ETFs Register 1st Weekly Outflow Of 2020

February 28, 2020

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.

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