ETFs Register Rare Weekly Outflow

September 25, 2020

ETFs registered a rare net outflow this week as U.S. stocks neared correction territory. According to the latest data from FactSet, investors pulled $28.1 billion from U.S.-listed ETFs during the week ending Thursday, Sept. 24, bringing year-to-date inflows down to $304.4 billion (year-to-date inflows were $196.9 billion at this same time a year ago).

Some of this week's chunky outflow may be related to tax-related heartbeat trades from last week. But that doesn't explain all of it. The SPDR S&P 500 ETF Trust (SPY) faced outflows of $7.8 billion this week as the fund's underlying index briefly fell more than 10% below its all-time highs on Thursday. A decline of more than 10% for the index is considered a correction by many on Wall Street.

U.S. equity ETFs were responsible for the bulk of this week's outflows; $27.6 billion came out of the segment. But U.S. fixed income ETFs had outflows as well. 

The iShares iBoxx USD High Yield Corporate Bond ETF (HYG) made up the majority of those outflows. It had redemptions of $3.3 billion during the week as prices for the fund dropped to their lowest level since mid-July.

Bargain Hunting 

On the other side of the spectrum, the Invesco QQQ Trust (QQQ) headlined the weekly inflows list this week, despite a continued sell-off in technology names.

At the same time, the SPDR Gold Trust (GLD) added $1.3 billion in fresh assets, bringing its year-to-date inflows haul to $20.8 billion. Investors may have been using the recent slide in gold prices to go bargain hunting. Gold was last trading around $1,865/oz after peaking at $2,075 back in August.

For a full list of this week's top ETF inflows and outflows, see the tables below:

 

Top 10 Creations (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
QQQ Invesco QQQ Trust 1,425.40 125,291.84 1.14%
GLD SPDR Gold Trust 1,274.71 76,301.95 1.67%
TLT iShares 20+ Year Treasury Bond ETF 854.33 18,230.10 4.69%
AGG iShares Core U.S. Aggregate Bond ETF 473.08 80,618.10 0.59%
MTUM iShares MSCI USA Momentum Factor ETF 367.07 11,449.35 3.21%
BND Vanguard Total Bond Market ETF 353.52 62,446.05 0.57%
XLY Consumer Discretionary Select Sector SPDR Fund 337.60 15,459.44 2.18%
UUP Invesco DB U.S. Dollar Index Bullish Fund 305.20 739.67 41.26%
VXUS Vanguard Total International Stock ETF 234.87 25,662.11 0.92%
VCSH Vanguard Short-Term Corporate Bond ETF 215.53 32,505.43 0.66%

 

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
SPY SPDR S&P 500 ETF Trust -7,793.63 280,772.81 -2.78%
HYG iShares iBoxx USD High Yield Corporate Bond ETF -3,273.66 26,555.34 -12.33%
IWM iShares Russell 2000 ETF -2,129.03 35,993.79 -5.91%
SCHG Schwab U.S. Large-Cap Growth ETF -1,542.09 11,542.56 -13.36%
XLK Technology Select Sector SPDR Fund -1,460.84 32,398.20 -4.51%
VO Vanguard Mid-Cap ETF -1,346.99 33,187.55 -4.06%
VXF Vanguard Extended Market ETF -1,321.86 9,587.37 -13.79%
VUG Vanguard Growth ETF -1,275.86 57,966.46 -2.20%
VB Vanguard Small-Cap ETF -1,166.96 27,571.37 -4.23%
JNK SPDR Bloomberg Barclays High Yield Bond ETF -977.15 11,890.61 -8.22%

 

ETF Weekly Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity -27,558.00 2,531,379.02 -1.09%
International Equity 396.67 847,522.55 0.05%
U.S. Fixed Income -2,496.32 919,363.45 -0.27%
International Fixed Income 64.11 109,022.05 0.06%
Commodities 1,088.05 145,183.12 0.75%
Currency 311.60 2,220.34 14.03%
Leveraged 423.17 34,289.97 1.23%
Inverse -249.70 15,285.44 -1.63%
Asset Allocation -29.11 10,735.25 -0.27%
Alternatives -14.18 5,145.56 -0.28%
Total: -28,063.70 4,620,146.76 -0.61%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 76,304.15 2,531,379.02 3.01%
International Equity 12,596.86 847,522.55 1.49%
U.S. Fixed Income 138,644.77 919,363.45 15.08%
International Fixed Income 13,284.68 109,022.05 12.19%
Commodities 45,437.15 145,183.12 31.30%
Currency 902.57 2,220.34 40.65%
Leveraged 3,396.19 34,289.97 9.90%
Inverse 13,128.29 15,285.44 85.89%
Asset Allocation 994.28 10,735.25 9.26%
Alternatives -257.79 5,145.56 -5.01%
Total: 304,431.13 4,620,146.76 6.59%

 

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 9.56% 123,535,507 1,059.31
VIXY ProShares VIX Short-Term Futures ETF 9.56% 20,432,087 293.78
BDRY Breakwave Dry Bulk Shipping ETF 7.13% 194,622 31.80
GAZ iPath Series B Bloomberg Natural Gas Subindex Total Return ETN 6.33% 16,496 4.36
UNG United States Natural Gas Fund LP 6.16% 23,039,658 356.31
GSCE GS Connect S&P GSCI Enhanced Commodity TR Strategy Index ETN 6.14% 25,259 356.31
MOM AGFiQ U.S. Market Neutral Momentum Fund 5.37% 123,219 6.21
VIXM ProShares VIX Mid-Term Futures ETF 4.50% 279,991 105.66
VXZ iPath Series B S&P 500 VIX Mid-Term Futures ETN 4.27% 87,865 32.35
BTAL AGFiQ U.S. Market Neutral Anti-Beta Fund 3.22% 528,136 227.93

 

Top 10 YTD Performers

Ticker Name YTD Performance Weekly Performance AUM ($, mm)
XVZ iPath S&P 500 Dynamic VIX ETN 116.35% 0.50% 10.26
VIXM ProShares VIX Mid-Term Futures ETF 100.75% 4.50% 105.66
VXZ iPath Series B S&P 500 VIX Mid-Term Futures ETN 100.06% 4.27% 32.35
TAN Invesco Solar ETF 82.76% 1.94% 1,281.19
ARKG ARK Genomic Revolution ETF 79.21% -4.77% 2,127.87
ARKW ARK Next Generation Internet ETF 79.09% 0.00% 2,331.87
VXX iPath Series B S&P 500 VIX Short Term Futures ETN 76.59% 9.56% 1,059.31
VIXY ProShares VIX Short-Term Futures ETF 76.11% 9.56% 293.78
ARKK ARK Innovation ETF 75.72% -2.15% 8,334.56
CLIX ProShares Long Online/Short Stores ETF 69.28% 2.42% 229.66

 

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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