ETF Weekly Flows Show Home Bias

September 07, 2018

In a relatively short week due to the Labor Day holiday, investors poured a net of $3.24 billion into U.S.-listed ETFs. That’s only about a third of the total asset flows seen the week prior.

A look at the top net asset gainers in the past week show that demand was largely split into two asset classes: U.S. equity and U.S. fixed income.

Among the most popular funds were large, liquid and very-well-established strategies such as the Vanguard S&P 500 ETF (VOO), the iShares Core S&P 500 ETF (IVV) and the Invesco QQQ Trust (QQQ).

Strong Home Bias

In the aggregate, U.S. equity ETFs have now attracted roughly 41% of total net creations in 2018, as the stock market forges new highs and investors display strong home bias in the face of positive economic data pointing to a booming, growing economy.

For U.S. fixed income, demand also went on unabated this week—the segment has taken in a net of $55 billion so far this year. Funds like the iShares 20+ Year Treasury Bond ETF (TLT) and the iShares TIPS Bond ETF (TIP) led net creations.

On the flip side, gold continues to be lackluster. The SPDR Gold Trust (GLD) was again among the week’s biggest asset losers, having now bled a net of $3.46 billion in assets year-to-date. GLD has had a difficult time this year, as gold prices have dropped some 8.5%. Demand for the perceived safety of gold has been muted in the face of a strong stock market, strong dollar and rising rates.

The U.S. ETF market is ending this week with $3.691 trillion in total assets.

Top 10 Creations (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
VOO Vanguard S&P 500 ETF 3,898.15 103,311.15 3.92%
IVV iShares Core S&P 500 ETF 2,953.86 163,164.01 1.84%
TLT iShares 20+ Year Treasury Bond ETF 1,247.93 8,737.54 16.66%
TIP iShares TIPS Bond ETF 412.94 24,243.86 1.73%
QQQ Invesco QQQ Trust 412.43 72,717.99 0.57%
XLK Technology Select Sector SPDR Fund 325.04 23,026.35 1.43%
MINT PIMCO Enhanced Short Maturity Active ETF 269.88 10,371.23 2.67%
DIA SPDR Dow Jones Industrial Average ETF Trust 246.82 21,975.60 1.14%
IVE iShares S&P 500 Value ETF 214.59 15,228.98 1.43%
XLE Energy Select Sector SPDR Fund 164.16 17,883.73 0.93%

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
SPY SPDR S&P 500 ETF Trust -6,494.42 271,980.94 -2.33%
LQD iShares iBoxx USD Investment Grade Corporate Bond ETF -614.87 33,595.70 -1.80%
HYG iShares iBoxx USD High Yield Corporate Bond ETF -454.42 16,730.53 -2.64%
GLD SPDR Gold Trust -420.71 28,725.78 -1.44%
JNK SPDR Bloomberg Barclays High Yield Bond ETF -340.06 9,380.70 -3.50%
IJR iShares Core S&P Small Cap ETF -248.22 47,578.25 -0.52%
EWP iShares MSCI Spain ETF -237.33 869.78 -21.44%
SHV iShares Short Treasury Bond ETF -154.49 15,143.02 -1.01%
SOXX iShares PHLX Semiconductor ETF -143.17 1,889.79 -7.04%
XBI SPDR S&P BIOTECH ETF -140.30 5,794.28 -2.36%

ETF Weekly Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 2,810.86 2,157,258.80 0.13%
International Equity -514.10 778,470.89 -0.07%
U.S. Fixed Income 1,323.43 568,363.65 0.23%
International Fixed Income 204.55 63,353.03 0.32%
Commodities  -331.24 58,859.62 -0.56%
Currency -11.13 1,090.98 -1.02%
Leveraged -107.51 36,891.87 -0.29%
Inverse -123.57 12,864.84 -0.96%
Asset Allocation -17.97 9,422.28 -0.19%
Alternatives 9.81 4,667.10 0.21%
Total: 3,243.13 3,691,243.07 0.09%

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 72,838.37 2,157,258.80 3.38%
International Equity 35,680.59 778,470.89 4.58%
U.S. Fixed Income 55,006.68 568,363.65 9.68%
International Fixed Income 8,008.26 63,353.03 12.64%
Commodities  -1,654.35 58,859.62 -2.81%
Currency -93.31 1,090.98 -8.55%
Leveraged 2,814.72 36,891.87 7.63%
Inverse 2,469.98 12,864.84 19.20%
Asset Allocation 629.99 9,422.28 6.69%
Alternatives 433.69 4,667.10 9.29%
Total: 176,134.59 3,691,243.07 4.77%

Top 10 Volume Surprises, Funds >$50 mm AUM

Ticker Name Average Volume
(30 Day)
1 Week Average
Volume
% of Average
PDN Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF 55,491 370,557 667.78%
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 168,110 844,182 502.16%
PXH Invesco FTSE RAFI Emerging Markets ETF 304,174 1,356,589 445.99%
WBIA WBI BullBear Rising Income 2000 ETF 14,274 61,422 430.31%
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF 331,782 1,591,866 479.79%
WBIY WBI Power Factor High Dividend ETF 96,007 390,461 406.70%
WBIE WBI BullBear Rising Income 1000 ETF 34,894 130,984 375.38%
PXI Invesco DWA Energy Momentum ETF 28,343 182,141 642.64%
WBIL WBI BullBear Quality 1000 ETF 24,153 77,886 322.47%
WBIF WBI BullBear Value 1000 ETF 25,627 81,647 318.60%

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

Ticker Name Weekly Performance Weekly Volume AUM ($, mm)
MJ ETFMG Alternative Harvest ETF 4.84% 2,752,556 500.36
SGGB iPath Series B Bloomberg Sugar Subindex Total Return ETN 2.33% 40,900 26.01
BJO iPath Series B Bloomberg Coffee Subindex Total Return ETN 1.93% 177,873 59.39
YMLI VanEck Vectors High Income Infrastructure MLP ETF 1.92% 13,334 22.55
EWI iShares MSCI Italy ETF 1.88% 2,701,240 410.47
PMR Invesco Dynamic Retail ETF 1.85% 3,361 12.74
XLU Utilities Select Sector SPDR Fund 1.85% 39,290,445 7,699.21
RYU Invesco S&P 500 Equal Weight Utilities ETF 1.73% 10,423 148.40
VPU Vanguard Utilities ETF 1.72% 237,683 2,859.64
IDU iShares U.S. Utilities ETF 1.71% 78,458 627.88

Top 10 YTD Performers

Ticker Name YTD Performance Weekly Performance AUM ($, mm)
PSCH Invesco S&P SmallCap Health Care ETF 45.65% -0.48% 1,288.84
XWEB SPDR S&P Internet ETF 40.54% -2.33% 57.26
XHE SPDR S&P Health Care Equipment ETF 35.34% -1.16% 727.50
PSJ Invesco Dynamic Software ETF 34.20% -2.37% 274.80
PTH Invesco DWA Healthcare Momentum ETF 33.18% -1.41% 318.45
ARKG ARK Genomic Revolution Multi-Sector ETF 32.99% -2.00% 301.68
XITK SPDR FactSet Innovative Technology ETF 31.08% -2.43% 66.63
XSW SPDR S&P Software & Services ETF 30.27% -1.63% 121.03
FINX Global X FinTech ETF 28.79% -2.90% 374.94
OILX ETRACS S&P GSCI Crude Oil Total Return ETN 28.13% 0.00% 16.54

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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