On its face, the period between Dec. 10 and Dec. 16 was a bumper week for ETFs, with a net inflow of $78.2 billion despite significant volatility in the week from the Omicron COVID-19 variant and the Fed decision.
Indeed, the vast majority of the net flows came on Thursday, as $37.9 billion in flows were detected during a single trading session. But almost all of that amount is noise caused by the year-end rebalancing of the Nasdaq-100 and indexes from S&P Dow Jones Indices and CRSP.
Those three major index providers have been issuing pro-forma indexes through the first two weeks of December, with effective dates set either for next Monday or Tuesday. ETF managers following those indexes must realign the holdings and weights within their funds to align with the changes, requiring large sums of cash to do the job.
That’s why the SPDR S&P 500 ETF Trust (SPY) registered a whopping $6.34 billion in net inflows on Tuesday, despite the S&P 500 moving just 6 points that day, and added $9.13 billion in new assets despite a flat week for the major indicator.
Next week’s weekly flows data is also expected to be obscured by the rebalancing effect as institutional managers withdraw the excess liquidity needed to get their funds tracking their index properly.
For a full list of this week’s top inflows and outflows, see the tables below:
Top 10 Creations (All ETFs)
| Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
| SPY | SPDR S&P 500 ETF Trust | 9,128.91 | 440,125.46 | 2.07% |
| VTI | Vanguard Total Stock Market ETF | 3,930.54 | 297,000.67 | 1.32% |
| VO | Vanguard Mid-Cap ETF | 3,244.62 | 59,244.92 | 5.48% |
| IVW | iShares S&P 500 Growth ETF | 3,080.59 | 43,302.08 | 7.11% |
| QQQ | Invesco QQQ Trust | 2,929.79 | 212,249.87 | 1.38% |
| SPYV | SPDR Portfolio S&P 500 Value ETF | 2,104.30 | 15,428.41 | 13.64% |
| VB | Vanguard Small-Cap ETF | 2,087.36 | 50,955.58 | 4.10% |
| IJR | iShares Core S&P Small-Cap ETF | 1,879.35 | 73,542.89 | 2.56% |
| IJH | iShares Core S&P Mid-Cap ETF | 1,777.75 | 67,573.90 | 2.63% |
| IVE | iShares S&P 500 Value ETF | 1,767.06 | 25,076.86 | 7.05% |
Top 10 Redemptions (All ETFs)
| Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
| VOO | Vanguard S&P 500 ETF | -2,917.91 | 274,554.16 | -1.06% |
| IVV | iShares Core S&P 500 ETF | -2,849.06 | 327,422.74 | -0.87% |
| FXL | First Trust Technology AlphaDEX Fund | -726.84 | 1,994.05 | -36.45% |
| SCHD | Schwab U.S. Dividend Equity ETF | -622.08 | 30,695.76 | -2.03% |
| DIA | SPDR Dow Jones Industrial Average ETF Trust | -501.56 | 29,557.40 | -1.70% |
| TLT | iShares 20+ Year Treasury Bond ETF | -488.47 | 19,067.87 | -2.56% |
| JNK | SPDR Bloomberg High Yield Bond ETF | -474.70 | 8,722.41 | -5.44% |
| IVOL | Quadratic Interest Rate Volatility and Inflation Hedge ETF | -454.27 | 2,635.12 | -17.24% |
| LQD | iShares iBoxx USD Investment Grade Corporate Bond ETF | -399.41 | 37,607.25 | -1.06% |
| IEI | iShares 3-7 Year Treasury Bond ETF | -347.60 | 10,276.56 | -3.38% |
ETF Weekly Flows By Asset Class
