Weekly ETF Outflows Total $21B

December 27, 2019

U.S.-listed ETFs registered net outflows of $21.1 billion this week, reversing some of last week's record $51.7 billion haul. Some of the big gyrations in flows over the past two weeks are heartbeat trades, which help fund managers wash out capital gains from low-basis stock positions. You can usually spot these as large inflows that are followed by equally large outflows a few days later. 

For example, the iShares S&P Value ETF (IVE) and the iShares S&P 500 Growth ETF (IVW) had inflows of $4.3 billion and $3.3 billion, respectively, last week. This week, they had outflows of $4.3 billion and $3.4 billion.

But while heartbeat trades account for some of the action in flows over the past couple of weeks, they don't account for everything. On net, $30.6 billion has flowed into U.S.-listed ETFs over the past two weeks, a sizable sum, as investors grow increasingly bullish on equities. The S&P 500 is now up 32% this year, the best return since 2013's 32.4% gain and just a smidge away from 1997's 33.3% increase.

A recent trade deal with China, better economic data and a Fed on hold have all combined to push U.S. stocks to record highs. In that context, it's no surprise that investors are putting more money to work in ETFs. Following this week's net outflows, year-to-date net inflows dropped to $321.4 billion. That still leaves them ahead of last year's pace of $308.9 billion, with three trading days left to account for. 

If year-to-date inflows end up higher than $315.4 billion, 2019 will likely go down as the year with the second-largest annual inflows ever, only behind 2017's $476.1 billion haul.

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 3,448.50 303,596.04 1.14%
AGG iShares Core U.S. Aggregate Bond ETF 605.84 68,872.68 0.88%
XLE Energy Select Sector SPDR Fund 506.47 11,123.36 4.55%
VEA Vanguard FTSE Developed Markets ETF 503.48 78,079.89 0.64%
VTI Vanguard Total Stock Market ETF 443.76 137,639.94 0.32%
GLD SPDR Gold Trust 433.19 42,762.49 1.01%
VNQ Vanguard Real Estate ETF 367.39 36,406.23 1.01%
XOP SPDR S&P Oil & Gas Exploration & Production ETF 319.22 2,787.52 11.45%
EWZ iShares MSCI Brazil ETF 308.86 10,885.36 2.84%
IEFA iShares Core MSCI EAFE ETF 299.08 73,702.59 0.41%

 

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
IVE iShares S&P 500 Value ETF -4,254.62 17,820.32 -23.88%
IVW iShares S&P 500 Growth ETF -3,441.10 24,678.81 -13.94%
RPG Invesco S&P 500 Pure Growth ETF -1,670.43 2,729.19 -61.21%
IUSV iShares Core S&P U.S. Value ETF -1,538.69 7,022.11 -21.91%
IJJ iShares S&P Mid-Cap 400 Value ETF -1,215.07 6,620.56 -18.35%
IJS iShares S&P Small-Cap 600 Value ETF -1,150.82 6,788.35 -16.95%
SPYV SPDR Portfolio S&P 500 Value ETF -1,124.24 4,962.48 -22.65%
XLF Financial Select Sector SPDR Fund -1,067.21 25,177.17 -4.24%
VOO Vanguard S&P 500 ETF -1,037.32 130,170.60 -0.80%
SPYG SPDR Portfolio S&P 500 Growth ETF -1,022.44 5,341.19 -19.14%

 

ETF Weekly Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity -26,500.47 2,528,458.36 -1.05%
International Equity 2,896.68 889,095.46 0.33%
U.S. Fixed Income 1,638.85 754,650.51 0.22%
International Fixed Income 478.05 89,540.08 0.53%
Commodities ETFs 284.09 80,296.96 0.35%
Currency -31.30 1,315.12 -2.38%
Leveraged -96.47 40,195.98 -0.24%
Inverse 134.97 11,660.23 1.16%
Asset Allocation 58.04 10,694.84 0.54%
Alternatives 47.42 4,597.48 1.03%
Total: -21,090.14 4,410,505.03 -0.48%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 129,042.02 2,528,458.36 5.10%
International Equity 30,914.64 889,095.46 3.48%
U.S. Fixed Income 133,376.66 754,650.51 17.67%
International Fixed Income 20,219.27 89,540.08 22.58%
Commodities ETFs 7,863.63 80,296.96 9.79%
Currency -474.42 1,315.12 -36.07%
Leveraged -7,197.12 40,195.98 -17.91%
Inverse 5,901.89 11,660.23 50.62%
Asset Allocation 538.54 10,694.84 5.04%
Alternatives 1,216.80 4,597.48 26.47%
Total: 321,401.91 4,410,505.03 7.29%

 

Top 10 Volume Surprises, Funds >$50 mm AUM

Ticker Name Average Volume
(30 Day)
1 Week Average
Volume
% of Average
INKM SPDR SSGA Income Allocation ETF 28,114 107,308 381.70%
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 72,744 163,086 224.19%
GTO Invesco Total Return Bond ETF 30,785 81,955 266.22%
FVAL Fidelity Value Factor ETF 30,908 58,612 189.64%
MXDU Nationwide Maximum Diversification U.S. Core Equity ETF 1,206 2,086 172.94%
PBP Invesco S&P 500 BuyWrite ETF 45,500 89,464 196.62%
PJUL Innovator S&P 500 Power Buffer ETF - July 18,647 29,481 158.10%
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 25,502 40,810 160.02%
DBB Invesco DB Base Metals Fund 69,269 95,205 137.44%
BDCL ETRACS 2xLeveraged Long Wells Fargo Business Development Company Index ETN 59,217 117,276 198.04%

 

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

Ticker Name Weekly Performance Weekly Volume AUM ($, mm)
SILJ ETFMG Prime Junior Silver Miners ETF 10.57% 1,522,876 140.18
SIL Global X Silver Miners ETF 7.96% 946,765 561.36
GDXJ VanEck Vectors Junior Gold Miners ETF 7.54% 47,267,788 4,960.36
SLVP iShares MSCI Global Silver Miners ETF 7.45% 382,922 104.22
INR Market Vectors-Indian Rupee/USD ETN 6.89% 7,494 0.48
GOAU U.S. Global GO Gold and Precious Metal Miners ETF 6.71% 265,720 46.50
GDX VanEck Vectors Gold Miners ETF 6.36% 140,116,119 12,432.86
SGDM Sprott Gold Miners ETF 6.06% 99,999 188.50
RING iShares MSCI Global Gold Miners ETF 6.00% 418,289 285.88
GOEX Global X Gold Explorers ETF 5.94% 56,221 42.97

 

Top 10 YTD Performers

Ticker Name YTD Performance Weekly Performance AUM ($, mm)
BBC Virtus LifeSci Biotech Clinical Trials ETF 70.47% 5.31% 41.65
TAN Invesco Solar ETF 67.76% 0.33% 443.65
XSD SPDR S&P Semiconductor ETF 67.06% 0.92% 508.90
SMH VanEck Vectors Semiconductor ETF 66.00% 0.69% 1,411.33
FTXL First Trust Nasdaq Semiconductor ETF 63.98% 0.45% 43.67
SOXX iShares PHLX Semiconductor ETF 63.55% 0.48% 2,413.04
PBW Invesco WilderHill Clean Energy ETF 60.60% 0.78% 215.09
SILJ ETFMG Prime Junior Silver Miners ETF 55.75% 10.57% 140.18
SBIO ALPS Medical Breakthroughs ETF 55.03% 2.22% 231.56
PSI Invesco Dynamic Semiconductors ETF 54.26% 0.67% 220.02

 

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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