SPY Sheds Billions Despite Market Uptick
The oldest U.S.-listed ETF lost nearly $9 billion last week.
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.