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| U.S. Equity | 66,675.54 | 4,334,804.77 | 1.54% |
| International Equity | 9,890.92 | 1,281,564.00 | 0.77% |
| U.S. Fixed Income | 133.38 | 1,106,995.57 | 0.01% |
| International Fixed Income | 628.19 | 152,428.22 | 0.41% |
| Commodities | -719.76 | 133,135.18 | -0.54% |
| Currency | 6.64 | 3,197.31 | 0.21% |
| Leveraged | 1,342.46 | 73,874.72 | 1.82% |
| Inverse | -272.33 | 11,984.71 | -2.27% |
| Asset Allocation | 394.02 | 20,637.93 | 1.91% |
| Alternatives | 85.83 | 6,808.92 | 1.26% |
| Total: | 78,164.88 | 7,125,431.32 | 1.10% |
Asset Classes (Year-to-Date)
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| U.S. Equity | 476,418.64 | 4,334,804.77 | 10.99% |
| International Equity | 205,512.00 | 1,281,564.00 | 16.04% |
| U.S. Fixed Income | 162,406.03 | 1,106,995.57 | 14.67% |
| International Fixed Income | 33,041.43 | 152,428.22 | 21.68% |
| Commodities | -3,748.05 | 133,135.18 | -2.82% |
| Currency | 1,950.16 | 3,197.31 | 60.99% |
| Leveraged | 5,142.85 | 73,874.72 | 6.96% |
| Inverse | 5,860.37 | 11,984.71 | 48.90% |
| Asset Allocation | 5,871.04 | 20,637.93 | 28.45% |
| Alternatives | 2,988.55 | 6,808.92 | 43.89% |
| Total: | 895,443.01 | 7,125,431.32 | 12.57% |
Top 10 Weekly Performers, Excluding Leverage/Inverse Funds and <1,000 Shares Traded
| Ticker | Name | Weekly Performance | Weekly Volume | AUM ($, mm) |
| IHE | iShares U.S. Pharmaceuticals ETF | 5.11% | 55,651 | 400.14 |
| IEIH | iShares Evolved U.S. Innovative Healthcare ETF | 5.05% | 17,588 | 42.37 |
| FBT | First Trust NYSE Arca Biotechnology Index Fund | 4.43% | 183,180 | 1,697.93 |
| NIB | iPath Bloomberg Cocoa Subindex Total Return ETN | 4.11% | 74,690 | 24.09 |
| BBP | Virtus LifeSci Biotech Products ETF | 3.91% | 6,476 | 18.93 |
| PBE | Invesco Dynamic Biotechnology & Genome ETF | 3.79% | 23,806 | 272.80 |
| PJP | Invesco Dynamic Pharmaceuticals ETF | 3.51% | 30,848 | 429.58 |
| SBIO | ALPS Medical Breakthroughs ETF | 3.49% | 99,619 | 179.81 |
| BBH | VanEck Biotech ETF | 3.43% | 95,900 | 578.01 |
| IBB | iShares Biotechnology ETF | 3.19% | 12,305,545 | 9,875.53 |
Top 10 YTD Performers
| Ticker | Name | YTD Performance | Weekly Performance | AUM ($, mm) |
| BDRY | Breakwave Dry Bulk Shipping ETF | 206.62% | -11.90% | 54.58 |
| GRN | iPath Series B Carbon ETN | 147.44% | -3.18% | 125.63 |
| JJT | iPath Series B Bloomberg Tin Subindex Total Return ETN | 119.28% | -3.68% | 18.10 |
| KRBN | KraneShares Global Carbon Strategy ETF | 100.12% | -2.81% | 1,565.46 |
| FCG | First Trust Natural Gas ETF | 92.55% | -5.48% | 436.53 |
| PXE | Invesco Dynamic Energy Exploration & Production ETF | 89.66% | -5.42% | 130.77 |
| REMX | VanEck Rare Earth/Strategic Metals ETF | 73.03% | -3.73% | 1,068.04 |
| JO | iPath Series B Bloomberg Coffee Subindex Total Return ETN | 71.77% | 2.83% | 106.89 |
| PXI | Invesco DWA Energy Momentum ETF | 71.16% | -5.57% | 161.00 |
| IEO | iShares U.S. Oil & Gas Exploration & Production ETF | 70.81% | -4.36% | 309.45 |
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.
