Weekly ETF Outflows A Relatively Modest $19B

March 20, 2020

Another historic decline in stock markets around the world still wasn't enough to spook ETF investors. Sure, $19.3 billion flowed out of U.S.-listed ETFs in aggregate—a relatively modest figure given the carnage—but equity ETFs actually had net inflows during the period. 

The bulk of this week's outflows came from U.S. fixed income ETFs, which had redemptions of $19 billion. U.S. equity ETFs picked up $6 billion of fresh cash, even as the S&P 500 crashed again this week, falling as much as 32.8% below its all-time highs of a month ago.

Year-to-date inflows for all U.S.-listed ETFs now stand at $70.7 billion, ahead of last year's $49.9 billion pace.

Resilient Equity ETFs 

The resiliency of U.S. equity ETF flows in the face of the market crash has been impressive. Prices have cratered, but ETF investors are adding to their positions.

The SPDR S&P 500 ETF Trust (SPY), the Invesco QQQ Trust (QQQ) and the Vanguard Total Stock Market ETF (VTI) were in vogue during the week.

On the other hand, investors weren't as fond of international equity ETFs. The iShares MSCI Emerging Markets ETF (EEM) had outflows of around $1.6 billion in the period.

Bond Sell-Off 

One of the biggest stories of the week was the sell-off in bonds. That sell-off even extended to safe-haven Treasuries, which plunged in price after hitting record highs last week (bond yields and prices move inversely). The 10-year Treasury bond yield spiked from 0.31% last week to 1.27% on Thursday as investors liquidated anything they could to raise cash. 

The iShares Core U.S. Aggregate Bond ETF (AGG), the iShares 20+ Year Treasury Bond ETF (TLT) and the Vanguard Total Bond Market ETF (BND) were among the biggest flows losers of the week.

Meanwhile, the $4.8 billion inflow for the SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (BIL) reflects investors' strong demand for liquidity and cashlike securities. The iShares Short Treasury Bond ETF (SHV) and the iShares 1-3 Year Treasury Bond ETF (SHY) also had strong inflows.

Corporate bond ETFs like the iShares iBoxx USD High Yield Corporate Bond ETF (HYG) and the iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD) both gathered assets, even though credit spreads continued to blow out. There has been a lot of activity in these funds as liquidity in their underlying holdings dries up. 

 

Top 10 Creations (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
SPY SPDR S&P 500 ETF Trust 8,258.42 224,824.35 3.67%
BIL SPDR Bloomberg Barclays 1-3 Month T-Bill ETF 4,781.32 16,568.51 28.86%
QQQ Invesco QQQ Trust 3,958.83 75,769.89 5.22%
SHV iShares Short Treasury Bond ETF 2,339.88 24,010.84 9.75%
SHY iShares 1-3 Year Treasury Bond ETF 1,922.45 22,930.91 8.38%
VTI Vanguard Total Stock Market ETF 1,251.57 106,550.44 1.17%
HYG iShares iBoxx USD High Yield Corporate Bond ETF 853.14 13,512.16 6.31%
XLV Health Care Select Sector SPDR Fund 789.50 18,199.55 4.34%
LQD iShares iBoxx USD Investment Grade Corporate Bond ETF 692.23 28,219.03 2.45%
XLP Consumer Staples Select Sector SPDR Fund 657.18 13,867.37 4.74%

 

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
IVV iShares Core S&P 500 ETF -4,181.03 153,963.68 -2.72%
AGG iShares Core U.S. Aggregate Bond ETF -3,656.38 68,150.04 -5.37%
TLT iShares 20+ Year Treasury Bond ETF -3,251.57 16,907.80 -19.23%
BND Vanguard Total Bond Market ETF -2,684.41 48,976.22 -5.48%
VCSH Vanguard Short-Term Corporate Bond ETF -1,796.06 22,271.17 -8.06%
EEM iShares MSCI Emerging Markets ETF -1,580.83 17,921.26 -8.82%
TIP iShares TIPS Bond ETF -1,461.50 18,739.34 -7.80%
MINT PIMCO Enhanced Short Maturity Active ETF -1,439.87 13,246.77 -10.87%
VOO Vanguard S&P 500 ETF -1,298.99 107,908.48 -1.20%
GOVT iShares U.S. Treasury Bond ETF -1,208.68 16,204.71 -7.46%

 

