SPY Sheds Billions Despite Market Uptick

The oldest U.S.-listed ETF lost nearly $9 billion last week.

ShubhamSaharan_white_bg
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Reviewed by: Shubham Saharan
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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)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
XLEEnergy Select Sector SPDR Fund982.0441,151.562.39%
OMFLInvesco Russell 1000 Dynamic Multifactor ETF811.383,327.1324.39%
AGGiShares Core U.S. Aggregate Bond ETF707.6984,972.060.83%
JEPIJPMorgan Equity Premium Income ETF697.2321,606.103.23%
LQDiShares iBoxx USD Investment Grade Corporate Bond ETF662.9833,259.521.99%
SHViShares Short Treasury Bond ETF563.9023,812.102.37%
IJHiShares Core S&P Mid-Cap ETF560.6069,522.170.81%
SGOViShares 0-3 Month Treasury Bond ETF536.708,267.666.49%
BILSPDR Bloomberg 1-3 Month T-Bill ETF526.3726,595.321.98%
VTIVanguard Total Stock Market ETF522.43276,863.350.19%

 

Top 10 Redemptions (All ETFs)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
SPYSPDR S&P 500 ETF Trust-8,796.48354,111.46-2.48%
IWMiShares Russell 2000 ETF-1,240.0053,830.00-2.30%
HYGiShares iBoxx USD High Yield Corporate Bond ETF-1,075.1811,996.81-8.96%
IVViShares Core S&P 500 ETF-753.79297,688.47-0.25%
SPYDSPDR Portfolio S&P 500 High Dividend ETF-675.237,016.37-9.62%
ACWIiShares MSCI ACWI ETF-569.0518,120.71-3.14%
VNQVanguard Real Estate ETF-419.3434,221.42-1.23%
BOILProShares Ultra Bloomberg Natural Gas-389.681,334.19-29.21%
DGROiShares Core Dividend Growth ETF-388.2223,316.23-1.67%
XLVHealth Care Select Sector SPDR Fund-345.2738,793.36-0.89%

 

ETF Weekly Flows By Asset Class

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity-9,036.193,997,212.96-0.23%
International Equity1,258.671,231,058.940.10%
U.S. Fixed Income4,649.171,174,036.350.40%
International Fixed Income-32.73144,006.98-0.02%
Commodities-1,007.14128,816.12-0.78%
Currency-34.153,589.63-0.95%
Leveraged-45.6551,188.09-0.09%
Inverse-230.2525,708.77-0.90%
Asset Allocation-44.0815,972.85-0.28%
Alternatives9.447,557.500.12%
Total:-4,512.916,779,148.19-0.07%

 

Asset Classes (Year-to-Date)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity-12,912.463,997,212.96-0.32%
International Equity28,487.361,231,058.942.31%
U.S. Fixed Income22,764.781,174,036.351.94%
International Fixed Income5,364.15144,006.983.72%
Commodities-646.70128,816.12-0.50%
Currency-389.243,589.63-10.84%
Leveraged-77.6451,188.09-0.15%
Inverse5,115.4825,708.7719.90%
Asset Allocation-1,854.2415,972.85-11.61%
Alternatives87.307,557.501.16%
Total:45,938.796,779,148.190.68%

 

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

TickerNameWeekly PerformanceWeekly VolumeAUM ($, mm)
MLPOCredit Suisse S&P MLP Index ETN8.44%1,41229.53
BDRYBreakwave Dry Bulk Shipping ETF8.22%2,180,41899.35
SGDJSprott Junior Gold Miners ETF6.51%85,47897.64
CHRGEnergy & Minerals Group EV, Solar & Battery Materials Futures Strategy ETF5.73%4,0302.97
COPXGlobal X Copper Miners ETF5.46%1,381,8641,890.20
GOEXGlobal X Gold Explorers ETF4.95%8,34835.62
SILJETFMG Prime Junior Silver Miners ETF4.95%3,085,598650.41
GDXJVanEck Junior Gold Miners ETF4.69%20,645,0333,646.51
FDNIFirst Trust Dow Jones International Internet ETF4.63%9,35533.82
PICKiShares MSCI Global Metals & Mining Producers ETF4.59%1,565,5651,605.31

 

Top 10 YTD Performers

TickerNameYTD PerformanceWeekly PerformanceAUM ($, mm)
WGMIValkyrie Bitcoin Miners ETF69.35%-2.32%4.91
DAMVanEck Digital Assets Mining ETF62.82%-0.48%1.19
DAPPVanEck Digital Transformation ETF57.30%0.96%26.50
BITQBitwise Crypto Industry Innovators ETF56.34%1.15%52.78
BITSGlobal X Blockchain and Bitcoin Strategy ETF47.31%0.97%9.70
IBLCiShares Blockchain and Tech ETF46.67%0.29%5.77
SATOInvesco Alerian Galaxy Crypto Economy ETF46.41%-0.08%2.54
XBTFVanEck Bitcoin Strategy ETF40.23%0.42%29.49
BITOProShares Bitcoin Strategy ETF39.75%-0.35%784.76
GFOFGrayscale Future of Finance ETF39.49%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 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.