ETFs Register 1st Weekly Outflow Of 2020

Feb 28, 2020

Reviewed by: Sumit Roy

Edited by: Sumit Roy

The first stock market correction of 2020 led to the first weekly net outflow from ETFs this year. U.S. stocks had their worst week since the financial crisis and investors pulled $21.1 billion from U.S.-listed ETFs during the week ending Thursday, Feb. 27.

This week’s stunning about-face in markets pushed the S&P 500 into correction territory, more than 10% off its all-time high set just last week. Unsurprisingly, given the carnage, investors took a big chunk of cash—$17.1 billion—out of U.S. equity ETFs. They took another $3.6 billion out of international equity ETFs.

Meanwhile, U.S. fixed income ETFs had modest net outflows of $292 million during the week. Strong inflows into Treasury ETFs were offset by hefty outflows from corporate bond ETFs.

The U.S. 10-year Treasury yield hit a record-low 1.11% during the week, but as Treasuries surged (bond prices and yields move inversely), junk bonds skid amid concerns about the health of corporate balance sheets in a potential economic slowdown.

The iShares 7-10 Year Treasury Bond ETF (IEF) led all inflows, with $1.4 billion of creations, while the iShares iBoxx USD High Yield Corporate Bond ETF (HYG) was No. 2 on the outflows list, with redemptions of $4 billion. Only the SPDR S&P 500 ETF Trust (SPY) had larger outflows for the week—$18.5 billion.

When all was said and done, year-to-date net ETF inflows dropped to $77.2 billion, still ahead of last year’s pace of $20.8 billion. U.S. fixed income ETFs now lead all segments on a year-to-date basis, with net inflows of $30.8 billion, more than the $21.6 billion for U.S. equity ETFs.

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
IEF	iShares 7-10 Year Treasury Bond ETF	1,442.84	20,877.03	6.91%
VTI	Vanguard Total Stock Market ETF	1,300.47	138,645.90	0.94%
VOO	Vanguard S&P 500 ETF	1,251.10	135,094.91	0.93%
BND	Vanguard Total Bond Market ETF	919.57	53,870.04	1.71%
SPTI	SPDR Portfolio Intermediate Term Treasury ETF	743.14	1,971.07	37.70%
IVV	iShares Core S&P 500 ETF	604.54	203,234.25	0.30%
TQQQ	ProShares UltraPro QQQ	519.32	5,019.38	10.35%
AGG	iShares Core U.S. Aggregate Bond ETF	518.51	75,702.70	0.68%
IWM	iShares Russell 2000 ETF	503.43	41,973.63	1.20%
QUAL	iShares Edge MSCI U.S.A. Quality Factor ETF	449.38	16,900.22	2.66%

Top 10 Redemptions (All ETFs)

Ticker	Name	Net Flows ($,mm)	AUM ($, mm)	AUM % Change
SPY	SPDR S&P 500 ETF Trust	-18,537.88	278,742.70	-6.65%
HYG	iShares iBoxx USD High Yield Corporate Bond ETF	-3,979.94	14,369.40	-27.70%
QQQ	Invesco QQQ Trust	-1,400.56	89,408.96	-1.57%
JNK	SPDR Bloomberg Barclays High Yield Bond ETF	-1,218.56	8,300.69	-14.68%
XLF	Financial Select Sector SPDR Fund	-1,104.94	22,020.75	-5.02%
EEM	iShares MSCI Emerging Markets ETF	-1,088.05	26,711.68	-4.07%
SPLV	Invesco S&P 500 Low Volatility ETF	-858.38	12,793.68	-6.71%
LQD	iShares iBoxx USD Investment Grade Corporate Bond ETF	-843.80	34,604.45	-2.44%
EWJ	iShares MSCI Japan ETF	-685.63	11,360.04	-6.04%
XLI	Industrial Select Sector SPDR Fund	-600.83	10,365.89	-5.80%

ETF Weekly Flows By Asset Class

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
U.S. Equity	-17,066.85	2,456,821.59	-0.69%
International Equity	-3,620.64	854,391.85	-0.42%
U.S. Fixed Income	-291.54	804,031.29	-0.04%
International Fixed Income	145.52	95,788.98	0.15%
Commodity ETFs	247.46	90,485.93	0.27%
Currency	-0.78	1,407.65	-0.06%
Leveraged	600.82	39,190.58	1.53%
Inverse	-500.12	12,300.67	-4.07%
Asset Allocation	14.85	10,198.09	0.15%
Alternatives	-623.37	4,965.43	-12.55%
Total:	-21,094.65	4,369,582.06	-0.48%

