Massive Weekly Outflows For SPY & HYG

May 06, 2016

Investors aggressively pulled money out of U.S.-listed exchange-traded funds this week as concerns about the economy and corporate earnings pushed stock markets down to their lowest levels in a month. The S&P 500 briefly fell into the red for the year on Friday.

Net outflows from U.S.-listed ETFs totaled $11.6 billion in the week ending Thursday, May 5, according to FactSet data. The bulk of that money, $11.4 billion, came out of U.S. equity ETFs. But international equity ETFs and U.S. fixed-income ETFs were losers as well, with outflows of $1.2 billion and $589 million, repsectively.

Gold And Bond Inflows

On the other hand, commodity ETFs saw a net inflow of $1.6 billion, largely due to one fund. The SPDR Gold Trust (GLD | A-100) had an inflow of $1.1 billion as investors rushed into the safe-haven yellow metal. The competing iShares Gold Trust (IAU | B-100) also made the top 10 inflows list, with creations of $325 million.

Behind GLD were three safe, investment-grade bond products, which had big inflows of their own as investor fear levels grew. The iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD | A-77) had inflows of $753 million; the iShares TIPS Bond ETF (TIP | A-99) had inflows of $539 million; and the iShares Core U.S. Aggregate Bond ETF (AGG | A-98) had inflows of $476 million.

Massive Outflows From Three ETFs

Meanwhile, as is often the case in a week of big outflows, the SPDR S&P 500 ETF (SPY | A-97) led the pack in terms of redemptions. Outflows from the world's largest ETF totaled a whopping $6.7 billion.

That was followed by the PowerShares QQQ Trust (QQQ | A-66), with outflows of $2.4 billion, and the iShares iBoxx $ High Yield Corporate Bond ETF (HYG | B-68), with outflows of $2.2 billion.

HYG's huge outflows suggest investors may be cashing in on their junk bond gains after the big rally in the past 2 1/2 months.

Top 10 Creations (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
GLD SPDR Gold Trust 1,056.24 34,138.95 3.19%
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF 753.36 29,272.52 2.64%
TIP iShares TIPS Bond ETF 538.89 17,877.81 3.11%
AGG iShares Core U.S. Aggregate Bond ETF 475.96 36,103.73 1.34%
EEM iShares MSCI Emerging Markets ETF 418.75 25,276.74 1.68%
IAU iShares Gold Trust 325.47 8,043.56 4.22%
IWD iShares Russell 1000 Value ETF 286.58 26,581.79 1.09%
IYR iShares U.S. Real Estate ETF 253.53 4,292.78 6.28%
VNQ Vanguard REIT Index Fund 233.02 31,494.02 0.75%
GDX VanEck Vectors Gold Miners ETF 216.91 7,078.91 3.16%

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
SPY SPDR S&P 500 ETF Trust -6,737.12 178,822.97 -3.63%
QQQ PowerShares QQQ Trust -2,449.07 34,175.97 -6.69%
HYG iShares iBoxx $ High Yield Corporate Bond ETF -2,208.26 15,204.83 -12.68%
IWM iShares Russell 2000 ETF -746.29 25,301.52 -2.87%
EZU iShares MSCI Eurozone ETF -733.87 11,477.02 -6.01%
XLI Industrial Select Sector SPDR Fund -616.07 6,425.82 -8.75%
XLK Technology Select Sector SPDR Fund -503.72 12,448.38 -3.89%
FXI iShares China Large-Cap ETF -456.83 3,881.08 -10.53%
SCPB SPDR Barclays Short Term Corporate Bond ETF -438.48 4,078.94 -9.71%
DIA SPDR Dow Jones Industrial Average ETF Trust -346.33 12,023.98 -2.80%

ETF Weekly Flows By Asset Class

Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity -11,410.25 1,203,252.93 -0.95%
International Equity -1,218.38 480,657.09 -0.25%
U.S. Fixed Income -589.02 371,531.08 -0.16%
International Fixed Income -40.74 32,414.66 -0.13%
Commodities 1,591.78 63,936.45 2.49%
Currency 47.97 1,194.48 4.02%
Leveraged -100.74 23,833.72 -0.42%
Inverse 75.64 20,237.13 0.37%
Asset Allocation -4.87 5,715.81 -0.09%
Alternatives 6.46 4,017.82 0.16%
Total: -11,642.17 2,206,791.16 -0.53%

Top 10 Volume Surprises, Funds >$50 mm AUM

Ticker Name Average Volume
(30 Day)
1 Week Average
Volume
% of Average
HOLD AdvisorShares Sage Core Reserves ETF 28,699 181,251 631.57%
EBND SPDR Barclays Emerging Markets Local Bond ETF 34,061 169,539 497.75%
JPGE J.P. Morgan Diversified Return Global Equity ETF 5,514 31,490 571.04%
FXEU PowerShares Europe Currency Hedged Low Volatility Portfolio 197,210 503,766 255.45%
JETS US Global Jets ETF 35,563 82,880 233.05%
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 74,386 177,909 239.17%
EFG iShares MSCI EAFE Growth ETF 179,925 392,401 218.09%
DBGR Deutsche X-trackers MSCI Germany Hedged Equity ETF 43,833 93,320 212.90%
PXMV PowerShares Russell Midcap Pure Value Portfolio 39,728 70,481 177.41%
IGM iShares North American Tech ETF 50,430 125,122 248.11%

Disclaimer: All data is from FactSet, 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.

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