US Fixed Income Sees Inflows

June 14, 2019

The week ended Thursday, June 13, wrapped up with the SPDR S&P 500 ETF Trust (SPY) pulling in $3.8 billion, more than any other ETF, but the activity in bond ETFs was far more interesting. Fully half of the top 10 ETFs for inflows cover fixed income, led by the No. 2 gainer iShares Short Treasury Bond ETF (SHV) which gained just over $3 billion.

And all different types of fixed income were represented in the top 10: investment-grade and high yield corporate debt, short-term Treasury bills and 20-year Treasury bonds. Combined, the five bond ETFs with the largest gains saw nearly $7 billion in assets.

That said, there were still four bond ETFs in the top 10 ETFs for outflows during the week, with the iShares 1-3 Year Treasury Bond ETF (SHY) losing more than any other ETF, at $2.7 billion. That might seem counterintuitive given SHV saw billions in inflows, but—along with the inflows into the SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (BIL)—it suggests investors are moving from short-term debt into the ultra-short-term space to further shorten their durations.

Big Picture

U.S.-listed ETFs pulled in almost $18 billion during the week, with U.S. equity ETFs gaining $10.2 billion as a whole, followed by U.S. fixed income ETFs, which gained nearly $7 billion. International fixed income and international equity ETFs were even further behind in the No. 3 and No. 4 spots, with gains of $400 million and $273 million, respectively.

Year to date, the industry has pulled in $93.4 billion, with nearly $58 billion of that flowing into the U.S. fixed income category. Around this time last year, U.S.-listed ETFs had gained roughly $135 billion.

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 3,795.04 264,644.22 1.43%
SHV iShares Short Treasury Bond ETF 3,081.91 24,330.23 12.67%
LQD iShares iBoxx USD Investment Grade Corporate Bond ETF 1,391.34 33,343.68 4.17%
QQQ Invesco QQQ Trust 988.63 71,171.06 1.39%
JNK SPDR Bloomberg Barclays High Yield Bond ETF 988.34 8,917.66 11.08%
XLB Materials Select Sector SPDR Fund 728.75 4,166.37 17.49%
BIL SPDR Bloomberg Barclays 1-3 Month T-Bill ETF 699.83 9,941.43 7.04%
TLT iShares 20+ Year Treasury Bond ETF 626.03 14,062.94 4.45%
XLV Health Care Select Sector SPDR Fund 506.28 18,540.32 2.73%
SCHB Schwab U.S. Broad Market ETF 397.02 15,055.81 2.64%

 

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
SHY iShares 1-3 Year Treasury Bond ETF -2,746.29 18,100.29 -15.17%
IJH iShares Core S&P Mid-Cap ETF -198.21 48,870.16 -0.41%
MUB iShares National Muni Bond ETF -169.14 12,699.22 -1.33%
XLI Industrial Select Sector SPDR Fund -167.96 10,021.09 -1.68%
SH ProShares Short S&P500 -132.91 1,865.42 -7.12%
IEFA iShares Core MSCI EAFE ETF -123.18 64,782.89 -0.19%
BSV Vanguard Short-Term Bond ETF -112.22 22,421.76 -0.50%
KIE SPDR S&P Insurance ETF -106.32 885.42 -12.01%
VPU Vanguard Utilities ETF -104.21 3,768.13 -2.77%
FLOT iShares Floating Rate Bond ETF -101.68 10,010.00 -1.02%

 

ETF Weekly Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 10,193.73 2,194,269.52 0.46%
International Equity 273.45 816,371.51 0.03%
U.S. Fixed Income 6,978.42 671,852.31 1.04%
International Fixed Income 399.47 75,151.04 0.53%
Commodities  248.17 63,114.34 0.39%
Currency 21.76 1,553.96 1.40%
Leveraged 11.97 36,562.63 0.03%
Inverse -182.54 11,895.24 -1.53%
Asset Allocation -4.26 9,420.75 -0.05%
Alternatives 23.71 4,582.68 0.52%
Total: 17,963.86 3,884,773.98 0.46%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 23,930.52 2,194,269.52 1.09%
International Equity 6,295.59 816,371.51 0.77%
U.S. Fixed Income 57,699.73 671,852.31 8.59%
International Fixed Income 6,602.36 75,151.04 8.79%
Commodities  -1,853.13 63,114.34 -2.94%
Currency -236.74 1,553.96 -15.23%
Leveraged -1,965.77 36,562.63 -5.38%
Inverse 2,658.94 11,895.24 22.35%
Asset Allocation -372.90 9,420.75 -3.96%
Alternatives 612.57 4,582.68 13.37%
Total: 93,371.16 3,884,773.98 2.40%

 

Top 10 Volume Surprises, Funds >$50 mm AUM

Ticker Name Average Volume

(30 Day)
1 Week Average

Volume
% of Average
CN Xtrackers MSCI All China Equity ETF 192,155 1,310,505 682.01%
CEMB iShares J.P. Morgan EM Corporate Bond ETF 24,240 103,397 426.56%
RVNU Xtrackers Municipal Infrastructure Revenue Bond ETF 12,695 54,611 430.19%

IG

Principal Investment Grade Corporate Active ETF

435

1,552

356.98%

JETS US Global Jets ETF 28,518 85,486 299.76%
HTUS Hull Tactical U.S. ETF 7,910 22,309 282.02%
XSLV Invesco S&P SmallCap Low Volatility ETF 277,286 708,682 255.58%
JMST JPMorgan Ultra-Short Municipal Income ETF 24,158 58,328 241.45%
XMLV Invesco S&P MidCap Low Volatility ETF 384,843 880,427 228.78%
TILT FlexShares Morningstar US Market Factor Tilt Index Fund 26,866 60,985 227.00%

 



 

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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