Fixed Income ETF Inflows Offset Equity Outflows

June 26, 2020

Stocks swung lower this week, but ETFs still managed to eke out net inflows for the period thanks to solid demand for fixed income funds. According to FactSet, about $3.7 billion flowed into U.S.-listed ETFs during the week ending Thursday, June 25, pushing year-to-date inflows up to $202.4 billion, ahead of the $132.9 billion seen at this same time a year ago.

About $6.9 billion headed for U.S. fixed income ETFs and $2.4 billion went into commodity ETFs, offsetting the $5.8 billion that investors pulled from U.S. equity ETFs.

Spiking coronavirus cases across the U.S. triggered demand for relatively safe assets like bonds and gold. The Vanguard Intermediate-Term Corporate Bond ETF (VCIT) and the SPDR Gold Trust (GLD) had weekly inflows of around $2.2 billion each. 

Demand for gold ETFs in 2020 has been impressive. Prices for the precious metal popped to a seven-year high above $1,770/oz this week as GLD's year-to-date inflows hit $15.3 billion.

Equity ETF Outflows 

On the flip side, U.S. equity ETFs struggled as investors weighed rising coronavirus concerns against expectations of virus treatments and vaccines in the months ahead. The Vanguard S&P 500 ETF (VOO) and the iShares Russell Mid-Cap Growth ETF (IWP) managed to pick up solid inflows during the week.

But those were more than offset by outflows from the Schwab U.S. Dividend Equity ETF (SCHD), the Vanguard Small-Cap ETF (VB), the Technology Select Sector SPDR Fund (XLK) and others. 

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
VOO Vanguard S&P 500 ETF 3,314.41 145,763.19 2.27%
IWP iShares Russell Mid-Cap Growth ETF 2,549.66 14,439.04 17.66%
VCIT Vanguard Intermediate-Term Corporate Bond ETF 2,251.49 35,468.85 6.35%
GLD SPDR Gold Trust 2,183.12 66,722.35 3.27%
SPY SPDR S&P 500 ETF Trust 2,050.68 270,087.73 0.76%
SCHP Schwab U.S. TIPS ETF 1,607.62 9,827.66 16.36%
IWR iShares Russell Mid-Cap ETF 1,503.98 20,631.22 7.29%
SCHX Schwab U.S. Large-Cap ETF 835.37 19,992.78 4.18%
SCHA Schwab U.S. Small-Cap ETF 759.88 8,772.11 8.66%
VCSH Vanguard Short-Term Corporate Bond ETF 741.25 28,631.42 2.59%

 

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
SCHD Schwab U.S. Dividend Equity ETF -2,304.38 10,871.64 -21.20%
VTI Vanguard Total Stock Market ETF -1,984.08 141,800.77 -1.40%
SCHR Schwab Intermediate-Term U.S. Treasury ETF -1,592.85 3,585.35 -44.43%
VB Vanguard Small-Cap ETF -1,439.45 26,220.27 -5.49%
FNDX Schwab Fundamental U.S. Large Company Index ETF -1,225.95 4,509.27 -27.19%
VO Vanguard Mid-Cap ETF -1,169.46 31,410.49 -3.72%
VUG Vanguard Growth ETF -873.94 55,036.16 -1.59%
SCHH Schwab U.S. REIT ETF -820.95 4,204.40 -19.53%
VBK Vanguard Small-Cap Growth ETF -766.42 10,262.00 -7.47%
XLK Technology Select Sector SPDR Fund -640.53 30,401.02 -2.11%

 

ETF Weekly Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity -5,780.91 2,402,990.65 -0.24%
International Equity -369.62 781,858.11 -0.05%
U.S. Fixed Income 6,932.05 867,042.41 0.80%
International Fixed Income 292.44 92,086.04 0.32%
Commodities ETFs 2,444.23 122,306.62 2.00%
Currency -86.00 1,547.36 -5.56%
Leveraged -300.11 35,707.58 -0.84%
Inverse 453.20 15,520.26 2.92%
Asset Allocation 32.39 9,719.10 0.33%
Alternatives 81.76 4,457.78 1.83%
Total: 3,699.42 4,333,235.91 0.09%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 75,093.70 2,402,990.65 3.13%
International Equity -10,864.98 781,858.11 -1.39%
U.S. Fixed Income 87,408.42 867,042.41 10.08%
International Fixed Income 3,810.02 92,086.04 4.14%
Commodities ETFs 32,415.45 122,306.62 26.50%
Currency 232.59 1,547.36 15.03%
Leveraged 3,974.52 35,707.58 11.13%
Inverse 11,276.01 15,520.26 72.65%
Asset Allocation 377.69 9,719.10 3.89%
Alternatives -1,289.55 4,457.78 -28.93%
Total: 202,433.88 4,333,235.91 4.67%

 

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

Ticker Name Weekly Performance Weekly Volume AUM ($, mm)
GAZZF iPath Bloomberg Natural Gas Subindex Total Return ETN 233.33% 10,256 0.00
PDEV Principal International Multi-Factor Core Index ETF 10.75% 2,232 16.67
JJA-OLD iPath Bloomberg Agriculture Subindex Total Return ETN 10.53% 1,500 16.67
ARKG ARK Genomic Revolution ETF 6.98% 3,601,052 1,283.62
GRNTF iPath Global Carbon ETN 6.83% 1,094 4.87
OILNF iPath S&P GSCI Crude Oil Total Return ETN 6.42% 17,955 21.28
CHIK Global X MSCI China Information Technology ETF 5.94% 33,672 12.06
GOEX Global X Gold Explorers ETF 5.01% 96,726 44.77
NFTY First Trust India NIFTY 50 Equal Weight ETF 4.92% 1,872 2.82
SGDJ Sprott Junior Gold Miners ETF 4.72% 111,008 69.45

 

Top 10 YTD Performers

Ticker Name YTD Performance Weekly Performance AUM ($, mm)
VIIX VelocityShares Daily Long VIX Short-Term ETN 135.67% 0.13% 54.78
VXX iPath Series B S&P 500 VIX Short Term Futures ETN 134.06% -0.46% 760.94
VIXY ProShares VIX Short-Term Futures ETF 132.98% -0.33% 207.17
XVZ iPath S&P 500 Dynamic VIX ETN 98.45% 0.01% 7.81
VIXM ProShares VIX Mid-Term Futures ETF 93.75% 0.28% 58.30
VXZ iPath Series B S&P 500 VIX Mid-Term Futures ETN 92.59% 1.17% 32.14
GRNTF iPath Global Carbon ETN 74.64% 6.83% 4.87
ARKG ARK Genomic Revolution ETF 56.47% 6.98% 1,283.62
WCLD WisdomTree Cloud Computing Fund 52.80% 1.22% 394.28
CLIX ProShares Long Online/Short Stores ETF 51.46% 1.39% 188.16

 

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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