ETF Weekly Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 6,007.79 1,840,204.52 0.33%
International Equity -3,475.21 612,361.51 -0.57%
U.S. Fixed Income -18,956.83 742,387.71 -2.55%
International Fixed Income -3,419.96 81,070.11 -4.22%
Commodities ETFs -737.10 79,476.40 -0.93%
Currency 12.23 1,522.05 0.80%
Leveraged 1,566.90 26,238.36 5.97%
Inverse -521.28 17,349.56 -3.00%
Asset Allocation -62.61 7,889.95 -0.79%
Alternatives 269.91 6,360.90 4.24%
Total: -19,316.16 3,414,861.06 -0.57%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 37,792.11 1,840,204.52 2.05%
International Equity 4,234.43 612,361.51 0.69%
U.S. Fixed Income 15,696.36 742,387.71 2.11%
International Fixed Income -101.02 81,070.11 -0.12%
Commodities ETFs 5,216.20 79,476.40 6.56%
Currency 206.50 1,522.05 13.57%
Leveraged 8,058.92 26,238.36 30.71%
Inverse -119.70 17,349.56 -0.69%
Asset Allocation 111.94 7,889.95 1.42%
Alternatives -411.65 6,360.90 -6.47%
Total: 70,684.07 3,414,861.06 2.07%

 

Top 10 Volume Surprises, Funds >$50 mm AUM

Ticker Name Average Volume
(30 Day)
1 Week Average
Volume
% of Average
DWFI SPDR Dorsey Wright Fixed Income Allocation ETF 87,201 363,911 417.33%
DINT Davis Select International ETF 49,934 161,950 324.33%
FIBR iShares Edge U.S. Fixed Income Balanced Risk ETF 29,747 125,603 422.24%
REML Credit Suisse X-Links Monthly Pay 2xLeveraged Mortgage REIT ETN 299,072 1,115,048 372.84%
JPMB JPMorgan USD Emerging Markets Sovereign Bond ETF 13,953 52,548 376.61%
IQDE FlexShares International Quality Dividend Defensive Index Fund 20,350 61,450 301.96%
BBEU JPMorgan BetaBuilders Europe ETF 2,528,343 7,312,514 289.22%
AGZ iShares Agency Bond ETF 118,714 327,560 275.92%
IBDD iShares iBonds Mar 2023 Term Corporate ETF 7,316 23,037 314.86%
OIL iPath Series B S&P GSCI Crude Oil ETN 769,962 2,445,218 317.58%

 

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 60.38% 651,458 88.40
VXX iPath Series B S&P 500 VIX Short Term Futures ETN 59.72% 218,500,216 2,642.41
VIXY ProShares VIX Short-Term Futures ETF 58.59% 30,411,385 403.85
EVIX VelocityShares 1X Long VSTOXX Futures ETN 49.10% 397,934 6.81
XVZ iPath S&P 500 Dynamic VIX ETN 41.67% 106,541 13.10
VIXM ProShares VIX Mid-Term Futures ETF 40.47% 993,164 49.65
VXZ iPath Series B S&P 500 VIX Mid-Term Futures ETN 39.18% 581,932 48.78
VQT Barclays ETN+ S&P VEQTOR ETN 20.27% 4,417 12.17
PHDG Invesco S&P 500 Downside Hedged ETF 17.19% 165,737 21.89
SLVP iShares MSCI Global Silver Miners ETF 16.50% 1,061,042 66.34

 

Top 10 YTD Performers

Ticker Name YTD Performance Weekly Performance AUM ($, mm)
VIIX VelocityShares Daily Long VIX Short-Term ETN 312.41% 60.38% 88.40
VIXY ProShares VIX Short-Term Futures ETF 310.30% 58.59% 403.85
VXX iPath Series B S&P 500 VIX Short Term Futures ETN 310.05% 59.72% 2,642.41
EVIX VelocityShares 1X Long VSTOXX Futures ETN 280.22% 49.10% 6.81
XVZ iPath S&P 500 Dynamic VIX ETN 127.37% 41.67% 13.10
VIXM ProShares VIX Mid-Term Futures ETF 107.37% 40.47% 49.65
VXZ iPath Series B S&P 500 VIX Mid-Term Futures ETN 107.36% 39.18% 48.78
MOM AGFiQ U.S. Market Neutral Momentum Fund 29.92% 0.18% 1.39
TAIL Cambria Tail Risk ETF 26.05% 4.26% 121.26
BTAL AGFiQ U.S. Market Neutral Anti-Beta Fund 16.30% 0.35% 144.37

 

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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