US Fixed Income Sees Inflows

It looks like investors may be concerned with shortening their duration.

HeatherBell_green_bg
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Reviewed by: Heather Bell
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Edited by: Heather Bell

The week ended Thursday, June 13, wrapped up with the SPDR S&P 500 ETF Trust (SPY) pulling in $3.8 billion, more than any other ETF, but the activity in bond ETFs was far more interesting. Fully half of the top 10 ETFs for inflows cover fixed income, led by the No. 2 gainer iShares Short Treasury Bond ETF (SHV) which gained just over $3 billion.

And all different types of fixed income were represented in the top 10: investment-grade and high yield corporate debt, short-term Treasury bills and 20-year Treasury bonds. Combined, the five bond ETFs with the largest gains saw nearly $7 billion in assets.

That said, there were still four bond ETFs in the top 10 ETFs for outflows during the week, with the iShares 1-3 Year Treasury Bond ETF (SHY) losing more than any other ETF, at $2.7 billion. That might seem counterintuitive given SHV saw billions in inflows, but—along with the inflows into the SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (BIL)—it suggests investors are moving from short-term debt into the ultra-short-term space to further shorten their durations.

Big Picture

U.S.-listed ETFs pulled in almost $18 billion during the week, with U.S. equity ETFs gaining $10.2 billion as a whole, followed by U.S. fixed income ETFs, which gained nearly $7 billion. International fixed income and international equity ETFs were even further behind in the No. 3 and No. 4 spots, with gains of $400 million and $273 million, respectively.

Year to date, the industry has pulled in $93.4 billion, with nearly $58 billion of that flowing into the U.S. fixed income category. Around this time last year, U.S.-listed ETFs had gained roughly $135 billion.

For a full list of this week’s top inflows and outflows, see the tables below:

 

Top 10 Creations (All ETFs)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
SPYSPDR S&P 500 ETF Trust3,795.04264,644.221.43%
SHViShares Short Treasury Bond ETF3,081.9124,330.2312.67%
LQDiShares iBoxx USD Investment Grade Corporate Bond ETF1,391.3433,343.684.17%
QQQInvesco QQQ Trust988.6371,171.061.39%
JNKSPDR Bloomberg Barclays High Yield Bond ETF988.348,917.6611.08%
XLBMaterials Select Sector SPDR Fund728.754,166.3717.49%
BILSPDR Bloomberg Barclays 1-3 Month T-Bill ETF699.839,941.437.04%
TLTiShares 20+ Year Treasury Bond ETF626.0314,062.944.45%
XLVHealth Care Select Sector SPDR Fund506.2818,540.322.73%
SCHBSchwab U.S. Broad Market ETF397.0215,055.812.64%

 

Top 10 Redemptions (All ETFs)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
SHYiShares 1-3 Year Treasury Bond ETF-2,746.2918,100.29-15.17%
IJHiShares Core S&P Mid-Cap ETF-198.2148,870.16-0.41%
MUBiShares National Muni Bond ETF-169.1412,699.22-1.33%
XLIIndustrial Select Sector SPDR Fund-167.9610,021.09-1.68%
SHProShares Short S&P500-132.911,865.42-7.12%
IEFAiShares Core MSCI EAFE ETF-123.1864,782.89-0.19%
BSVVanguard Short-Term Bond ETF-112.2222,421.76-0.50%
KIESPDR S&P Insurance ETF-106.32885.42-12.01%
VPUVanguard Utilities ETF-104.213,768.13-2.77%
FLOTiShares Floating Rate Bond ETF-101.6810,010.00-1.02%

 

ETF Weekly Flows By Asset Class

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity10,193.732,194,269.520.46%
International Equity273.45816,371.510.03%
U.S. Fixed Income6,978.42671,852.311.04%
International Fixed Income399.4775,151.040.53%
Commodities 248.1763,114.340.39%
Currency21.761,553.961.40%
Leveraged11.9736,562.630.03%
Inverse-182.5411,895.24-1.53%
Asset Allocation-4.269,420.75-0.05%
Alternatives23.714,582.680.52%
Total:17,963.863,884,773.980.46%

 

Asset Classes (Year-to-Date)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity23,930.522,194,269.521.09%
International Equity6,295.59816,371.510.77%
U.S. Fixed Income57,699.73671,852.318.59%
International Fixed Income6,602.3675,151.048.79%
Commodities -1,853.1363,114.34-2.94%
Currency-236.741,553.96-15.23%
Leveraged-1,965.7736,562.63-5.38%
Inverse2,658.9411,895.2422.35%
Asset Allocation-372.909,420.75-3.96%
Alternatives612.574,582.6813.37%
Total:93,371.163,884,773.982.40%

 

Top 10 Volume Surprises, Funds >$50 mm AUM

TickerNameAverage Volume

(30 Day)
1 Week Average

Volume
% of Average
CNXtrackers MSCI All China Equity ETF192,1551,310,505682.01%
CEMBiShares J.P. Morgan EM Corporate Bond ETF24,240103,397426.56%
RVNUXtrackers Municipal Infrastructure Revenue Bond ETF12,69554,611430.19%

IG

Principal Investment Grade Corporate Active ETF

435

1,552

356.98%

JETSUS Global Jets ETF28,51885,486299.76%
HTUSHull Tactical U.S. ETF7,91022,309282.02%
XSLVInvesco S&P SmallCap Low Volatility ETF277,286708,682255.58%
JMSTJPMorgan Ultra-Short Municipal Income ETF24,15858,328241.45%
XMLVInvesco S&P MidCap Low Volatility ETF384,843880,427228.78%
TILTFlexShares Morningstar US Market Factor Tilt Index Fund26,86660,985227.00%

 



 

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.

Heather Bell is a former managing editor of etf.com. She has also held editorial positions at Dow Jones Indexes and Lehman Brothers. Bell is a graduate of Dartmouth college and resides in the Denver area with her two dogs.