US Equities Spark Weekly ETF Outflows

Senior ETF Analyst

Mar 22, 2019

Reviewed by: Sumit Roy

Edited by: Sumit Roy

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.

Sumit Roy

| Contact: [email protected]

Sumit Roy is the senior ETF analyst for etf.com, where he has worked for 13 years. He creates a variety of content for the platform, including news articles, analysis pieces, videos and podcasts.

Before joining etf.com, Sumit was the managing editor and commodities analyst for Hard Assets Investor. In those roles, he was responsible for most of the operations of HAI, a website dedicated to education about commodities investing.

Though he still closely follows the commodities beat, Sumit covers a much broader assortment of topics for etf.com, with a particular focus on stock and bond exchange-traded funds.

He is the host of etf.com’s Talk ETFs, a popular video series that features weekly interviews with thought leaders in the ETF industry. Sumit is also co-host of Exchange Traded Fridays, etf.com’s weekly podcast series.

He lives in the San Francisco Bay Area, where he enjoys climbing the city’s steep hills, playing chess and snowboarding in Lake Tahoe.

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US Equities Spark Weekly ETF Outflows

US Equities Spark Weekly ETF Outflows

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