Modest ETF Inflows As Fed Starts Buying

May 15, 2020

Relatively stable financial markets led to relatively stable ETF flows this week. On net, $3.2 billion flowed into U.S.-listed ETFs during the week ending Thursday, May 14. Year-to-date inflows now stand at $119 billion, ahead of the $67.2 billion seen at this same time last year. 

Fed Starts Buying 

U.S. fixed income ETFs gathered the largest chunk of this week's inflows, $3.9 billion, as the Federal Reserve began buying ETFs under its Secondary Market Corporate Credit Facility. Based on the latest snapshot of the central bank's balance sheet, the Fed purchased $305 million of corporate bond ETFs so far, though it's currently unknown exactly which funds those are. 

Funds that may be targeted by the Fed for purchase, such as the iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD) and the iShares iBoxx USD High Yield Corporate Bond ETF (HYG), had net outflows since the Fed began buying on Tuesday, so they don't appear on this week's top inflows list.

Rather, the list includes the SPDR S&P 500 ETF Trust (SPY), the SPDR Gold Trust (GLD) and the Health Care Select Sector SPDR Fund (XLV) at the top positions.

GLD's inflows pushed its year-to-date haul to $11.3 billion and total assets under management to more than $60 billion.

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
SPY SPDR S&P 500 ETF Trust 1,858.52 252,392.65 0.74%
GLD SPDR Gold Trust 1,282.97 60,670.33 2.11%
XLV Health Care Select Sector SPDR Fund 914.85 25,746.49 3.55%
VGT Vanguard Information Technology ETF 857.22 27,722.24 3.09%
AGG iShares Core U.S. Aggregate Bond ETF 675.24 72,065.00 0.94%
XLC Communication Services Select Sector SPDR Fund 648.88 8,366.18 7.76%
BND Vanguard Total Bond Market ETF 573.80 52,059.53 1.10%
XLK Technology Select Sector SPDR Fund 485.12 27,974.93 1.73%
SKYY First Trust Cloud Computing ETF 396.74 3,557.01 11.15%
QQQ Invesco QQQ Trust 386.17 100,575.76 0.38%

 

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
IWM iShares Russell 2000 ETF -1,465.30 30,677.06 -4.78%
IVV iShares Core S&P 500 ETF -1,021.08 175,285.19 -0.58%
XLF Financial Select Sector SPDR Fund -780.59 15,097.44 -5.17%
FDN First Trust Dow Jones Internet Index Fund -695.13 7,882.24 -8.82%
VOO Vanguard S&P 500 ETF -475.72 127,992.51 -0.37%
FIHD UBS AG FI Enhanced Global High Yield ETN -459.51 790.06 -58.16%
EFA iShares MSCI EAFE ETF -441.64 43,391.46 -1.02%
XLU Utilities Select Sector SPDR Fund -426.70 11,130.02 -3.83%
XLI Industrial Select Sector SPDR Fund -422.62 6,527.07 -6.47%
IWD iShares Russell 1000 Value ETF -378.53 31,341.48 -1.21%

 

ETF Weekly Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity -836.01 2,182,632.67 -0.04%
International Equity -2,051.90 707,532.42 -0.29%
U.S. Fixed Income 3,882.12 809,832.39 0.48%
International Fixed Income 555.89 85,823.63 0.65%
Commodities ETFs 1,660.22 108,598.95 1.53%
Currency -116.17 2,179.26 -5.33%
Leveraged -204.07 31,599.03 -0.65%
Inverse 199.60 19,199.78 1.04%
Asset Allocation 4.39 8,800.18 0.05%
Alternatives 108.35 4,433.76 2.44%
Total: 3,202.42 3,960,632.06 0.08%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 48,728.86 2,182,632.67 2.23%
International Equity -16,695.27 707,532.42 -2.36%
U.S. Fixed Income 43,668.46 809,832.39 5.39%
International Fixed Income 198.73 85,823.63 0.23%
Commodities ETFs 25,610.85 108,598.95 23.58%
Currency 865.10 2,179.26 39.70%
Leveraged 7,382.92 31,599.03 23.36%
Inverse 10,765.70 19,199.78 56.07%
Asset Allocation -31.39 8,800.18 -0.36%
Alternatives -1,541.14 4,433.76 -34.76%
Total: 118,952.81 3,960,632.06 3.00%

 

Top 10 Volume Surprises, Funds >$50 mm AUM

Ticker Name Average Volume
(30 Day)
1 Week Average
Volume
% of Average
BBIN JPMorgan BetaBuilders International Equity ETF 46,769 130,615 279.28%
USSG Xtrackers MSCI U.S.A. ESG Leaders Equity ETF 201,876 1,275,895 632.02%
KORP American Century Diversified Corporate Bond ETF 6,090 12,174 199.90%
VSMV VictoryShares U.S. Multi-Factor Minimum Volatility ETF 14,173 29,255 206.41%
TIPZ PIMCO Broad US TIPS Index ETF 8,573 18,326 213.75%
USRT iShares Core U.S. REIT ETF 354,814 628,373 177.10%
EFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF 8,020 34,624 431.73%
FNGO MicroSectors FANG+ Index 2X Leveraged ETN 6,433 12,330 191.68%
VSGX Vanguard ESG International Stock ETF 158,487 246,992 155.84%
TDTT FlexShares iBoxx 3 Year Target Duration TIPS Index Fund 157,909 511,803 324.11%

 

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

Ticker Name Weekly Performance Weekly Volume AUM ($, mm)
VXX iPath Series B S&P 500 VIX Short Term Futures ETN 13.45% 98,186,476 713.26
VIIX VelocityShares Daily Long VIX Short-Term ETN 13.28% 108,463 61.56
VIXY ProShares VIX Short-Term Futures ETF 13.05% 13,516,036 184.36
INPTF iPath MSCI India Index ETN 8.25% 7,089 59.00
MLPC C-Tracks Miller/Howard MLP Fundamental ETN 7.31% 1,077 46.69
VIXM ProShares VIX Mid-Term Futures ETF 7.14% 199,486 64.24
VXZ iPath Series B S&P 500 VIX Mid-Term Futures ETN 6.92% 113,043 28.78
SGGFF iPath Bloomberg Sugar Subindex Total Return ETN 4.73% 1,293 10.53
PTH Invesco DWA Healthcare Momentum ETF 4.17% 287,975 329.58
MOM AGFiQ U.S. Market Neutral Momentum Fund 3.88% 28,952 4.44

 

Top 10 YTD Performers

Ticker Name YTD Performance Weekly Performance AUM ($, mm)
VIXY ProShares VIX Short-Term Futures ETF 148.59% 13.05% 184.36
VIIX VelocityShares Daily Long VIX Short-Term ETN 148.14% 13.28% 61.56
VXX iPath Series B S&P 500 VIX Short Term Futures ETN 147.82% 13.45% 713.26
XVZ iPath S&P 500 Dynamic VIX ETN 96.36% -0.02% 4.82
VIXM ProShares VIX Mid-Term Futures ETF 92.39% 7.14% 64.24
VXZ iPath Series B S&P 500 VIX Mid-Term Futures ETN 91.52% 6.92% 28.78
GRNTF iPath Global Carbon ETN 74.64% -3.00% 4.25
CLIX ProShares Long Online/Short Stores ETF 43.89% 3.81% 182.09
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index ETF 34.42% 1.30% 381.62
MOM AGFiQ U.S. Market Neutral Momentum Fund 32.25% 3.88% 4.44

 

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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