard S&P 500 ETF (VOO) recorded $33.4 billion in outflows, offsetting a $38.9 billion inflow into the iShares Core S&P 500 ETF (IVV). Both moves were seemingly driven by routine tax trades rather than genuine buying or selling pressure. Even after the outflow, VOO remains the year’s top-gathering ETF with $87 billion in inflows.
Outside of those swings, demand was steady. The SPDR Gold Shares (GLD) pulled in $1.3 billion as gold surged past $3,800 an ounce to new record highs, extending its year-to-date gain to 46%. The Invesco QQQ Trust (QQQ) added $4.4 billion as the Nasdaq-100 climbed more than 18% year-to-date. The iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) also drew $1.2 billion in what looked like strong demand for credit exposure.
For the full list of last week’s top ETF inflows and outflows, see the tables below.
Top 10 Creations (All ETFs)
| Ticker | Name | Net Flows ($, mm) | AUM ($, mm) | AUM % Change< |
| IVV | iShares Core S&P 500 ETF | 38,870.82 | 691,902.82 | 5.62 |
| SPY | SPDR S&P 500 ETF Trust | 11,346.97 | 664,549.17 | 1.71 |
| QQQ | Invesco QQQ Trust Series I | 4,366.85 | 381,476.51 | 1.14 |
| IWM | iShares Russell 2000 ETF | 2,039.67 | 70,669.53 | 2.89 |
| GLD | SPDR Gold Shares | 1,319.88 | 120,602.08 | 1.09 |
| LQD | iShares iBoxx $ Investment Grade Corporate Bond ETF | 1,157.35 | 32,084.00 | 3.61 |
| SPYG | SPDR Portfolio S&P 500 Growth ETF | 1,083.87 | 42,956.94 | 2.52 |
| VEA | Vanguard FTSE Developed Markets ETF | 1,081.34 | 175,404.15 | 0.62 |
| SPYV | SPDR Portfolio S&P 500 Value ETF | 980.48 | 29,347.73 | 3.34 |
| VCIT | Vanguard Intermediate-Term Corporate Bond ETF | 849.13 | 56,135.39 | 1.51 |
Top 10 Redemptions (All ETFs)
| Ticker | Name | Net Flows ($, mm) | AUM ($, mm) | AUM % Change |
| VOO | Vanguard S&P 500 ETF | -33,386.07 | 755,873.47 | -4.42 |
| VUG | Vanguard Growth ETF | -5,257.89 | 193,393.91 | -2.72 |
| SPMO | Invesco S&P 500 Momentum ETF | -3,601.21 | 13,158.85 | -27.37 |
| XLK | Technology Select Sector SPDR Fund | -2,733.51 | 88,669.16 | -3.08 |
| SPLG | SPDR Portfolio S&P 500 ETF | -2,661.27 | 85,057.94 | -3.13 |
| VXF | Vanguard Extended Market ETF | -2,554.85 | 24,191.38 | -10.56 |
| MOAT | VanEck Morningstar Wide Moat ETF | -2,478.57 | 12,450.48 | -19.91 |
| XLF | Financial Select Sector SPDR Fund | -2,195.36 | 52,839.69 | -4.15 |
| SMH | VanEck Semiconductor ETF | -1,988.30 | 30,642.57 | -6.49 |
| EFG | iShares MSCI EAFE Growth ETF | -1,544.88 | 9,590.62 | -16.11 |
ETF Weekly Flows By Asset Class
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| Alternatives | 54.55 | 11,893.46 | 0.46% |
| Asset Allocation | 262.53 | 28,803.73 | 0.91% |
| Commodities E T Fs | 2,462.75 | 265,431.76 | 0.93% |
| Currency | -405.73 | 177,816.74 | -0.23% |
| International Equity | 833.94 | 2,062,526.84 | 0.04% |
| International Fixed Income | 2,721.41 | 331,752.71 | 0.82% |
| Inverse | 40.28 | 14,892.56 | 0.27% |
| Leveraged | 671.72 | 146,941.49 | 0.46% |
| Us Equity | -13,281.69 | 7,711,386.21 | -0.17% |
| Us Fixed Income | 6,607.15 | 1,804,852.92 | 0.37% |
| Total: | -33.09 | 12,556,298.41 | 0.00% |
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.
