Big Bet On Low Vol ETF 'SPLV'

May 21, 2021

Inflows into ETFs continued to chug along at a steady pace this week as markets consolidated. About $11.6 billion entered U.S.-listed ETFs during the week ending Thursday, May 20, bringing year-to-date inflows up to $369.4 billion. That compares favorably with the $131 billion that flowed into ETFs by this same time a year ago.

This week, U.S. fixed income ETFs took the lead, with creations of $5.3 billion. That was followed by the $3.4 billion and $1.1 billion that went into international equity ETFs and U.S. equity ETFs, respectively.

After an early-week dip in prices, stocks rebounded thanks to a resurgence in the beaten-down high-growth areas of the market. Funds like the ARK Innovation ETF (ARKK) and the Invesco Solar ETF (TAN) bounced notably off their lows of last week as investors scoured for bargains.

That said, those names didn’t make an appearance on the top inflows list of the week. Rather, ETF investors continued to focus their firepower on the cheaper areas of the market that have been working for most of 2021.

The Invesco S&P 500 Low Volatility ETF (SPLV), the Financial Select Sector SPDR Fund (XLF) and the JPMorgan BetaBuilders Europe ETF (BBEU) each made the top 10 weekly inflows list.

SPLV’s inflows in particular were noteworthy, pushing assets in the fund to their highest level since March 2020. Consumer staples and health care—two noncyclical sectors—make up nearly half of SPLV’s low-vol portfolio. 

Outflows For ‘QQQ’

On the other hand, despite the rebound in prices, ETF investors lightened up on some of their “growthier” funds. The tech-heavy Invesco QQQ Trust (QQQ), the SPDR S&P Biotech ETF (XBI) and the iShares Expanded Tech-Software Sector ETF (IGV) each had outflows of more than $250 million during the week.

The SPDR S&P 500 ETF Trust (SPY) finished the week with the largest outflow—$9.3 billion. This is the fourth year in a row in which SPY has seen net outflows.

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
SPLV Invesco S&P 500 Low Volatility ETF 2,094.52 10,036.20 20.87%
IWM iShares Russell 2000 ETF 1,343.55 65,542.81 2.05%
XLF Financial Select Sector SPDR Fund 1,193.86 44,160.53 2.70%
VOO Vanguard S&P 500 ETF 1,037.74 220,035.71 0.47%
VTI Vanguard Total Stock Market ETF 873.15 237,112.07 0.37%
GLD SPDR Gold Trust 760.39 62,955.04 1.21%
IEFA iShares Core MSCI EAFE ETF 723.79 94,507.12 0.77%
BBEU JPMorgan BetaBuilders Europe ETF 704.18 7,144.80 9.86%
JNK SPDR Bloomberg Barclays High Yield Bond ETF 673.70 9,849.34 6.84%
VGK Vanguard FTSE Europe ETF 645.50 18,081.10 3.57%

 

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
SPY SPDR S&P 500 ETF Trust -9,328.37 349,542.88 -2.67%
QQQ Invesco QQQ Trust -1,835.71 153,766.00 -1.19%
XBI SPDR S&P Biotech ETF -673.17 6,586.86 -10.22%
XLU Utilities Select Sector SPDR Fund -509.32 11,674.36 -4.36%
IJH iShares Core S&P Mid-Cap ETF -438.44 63,200.08 -0.69%
SPIB SPDR Portfolio Intermediate Term Corporate Bond ETF -371.57 6,413.38 -5.79%
XOP SPDR S&P Oil & Gas Exploration & Production ETF -326.04 3,750.78 -8.69%
IEF iShares 7-10 Year Treasury Bond ETF -307.94 13,189.34 -2.33%
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF -284.77 12,130.05 -2.35%
IGV iShares Expanded Tech-Software Sector ETF -253.95 4,684.13 -5.42%

 

ETF Weekly Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 1,087.66 3,589,203.03 0.03%
International Equity 3,370.22 1,228,439.60 0.27%
U.S. Fixed Income 5,268.35 1,011,856.00 0.52%
International Fixed Income 773.60 137,210.74 0.56%
Commodities 1,402.94 144,556.66 0.97%
Currency 7.26 1,778.99 0.41%
Leveraged -40.39 55,074.98 -0.07%
Inverse -146.69 11,787.30 -1.24%
Asset Allocation 10.20 15,463.23 0.07%
Alternatives -111.51 6,315.65 -1.77%
Total: 11,621.66 6,201,686.18 0.19%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 171,878.93 3,589,203.03 4.79%
International Equity 110,994.62 1,228,439.60 9.04%
U.S. Fixed Income 64,125.27 1,011,856.00 6.34%
International Fixed Income 16,786.34 137,210.74 12.23%
Commodities -3,275.82 144,556.66 -2.27%
Currency -128.59 1,778.99 -7.23%
Leveraged 3,114.29 55,074.98 5.65%
Inverse 2,854.62 11,787.30 24.22%
Asset Allocation 1,426.97 15,463.23 9.23%
Alternatives 1,607.40 6,315.65 25.45%
Total: 369,384.03 6,201,686.18 5.96%

 

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

Ticker Name Weekly Performance Weekly Volume AUM ($, mm)
VIXY ProShares VIX Short-Term Futures ETF 9.36% 76,014,190 330.36
BDRY Breakwave Dry Bulk Shipping ETF 6.54% 2,773,692 109.60
VXX iPath Series B S&P 500 VIX Short Term Futures ETN 6.22% 123,587,366 1,175.40
SLVP iShares MSCI Global Silver and Metals Miners ETF 5.79% 872,834 345.77
KGRN KraneShares MSCI China Clean Technology Index ETF 5.76% 313,535 129.19
VXZ iPath Series B S&P 500 VIX Mid-Term Futures ETN 5.66% 63,942 40.28
MLPO Credit Suisse S&P MLP Index ETN 5.53% 5,250 23.33
SILJ ETFMG Prime Junior Silver Miners ETF 5.18% 10,320,928 999.66
SPXZ Morgan Creek - Exos SPAC Originated ETF 4.84% 57,804 22.02
VIXM ProShares VIX Mid-Term Futures ETF 4.70% 377,928 96.89

 

Top 10 YTD Performers

Ticker Name YTD Performance Weekly Performance AUM ($, mm)
BDRY Breakwave Dry Bulk Shipping ETF 217.53% 6.54% 109.60
ILCV iShares Morningstar Value ETF 129.49% -1.63% 714.04
JJT iPath Series B Bloomberg Tin Subindex Total Return ETN 61.95% 3.04% 8.45
FCG First Trust Natural Gas ETF 61.57% -0.28% 210.15
PXE Invesco Dynamic Energy Exploration & Production ETF 60.59% 0.37% 67.72
PSCE Invesco S&P SmallCap Energy ETF 58.84% 0.14% 159.59
MLPO Credit Suisse S&P MLP Index ETN 55.30% 5.53% 23.33
URNM North Shore Global Uranium Mining ETF 52.68% 1.16% 318.87
GRN iPath Series B Carbon ETN 51.54% -13.34% 53.26
PXI Invesco DWA Energy Momentum ETF 50.49% -1.78% 163.90

 

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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