Weekly Flows Show 'USMV' & REIT ETF Outflows

Investors took money off the table on some of the most popular ETFs of the year.

Reviewed by: etf.com Staff
Edited by: etf.com Staff

U.S.-listed ETFs continued their streak of gaining assets this week. But while ETFs on the whole garnered inflows, some of the most popular products fell out of favor with investors. In particular, those tied to strategies that perform well in a low-rate environment―such as minimum-volatility and high-dividend products―saw hefty outflows.

In total, U.S.-listed ETFs had inflows of $2.6 billion in the week ending Thursday, Oct. 6. In terms of the major asset classes, U.S. equity ETFs saw an outflow of $1.5 billion; international equity ETFs had inflows of $1.1 billion; and U.S. fixed-income ETFs garnered net inflows of $3 billion.

HYG & AGG Saw Solid Inflows
The most popular individual product of the week was the iShares iBoxx $ High Yield Corporate Bond ETF (HYG). Its $1.2 billion worth of inflows was well ahead of the No. 2 ETF on the list, the iShares U.S. Aggregate Bond ETF (AGG), which had $447 million of inflows of its own.

Meanwhile, the iShares MSCI Emerging Markets ETF (IEMG) took the No. 3 position, with inflows of $438 million.

Another fund to make the list was the iShares MSCI USA Quality Factor ETF (QUAL). QUAL's inflows of $336 million contrasted with another single-factor ETF tied to low-volatility that had hefty outflows, the iShares Edge MSCI Min Vol USA ETF (USMV).

Interestingly, despite gold's plunge this week―spot prices tanked to a four-month low around $1,250 in the period―gold-related ETFs actually had inflows. The VanEck Vectors Gold Miners ETF (GDX) and the Direxion Daily Gold Miners Index Bull 3x Shares (NUGT) had creations of $362 million and $256 million, respectively.

USMV's Assets Sink
The most interesting fund to make the outflows list was the aforementioned USMV. Its $592 million worth of outflows put a dent in some of the big inflows the low-vol ETF has seen on a year-to-date basis. Perhaps investors are taking money off the table in USMV ahead of a likely Fed rate hike in December.

Likewise, the Vanguard REIT Index Fund (VNQ) and the iShares U.S. Real Estate ETF (IYR), another pair of ETFs that have benefited in the low-rate environment, saw outflows of $543 million and $380 million, respectively, this week.

Finally, the Deutsche Bank FI Enhanced Global High Yield ETN (FIEG) saw the largest decrease in assets on a percentage basis, losing $312 million, or 91% of its AUM.

Top 10 Creations (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
HYG iShares iBoxx $ High Yield Corporate Bond ETF 1,167.55 17,850.20 7.00%
AGG iShares Core U.S. Aggregate Bond ETF 447.32 41,820.17 1.08%
IEMG iShares Core MSCI Emerging Markets ETF 438.49 17,529.94 2.57%
IJR iShares Core S&P Small Cap ETF 378.02 21,250.63 1.81%
GDX VanEck Vectors Gold Miners ETF 362.41 10,196.99 3.69%
QUAL iShares MSCI USA Quality Factor ETF 336.33 3,197.43 11.76%
XLV Health Care Select Sector SPDR Fund 307.10 12,835.06 2.45%
FIHD UBS AG FI Enhanced Global High Yield ETN 296.60 478.66 162.91%
NUGT Direxion Daily Gold Miners Index Bull 3x Shares 255.81 1,355.11 23.27%
VTI Vanguard Total Stock Market Index Fund 245.67 64,744.26 0.38%

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
SPY SPDR S&P 500 ETF Trust -1,344.90 196,888.97 -0.68%
IWM iShares Russell 2000 ETF -809.08 27,880.44 -2.82%
USMV iShares Edge MSCI Min Vol USA ETF -592.61 13,627.62 -4.17%
DIA SPDR Dow Jones Industrial Average ETF Trust -563.89 11,862.46 -4.54%
QQQ PowerShares QQQ Trust -555.88 38,972.06 -1.41%
VNQ Vanguard REIT Index Fund -543.62 32,543.83 -1.64%
IYR iShares U.S. Real Estate ETF -380.09 4,362.88 -8.01%
XLY Consumer Discretionary Select Sector SPDR Fund -331.29 9,248.25 -3.46%
FIEG Deutsche Bank FI Enhanced Global High Yield ETN -312.47 31.55 -90.83%
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF -304.49 32,498.36 -0.93%

ETF Weekly Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity -1,524.64 1,323,088.87 -0.12%
International Equity 1,142.46 509,012.65 0.23%
U.S. Fixed Income 2,989.43 409,815.65 0.90%
International Fixed Income 39.76 41,182.71 0.10%
Commodities -157.78 71,609.07 -0.22%
Currency -27.18 1,313.20 -2.05%
Leveraged -196.27 23,964.92 -0.83%
Inverse 244.42 20,285.29 1.28%
Asset Allocation 3.27 6,396.31 0.05%
Alternatives 39.63 4,131.73 1.00%
Total: 2,553.09 2,410,800.38 0.11%

Top 10 Volume Surprises, Funds >$50 mm AUM

Ticker Name Average Volume
(30 Day)
1 Week Average
% of Average
CMBS iShares CMBS ETF 104,457 536,331 513.45%
DBAW Deutsche X-trackers MSCI All World ex-US Hedged Equity ETF 14,135 46,307 327.61%
DBV PowerShares DB G10 Currency Harvest Fund 128,656 405,603 315.26%
EWX SPDR S&P Emerging Markets Small Cap ETF 111,356 409,741 367.95%
WIP SPDR Citi International Government Inflation-Protected Bond ETF 79,284 282,164 355.89%
IGF iShares Global Infrastructure ETF 212,317 544,981 256.68%
VBK Vanguard Small-Cap Growth Index Fund 227,932 888,690 389.89%
EPS WisdomTree Earnings 500 Fund 3,146 6,608 210.03%
ROOF IQ US Real Estate Small Cap ETF 28,738 79,242 275.74%
DBGR Deutsche X-trackers MSCI Germany Hedged Equity ETF 35,497 107,514 302.88%


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.


etf.com is the single source for ETF intelligence. We provide real-time ETF news and analysis to educate investors and drive financial knowledge in the space. Our personalized and accurate information, alongside industry-leading financial tools, are depended upon to develop winning investment and financial decisions. At etf.com, we strive to serve both the individual investor as well as the professional financial advisor to educate and grow the ETF community.