Asset Classes (Year-to-Date)

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
U.S. Equity	21,615.92	2,456,821.59	0.88%
International Equity	13,297.89	854,391.85	1.56%
U.S. Fixed Income	30,818.94	804,031.29	3.83%
International Fixed Income	4,544.91	95,788.98	4.74%
Commodity ETFs	4,585.42	90,485.93	5.07%
Currency	79.94	1,407.65	5.68%
Leveraged	2,066.32	39,190.58	5.27%
Inverse	116.05	12,300.67	0.94%
Asset Allocation	137.13	10,198.09	1.34%
Alternatives	-65.95	4,965.43	-1.33%
Total:	77,196.57	4,369,582.06	1.77%

Top 10 Volume Surprises, Funds >$50 mm AUM

Ticker	Name	Average Volume (30 Day)	1 Week Average Volume	% of Average
SPTI	SPDR Portfolio Intermediate Term Treasury ETF	2,010,354	11,951,777	594.51%
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	48,150	239,885	498.20%
EEMS	iShares MSCI Emerging Markets Small Cap ETF	46,766	184,179	393.83%
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	47,011	181,176	385.39%
DOO	WisdomTree International Dividend ex-Financials Fund	17,273	90,047	521.33%
IBDS	iShares iBonds Dec 2027 Term Corporate ETF	73,726	203,708	276.30%
OCIO	ClearShares OCIO ETF	686	1,681	245.01%
USSG	Xtrackers MSCI U.S.A. ESG Leaders Equity ETF	42,088	142,770	339.21%
XLSR	SPDR SSGA U.S. Sector Rotation ETF	27,413	73,563	268.36%
HYS	PIMCO 0-5 Year High Yield Corporate Bond Index ETF	365,292	1,024,812	280.55%

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

Ticker	Name	Weekly Performance	Weekly Volume	AUM ($, mm)
EVIX	VelocityShares 1X Long VSTOXX Futures ETN	28.26%	40,397	1.70
VXX	iPath Series B S&P 500 VIX Short Term Futures ETN	27.05%	499,507,213	893.59
VIIX	VelocityShares Daily Long VIX Short-Term ETN	26.91%	761,122	16.33
VIXY	ProShares VIX Short-Term Futures ETF	26.75%	46,761,319	272.30
VXZ	iPath Series B S&P 500 VIX Mid-Term Futures ETN	9.14%	120,496	25.00
VIXM	ProShares VIX Mid-Term Futures ETF	8.76%	819,385	40.30
BTAL	AGFiQ U.S. Market Neutral Anti-Beta Fund	4.21%	674,543	200.05
TAIL	Cambria Tail Risk ETF	3.40%	677,087	79.79
PALL	Aberdeen Standard Physical Palladium Shares ETF	2.82%	252,105	452.56
ZROZ	PIMCO 25+ Year Zero Coupon US Treasury Index ETF	1.98%	453,421	390.57

Top 10 YTD Performers

Ticker	Name	YTD Performance	Weekly Performance	AUM ($, mm)
PALL	Aberdeen Standard Physical Palladium Shares ETF	48.80%	2.82%	452.56
VXX	iPath Series B S&P 500 VIX Short Term Futures ETN	45.50%	27.05%	893.59
VIXY	ProShares VIX Short-Term Futures ETF	45.29%	26.75%	272.30
VIIX	VelocityShares Daily Long VIX Short-Term ETN	45.24%	26.91%	16.33
EVIX	VelocityShares 1X Long VSTOXX Futures ETN	40.70%	28.26%	1.70
TAN	Invesco Solar ETF	18.47%	-7.04%	629.72
ZROZ	PIMCO 25+ Year Zero Coupon US Treasury Index ETF	18.09%	1.98%	390.57
EDV	Vanguard Extended Duration Treasury ETF	16.76%	1.86%	1,451.58
TLT	iShares 20+ Year Treasury Bond ETF	12.29%	1.49%	20,817.43
SPTL	SPDR Portfolio Long Term Treasury ETF	12.22%	1.53%	2,290.42

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.

Sumit Roy

| Contact: [email protected]

Sumit Roy is the senior ETF analyst for etf.com, where he's worked for 12 years. Before joining the company, Roy was the managing editor and commodities analyst for Hard Assets Investor. He lives in the San Francisco Bay Area, where he enjoys climbing the city’s steep hills, playing pickleball and snowboarding.

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ETFs Register 1st Weekly Outflow Of 2020

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