U.S. Equities Draw In $22.8B During SpaceX IPO Week
Semiconductors and U.S. equities at large benefited in a week dominated by the SpaceX IPO. Meanwhile, investors quietly increased their hedges in ultra-short bonds in ongoing, complex markets.
The SpaceX IPO at the end of last week dominated headlines and retail investor attention as money poured into funds that provided even tangential exposure. Unsurprisingly, U.S. equities gathered over half of the $41 billion in net flows for the week ending Friday, June 12 with semiconductors as the dominant theme.
Last week, $22.8 billion in net flows went into U.S. equities, with the Vanguard S&P 500 ETF (VOO) dominating flows in the same week that Vanguard overtook BlackRock for top U.S. ETF issuer. U.S. fixed income also proved popular, gathering $11 billion in net flows last week with top ETFs concentrated in ultra-short bonds. The iShares 0-3 Month Treasury Bond ETF (SGOV) and the SPDR Bloomberg 1-3 Month T-Bill ETF both made the top 10 at approximately $1.5 billion and $1 billion respectively. There is something to be said for a market where equities rip higher while investors increase their traditional hedges.
Diversification plays were mixed last week, with commodity ETFs shedding $1.7 billion in net flows but alternatives gaining nearly $1 billion. International equities and fixed income drew in $5 billion and $1.3 billion, driven by nearly $1.5 billion into the Vanguard Total World Stock ETF (VT).
Thematically, semiconductors still remain the most chased after industry, with nearly a third of the top 10 ETFs by net flows last week focused on some type of semiconductor exposure. Leveraged ETFs also remain a category to watch, particularly in light of the SpaceX IPO. Although leveraged SpaceX ETFs were not allowed to trade last week (with the exception of one, briefly), they still attracted over $3.8 billion in net flows as investors went all-in on bull positions, with $1.1 billion flowing out of inverse ETFs.
Gold prices also dropped precipitously last week, and it’s little surprise that the SPDR Gold Shares (GLD) and the iShares Gold Trust (IAU) saw redemptions. Bitcoin too remains a hard sell, given it’s price crash this year, with outflows yet again for iShares Bitcoin Trust ETF (IBIT).
Top 10 Creations (All ETFs)
| Ticker | Name | Net Flows ($, mm) | AUM ($, mm) | AUM % Change< |
| VOO | Vanguard S&P 500 ETF | 48,152.54 | 1,028,287.03 | 4.68 |
| SPY | SPDR S&P 500 ETF Trust | 8,843.44 | 779,125.25 | 1.14 |
| SOXL | Direxion Daily Semiconductor Bull 3x Shares | 3,090.52 | 28,462.92 | 10.86 |
| SOXX | iShares Semiconductor ETF | 2,017.57 | 42,256.38 | 4.77 |
| SGOV | iShares 0-3 Month Treasury Bond ETF | 1,491.98 | 95,157.44 | 1.57 |
| VT | Vanguard Total World Stock ETF | 1,490.22 | 76,368.61 | 1.95 |
| ARKK | ARK Innovation ETF | 1,463.80 | 8,200.17 | 17.85 |
| SMH | VanEck Semiconductor ETF | 1,176.30 | 70,809.03 | 1.66 |
| RSP | Invesco S&P 500 Equal Weight ETF | 1,160.84 | 91,530.61 | 1.27 |
| BIL | SPDR Bloomberg 1-3 Month T-Bill ETF | 965.75 | 47,827.47 | 2.02 |
Top 10 Redemptions (All ETFs)
| Ticker | Name | Net Flows ($, mm) | AUM ($, mm) | AUM % Change |
| IVV | iShares Core S&P 500 ETF | -36,075.02 | 797,927.17 | -4.52 |
| SPYM | SPDR Portfolio S&P 500 ETF | -7,564.45 | 137,194.60 | -5.51 |
| QQQ | Invesco QQQ Trust Series I | -1,650.81 | 477,445.53 | -0.35 |
| EFV | iShares MSCI EAFE Value ETF | -1,326.55 | 24,771.01 | -5.36 |
| IGV | iShares Expanded Tech-Software Sector ETF | -1,297.76 | 13,869.73 | -9.36 |
| BSV | Vanguard Short-Term Bond ETF | -891.62 | 44,413.87 | -2.01 |
| GLD | SPDR Gold Shares | -873.17 | 132,780.30 | -0.66 |
| IBIT | iShares Bitcoin Trust ETF | -626.43 | 48,591.78 | -1.29 |
| SSO | ProShares Ultra S&P 500 | -619.78 | 7,389.31 | -8.39 |
| IAU | iShares Gold Trust | -598.68 | 62,140.16 | -0.96 |
ETF Weekly Flows By Asset Class
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| Alternatives | 969.24 | 138,450.85 | 0.70% |
| Asset Allocation | 209.21 | 41,510.02 | 0.50% |
| Commodities E T Fs | -1,703.51 | 317,057.09 | -0.54% |
| Currency | -589.32 | 98,143.08 | -0.60% |
| International Equity | 5,028.99 | 2,802,465.09 | 0.18% |
| International Fixed Income | 1,321.63 | 427,818.25 | 0.31% |
| Inverse | -1,137.98 | 13,824.08 | -8.23% |
| Leveraged | 3,810.15 | 195,547.57 | 1.95% |
| Us Equity | 22,826.01 | 9,358,878.52 | 0.24% |
| Us Fixed Income | 11,068.51 | 2,117,611.82 | 0.52% |
| Total: | 41,802.92 | 15,511,306.38 | 0.27% |
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.
