Monster Month For New ETF Assets

November 27, 2020

With the end of November just a few days away, it is safe to say this month is approaching one of the biggest months ever for new assets flowing into U.S.-listed ETFs.

For the week ending Thursday, Nov. 26, more than $17 billion of ETF inflows registered, taking the month’s total to more than $80 billion, with $90 billion a realistic possibility. And for the year, the total now tops $430 billion, well within striking distance of 2017’s annual record of $475 billion.

Despite the tumultuous past weeks that included market volatility, the election of Joe Biden as president, a worldwide spike in COVID-19 cases while at the same time announcements that vaccines are now weeks away, investors continue to invest heavily in U.S. equities, with $7.8 billion of new inflows, led by the Vanguard Total Stock Market ETF (VTI) seeing the highest demand, with $1.1 billion of new investor funds.  

Ironically or not, SPDR S&P 500 ETF Trust (SPY) led outflows, with $2.7 billion. The $323 billion fund typically is used more and more as a trading tool in volatile markets because of its high liquidity, and this may be an example of that. No other large broad-based equity fund landed on the top outflows list.

For most of the year, demand for U.S. fixed income ETFs has outpaced U.S. equities by close to a 2-1 margin. However, over the last few weeks as bond yields have risen, and price fell, investors have been favoring U.S. equities more. Year-to-date, U.S. fixed income ETFs has attracted  more than $170 billion in new assets, compared to $142 billion for U.S. equities.

Fixed Income A Mixed Bag

U.S. fixed income ETFs were represented in the top inflows, with iShares Core U.S. Aggregate Bond ETF (AGG) seeing more than $1 billion, the iShares 1-5 Year Investment Grade Corporate Bond ETF (IGSB) adding $800 million and iShares Boxx USD Investment Grade Corporate Bond ETF (LQD) getting $738 million.

On the outflows side of the coin, iShares 7-10 Year Treasury Bond ETF (IEF) had $1.9 billion in assets exit, along with iShares Short Treasury Bond ETF (SHV) and iShares 20+ Year Treasury Bond ETF (TLT) seeing $487 million and $334 million, respectively.

Gold & Silver Selloff

Commodities was the lone asset class to register a net outflow, with the bulk of the $1.95 billion out lows coming from SPDR Gold Trust (GLD) and iShares Silver Trust (SLV) with $1.4 billion and $478 million, respectively. Gold and silver prices have been falling in the face of rising bond rates.

For a 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
VTI Vanguard Total Stock Market ETF 1,125.71 189,219.55 0.59%
AGG iShares Core U.S. Aggregate Bond ETF 1,003.64 82,974.73 1.21%
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF 799.61 21,624.03 3.70%
LQD iShares iBoxx USD Investment Grade Corporate Bond ETF 738.72 58,013.18 1.27%
XLF Financial Select Sector SPDR Fund 736.43 22,585.33 3.26%
QQQ Invesco QQQ Trust 726.67 141,389.43 0.51%
EWJ iShares MSCI Japan ETF 723.15 12,626.38 5.73%
IWM iShares Russell 2000 ETF 710.98 51,310.32 1.39%
VXUS Vanguard Total International Stock ETF 652.08 34,859.18 1.87%
VOO Vanguard S&P 500 ETF 625.56 177,529.83 0.35%

 

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
SPY SPDR S&P 500 ETF Trust -2,780.10 323,767.53 -0.86%
IEF iShares 7-10 Year Treasury Bond ETF -1,902.85 16,317.21 -11.66%
GLD SPDR Gold Trust -1,435.01 69,109.08 -2.08%
SPYG SPDR Portfolio S&P 500 Growth ETF -570.35 9,200.56 -6.20%
USMV iShares MSCI USA Min Vol Factor ETF -551.87 33,819.91 -1.63%
SHV iShares Short Treasury Bond ETF -487.00 18,993.15 -2.56%
SLV iShares Silver Trust -477.90 12,623.04 -3.79%
TLT iShares 20+ Year Treasury Bond ETF -334.96 18,046.40 -1.86%
IBB iShares NASDAQ Biotechnology ETF -297.78 9,168.73 -3.25%
XLK Technology Select Sector SPDR Fund -229.24 36,240.56 -0.63%

 

ETF Weekly Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 7,787.44 2,973,565.55 0.26%
International Equity 6,179.07 980,759.91 0.63%
U.S. Fixed Income 3,812.00 955,144.36 0.40%
International Fixed Income 847.21 118,094.17 0.72%
Commodities -1,947.23 137,134.70 -1.42%
Currency 5.57 1,834.33 0.30%
Leveraged 234.03 40,930.51 0.57%
Inverse 178.07 12,008.09 1.48%
Asset Allocation 78.74 12,848.44 0.61%
Alternatives 137.15 5,202.28 2.64%
Total: 17,312.05 5,237,522.35 0.33%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 142,054.78 2,973,565.55 4.78%
International Equity 38,897.10 980,759.91 3.97%
U.S. Fixed Income 170,229.65 955,144.36 17.82%
International Fixed Income 20,629.92 118,094.17 17.47%
Commodities 40,974.51 137,134.70 29.88%
Currency 486.69 1,834.33 26.53%
Leveraged 1,161.02 40,930.51 2.84%
Inverse 13,336.49 12,008.09 111.06%
Asset Allocation 2,627.34 12,848.44 20.45%
Alternatives 211.56 5,202.28 4.07%
Total: 430,609.06 5,237,522.35 8.22%

 

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

Ticker Name Weekly Performance Weekly Volume AUM ($, mm)
PSM Principal U.S. Small-MidCap Multi-Factor ETF 22.25% 1,100 11.47
XES SPDR S&P Oil & Gas Equipment & Services ETF 14.76% 549,636 119.31
FRAK VanEck Vectors Unconventional Oil & Gas ETF 14.17% 10,120 11.34
PXJ Invesco Dynamic Oil & Gas Services ETF 13.95% 334,340 8.50
OIH VanEck Vectors Oil Services ETF 13.80% 2,357,224 664.75
XOP SPDR S&P Oil & Gas Exploration & Production ETF 13.41% 36,443,066 2,378.21
FCG First Trust Natural Gas ETF 13.40% 4,070,046 115.17
RYE Invesco S&P 500 Equal Weight Energy ETF 13.26% 286,438 60.86
PXI Invesco DWA Energy Momentum ETF 13.05% 49,669 19.26
IEZ iShares U.S. Oil Equipment & Services ETF 12.92% 988,069 66.63

 

Top 10 YTD Performers

Ticker Name YTD Performance Weekly Performance AUM ($, mm)
PBW Invesco WilderHill Clean Energy ETF 171.03% 10.78% 1,641.27
TAN Invesco Solar ETF 169.58% 8.95% 2,508.55
QCLN First Trust NASDAQ Clean Edge Green Energy Index Fund 156.47% 8.79% 1,490.25
ARKW ARK Next Generation Internet ETF 124.36% 4.09% 3,902.66
ARKG ARK Genomic Revolution ETF 122.91% -0.49% 3,658.81
KGRN KraneShares MSCI China Environment Index ETF 119.52% 6.68% 46.43
ARKK ARK Innovation ETF 112.07% 2.79% 12,255.69
ACES ALPS Clean Energy ETF 108.92% 7.64% 602.73
CNRG SPDR S&P Kensho Clean Power ETF 107.93% 8.75% 143.18
PBD Invesco Global Clean Energy ETF 107.45% 6.80% 186.00

 

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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