Investors Pour $24 Billion Into ETFs Amid Trump Victory

Investors were waiting to put money to work in ETFs and the end of the election gave them the green light to do so.

Reviewed by: Sumit Roy
Edited by: Sumit Roy

Investors stampeded into U.S.-listed ETFs this week, elated that the long-awaited U.S. presidential election finally came to an end. In the week ending Thursday, Nov. 10, total inflows into U.S.-listed ETFs was an eye-popping $23.9 billion, according to FactSet. That pushed year-to-date inflows to $197 billion.

The bulk of this week's inflows took place on Tuesday (when it looked like Hillary Clinton would win), and Wednesday and Thursday (after Donald Trump won), suggesting that investors were gaga for ETFs regardless of the election results. 

In terms of asset classes, U.S. equity ETFs were the biggest winners by far, garnering $20.1 billion worth of inflows. The S&P 500 rallied about 1% following the election, while the Dow Jones industrial average hit a record high.

Meanwhile, U.S. fixed-income ETFs had inflows of $4.4 billion, even as Treasurys were crushed in the two days after the election. The 10-year Treasury yield reached as high as 2.15%, its steepest level since January (bond prices and yields generally move inversely).

International equity and international fixed-income ETFs saw much more modest inflows—$138 million and $305 million, respectivelywhile commodity ETFs had outflows of $432 million.

Industrials & Health Care ETFs In Favor
Taking a look at individual funds, the SPDR S&P 500 ETF (SPY) was the biggest winner, with creations totaling $10.5 billion.

A number of sector ETFs saw significant interest as well, on speculation that a Trump administration would lead to reduced regulations. The Financial Select Sector SPDR Fund (XLF), which also benefited from a steeper yield curve, had inflows of $2.6 billion; the Health Care Select Sector SPDR Fund (XLV) had inflows of $1.7 billion; the Industrials Select Sector SPDR Fund (XLI) had inflows of $829 million; and the iShares Nasdaq Biotechnology ETF (IBB) had inflows of $769 million.

Meanwhile, a pair of junk bond ETFs made the top inflows list despite the surge in interest rates. The iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and the SPDR Barclays High Yield Bond ETF (JNK) had inflows of $1.5 billion and $800 million, respectively.

Tech, EM, Utilities & Gold Out Of Favor
On the flip side, the biggest individual ETF loser of the week was the tech-heavy PowerShares QQQ Trust (QQQ), with redemptions of $1.8 billion. Some analysts suggested that Trump's policies could be detrimental to tech companies. 

Following suit was the iShares MSCI Emerging Markets ETF (EEM), with outflows topping more than $1 billion. Trump has promised to take a hard line on the United States' trade deals, which may affect emerging markets. 

Another flows loser this week was the Utilities Select Sector SPDR Fund (XLU), with outflows of $383 million; the spike in interest rates this week hurt the high-yielding utilities sector, which fell by 6% in the days after the election.

Meanwhile, the interest rate move also had a negative effect on the SPDR Gold Trust (GLD), which had outflows of $330 million in the period. Gold prices plunged to as low as $1,219 on Friday, their lowest level since June. 

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 10,541.13 207,187.29 5.36%
XLF Financial Select Sector SPDR Fund 2,566.32 16,054.51 19.03%
IWM iShares Russell 2000 ETF 2,155.82 30,003.99 7.74%
XLV Health Care Select Sector SPDR Fund 1,663.93 13,373.77 14.21%
HYG iShares iBoxx $ High Yield Corporate Bond ETF 1,460.39 16,747.48 9.55%
IVV iShares Core S&P 500 ETF 973.63 82,825.45 1.19%
XLI Industrial Select Sector SPDR Fund 828.53 8,112.43 11.37%
JNK SPDR Barclays High Yield Bond ETF 793.16 11,683.44 7.28%
IBB iShares NASDAQ Biotechnology ETF 769.15 8,527.09 9.91%
XLY Consumer Discretionary Select Sector SPDR Fund 692.34 9,834.31 7.57%

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
QQQ PowerShares QQQ Trust -1,814.70 39,135.50 -4.43%
EEM iShares MSCI Emerging Markets ETF -1,016.28 29,450.62 -3.34%
SH ProShares Short S&P500 -427.14 2,492.73 -14.63%
XLU Utilities Select Sector SPDR Fund -382.69 6,760.99 -5.36%
FXD First Trust Consumer Discretionary AlphaDEX Fund -367.40 1,297.30 -22.07%
HEFA iShares Currency Hedged MSCI EAFE ETF -361.95 2,825.19 -11.36%
GLD SPDR Gold Trust -329.72 38,791.83 -0.84%
SCPB SPDR Barclays Short Term Corporate Bond ETF -321.73 3,593.94 -8.22%
VIG Vanguard Dividend Appreciation Index Fund -309.07 21,846.71 -1.40%
IWB iShares Russell 1000 ETF -303.50 15,421.00 -1.93%

ETF Weekly Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 20,121.74 1,301,503.84 1.55%
International Equity 137.94 492,471.42 0.03%
U.S. Fixed Income 4,414.58 370,464.99 1.19%
International Fixed Income 304.86 38,544.35 0.79%
Commodities -431.86 72,505.14 -0.60%
Currency -24.42 3,221.72 -0.76%
Leveraged 145.85 23,828.91 0.61%
Inverse -808.64 19,175.75 -4.22%
Asset Allocation 7.34 6,305.18 0.12%
Alternatives 3.77 4,313.89 0.09%
Total: 23,871.15 2,332,335.20 1.02%

Top 10 Volume Surprises, Funds >$50 mm AUM

Ticker Name Average Volume
(30 Day)
1 Week Average
% of Average
HUSV   85,204 562,999 660.76%
QTEC First Trust NASDAQ-100 Technology Sector Index Fund 245,839 1,235,729 502.66%
PRN PowerShares DWA Industrials Momentum Portfolio 75,999 561,027 738.20%
PKB PowerShares Dynamic Building & Construction Portfolio 60,924 260,385 427.39%
FXD First Trust Consumer Discretionary AlphaDEX Fund 623,262 2,567,925 412.01%
PPH VanEck Vectors Pharmaceutical ETF 118,824 492,067 414.11%
DLN WisdomTree LargeCap Dividend Fund 95,894 356,253 371.51%
BBRC EGShares Beyond BRICs ETF 41,734 157,233 376.75%
PTF PowerShares DWA Technology Momentum Portfolio 23,289 97,774 419.83%
IHE iShares U.S. Pharmaceuticals ETF 35,231 116,495 330.66%

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.


Sumit Roy is the senior ETF analyst for, where he's worked for 12 years. Before joining the company, Roy was the managing editor and commodities analyst for Hard Assets Investor. He lives in the San Francisco Bay Area, where he enjoys climbing the city’s steep hills, playing pickleball and snowboarding.