ETFs Lose $8B As Equities Suffer

March 28, 2022

U.S.-listed ETFs saw $8 billion in outflows in the week ended March 25, marking the first weekly outflows since late September 2021. The losses were driven primarily by the usually dominant U.S. equity asset class suffering a $14.1 billion net loss in its worst week so far this year. 

The U.S. ETF industry has garnered $174.9 billion in net assets year-to-date and manages just over $7 billion in assets as of the end of trading Friday. 

Bonds Break Out 

Hawkish comments from the Fed sent billions into the short and long ends of the maturity curve for treasury ETFs, with the iShares 20+ Year Treasury Bond ETF (TLT) and the iShares Short Treasury Bond ETF (SHV) leading all ETFs, with inflows of $2.6 billion and $1.06 billion, respectively. 

The iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD) and the Vanguard Total Bond Market (BND) added $737 million and $636 million, respectively, to round out fixed income funds in the top 10. 

The  Invesco QQQ Trust (QQQ) was the largest equity ETF to gain in the week, with a $988.4 million haul, while the SPDR S&P 500 ETF Trust (SPY) added $671.5 million. 

The SPDR Gold Trust (GLD) returned to the top 10 last week, with a $671 million inflow. 

Vanguard Funds Take Individual Outflows 

The iShares iBoxx USD High Yield Corporate Bond ETF (HYG) saw the largest outflows on the week by far, with a $2.6 billion loss, as Fed speakers last week signaled their intent to let expiring bonds on its gargantuan balance sheet roll off this year, meaning pandemic-era support for the corporate credit market is coming to an end. 

Although Vanguard ended the week with a net inflow just shy of $1.8 billion, several of its largest ETFs saw the steepest outflows on the week among all U.S.-listed funds. Five Vanguard funds lost at least $1 billion each and a combined $8 billion during the period, with the Vanguard Total Stock Market ETF (VTI) losing approximately $1.8 billion. 

 

For a full list of last week’s top inflows and outflows, see the tables below: 

 

Top 10 Creations (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
TLT iShares 20+ Year Treasury Bond ETF 2,613.90 19,377.28 13.49%
SHV iShares Short Treasury Bond ETF 1,064.85 16,731.39 6.36%
QQQ Invesco QQQ Trust 988.38 189,536.93 0.52%
LQD iShares iBoxx USD Investment Grade Corporate Bond ETF 737.18 34,314.94 2.15%
IEMG iShares Core MSCI Emerging Markets ETF 733.96 73,061.96 1.00%
XLF Financial Select Sector SPDR Fund 722.55 46,715.77 1.55%
XLV Health Care Select Sector SPDR Fund 707.86 36,883.96 1.92%
SPY SPDR S&P 500 ETF Trust 671.51 411,047.76 0.16%
GLD SPDR Gold Trust 670.99 69,052.74 0.97%
BND Vanguard Total Bond Market ETF 636.26 80,723.62 0.79%

 

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
HYG iShares iBoxx USD High Yield Corporate Bond ETF -2,624.32 14,484.88 -18.12%
VTI Vanguard Total Stock Market ETF -1,837.65 289,728.23 -0.63%
DVY iShares Select Dividend ETF -1,794.64 21,766.20 -8.25%
VIG Vanguard Dividend Appreciation ETF -1,794.25 65,994.47 -2.72%
VB Vanguard Small-Cap ETF -1,615.11 47,531.95 -3.40%
VO Vanguard Mid-Cap ETF -1,602.92 54,456.62 -2.94%
RSP Invesco S&P 500 Equal Weight ETF -1,391.47 33,519.14 -4.15%
VBR Vanguard Small-Cap Value ETF -1,216.72 26,453.26 -4.60%
MOAT VanEck Morningstar Wide Moat ETF -1,198.13 7,202.36 -16.64%
RDVY First Trust Rising Dividend Achievers ETF -962.28 9,832.06 -9.79%

 

ETF Weekly Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity -14,109.02 4,232,236.91 -0.33%
International Equity 1,125.73 1,269,054.42 0.09%
U.S. Fixed Income 2,166.73 1,063,970.70 0.20%
International Fixed Income 465.99 157,568.27 0.30%
Commodities 1,389.27 172,953.24 0.80%
Currency 52.39 3,440.84 1.52%
Leveraged -289.27 67,123.47 -0.43%
Inverse 983.05 16,481.96 5.96%
Asset Allocation -6.25 19,721.83 -0.03%
Alternatives 99.07 7,367.40 1.34%
Total: -8,122.30 7,009,919.03 -0.12%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 83,493.70 4,232,236.91 1.97%
International Equity 43,163.73 1,269,054.42 3.40%
U.S. Fixed Income 10,219.58 1,063,970.70 0.96%
International Fixed Income 7,562.83 157,568.27 4.80%
Commodities 18,665.22 172,953.24 10.79%
Currency 352.74 3,440.84 10.25%
Leveraged 6,605.75 67,123.47 9.84%
Inverse 4,100.38 16,481.96 24.88%
Asset Allocation 531.79 19,721.83 2.70%
Alternatives 269.16 7,367.40 3.65%
Total: 174,964.88 7,009,919.03 2.50%

 

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

Ticker Name Weekly Performance Weekly Volume AUM ($, mm)
GLOV Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF 42,017,900.00% 8,663,206 235.03
USFR WisdomTree Floating Rate Treasury Fund 100.16% 3,353,894 2,799.40
JJN iPath Series B Bloomberg Nickel Subindex Total Return ETN 35.19% 608,629 89.02
POTX Global X Cannabis ETF 12.83% 523,045 89.42
BUDX Cannabis Growth ETF 11.22% 4,135 3.58
BITQ Bitwise Crypto Industry Innovators ETF 10.81% 442,543 128.17
MJ ETFMG Alternative Harvest ETF 10.81% 6,281,800 727.81
BKCH Global X Blockchain ETF 10.12% 664,499 121.38
DAPP VanEck Digital Transformation ETF 9.72% 598,409 63.69
DAM VanEck Digital Assets Mining ETF 9.36% 11,630 2.18

 

Top 10 YTD Performers

Ticker Name YTD Performance Weekly Performance AUM ($, mm)
GLDM SPDR Gold MiniShares Trust 107.70%   5,218.23
USFR WisdomTree Floating Rate Treasury Fund 100.48% 100.16% 2,799.40
JJN iPath Series B Bloomberg Nickel Subindex Total Return ETN 64.96% 35.19% 89.02
BNO United States Brent Oil Fund LP 60.11% 1.37% 310.51
RJN Elements Rogers International Commodity Index-Energy TR ETN 59.09% 4.23% 15.83
JJE iPath Series B Bloomberg Energy Subindex Total Return ETN 55.74% 3.71% 6.92
OIH VanEck Oil Services ETF 52.61% 1.65% 3,822.58
OIL iPath Pure Beta Crude Oil ETN 52.17% 0.81% 197.17
GSP iPath S&P GSCI Total Return Index ETN 51.49% 1.88% 49.11
USO United States Oil Fund LP 50.75% 0.26% 3,595.15

 

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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