First Weekly ETF Outflows In 6 Weeks

May 10, 2019

Renewed trade tensions spooked investors into pulling money out of ETFs for the first time in six weeks. All told, $9.7 billion flowed out of U.S.-listed ETFs during the week ending Thursday, May 9.

Nearly all of that money came out of U.S. equity ETFs, which were hit hard after President Trump threatened to impose higher tariffs on Chinese goods because trade talks were progressing too slowly, in his view. The president followed through on that threat on Friday and in response, China promised to retaliate.

The S&P 500 dropped nearly 4.5% from its all-time high set last week, but losses were relatively contained as investors hoped that the latest trade riff would resolve itself in the not-too-distant future.

Nevertheless, the SPDR S&P 500 ETF Trust (SPY) faced the brunt of this week’s outflows, shedding $9.4 billion. The Invesco QQQ Trust (QQQ) also fared poorly, with outflows of $2 billion.

Fixed Income Inflows

With stocks reeling, investors plowed money into safe havens like bonds this week. U.S. fixed income ETFs picked up a net $1.3 billion in fresh cash, with a few hundred million dollars heading into the iShares Broad USD High Yield Corporate Bond ETF (USHY), the Vanguard Intermediate-Term Corporate Bond ETF (VCIT) and the iShares Short-Term Corporate Bond ETF (IGSB).

Fixed income losers included the iShares iBoxx USD High Yield Corporate Bond ETF (HYG) and the SPDR Bloomberg Barclays High Yield Bond ETF (JNK).

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
XLF Financial Select Sector SPDR Fund 786.86 25,750.24 3.06%
XLU Utilities Select Sector SPDR Fund 541.99 9,434.29 5.74%
VOO Vanguard S&P 500 ETF 523.24 111,584.81 0.47%
XLP Consumer Staples Select Sector SPDR Fund 509.26 11,425.14 4.46%
USHY iShares Broad USD High Yield Corporate Bond ETF 370.02 1,235.91 29.94%
IEFA iShares Core MSCI EAFE ETF 343.17 63,298.72 0.54%
VWO Vanguard FTSE Emerging Markets ETF 206.77 63,673.44 0.32%
BBJP JPMorgan BetaBuilders Japan ETF 200.80 3,623.78 5.54%
VCIT Vanguard Intermediate-Term Corporate Bond ETF 199.02 23,578.37 0.84%
IGSB iShares Short-Term Corporate Bond ETF 191.99 11,412.66 1.68%

 

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
SPY SPDR S&P 500 ETF Trust -9,384.69 266,699.16 -3.52%
QQQ Invesco QQQ Trust -1,991.23 72,476.59 -2.75%
HYG iShares iBoxx USD High Yield Corporate Bond ETF -534.69 16,109.79 -3.32%
EWJ iShares MSCI Japan ETF -524.94 13,504.56 -3.89%
XLE Energy Select Sector SPDR Fund -514.37 12,218.47 -4.21%
XLB Materials Select Sector SPDR Fund -469.78 3,466.39 -13.55%
IYR iShares U.S. Real Estate ETF -377.79 3,838.41 -9.84%
JNK SPDR Bloomberg Barclays High Yield Bond ETF -356.05 9,258.10 -3.85%
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF -329.40 4,974.06 -6.62%
UVXY ProShares Ultra VIX Short-Term Futures ETF -298.67 496.98 -60.10%

 

ETF Weekly Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity -9,667.05 2,191,287.78 -0.44%
International Equity -74.77 822,954.94 -0.01%
U.S. Fixed Income 1,324.93 642,465.12 0.21%
International Fixed Income -365.48 73,753.92 -0.50%
Commodities  -421.09 61,529.09 -0.68%
Currency -24.92 1,447.67 -1.72%
Leveraged -124.50 37,792.13 -0.33%
Inverse -277.48 11,505.60 -2.41%
Asset Allocation 16.75 9,504.48 0.18%
Alternatives -133.57 5,821.04 -2.29%
Total: -9,747.18 3,858,061.75 -0.25%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 18,582.02 2,191,287.78 0.85%
International Equity 12,487.48 822,954.94 1.52%
U.S. Fixed Income 35,721.99 642,465.12 5.56%
International Fixed Income 6,194.33 73,753.92 8.40%
Commodities ETFs -2,501.04 61,529.09 -4.06%
Currency -337.40 1,447.67 -23.31%
Leveraged -1,960.24 37,792.13 -5.19%
Inverse 2,427.00 11,505.60 21.09%
Asset Allocation -529.30 9,504.48 -5.57%
Alternatives 821.13 5,821.04 14.11%
Total: 70,905.98 3,858,061.75 1.84%

 

Top 10 Volume Surprises, Funds >$50 mm AUM

Ticker Name Average Volume
(30 Day)
1 Week Average
Volume
% of Average
HYUP Xtrackers High Beta High Yield Bond ETF 7,007 21,394 305.33%
PTEU Pacer Trendpilot European Index ETF 49,962 166,121 332.49%
QUS SPDR MSCI USA StrategicFactors ETF 47,914 135,005 281.77%
IMTM iShares Edge MSCI Intl Momentum Factor ETF 29,598 70,396 237.84%
FVC First Trust Dorsey Wright Dynamic Focus 5 ETF 81,599 213,143 261.21%
ISRA VanEck Vectors Israel ETF 2,018 4,870 241.27%
AGZD WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund 10,013 23,039 230.08%
CUT Invesco MSCI Global Timber ETF 18,928 40,464 213.78%
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares 45,412 99,173 218.38%
GVI iShares Intermediate Government/Credit Bond ETF 74,213 200,533 270.21%

 

 

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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