Huge Weekly Inflows For Corporate Bond ETF

March 27, 2020

It was another volatile week on Wall Street, as the S&P 500 sagged to a three-year low on Monday before rocketing up by 17.6% over the next three sessions, the best three-day stretch since the 1930s.

Yet, overall ETF flows didn't reflect all that activity. On net, a mere $2.8 billion flowed out of U.S.-listed ETFs during the week ending Thursday, March 26. That puts year-to-date inflows at $66.8 billion, still ahead of last year's $48.1 billion pace.

Huge Inflow For 'LQD'

While headline flows figures were rather tepid, individual ETFs saw a flurry of activity. The iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD) had $5.2 billion of inflows this week, a sizable haul for the $35 billion fund. On Monday, the Federal Reserve announced a new facility that would purchase investment-grade corporate bond ETFs to help thaw strained credit markets. 

Meanwhile, though the Fed won't be purchasing them, junk bond ETFs like the SPDR Bloomberg Barclays High Yield Bond ETF (JNK) and the iShares iBoxx USD High Yield Corporate Bond ETF (HYG) also saw interest from investors this week. 

So too did the SPDR Gold Trust (GLD), which bounced back more than 10% from its lows of last week. Gold prices were last trading around $1,620/oz. 

'AGG' & 'MINT' Shunned 

On the outflows side, the iShares Core S&P 500 ETF (IVV), the iShares Core U.S. Aggregate Bond ETF (AGG) and the PIMCO Enhanced Short Maturity Active ETF (MINT) were the biggest flows losers of the period.

MINT stunned investors last week after the fund tumbled nearly 5% from its highs. Such a move was unexpected for a fund that seeks to be a money market alternative. 

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
LQD iShares iBoxx USD Investment Grade Corporate Bond ETF 5,215.13 34,519.54 15.11%
QQQ Invesco QQQ Trust 2,591.71 81,439.18 3.18%
GLD SPDR Gold Trust 1,588.11 49,205.58 3.23%
BIL SPDR Bloomberg Barclays 1-3 Month T-Bill ETF 1,479.61 18,048.81 8.20%
VOO Vanguard S&P 500 ETF 1,415.29 112,895.51 1.25%
SHY iShares 1-3 Year Treasury Bond ETF 1,348.40 24,399.40 5.53%
JNK SPDR Bloomberg Barclays High Yield Bond ETF 1,086.89 6,687.37 16.25%
HYG iShares iBoxx USD High Yield Corporate Bond ETF 1,063.17 14,369.70 7.40%
XLF Financial Select Sector SPDR Fund 877.17 14,959.29 5.86%
IVW iShares S&P 500 Growth ETF 803.92 20,581.73 3.91%

 

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
IVV iShares Core S&P 500 ETF -3,517.57 154,382.91 -2.28%
AGG iShares Core U.S. Aggregate Bond ETF -2,529.03 66,947.57 -3.78%
MINT PIMCO Enhanced Short Maturity Active ETF -1,198.47 11,850.83 -10.11%
JPST JPMorgan Ultra-Short Income ETF -993.25 9,328.88 -10.65%
BBEU JPMorgan BetaBuilders Europe ETF -902.51 2,007.57 -44.96%
VXX iPath Series B S&P 500 VIX Short Term Futures ETN -841.64 1,136.27 -74.07%
BIV Vanguard Intermediate-Term Bond ETF -794.00 11,717.69 -6.78%
VWO Vanguard FTSE Emerging Markets ETF -731.51 49,260.09 -1.49%
VNQ Vanguard Real Estate ETF -704.57 25,286.60 -2.79%
SPY SPDR S&P 500 ETF Trust -702.26 229,924.06 -0.31%

 

