Weekly Outflows For ETFs Despite ‘SUSL’

May 17, 2019

For the second week in a row, investors pulled cash out of U.S.-listed ETFs. Just over $3.7 billion exited the space during the week ending Thursday, May 16, as trade war concerns continued to weigh on markets.

After the latest flows figures, year-to-date inflows fell further behind last year’s levels, dipping to $67.2 billion, compared with $108.5 billion at the same time in 2018.

Equity ETFs Shed Assets

This week’s outflows were fairly evenly divided between U.S. equity ETFs (-$2.7 billion) and international equity ETFs (-$2.3 billion). The S&P 500 briefly dipped to the 2,800 level on Monday, falling more than 5% below its all-time high amid back-and-forth trade tensions between the U.S. and China.

Currently, the two sides are locked in a stalemate after President Trump raised tariffs on China last Friday, and the Asian nation quickly retaliated with more tariffs of its own.

U.S. equity ETFs like the SPDR S&P 500 ETF Trust (SPY) and the Financial Select Sector SPDR Fund (XLF) faced the brunt of this week’s outflows, while international equity ETFs such as the iShares MSCI Emerging Markets ETF (EEM) and the iShares MSCI Japan ETF (EWJ) also suffered.

Low Rates Spur Inflows

On the other hand, fixed income ETFs benefited from the trade uncertainty. The U.S. 10-year Treasury yield fell close to its lowest levels of the year, below 2.4%, and U.S. fixed income ETFs picked up $2.6 billion in fresh assets.

The iShares Core U.S. Aggregate Bond ETF (AGG), the Vanguard Total Bond Market ETF (BND) and the iShares 20+ Year Treasury Bond ETF (TLT) led fixed income inflows.

Biggest Launch In 15 Years

Finally, this flows recap would not be complete without mention of the breakout ETF star of the week, the iShares ESG MSCI USA Leaders ETF (SUSL). The ESG fund launched late last week with a whopping $847 million in assets, making it the biggest ETF launch of the past 15 years.

Read more about SUSL here and here.

For a full list of this week’s top inflows and outflows, see the tables below.

Contact Sumit Roy a [email protected]

 

Top 10 Creations (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
SUSL iShares ESG MSCI USA Leaders ETF 847.06 850.31 99.62%
AGG iShares Core U.S. Aggregate Bond ETF 804.58 60,860.47 1.32%
IVV iShares Core S&P 500 ETF 746.14 174,016.43 0.43%
BND Vanguard Total Bond Market ETF 631.89 38,953.12 1.62%
XLV Health Care Select Sector SPDR Fund 605.88 18,532.21 3.27%
SPLV Invesco S&P 500 Low Volatility ETF 498.10 10,990.89 4.53%
QQQ Invesco QQQ Trust 489.52 71,909.34 0.68%
TLT iShares 20+ Year Treasury Bond ETF 350.45 12,761.17 2.75%
GOVT iShares U.S. Treasury Bond ETF 334.48 10,392.74 3.22%
IEFA iShares Core MSCI EAFE ETF 326.07 62,989.83 0.52%

 

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
SPY SPDR S&P 500 ETF Trust -4,833.28 259,525.15 -1.86%
EEM iShares MSCI Emerging Markets ETF -1,191.31 32,180.22 -3.70%
XLF Financial Select Sector SPDR Fund -1,176.68 24,047.95 -4.89%
EMB iShares JP Morgan USD Emerging Markets Bond ETF -925.35 14,483.34 -6.39%
XLP Consumer Staples Select Sector SPDR Fund -566.99 11,004.88 -5.15%
VOO Vanguard S&P 500 ETF -535.31 110,065.44 -0.49%
JNK SPDR Bloomberg Barclays High Yield Bond ETF -492.68 8,701.51 -5.66%
EWJ iShares MSCI Japan ETF -386.15 12,980.71 -2.97%
DIA SPDR Dow Jones Industrial Average ETF Trust -372.38 21,291.15 -1.75%
XLC Communication Services Select Sector SPDR Fund -354.85 5,302.05 -6.69%

 

ETF Weekly Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity -2,725.52 2,169,173.23 -0.13%
International Equity -2,280.39 807,574.39 -0.28%
U.S. Fixed Income 2,615.70 647,351.87 0.40%
International Fixed Income -767.33 73,018.80 -1.05%
Commodities  -428.42 61,612.26 -0.70%
Currency 18.08 1,465.24 1.23%
Leveraged -15.71 36,687.36 -0.04%
Inverse 32.99 11,694.32 0.28%
Asset Allocation 49.48 9,517.34 0.52%
Alternatives -212.59 4,684.27 -4.54%
Total: -3,713.71 3,822,779.09 -0.10%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 15,861.01 2,169,173.23 0.73%
International Equity 10,203.66 807,574.39 1.26%
U.S. Fixed Income 38,337.69 647,351.87 5.92%
International Fixed Income 5,427.01 73,018.80 7.43%
Commodities  -2,929.46 61,612.26 -4.75%
Currency -319.32 1,465.24 -21.79%
Leveraged -1,975.95 36,687.36 -5.39%
Inverse 2,459.99 11,694.32 21.04%
Asset Allocation -479.82 9,517.34 -5.04%
Alternatives 608.54 4,684.27 12.99%
Total: 67,193.36 3,822,779.09 1.76%

 

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

79

391

494.39%

PSC Principal U.S. Small-Cap Multi-Factor Index ETF 2,920 10,667 365.32%
QMOM Alpha Architect U.S. Quantitative Momentum ETF 19,455 65,862 338.53%
DALT Anfield Capital Diversified Alternatives ETF 23,436 85,459 364.64%
QVAL Alpha Architect U.S. Quantitative Value ETF 12,108 35,343 291.90%
FXG First Trust Consumer Staples AlphaDEX Fund 55,703 165,557 297.22%
DGT SPDR Global Dow ETF 2,441 6,768 277.24%
JPMB JPMorgan USD Emerging Markets Sovereign Bond ETF 2,516 5,937 236.01%
IMOM Alpha Architect International Quantitative Momentum ETF 6,421 14,692 228.82%
STOT SPDR DoubleLine Short Duration Total Return Tactical ETF 16,727 38,245 228.65%

 

 

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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