Investors Shrug Off Vol, Add $16B To ETFs

December 14, 2018

Economic concerns may be growing and stocks may be getting walloped, but that hasn’t concerned ETF investors—yet. According to the latest data from FactSet, a sizable $16.2 billion flowed into U.S.-listed ETFs during the week ending Thursday, Dec. 13, with inflows seen in asset classes across the board.

That’s in sharp contrast to data released by the likes of Lipper, which showed record outflows from equity mutual funds. More than $45 billion came out of equity mutual funds during the week ending Wednesday, Dec. 12, according to the analytics firm.

Bolstered by this week’s fresh cash, ETF inflows for 2018 as a whole ticked up to $278 billion.

Equity Winners

Of this week’s ETF inflows, $8.5 billion went into U.S. equity exchange-traded funds. The SPDR S&P 500 ETF Trust (SPY), the Health Care Select Sector SPDR Fund (XLV) and the iShares Russell 1000 Value ETF (IWD) were a few names in that category to garner inflows.

Meanwhile, international equity ETFs also saw interest, picking up $5 billion of new money. The Vanguard FTSE Developed Markets ETF (VEA), the iShares MSCI ACWI ex U.S. ETF (ACWX) and the iShares MSCI ACWI ETF (ACWI) were winners in that space.

ETF investors shrugged off continued volatility in global stock markets. Aside from the ongoing trade and Brexit sagas, economic data has weakened significantly in China and Europe, giving investors another aspect to worry about.

Treasury Yields Drop

That worry has led investors to hedge their equity bets with fixed income. U.S. fixed-income ETFs picked up $2.8 billion during the week, though the largest share of that went into the SPDR Bloomberg Barclays High Yield Bond ETF (JNK), a decidedly unsafe bond ETF.

JNK’s $880 million of inflows were followed by the $674 million that went into the iShares 1-3 Year Treasury Bond ETF (SHY) and the $506 million that went into the iShares Core U.S. Aggregate Bond ETF (AGG).

During the week, the U.S. 10-year Treasury bond yield briefly dipped to 2.82%, close to a four-month low.

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 1,420.72 253,549.99 0.56%
VEA Vanguard FTSE Developed Markets ETF 1,115.58 66,905.09 1.67%
JNK SPDR Bloomberg Barclays High Yield Bond ETF 880.38 8,128.82 10.83%
XLV Health Care Select Sector SPDR Fund 876.54 20,447.63 4.29%
IWD iShares Russell 1000 Value ETF 873.52 38,623.45 2.26%
XLK Technology Select Sector SPDR Fund 738.51 19,195.25 3.85%
ACWX iShares MSCI ACWI ex U.S. ETF 684.44 4,255.30 16.08%
SHY iShares 1-3 Year Treasury Bond ETF 673.95 17,826.61 3.78%
ACWI iShares MSCI ACWI ETF 540.80 9,922.83 5.45%
AGG iShares Core U.S. Aggregate Bond ETF 506.00 55,073.89 0.92%

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
IVV iShares Core S&P 500 ETF -1,275.35 155,170.54 -0.82%
HYG iShares iBoxx USD High Yield Corporate Bond ETF -1,185.27 12,895.86 -9.19%
XLF Financial Select Sector SPDR Fund -771.38 25,521.85 -3.02%
FLOT iShares Floating Rate Bond ETF -454.56 11,734.62 -3.87%
SRLN SPDR Blackstone / GSO Senior Loan ETF -421.04 2,723.94 -15.46%
FLRN SPDR Bloomberg Barclays Investment Grade Floating Rate ETF -338.20 4,297.58 -7.87%
TLT iShares 20+ Year Treasury Bond ETF -331.92 7,406.48 -4.48%
MDY SPDR S&P Midcap 400 ETF Trust -331.67 17,907.40 -1.85%
XLU Utilities Select Sector SPDR Fund -327.26 8,422.86 -3.89%
IJH iShares Core S&P Mid-Cap ETF -278.90 44,925.05 -0.62%

ETF Weekly Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 8,523.89 2,001,349.45 0.43%
International Equity 5,011.62 752,119.33 0.67%
U.S. Fixed Income 2,831.12 577,219.98 0.49%
International Fixed Income -395.36 66,432.42 -0.60%
Commodities  314.49 60,831.59 0.52%
Currency -6.22 1,754.39 -0.35%
Leveraged -279.68 33,720.49 -0.83%
Inverse -33.08 11,869.00 -0.28%
Asset Allocation 215.07 9,167.52 2.35%
Alternatives -27.51 4,945.69 -0.56%
Total: 16,154.34 3,519,409.86 0.46%

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 123,827.94 2,001,349.45 6.19%
International Equity 59,963.13 752,119.33 7.97%
U.S. Fixed Income 73,302.27 577,219.98 12.70%
International Fixed Income 11,214.97 66,432.42 16.88%
Commodities  -449.35 60,831.59 -0.74%
Currency -113.09 1,754.39 -6.45%
Leveraged 6,743.48 33,720.49 20.00%
Inverse 2,138.24 11,869.00 18.02%
Asset Allocation 993.82 9,167.52 10.84%
Alternatives 392.09 4,945.69 7.93%
Total: 278,013.50 3,519,409.86 7.90%

Top 10 Volume Surprises, Funds >$50 mm AUM

Ticker Name Average Volume
(30 Day)
1 Week Average
Volume
% of Average
DIVC C-Tracks ETN - Miller/Howard Strategic Dividend Reinvestor 6 43 675.00%
FPEI First Trust Institutional Preferred Securities and Income ETF 53,090 165,793 312.28%
INCO Columbia India Consumer ETF 14,419 39,361 272.98%
SIZE iShares Edge MSCI U.S.A. Size Factor ETF 20,876 56,161 269.02%
EMQQ Emerging Markets Internet & Ecommerce ETF 151,400 389,530 257.28%
PXLV Invesco Russell Top 200 Pure Value ETF 15,804 40,245 254.66%
CDL VictoryShares US Large Cap High Div Volatility Wtd Index ETF 36,916 84,515 228.94%
JPMF JPMorgan Managed Futures Strategy ETF 2,035 6,193 304.26%
SMLF iShares Edge MSCI Multifactor U.S.A. Small-Cap ETF 83,826 195,228 232.90%
PBJ Invesco Dynamic Food & Beverage ETF 9,345 19,691 210.71%

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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