SPY Sheds Billions Despite Market Uptick

Mar 06, 2023

Reviewed by: Shubham Saharan

Edited by: Shubham Saharan

Equity markets may be rallying after weeks of dismal performance, but that hasn’t stopped investors from exiting the largest U.S.-listed ETF.

Almost $8.8 billion escaped the SPDR S&P 500 ETF Trust (SPY) last week, despite the ETF’s underlying index notching 1.5% in gains. That’s the largest outflow from the $360 billion fund since September 2020, according to Bloomberg data. Year to date, the oldest U.S.-listed ETF has lost $17.1 billion, according to ETF.com data.

The losses are also reflected in U.S. equity ETFs overall, which saw $9 billion exit in the week ending March 3, according to ETF.com data. That’s compared with the $6.2 billion in outflows the asset class saw the week prior. Other top shedders include the iShares Russell 2000 ETF (IWM) and the iShares Core S&P 500 ETF (IVV), which collectively saw outflows of nearly $2 billion last week, ETF.com data shows.

On the other side of the ledger, U.S. fixed income ETFs pulled in $4.6 billion, up 13.5% from the asset class’ $4.1 billion gain the week prior. Top gainers included the iShares Core U.S. Aggregate Bond ETF (AGG), the iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD) and the iShares Short Treasury Bond ETF (SHV).

The inflows come as Treasury yields retreated after hitting their highest point in years, some in more than a decade. The yield on key Treasury notes, such as the 10-year and two-year, hit 3.98% and 4.89%, respectively. 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
XLE	Energy Select Sector SPDR Fund	982.04	41,151.56	2.39%
OMFL	Invesco Russell 1000 Dynamic Multifactor ETF	811.38	3,327.13	24.39%
AGG	iShares Core U.S. Aggregate Bond ETF	707.69	84,972.06	0.83%
JEPI	JPMorgan Equity Premium Income ETF	697.23	21,606.10	3.23%
LQD	iShares iBoxx USD Investment Grade Corporate Bond ETF	662.98	33,259.52	1.99%
SHV	iShares Short Treasury Bond ETF	563.90	23,812.10	2.37%
IJH	iShares Core S&P Mid-Cap ETF	560.60	69,522.17	0.81%
SGOV	iShares 0-3 Month Treasury Bond ETF	536.70	8,267.66	6.49%
BIL	SPDR Bloomberg 1-3 Month T-Bill ETF	526.37	26,595.32	1.98%
VTI	Vanguard Total Stock Market ETF	522.43	276,863.35	0.19%

Top 10 Redemptions (All ETFs)

Ticker	Name	Net Flows ($,mm)	AUM ($, mm)	AUM % Change
SPY	SPDR S&P 500 ETF Trust	-8,796.48	354,111.46	-2.48%
IWM	iShares Russell 2000 ETF	-1,240.00	53,830.00	-2.30%
HYG	iShares iBoxx USD High Yield Corporate Bond ETF	-1,075.18	11,996.81	-8.96%
IVV	iShares Core S&P 500 ETF	-753.79	297,688.47	-0.25%
SPYD	SPDR Portfolio S&P 500 High Dividend ETF	-675.23	7,016.37	-9.62%
ACWI	iShares MSCI ACWI ETF	-569.05	18,120.71	-3.14%
VNQ	Vanguard Real Estate ETF	-419.34	34,221.42	-1.23%
BOIL	ProShares Ultra Bloomberg Natural Gas	-389.68	1,334.19	-29.21%
DGRO	iShares Core Dividend Growth ETF	-388.22	23,316.23	-1.67%
XLV	Health Care Select Sector SPDR Fund	-345.27	38,793.36	-0.89%

ETF Weekly Flows By Asset Class

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
U.S. Equity	-9,036.19	3,997,212.96	-0.23%
International Equity	1,258.67	1,231,058.94	0.10%
U.S. Fixed Income	4,649.17	1,174,036.35	0.40%
International Fixed Income	-32.73	144,006.98	-0.02%
Commodities	-1,007.14	128,816.12	-0.78%
Currency	-34.15	3,589.63	-0.95%
Leveraged	-45.65	51,188.09	-0.09%
Inverse	-230.25	25,708.77	-0.90%
Asset Allocation	-44.08	15,972.85	-0.28%
Alternatives	9.44	7,557.50	0.12%
Total:	-4,512.91	6,779,148.19	-0.07%

Asset Classes (Year-to-Date)

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
U.S. Equity	-12,912.46	3,997,212.96	-0.32%
International Equity	28,487.36	1,231,058.94	2.31%
U.S. Fixed Income	22,764.78	1,174,036.35	1.94%
International Fixed Income	5,364.15	144,006.98	3.72%
Commodities	-646.70	128,816.12	-0.50%
Currency	-389.24	3,589.63	-10.84%
Leveraged	-77.64	51,188.09	-0.15%
Inverse	5,115.48	25,708.77	19.90%
Asset Allocation	-1,854.24	15,972.85	-11.61%
Alternatives	87.30	7,557.50	1.16%
Total:	45,938.79	6,779,148.19	0.68%

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

Ticker	Name	Weekly Performance	Weekly Volume	AUM ($, mm)
MLPO	Credit Suisse S&P MLP Index ETN	8.44%	1,412	29.53
BDRY	Breakwave Dry Bulk Shipping ETF	8.22%	2,180,418	99.35
SGDJ	Sprott Junior Gold Miners ETF	6.51%	85,478	97.64
CHRG	Energy & Minerals Group EV, Solar & Battery Materials Futures Strategy ETF	5.73%	4,030	2.97
COPX	Global X Copper Miners ETF	5.46%	1,381,864	1,890.20
GOEX	Global X Gold Explorers ETF	4.95%	8,348	35.62
SILJ	ETFMG Prime Junior Silver Miners ETF	4.95%	3,085,598	650.41
GDXJ	VanEck Junior Gold Miners ETF	4.69%	20,645,033	3,646.51
FDNI	First Trust Dow Jones International Internet ETF	4.63%	9,355	33.82
PICK	iShares MSCI Global Metals & Mining Producers ETF	4.59%	1,565,565	1,605.31

Top 10 YTD Performers

Ticker	Name	YTD Performance	Weekly Performance	AUM ($, mm)
WGMI	Valkyrie Bitcoin Miners ETF	69.35%	-2.32%	4.91
DAM	VanEck Digital Assets Mining ETF	62.82%	-0.48%	1.19
DAPP	VanEck Digital Transformation ETF	57.30%	0.96%	26.50
BITQ	Bitwise Crypto Industry Innovators ETF	56.34%	1.15%	52.78
BITS	Global X Blockchain and Bitcoin Strategy ETF	47.31%	0.97%	9.70
IBLC	iShares Blockchain and Tech ETF	46.67%	0.29%	5.77
SATO	Invesco Alerian Galaxy Crypto Economy ETF	46.41%	-0.08%	2.54
XBTF	VanEck Bitcoin Strategy ETF	40.23%	0.42%	29.49
BITO	ProShares Bitcoin Strategy ETF	39.75%	-0.35%	784.76
GFOF	Grayscale Future of Finance ETF	39.49%	0.51%	4.62

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.

Shubham Saharan

| Contact: [email protected]

Shubham Saharan is a markets reporter at etf.com. Before joining the company, she reported for Bloomberg and the Financial Times. Saharan is a graduate of Barnard College of Columbia University.

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SPY Sheds Billions Despite Market Uptick

SPY Sheds Billions Despite Market Uptick

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