Volatile Oil ETF Drives Weekly Inflows

April 24, 2020

About $7.1 billion flowed into U.S.-listed exchange-traded products this week as financial markets remained relatively stable. The S&P 500 consolidated around the 2,800 level as investors digested the endless stream of coronavirus-related health and economic news. 

The stability was welcomed by investors who endured one of the most tumultuous periods in market history last month. As of this writing, the S&P 500 was up about 26% from its lows. At the same time, Treasury bond yields remained mired near their all-time lows amid consistent Fed purchases, lending support to bond ETFs (bond yields and prices move inversely).

The bulk of this week's inflows went into U.S. fixed income products, which picked up $5.3 billion of fresh cash. U.S. equity ETFs registered modest net outflows of $879 million, while international equity ETFs had net outflows of $3.1 billion.

Year-to-date inflows for all U.S.-listed ETFs now stand at $116 billion, compared to $76.1 billion at this same time last year.

USO & GLD In Vogue 

In terms of individual ETFs, two commodity ETFs headlined the top inflows list. The United States Oil Fund (USO) saw a flurry of bargain buying from retail investors, fueling weekly inflows of $2.2 billion. Those inflows may have been even higher were it not for the issuer suspending creations on Tuesday. Prices for USO are down a whopping 80% so far this year.

At the same time, the SPDR Gold Trust (GLD) picked up $1.1 billion of fresh cash. Gold prices were last trading near seven-year highs at $1,725/oz.

The iShares iBoxx USD High Yield Corporate Bond ETF (HYG) also made the top three, with weekly inflows of $893 million. Junk bond prices dipped during the week as oil prices collapsed, but HYG remains well above its lows set in March.

Finally, on the outflows side, the iShares Core MSCI Emerging Markets ETF (IEMG), the iShares MSCI EAFE ETF (EFA) and the Vanguard FTSE Emerging Markets ETF (VWO) were among the international equity ETFs to fall out of favor with investors this week.

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
USO United States Oil Fund LP 2,215.51 3,431.43 64.57%
GLD SPDR Gold Trust 1,126.35 57,317.98 1.97%
HYG iShares iBoxx USD High Yield Corporate Bond ETF 893.28 18,011.12 4.96%
QQQ Invesco QQQ Trust 879.13 95,019.75 0.93%
UCO ProShares Ultra Bloomberg Crude Oil 815.02 722.90 112.74%
XLV Health Care Select Sector SPDR Fund 640.71 23,834.92 2.69%
RSP Invesco S&P 500 Equal Weight ETF 628.54 11,194.35 5.61%
TLT iShares 20+ Year Treasury Bond ETF 593.16 18,222.53 3.26%
VCSH Vanguard Short-Term Corporate Bond ETF 579.12 24,075.66 2.41%
SHV iShares Short Treasury Bond ETF 532.29 24,997.67 2.13%

 

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
SPY SPDR S&P 500 ETF Trust -1,934.76 254,470.67 -0.76%
IEMG iShares Core MSCI Emerging Markets ETF -1,929.97 45,225.85 -4.27%
IWM iShares Russell 2000 ETF -1,265.38 31,593.13 -4.01%
IVV iShares Core S&P 500 ETF -1,099.18 176,329.61 -0.62%
DIA SPDR Dow Jones Industrial Average ETF Trust -800.78 18,873.08 -4.24%
EFA iShares MSCI EAFE ETF -728.43 45,125.17 -1.61%
FLOT iShares Floating Rate Bond ETF -593.16 7,139.92 -8.31%
VWO Vanguard FTSE Emerging Markets ETF -494.25 51,108.54 -0.97%
XLF Financial Select Sector SPDR Fund -470.69 15,697.56 -3.00%
IEFA iShares Core MSCI EAFE ETF -456.25 59,355.17 -0.77%

 

