US Fixed Income Sees Inflows

Heather Bell

Jun 14, 2019

Reviewed by: Heather Bell

Edited by: Heather Bell

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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)

Ticker	Name	Net Flows ($,mm)	AUM ($, mm)	AUM % Change
SPY	SPDR S&P 500 ETF Trust	3,795.04	264,644.22	1.43%
SHV	iShares Short Treasury Bond ETF	3,081.91	24,330.23	12.67%
LQD	iShares iBoxx USD Investment Grade Corporate Bond ETF	1,391.34	33,343.68	4.17%
QQQ	Invesco QQQ Trust	988.63	71,171.06	1.39%
JNK	SPDR Bloomberg Barclays High Yield Bond ETF	988.34	8,917.66	11.08%
XLB	Materials Select Sector SPDR Fund	728.75	4,166.37	17.49%
BIL	SPDR Bloomberg Barclays 1-3 Month T-Bill ETF	699.83	9,941.43	7.04%
TLT	iShares 20+ Year Treasury Bond ETF	626.03	14,062.94	4.45%
XLV	Health Care Select Sector SPDR Fund	506.28	18,540.32	2.73%
SCHB	Schwab U.S. Broad Market ETF	397.02	15,055.81	2.64%

Top 10 Redemptions (All ETFs)

Ticker	Name	Net Flows ($,mm)	AUM ($, mm)	AUM % Change
SHY	iShares 1-3 Year Treasury Bond ETF	-2,746.29	18,100.29	-15.17%
IJH	iShares Core S&P Mid-Cap ETF	-198.21	48,870.16	-0.41%
MUB	iShares National Muni Bond ETF	-169.14	12,699.22	-1.33%
XLI	Industrial Select Sector SPDR Fund	-167.96	10,021.09	-1.68%
SH	ProShares Short S&P500	-132.91	1,865.42	-7.12%
IEFA	iShares Core MSCI EAFE ETF	-123.18	64,782.89	-0.19%
BSV	Vanguard Short-Term Bond ETF	-112.22	22,421.76	-0.50%
KIE	SPDR S&P Insurance ETF	-106.32	885.42	-12.01%
VPU	Vanguard Utilities ETF	-104.21	3,768.13	-2.77%
FLOT	iShares Floating Rate Bond ETF	-101.68	10,010.00	-1.02%

ETF Weekly Flows By Asset Class

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
U.S. Equity	10,193.73	2,194,269.52	0.46%
International Equity	273.45	816,371.51	0.03%
U.S. Fixed Income	6,978.42	671,852.31	1.04%
International Fixed Income	399.47	75,151.04	0.53%
Commodities	248.17	63,114.34	0.39%
Currency	21.76	1,553.96	1.40%
Leveraged	11.97	36,562.63	0.03%
Inverse	-182.54	11,895.24	-1.53%
Asset Allocation	-4.26	9,420.75	-0.05%
Alternatives	23.71	4,582.68	0.52%
Total:	17,963.86	3,884,773.98	0.46%

Asset Classes (Year-to-Date)

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
U.S. Equity	23,930.52	2,194,269.52	1.09%
International Equity	6,295.59	816,371.51	0.77%
U.S. Fixed Income	57,699.73	671,852.31	8.59%
International Fixed Income	6,602.36	75,151.04	8.79%
Commodities	-1,853.13	63,114.34	-2.94%
Currency	-236.74	1,553.96	-15.23%
Leveraged	-1,965.77	36,562.63	-5.38%
Inverse	2,658.94	11,895.24	22.35%
Asset Allocation	-372.90	9,420.75	-3.96%
Alternatives	612.57	4,582.68	13.37%
Total:	93,371.16	3,884,773.98	2.40%

Top 10 Volume Surprises, Funds >$50 mm AUM

Ticker	Name	Average Volume (30 Day)	1 Week Average Volume	% of Average
CN	Xtrackers MSCI All China Equity ETF	192,155	1,310,505	682.01%
CEMB	iShares J.P. Morgan EM Corporate Bond ETF	24,240	103,397	426.56%
RVNU	Xtrackers Municipal Infrastructure Revenue Bond ETF	12,695	54,611	430.19%
IG	Principal Investment Grade Corporate Active ETF	435	1,552	356.98%
JETS	US Global Jets ETF	28,518	85,486	299.76%
HTUS	Hull Tactical U.S. ETF	7,910	22,309	282.02%
XSLV	Invesco S&P SmallCap Low Volatility ETF	277,286	708,682	255.58%
JMST	JPMorgan Ultra-Short Municipal Income ETF	24,158	58,328	241.45%
XMLV	Invesco S&P MidCap Low Volatility ETF	384,843	880,427	228.78%
TILT	FlexShares Morningstar US Market Factor Tilt Index Fund	26,866	60,985	227.00%

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

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.

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