US Equities Spark Weekly ETF Outflows
U.S.-listed ETFs had net outflows of nearly $5 billion this week.
ETFs followed up on 2019’s largest weekly inflows with a modest reversal. In total, $4.8 billion flowed out of U.S.-listed ETFs, one week after they saw inflows of $37 billion. Year-to-date inflows slipped to $49.9 billion.
This week’s outflows were largely fueled by U.S. equity ETFs. About $6.5 billion came out of that segment, while a much more modest $875 million came out of international equity ETFs.
On the other hand, U.S. fixed-income ETFs took in a solid $2.4 billion, offsetting the $345 outflow from international fixed-income ETFs.
Volatile Markets
Markets were volatile this week. The S&P 500 reached the highest levels since early October on Thursday, before plunging on Friday. Concerns about economic growth and an inverted yield curve sparked the sell-off.
Bond prices surged and the yield on the 10-year Treasury bond dipped to as little as 2.42%, the lowest level in nearly 13 months. The yield on the 10-year briefly fell below that of the three-month Treasury. The so-called inverted yield curve, which often takes place before recessions, spooked investors.
The biggest flows winners during the week included the Invesco QQQ Trust (QQQ), the iShares Core S&P 500 ETF (IVV) and the iShares Russell 2000 ETF (IWM). Biggest losers included the iShares Select Dividend ETF (DVY), the Vanguard Value ETF (VTV) and the Vanguard Mid-Cap ETF (VO).
For a full list of this week’s top inflows and outflows, see the tables below:
Top 10 Creations (All ETFs)
| Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
| QQQ | Invesco QQQ Trust | 3,456.97 | 73,098.55 | 4.73% |
| IVV | iShares Core S&P 500 ETF | 2,148.14 | 168,209.30 | 1.28% |
| IWM | iShares Russell 2000 ETF | 2,010.49 | 44,302.97 | 4.54% |
| VOO | Vanguard S&P 500 ETF | 1,796.33 | 107,975.56 | 1.66% |
| SPY | SPDR S&P 500 ETF Trust | 1,163.12 | 264,323.24 | 0.44% |
| IEFA | iShares Core MSCI EAFE ETF | 1,158.26 | 60,093.46 | 1.93% |
| HYG | iShares iBoxx USD High Yield Corporate Bond ETF | 428.09 | 15,599.77 | 2.74% |
| XLC | Communication Services Select Sector SPDR Fund | 371.78 | 5,334.26 | 6.97% |
| IUSB | iShares Core Total USD Bond Market ETF | 309.80 | 3,272.80 | 9.47% |
| JNK | SPDR Bloomberg Barclays High Yield Bond ETF | 303.47 | 9,601.23 | 3.16% |
Top 10 Redemptions (All ETFs)
| Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
| DVY | iShares Select Dividend ETF | -2,537.79 | 16,926.42 | -14.99% |
| VTV | Vanguard Value ETF | -2,277.42 | 46,479.79 | -4.90% |
| VO | Vanguard Mid-Cap ETF | -1,908.75 | 24,747.07 | -7.71% |
| VIG | Vanguard Dividend Appreciation ETF | -1,839.75 | 32,461.62 | -5.67% |
| EFA | iShares MSCI EAFE ETF | -1,642.87 | 64,197.24 | -2.56% |
| SCHD | Schwab U.S. Dividend Equity ETF | -1,133.53 | 8,896.97 | -12.74% |
| VYM | Vanguard High Dividend Yield ETF | -1,047.56 | 22,922.41 | -4.57% |
| VUG | Vanguard Growth ETF | -975.96 | 38,058.21 | -2.56% |
| VB | Vanguard Small-Cap ETF | -954.22 | 24,240.69 | -3.94% |
| XLK | Technology Select Sector SPDR Fund | -837.51 | 19,081.35 | -4.39% |
ETF Weekly Flows By Asset Class
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| U.S. Equity | -6,466.11 | 2,144,841.31 | -0.30% |
| International Equity | -875.32 | 825,032.17 | -0.11% |
| U.S. Fixed Income | 2,392.82 | 628,413.65 | 0.38% |
| International Fixed Income | -344.72 | 74,143.38 | -0.46% |
| Commodities | 203.98 | 65,059.74 | 0.31% |
| Currency | -14.75 | 1,457.30 | -1.01% |
| Leveraged | -178.84 | 37,576.76 | -0.48% |
| Inverse | 253.27 | 11,845.98 | 2.14% |
| Asset Allocation | 23.98 | 9,435.65 | 0.25% |
| Alternatives | 171.38 | 4,688.50 | 3.66% |
| Total: | -4,834.30 | 3,802,494.44 | -0.13% |
Asset Classes (Year-to-Date)
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| U.S. Equity | 11,537.56 | 2,144,841.31 | 0.54% |
| International Equity | 6,327.37 | 825,032.17 | 0.77% |
| U.S. Fixed Income | 24,773.88 | 628,413.65 | 3.94% |
| International Fixed Income | 6,618.69 | 74,143.38 | 8.93% |
| Commodities ETFs | -61.60 | 65,059.74 | -0.09% |
| Currency | -327.76 | 1,457.30 | -22.49% |
| Leveraged | -1,800.46 | 37,576.76 | -4.79% |
| Inverse | 2,792.32 | 11,845.98 | 23.57% |
| Asset Allocation | -580.65 | 9,435.65 | -6.15% |
| Alternatives | 618.94 | 4,688.50 | 13.20% |
| Total: | 49,898.29 | 3,802,494.44 | 1.31% |
Top 10 Volume Surprises, Funds >$50 mm AUM
| Ticker | Name | Average Volume (30 Day) | 1 Week Average Volume | % of Average |
| IAK | iShares U.S. Insurance ETF | 10,577 | 46,228 | 437.06% |
| LTPZ | PIMCO 15+ Year US TIPS Index ETF | 46,368 | 243,517 | 525.18% |
| MLPX | Global X MLP & Energy Infrastructure ETF | 555,657 | 1,306,970 | 235.21% |
| DFJ | WisdomTree Japan SmallCap Dividend Fund | 110,613 | 247,669 | 223.91% |
| DOO | WisdomTree International Dividend ex-Financials Fund | 17,228 | 35,634 | 206.84% |
| VDC | Vanguard Consumer Staples ETF | 203,812 | 368,947 | 181.02% |
| PCY | Invesco Emerging Markets Sovereign Debt ETF | 1,817,805 | 3,315,566 | 182.39% |
| WOOD | iShares Global Timber & Forestry ETF | 29,320 | 63,109 | 215.24% |
| YCS | ProShares UltraShort Yen | 4,510 | 7,715 | 171.07% |
| VAW | Vanguard Materials ETF | 144,469 | 237,439 | 164.35% |
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.
