ETFs See Rare Weekly Asset Outflows

December 22, 2017

The solid pace of U.S. ETF asset growth hit a snag this past week, as investors pulled some $1.3 billion from U.S.-listed ETFs in five days. The market is approaching the end of December sitting at $3.418 trillion, with annual net creations just below the $500 billion mark at $465 billion. 

This marks the first weekly net outflows the market has seen since March. ETF asset growth has been on tear all year, breaking all sorts of records. The losses were heavily focused on U.S. equity ETFs, which bled $7.7 billion in a week. Apparently the passing of the tax reform bill by the U.S. House and the Senate didn't do much to spur appetite for U.S. stock funds this week.   

Notable redemptions were seen in some popular value ETFs such as the iShares S&P 500 Value ETF (IVE), the iShares S&P Mid-Cap 400 Value ETF (IJJ) and the iShares S&P Small-Cap 600 Value ETF (IJS), each of which saw outflows amounting to anywhere from 12% to 19% of total assets under management. As a factor, value has struggled this year relative to other risk factors, but demand for value funds had been on the rise. 

On the flip side, investors seem to be returning their focus to international stock ETFs, pouring $6.6 billion into the segment in the past week, making it the most in-demand asset class in the past five days.

Most of the net creations took place in broad-based, large and highly liquid developed market and emerging market funds. 

Top 10 Creations (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
SPY SPDR S&P 500 ETF Trust 3,279.84 275,079.08 1.21%
EFA iShares MSCI EAFE ETF 1,296.60 83,633.64 1.57%
DIA SPDR Dow Jones Industrial Average ETF Trust 774.01 22,184.17 3.62%
VEA Vanguard FTSE Developed Markets ETF 690.98 67,802.74 1.03%
IEMG iShares Core MSCI Emerging Markets ETF 664.12 41,547.23 1.62%
IEFA iShares Core MSCI EAFE ETF 656.79 41,603.79 1.60%
EEM iShares MSCI Emerging Markets ETF 620.20 38,290.73 1.65%
IYR iShares U.S. Real Estate ETF 590.94 4,556.47 14.90%
VOO Vanguard S&P 500 ETF 575.94 83,915.38 0.69%
IWB iShares Russell 1000 ETF 529.70 20,559.90 2.64%

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
IVE iShares S&P 500 Value ETF -2,259.12 15,189.15 -12.95%
QQQ PowerShares QQQ Trust -2,097.79 57,426.10 -3.52%
IVV iShares Core S&P 500 ETF -1,812.85 141,357.24 -1.27%
IJJ iShares S&P Mid-Cap 400 Value ETF -1,387.58 5,890.54 -19.07%
IWM iShares Russell 2000 ETF -1,205.59 43,951.54 -2.67%
IJS iShares S&P Small-Cap 600 Value ETF -1,192.55 5,279.90 -18.43%
VB Vanguard Small-Cap ETF -889.47 21,535.47 -3.97%
UGAZ VelocityShares 3X Long Natural Gas ETN -872.18 929.41 -48.41%
HYG iShares iBoxx $ High Yield Corporate Bond ETF -811.09 17,780.21 -4.36%
VTI Vanguard Total Stock Market ETF -796.09 92,048.47 -0.86%

ETF Weekly Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity -7,769.73 1,920,328.95 -0.40%
International Equity 6,650.78 789,640.31 0.84%
U.S. Fixed Income 871.32 521,118.42 0.17%
International Fixed Income 651.90 58,310.71 1.12%
Commodities  -356.23 65,194.36 -0.55%
Currency 31.34 1,280.52 2.45%
Leveraged -954.99 33,766.29 -2.83%
Inverse -450.44 15,852.62 -2.84%
Asset Allocation -27.87 8,913.70 -0.31%
Alternatives 49.18 4,424.86 1.11%
Total: -1,304.74 3,418,830.75 -0.04%

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 604 2,816 465.89%
JHML John Hancock Multifactor Large Cap ETF 44,125 188,393 426.95%
PXH Powershares FTSE RAFI Emerging Markets Portfolio 260,907 963,656 369.35%
LRGF iShares Edge MSCI Multifactor USA ETF 141,772 498,515 351.63%
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 53,002 178,897 337.53%
PBD Powershares Global Clean Energy Portfolio 15,318 48,253 315.02%
PST ProShares UltraShort 7-10 Year Treasury 53,224 197,823 371.68%
CATH Global X S&P 500 Catholic Values 10,278 34,018 330.99%
JHMM John Hancock Multifactor Mid Cap ETF 33,659 99,240 294.84%
HFXE IQ 50 Percent Hedged FTSE Europe ETF 7,426 15,323 206.35%

Top 10 Weekly Performers, Excluding Leverage/Inverse Funds and <1,000 Shares Traded

Ticker Name Weekly Performance Weekly Volume AUM ($, mm)
ECH iShares MSCI Chile Capped ETF 8.30% 3,277,398 559.96
SGG iPath Bloomberg Sugar Subindex Total Return ETN 7.30% 375,695 72.79
GRN iPath Global Carbon ETN 6.17% 15,228 1.47
CANE Teucrium Sugar Fund 6.14% 327,141 6.14
XES SPDR S&P Oil & Gas Equipment & Services ETF 5.54% 1,845,175 313.49
XME SPDR S&P Metals & Mining ETF 5.28% 19,145,100 860.59
SILJ ETFMG Prime Junior Silver ETF 5.04% 354,619 53.15
IEZ iShares U.S. Oil Equipment & Services ETF 4.99% 933,008 226.27
EZA iShares MSCI South Africa ETF 4.88% 2,924,119 446.56
GOEX Global X Gold Explorers ETF 4.81% 61,709 46.57

Top 10 YTD Performers

Ticker Name YTD Performance Weekly Performance AUM ($, mm)
XIVH VelocityShares VIX Short Volatility Hedged ETN 120.79% 0.34% 75.92
ARKK ARK Innovation ETF 88.28% -0.31% 388.14
ARKW ARK Web x.0 ETF 87.53% -0.66% 247.01
CXSE WisdomTree China ex-State-Owned Enterprises Fund 80.20% 1.18% 152.20
CQQQ Guggenheim China Technology ETF 73.46% 0.66% 414.44
KWEB KraneShares CSI China Internet ETF 69.82% 2.06% 1,237.99
EMQQ Emerging Markets Internet & Ecommerce ETF 67.99% 1.28% 385.39
REMX VanEck Vectors Rare Earth/Strategic Metals ETF 67.61% 1.58% 150.77
SCIN Columbia India Small Cap ETF 64.41% 4.09% 33.68
CHIQ Global X China Consumer ETF 63.93% 1.46% 226.96

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.

 

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