Weekly Outflows Continue, ‘ASHR' Hit Hard

May 31, 2019

Another wave of selling in the stock market (and buying in the bond market) compelled ETF investors to take chips off the table this week. On net, they took $6.9 billion out of U.S.-listed ETFs during the week ending Thursday, May 30, according to the latest data from FactSet. That pushed year-to-date inflows down to $66.9 billion, well behind last year’s pace of $123 billion.

Trade remained front and center for investors this week, as neither the U.S. nor China showed signs of bending in their ongoing trade war. On Friday, trade tensions expanded when President Trump threatened to levy tariffs on Mexico.

By week’s end, the S&P 500 was about 7% below its all-time high, spooked by trade war talk and the plunge in Treasury yields, which some suggested was warning of an impending recession. The benchmark 10-year yield spiked as low as 2.14%, a level not seen in nearly two years.

Thanks to safe-haven inflows, U.S. fixed income ETFs escaped with net creations of $455 million for the week.

Fixed Income ETFs Top Inflows List

In terms of individual ETFs, the low-cost iShares Core S&P 500 ETF (IVV) topped the daily inflows list, but a healthy number of safe fixed income ETFs also found themselves there.

The iShares 7-10 Year Treasury Bond ETF (IEF), the Vanguard Total Bond Market ETF (BND), the iShares Core U.S. Aggregate Bond ETF (AGG), the iShares 3-7 Year Treasury Bond ETF (IEI) and the iShares 20+ Year Treasury Bond ETF (TLT) were all in the top 10.

ASHR & Junk Bonds Lose Favor

On the other side of the spectrum, the SPDR S&P 500 ETF Trust (SPY) and the iShares iBoxx USD High Yield Corporate Bond ETF (HYG), a junk bond ETF, were the biggest flows losers.

The SPDR Bloomberg Barclays High Yield Bond ETF (JNK) also shed assets, but the most surprising fund on the outflows list may be the Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR)—not because it lost assets (it is a China ETF, after all), but because it had outflows of $458 million, equal to 31% of its assets under management.

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
IVV iShares Core S&P 500 ETF 562.86 171,308.48 0.33%
IEF iShares 7-10 Year Treasury Bond ETF 516.95 14,222.82 3.63%
BND Vanguard Total Bond Market ETF 366.98 39,825.87 0.92%
MTUM iShares Edge MSCI U.S.A. Momentum Factor ETF 337.50 8,731.34 3.87%
ITOT iShares Core S&P Total U.S. Stock Market ETF 282.30 19,556.00 1.44%
SUSL iShares ESG MSCI USA Leaders ETF 282.10 1,109.30 25.43%
XLK Technology Select Sector SPDR Fund 275.01 20,233.70 1.36%
AGG iShares Core U.S. Aggregate Bond ETF 273.61 61,742.82 0.44%
IEI iShares 3-7 Year Treasury Bond ETF 235.94 7,227.20 3.26%
TLT iShares 20+ Year Treasury Bond ETF 218.25 13,566.51 1.61%

 

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
SPY SPDR S&P 500 ETF Trust -5,043.33 252,551.48 -2.00%
HYG iShares iBoxx USD High Yield Corporate Bond ETF -1,017.66 14,699.49 -6.92%
XLV Health Care Select Sector SPDR Fund -789.75 17,056.58 -4.63%
JNK SPDR Bloomberg Barclays High Yield Bond ETF -727.77 8,248.84 -8.82%
DIA SPDR Dow Jones Industrial Average ETF Trust -603.29 20,045.89 -3.01%
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF -457.67 1,474.34 -31.04%
IWM iShares Russell 2000 ETF -374.83 39,842.64 -0.94%
EZU iShares MSCI Eurozone ETF -351.60 6,255.13 -5.62%
QUAL iShares Edge MSCI U.S.A. Quality Factor ETF -274.17 10,505.05 -2.61%
BKLN Invesco Senior Loan ETF -259.56 4,669.94 -5.56%

 

ETF Weekly Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity -5,955.85 2,112,801.95 -0.28%
International Equity -1,386.29 791,336.04 -0.18%
U.S. Fixed Income 454.55 651,452.84 0.07%
International Fixed Income 36.36 73,377.31 0.05%
Commodities  -61.18 60,660.81 -0.10%
Currency 20.57 1,502.57 1.37%
Leveraged -164.78 34,744.26 -0.47%
Inverse 244.19 12,506.74 1.95%
Asset Allocation -22.20 9,381.40 -0.24%
Alternatives -41.82 4,596.12 -0.91%
Total: -6,876.45 3,752,360.02 -0.18%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 14,794.24 2,112,801.95 0.70%
International Equity 8,322.92 791,336.04 1.05%
U.S. Fixed Income 40,272.77 651,452.84 6.18%
International Fixed Income 5,654.36 73,377.31 7.71%
Commodities  -2,915.34 60,660.81 -4.81%
Currency -280.66 1,502.57 -18.68%
Leveraged -1,775.44 34,744.26 -5.11%
Inverse 2,748.28 12,506.74 21.97%
Asset Allocation -493.30 9,381.40 -5.26%
Alternatives 570.02 4,596.12 12.40%
Total: 66,897.85 3,752,360.02 1.78%

 

Top 10 Volume Surprises, Funds >$50 mm AUM

Ticker Name Average Volume
(30 Day)
1 Week Average
Volume
% of Average
ONEO SPDR Russell 1000 Momentum Focus 3,213 17,797 553.99%
DXGE WisdomTree Germany Hedged Equity Fund 13,659 56,426 413.10%
IGN iShares North American Tech-Multimedia Networking ETF 61,028 236,998 388.34%
PKW Invesco BuyBack Achievers ETF 332,102 1,180,112 355.35%
ULVM USAA MSCI USA Value Momentum Blend Index ETF 16,061 57,908 360.55%
QARP Xtrackers Russell 1000 U.S. Quality at a Reasonable Price ETF 13,186 49,288 373.81%
GLTR Aberdeen Standard Physical Precious Metals Basket Shares ETF 16,332 59,245 362.75%
VFMF Vanguard U.S. Multifactor ETF 6,507 23,239 357.16%
SUSL iShares ESG MSCI USA Leaders ETF 1,374 4,722 343.73%
DXJS WisdomTree Japan Hedged SmallCap Equity Fund 9,628 27,903 289.80%

 

 

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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