Big Weekly Outflows From ETFs Except 'GLD'

May 20, 2016

Renewed market volatility fueled big outflows from certain ETFs this week. The S&P 500 briefly hit a two-month low of 2,026 in the period, while the 10-year bond yield hit a one-month high around 1.89%.

On net, $1.9 billion flowed out of U.S.-listed ETFs in the week ending Thursday, May 19, according to FactSet data. However, the divergence in flows between equity and fixed income was stark.

A total of $4.4 billion flowed out of U.S. equity ETFs and $1.2 billion flowed out of international equity ETFs. In contrast, $2.3 billion flowed into U.S. fixed-income ETFs and $124 million flowed into international fixed-income ETFs.

GLD Tops Inflows List

Additionally, $762 million flowed into commodity products thanks to a $623 million inflow for the SPDR Gold Trust (GLD | A-100), which topped the creations list for individual ETFs.

Other big winners included the iShares U.S. Real Estate ETF (IYR | A-94), with inflows of $470 million; the iShares 7-10 Year Treasury Bond ETF (IEF | A-55), with inflows of $399 million; the iShares MSCI Min Vol USA ETF (USMV | A-69), with inflows of $319 million; and the ProShares Short S&P500 ETF (SH), with inflows of $305 million.

SPY Tops Outflows List

On the other end of the spectrum were broad-market equity ETFs such as the SPDR S&P 500 (SPY | A-97), which had substantial outflows on the week. SPY's outflows totaled $1.6 billion. That was followed by the iShares Russell 2000 ETF (IWM | A-91), with outflows of $1.5 billion; and the iShares MSCI Emerging Markets ETF (EEM | B-100), with outflows of $1.3 billion.

One notable loser in the fixed-income segment was the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD | A-77), which had outflows of $441 million.

For a full list of top inflows and outflows, see the tables below:

Top 10 Creations (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
GLD SPDR Gold Trust 623.35 34,588.80 1.84%
IYR iShares U.S. Real Estate ETF 470.34 4,479.07 11.73%
IEF iShares 7-10 Year Treasury Bond ETF 398.77 9,909.01 4.19%
USMV iShares Edge MSCI Min Vol USA ETF 319.35 12,916.81 2.54%
SH ProShares Short S&P500 304.98 2,948.98 11.53%
BIV Vanguard Intermediate Term Bond Index Fund 301.70 9,305.25 3.35%
VTV Vanguard Value Index Fund 247.99 20,355.05 1.23%
IEFA iShares Core MSCI EAFE ETF 235.36 11,421.26 2.10%
XLF Financial Select Sector SPDR Fund 232.61 16,248.17 1.45%
IVV iShares Core S&P 500 ETF 227.82 71,004.79 0.32%

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
SPY SPDR S&P 500 ETF Trust -1,611.92 180,286.40 -0.89%
IWM iShares Russell 2000 ETF -1,468.94 23,258.62 -5.94%
EEM iShares MSCI Emerging Markets ETF -1,323.21 22,467.01 -5.56%
VOO Vanguard S&P 500 Index Fund -813.25 43,125.37 -1.85%
QQQ PowerShares QQQ Trust -629.94 34,748.55 -1.78%
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF -441.13 28,389.02 -1.53%
XLV Health Care Select Sector SPDR Fund -390.84 11,794.60 -3.21%
XLK Technology Select Sector SPDR Fund -249.39 12,264.06 -1.99%
XLI Industrial Select Sector SPDR Fund -244.00 6,691.87 -3.52%
XLY Consumer Discretionary Select Sector SPDR Fund -229.65 10,082.68 -2.23%

ETF Weekly Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity -4,428.84 1,198,429.77 -0.37%
International Equity -1,214.40 468,236.71 -0.26%
U.S. Fixed Income 2,325.30 373,319.79 0.62%
International Fixed Income 124.44 32,836.46 0.38%
Commodities 761.88 65,649.49 1.16%
Currency -4.25 1,217.00 -0.35%
Leveraged -96.74 23,840.53 -0.41%
Inverse 626.78 20,638.03 3.04%
Asset Allocation 13.99 5,717.53 0.24%
Alternatives -0.84 4,038.98 -0.02%
Total: -1,892.67 2,193,924.30 -0.09%

Top 10 Volume Surprises, Funds >$50 mm AUM

Ticker Name Average Volume
(30 Day)
1 Week Average
Volume
% of Average
KIE SPDR S&P Insurance ETF 222,034 808,043 363.93%
DTYS iPath US Treasury 10-Year Bear ETN 28,896 101,484 351.20%
FIBR iShares Edge U.S. Fixed Income Balanced Risk ETF 472 1,608 340.45%
VFH Vanguard Financials Index Fund 586,093 1,703,947 290.73%
MVV ProShares Ultra MidCap400 42,531 119,436 280.82%
PSP PowerShares Global Listed Private Equity Portfolio 174,988 380,128 217.23%
IEMG iShares Core MSCI Emerging Markets ETF 5,669,239 12,503,834 220.56%
KLD iShares MSCI USA ESG Select ETF 10,810 26,749 247.45%
ZMLP Direxion Zacks MLP High Income Shares 20,899 37,798 180.86%
DBKO Deutsche X-trackers MSCI South Korea Hedged Equity ETF 80,002 125,402 156.75%

 

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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