ETF Weekly Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity -878.69 2,170,350.07 -0.04%
International Equity -3,134.10 700,747.90 -0.45%
U.S. Fixed Income 5,272.45 795,640.88 0.66%
International Fixed Income -56.77 83,263.32 -0.07%
Commodities ETFs 4,355.86 103,241.94 4.22%
Currency -34.64 2,226.09 -1.56%
Leveraged 1,038.68 31,946.95 3.25%
Inverse 491.56 18,139.95 2.71%
Asset Allocation 32.36 8,761.09 0.37%
Alternatives 19.79 4,497.76 0.44%
Total: 7,106.51 3,918,815.94 0.18%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 57,056.79 2,170,350.07 2.63%
International Equity -6,302.97 700,747.90 -0.90%
U.S. Fixed Income 28,305.07 795,640.88 3.56%
International Fixed Income -1,107.91 83,263.32 -1.33%
Commodities ETFs 21,141.68 103,241.94 20.48%
Currency 912.41 2,226.09 40.99%
Leveraged 8,350.45 31,946.95 26.14%
Inverse 9,218.58 18,139.95 50.82%
Asset Allocation -30.27 8,761.09 -0.35%
Alternatives -1,562.73 4,497.76 -34.74%
Total: 115,981.09 3,918,815.94 2.96%

 

Top 10 Volume Surprises, Funds >$50 mm AUM

Ticker Name Average Volume
(30 Day)
1 Week Average
Volume
% of Average
USL United States 12 Month Oil Fund LP 636,492 2,980,985 468.35%
DGL Invesco DB Gold Fund 44,015 79,831 181.37%
WPS iShares International Developed Property ETF 31,809 66,108 207.83%
DALT Anfield Capital Diversified Alternatives ETF 220,869 483,429 218.88%
OMFL Invesco Russell 1000 Dynamic Multifactor ETF 164,832 330,278 200.37%
AFIF Anfield Universal Fixed Income ETF 268,991 704,780 262.01%
UCO ProShares Ultra Bloomberg Crude Oil 3,535,658 11,044,727 312.38%
DBAW Xtrackers MSCI All World ex U.S. Hedged Equity ETF 37,926 51,685 136.28%
PPH VanEck Vectors Pharmaceutical ETF 77,646 152,549 196.47%
OIL iPath Series B S&P GSCI Crude Oil ETN 14,276,344 66,171,442 463.50%

 

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

Ticker Name Weekly Performance Weekly Volume AUM ($, mm)
ZMLP Direxion Zacks MLP High Income Index Shares 731.51% 441,749 33.24
VIIX VelocityShares Daily Long VIX Short-Term ETN 13.32% 122,728 68.57
VXX iPath Series B S&P 500 VIX Short Term Futures ETN 13.16% 75,672,449 813.37
VIXY ProShares VIX Short-Term Futures ETF 13.03% 11,159,871 193.65
GOEX Global X Gold Explorers ETF 10.14% 38,547 38.61
GDXJ VanEck Vectors Junior Gold Miners ETF 10.06% 54,161,685 4,378.11
SGDM Sprott Gold Miners ETF 9.25% 271,392 205.28
FCG First Trust Natural Gas ETF 9.11% 10,958,641 74.10
GOAU U.S. Global GO Gold and Precious Metal Miners ETF 9.06% 411,538 61.61
GDX VanEck Vectors Gold Miners ETF 8.58% 114,303,836 12,893.81

 

Top 10 YTD Performers

Ticker Name YTD Performance Weekly Performance AUM ($, mm)
ZMLP Direxion Zacks MLP High Income Index Shares 333.17% 731.51% 33.24
VIXY ProShares VIX Short-Term Futures ETF 191.55% 13.03% 193.65
VXX iPath Series B S&P 500 VIX Short Term Futures ETN 191.40% 13.16% 813.37
VIIX VelocityShares Daily Long VIX Short-Term ETN 190.93% 13.32% 68.57
XVZ iPath S&P 500 Dynamic VIX ETN 105.97% 7.30% 4.95
VIXM ProShares VIX Mid-Term Futures ETF 98.40% 8.25% 67.06
VXZ iPath Series B S&P 500 VIX Mid-Term Futures ETN 97.14% 8.43% 30.36
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index ETF 39.40% 1.81% 333.37
EDV Vanguard Extended Duration Treasury ETF 35.81% 1.94% 1,582.68
CLIX ProShares Long Online/Short Stores ETF 33.92% 4.59% 119.89

 

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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