ETF Weekly Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity -261.71 1,912,337.92 -0.01%
International Equity -2,556.91 663,647.67 -0.39%
U.S. Fixed Income -2,676.19 752,649.73 -0.36%
International Fixed Income -1,672.92 80,261.64 -2.08%
Commodities ETFs 2,670.47 88,450.59 3.02%
Currency 371.43 1,880.46 19.75%
Leveraged 1,075.03 26,533.24 4.05%
Inverse 1,423.83 15,957.75 8.92%
Asset Allocation -177.01 8,196.77 -2.16%
Alternatives -975.07 4,698.16 -20.75%
Total: -2,779.05 3,554,613.93 -0.08%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 37,530.40 1,912,337.92 1.96%
International Equity 1,677.52 663,647.67 0.25%
U.S. Fixed Income 13,020.17 752,649.73 1.73%
International Fixed Income -1,773.94 80,261.64 -2.21%
Commodities ETFs 7,886.59 88,450.59 8.92%
Currency 570.36 1,880.46 30.33%
Leveraged 7,533.29 26,533.24 28.39%
Inverse 1,779.27 15,957.75 11.15%
Asset Allocation -65.07 8,196.77 -0.79%
Alternatives -1,386.73 4,698.16 -29.52%
Total: 66,771.86 3,554,613.93 1.88%

 

Top 10 Volume Surprises, Funds >$50 mm AUM

Ticker Name Average Volume
(30 Day)
1 Week Average
Volume
% of Average
TIPX SPDR Bloomberg Barclays 1-10 Year TIPS ETF 142,546 676,900 474.87%
ARCM Arrow Reserve Capital Management ETF 3,652 7,568 207.20%
DIVC C-Tracks ETN - Miller/Howard Strategic Dividend Reinvestor 103 281 272.76%
PBJ Invesco Dynamic Food & Beverage ETF 26,096 65,491 250.96%
GIGB Goldman Sachs Access Investment Grade Corporate Bond ETF 148,834 571,129 383.74%
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 14,174 32,223 227.34%
HTAB Hartford Schroders Tax-Aware Bond ETF 3,536 10,988 310.72%
SPIP SPDR Portfolio TIPS ETF 936,311 2,637,395 281.68%
PTH Invesco DWA Healthcare Momentum ETF 36,368 117,800 323.91%
GQRE FlexShares Global Quality Real Estate Index Fund 48,073 169,955 353.53%

 

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

Ticker Name Weekly Performance Weekly Volume AUM ($, mm)
PALL Aberdeen Standard Physical Palladium Shares ETF 43.84% 242,165 269.23
GDXJ VanEck Vectors Junior Gold Miners ETF 35.73% 156,605,334 4,015.32
SGDJ Sprott Junior Gold Miners ETF 33.59% 369,001 39.99
SILJ ETFMG Prime Junior Silver Miners ETF 31.85% 2,995,133 109.53
GOEX Global X Gold Explorers ETF 31.02% 176,140 33.51
JETS US Global Jets ETF 30.66% 13,344,944 285.12
GDX VanEck Vectors Gold Miners ETF 28.03% 358,886,210 11,166.57
GOAU U.S. Global GO Gold and Precious Metal Miners ETF 27.83% 468,749 50.11
RING iShares MSCI Global Gold Miners ETF 27.22% 1,582,065 318.75
SLVP iShares MSCI Global Silver Miners ETF 25.40% 561,863 79.96

 

Top 10 YTD Performers

Ticker Name YTD Performance Weekly Performance AUM ($, mm)
VIIX VelocityShares Daily Long VIX Short-Term ETN 206.17% -17.13% 64.08
VIXY ProShares VIX Short-Term Futures ETF 205.31% -16.83% 238.79
VXX iPath Series B S&P 500 VIX Short Term Futures ETN 201.72% -15.94% 1,136.27
XVZ iPath S&P 500 Dynamic VIX ETN 87.35% -15.69% 4.96
VXZ iPath Series B S&P 500 VIX Mid-Term Futures ETN 74.23% -10.14% 48.58
VIXM ProShares VIX Mid-Term Futures ETF 73.23% -9.91% 36.68
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index ETF 29.69% 5.52% 350.71
EDV Vanguard Extended Duration Treasury ETF 27.53% 5.80% 1,439.50
TAIL Cambria Tail Risk ETF 21.58% -2.50% 116.58
PALL Aberdeen Standard Physical Palladium Shares ETF 21.14% 43.84% 269.23

 

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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