Fixed Income Flows Bounce Back

November 09, 2018

Fixed-income ETFs are rolling again after registering their first monthly outflow in three years in October. This week, the segment pulled in a strong $7 billion, equal to half of the week’s total net inflows of $13.7 billion. Year-to-date inflows for all ETFs now stand at $227.8 billion.

ETFs that were shunned last month, such as the iShares iBoxx USD High Yield Corporate Bond ETF (HYG) and the SPDR Bloomberg Barclays High Yield Bond ETF (JNK), saw a resurgence of interest as investors’ appetite for risk bounced back.

In addition to junk bond ETFs, investors liked the iShares 1-3 Year Treasury Bond ETF (SHY), the iShares 3-7 Year Treasury Bond ETF (IEI) and the iShares Core U.S. Aggregate Bond ETF (AGG). Each had weekly inflows of more than $625 million.

The benchmark U.S. 10-year Treasury yield slipped from 3.21% to 3.19% week-over-week (bond prices and interest rates move inversely).

Equity ETFs

In addition to fixed-income ETFs, U.S. and international equity ETFs also garnered favor this week. The segments took in $4.4 billion and $2.5 billion, respectively, during the period.

The S&P 500 surged from 2,723 last Friday to more than 2,813 on Thursday, before tumbling on Friday due to profit-taking.

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 1,291.88 267,684.32 0.48%
HYG iShares iBoxx USD High Yield Corporate Bond ETF 1,072.97 15,288.58 7.02%
IEMG iShares Core MSCI Emerging Markets ETF 944.53 47,649.40 1.98%
SHY iShares 1-3 Year Treasury Bond ETF 712.77 15,772.13 4.52%
DIA SPDR Dow Jones Industrial Average ETF Trust 667.01 23,167.15 2.88%
XLI Industrial Select Sector SPDR Fund 666.11 12,364.28 5.39%
IEI iShares 3-7 Year Treasury Bond ETF 653.09 7,739.90 8.44%
JNK SPDR Bloomberg Barclays High Yield Bond ETF 651.00 8,441.63 7.71%
AGG iShares Core U.S. Aggregate Bond ETF 625.10 53,019.96 1.18%
VOO Vanguard S&P 500 ETF 577.92 103,745.55 0.56%

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
IVV iShares Core S&P 500 ETF -963.14 163,419.42 -0.59%
IWM iShares Russell 2000 ETF -901.97 45,813.68 -1.97%
XLC Communication Services Select Sector SPDR Fund -431.47 3,329.46 -12.96%
SMH VanEck Vectors Semiconductor ETF -322.75 957.35 -33.71%
VUG Vanguard Growth ETF -297.46 36,135.03 -0.82%
KRE SPDR S&P Regional Banking ETF -292.13 4,204.05 -6.95%
IJR iShares Core S&P Small Cap ETF -263.94 43,626.98 -0.60%
RSP Invesco S&P 500 Equal Weight ETF -255.90 14,975.18 -1.71%
FXR First Trust Industrials/Producer Durables AlphaDEX Fund -251.76 1,277.36 -19.71%
TIP iShares TIPS Bond ETF -227.63 21,933.47 -1.04%

ETF Weekly Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 4,402.28 2,096,766.57 0.21%
International Equity 2,467.87 764,387.55 0.32%
U.S. Fixed Income 6,494.30 566,392.78 1.15%
International Fixed Income 532.33 66,154.90 0.80%
Commodities  -225.89 61,060.40 -0.37%
Currency -6.24 1,140.52 -0.55%
Leveraged 66.02 37,824.30 0.17%
Inverse -81.76 12,618.14 -0.65%
Asset Allocation 24.37 9,174.33 0.27%
Alternatives 47.45 4,704.46 1.01%
Total: 13,720.72 3,620,223.95 0.38%

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 99,695.01 2,096,766.57 4.75%
International Equity 44,047.27 764,387.55 5.76%
U.S. Fixed Income 64,271.13 566,392.78 11.35%
International Fixed Income 10,813.75 66,154.90 16.35%
Commodities  -509.26 61,060.40 -0.83%
Currency -39.43 1,140.52 -3.46%
Leveraged 6,627.44 37,824.30 17.52%
Inverse 1,857.40 12,618.14 14.72%
Asset Allocation 686.00 9,174.33 7.48%
Alternatives 321.26 4,704.46 6.83%
Total: 227,770.57 3,620,223.95 6.29%

Top 10 Volume Surprises, Funds >$50 mm AUM

Ticker Name Average Volume
(30 Day)
1 Week Average
Volume
% of Average
RBIN Nationwide Risk-Based International Equity ETF 203 1,250 616.45%
FXR First Trust Industrials/Producer Durables AlphaDEX Fund 678,041 2,406,629 354.94%
EEMA iShares MSCI Emerging Markets Asia ETF 52,979 187,860 354.59%
FNK First Trust Mid Cap Value AlphaDEX Fund 11,884 30,543 257.00%
FXH First Trust Health Care AlphaDEX Fund 330,925 811,887 245.34%
USVM USAA MSCI USA Small Cap Value Momentum Blend Index ETF 11,115 25,203 226.74%
IHY VanEck Vectors International High Yield Bond ETF 27,262 59,055 216.62%
ANGL VanEck Vectors Fallen Angel High Yield Bond ETF 558,288 1,170,473 209.65%
IYLD iShares Morningstar Multi-Asset Income ETF 50,033 104,757 209.37%
SMLF iShares Edge MSCI Multifactor U.S.A. Small-Cap ETF 37,376 73,123 195.64%

 

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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