Econ Fears Spark $4B Weekly ETF Outflows

October 04, 2019

Investors took a pause from adding to their ETFs after a stellar September. On net, $4 billion flowed out of U.S.-listed ETFs this week after a pair of economic surveys from the Institute for Supply Management raised recession concerns. Nevertheless, expectations of another rate cut by the Federal Reserve kept losses in check.

Following this week’s outflows, year-to-date net inflows now stand at $193 billion, compared to $209.9 billion at this same time last year.

‘SPY’ Leads Outflows

This week’s outflows were mostly driven by U.S. equity ETFs, which registered redemptions of $5.8 billion. The SPDR S&P 500 ETF Trust (SPY) and the Invesco QQQ Trust (QQQ) fared the worst, partially offset by solid inflows for the iShares Edge MSCI Min Vol U.S.A. ETF (USMV) and the iShares Edge MSCI U.S.A. Quality Factor ETF (QUAL).

Meanwhile, fixed income ETFs gathered more assets this week—$2 billion—bringing their 2019 haul to just shy of $100 billion. The iShares U.S. Treasury Bond ETF (GOVT) and the iShares Intermediate-Term Corporate Bond ETF (IGIB) were the biggest fixed income flows winners of the week.

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
USMV iShares Edge MSCI Min Vol U.S.A. ETF 694.70 34,754.11 2.00%
GOVT iShares U.S. Treasury Bond ETF 674.87 14,580.64 4.63%
QUAL iShares Edge MSCI U.S.A. Quality Factor ETF 636.39 12,016.63 5.30%
XLP Consumer Staples Select Sector SPDR Fund 546.16 14,032.03 3.89%
VTI Vanguard Total Stock Market ETF 502.04 119,059.15 0.42%
IVV iShares Core S&P 500 ETF 482.70 181,244.13 0.27%
XLU Utilities Select Sector SPDR Fund 396.37 11,511.40 3.44%
IGIB iShares Intermediate-Term Corporate Bond ETF 329.31 8,465.97 3.89%
VIG Vanguard Dividend Appreciation ETF 284.06 37,612.29 0.76%
BND Vanguard Total Bond Market ETF 278.43 45,671.15 0.61%

 

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
SPY SPDR S&P 500 ETF Trust -4,449.86 262,931.45 -1.69%
QQQ Invesco QQQ Trust -2,033.02 71,605.26 -2.84%
IWM iShares Russell 2000 ETF -2,009.69 41,366.64 -4.86%
EMB iShares JP Morgan USD Emerging Markets Bond ETF -845.01 13,957.90 -6.05%
XLI Industrial Select Sector SPDR Fund -605.47 9,149.36 -6.62%
LQD iShares iBoxx USD Investment Grade Corporate Bond ETF -597.59 35,658.25 -1.68%
SCHO Schwab Short-Term U.S. Treasury ETF -510.93 5,426.46 -9.42%
MTUM iShares Edge MSCI U.S.A. Momentum Factor ETF -380.66 9,513.65 -4.00%
XLF Financial Select Sector SPDR Fund -335.82 21,161.04 -1.59%
KRE SPDR S&P Regional Banking ETF -264.65 1,691.99 -15.64%

 

ETF Weekly Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity -5,818.28 2,235,545.42 -0.26%
International Equity -79.81 783,431.69 -0.01%
U.S. Fixed Income 1,958.27 726,878.52 0.27%
International Fixed Income -795.52 83,021.32 -0.96%
Commodities  235.68 80,474.90 0.29%
Currency 21.64 1,503.12 1.44%
Leveraged 1,069.77 34,128.27 3.13%
Inverse -398.56 12,831.32 -3.11%
Asset Allocation 21.09 10,024.97 0.21%
Alternatives -201.61 4,707.19 -4.28%
Total: -3,987.33 3,972,546.72 -0.10%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 75,918.87 2,235,545.42 3.40%
International Equity -3,428.52 783,431.69 -0.44%
U.S. Fixed Income 99,503.84 726,878.52 13.69%
International Fixed Income 13,181.42 83,021.32 15.88%
Commodities  8,997.74 80,474.90 11.18%
Currency -286.23 1,503.12 -19.04%
Leveraged -6,280.13 34,128.27 -18.40%
Inverse 4,516.99 12,831.32 35.20%
Asset Allocation 274.26 10,024.97 2.74%
Alternatives 665.08 4,707.19 14.13%
Total: 193,063.33 3,972,546.72 4.86%

 

Top 10 Volume Surprises, Funds >$50 mm AUM

Ticker Name Average Volume
(30 Day)
1 Week Average
Volume
% of Average
KOMP SPDR S&P Kensho New Economies Composite ETF 63,908 224,366 351.07%
UOCT Innovator S&P 500 Ultra Buffer ETF - October 69,757 327,231 469.10%
NORW Global X MSCI Norway ETF 30,353 86,265 284.20%
HEZU iShares Currency Hedged MSCI Eurozone ETF 536,118 1,361,532 253.96%
QUS SPDR MSCI USA StrategicFactors ETF 63,914 166,217 260.06%
DGT SPDR Global Dow ETF 2,028 5,661 279.18%
WPS iShares International Developed Property ETF 22,491 88,224 392.26%
IEUS iShares MSCI Europe Small-Cap ETF 31,880 71,926 225.61%
DBE Invesco DB Energy Fund 70,183 159,860 227.77%
NANR SPDR S&P North American Natural Resources ETF 27,100 77,985 287.77%

 

Top 10 Weekly Performers, Excluding Leverage/Inverse Funds and <1,000 Shares Traded

Ticker Name Weekly Performance Weekly Volume AUM ($, mm)
VIIX VelocityShares Daily Long VIX Short-Term ETN 8.31% 421,483 26.19
VIXY ProShares VIX Short-Term Futures ETF 8.26% 17,692,204 317.35
VXX iPath Series B S&P 500 VIX Short Term Futures ETN 8.14% 202,284,211 983.55
EVIX VelocityShares 1X Long VSTOXX Futures ETN 7.43% 14,809 2.37
BDRY Breakwave Dry Bulk Shipping ETF 6.29% 10,141 2.00
VIXM ProShares VIX Mid-Term Futures ETF 3.60% 418,234 51.33
VXZ iPath Series B S&P 500 VIX Mid-Term Futures ETN 3.20% 71,069 22.83
JJG iPath Series B Bloomberg Grains Subindex Total Return ETN 2.83% 6,796 21.15
SOYB Teucrium Soybean Fund 2.76% 87,315 28.17
FUD ETRACS UBS Bloomberg CMCI Food Total Return ETN 2.53% 76,888 3.15

 

Top 10 YTD Performers

Ticker Name YTD Performance Weekly Performance AUM ($, mm)
INR Market Vectors-Indian Rupee/USD ETN 106.75% -0.58% 1.03
JJN iPath Series B Bloomberg Nickel Subindex Total Return ETN 65.83% 2.33% 8.96
TAN Invesco Solar ETF 54.12% -2.12% 427.81
ITB iShares U.S. Home Construction ETF 42.34% -0.21% 1,300.40
GOAU U.S. Global GO Gold and Precious Metal Miners ETF 37.60% -0.92% 33.73
RING iShares MSCI Global Gold Miners ETF 36.94% -0.50% 313.16
SRVR Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF 36.71% -1.25% 124.39
INDS Pacer Benchmark Industrial Real Estate SCTR ETF 36.08% -0.80% 24.11
CHIS Global X MSCI China Consumer Staples ETF 35.26% -0.25% 2.00
XSD SPDR S&P Semiconductor ETF 35.07% -2.65% 326.21

 

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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