ETFs Lose $11B In Short Week

April 18, 2022

The U.S. ETF industry posted its second straight week of net outflows in the Good Friday-shortened trading week ending April 14, driven primarily by deep outflows in the three largest S&P 500-tracking funds. It is the first time the industry has posted two straight weeks of net outflows since late March 2020.

U.S.-listed funds posted net outflows of $11.2 billion, according to ETF.com data provider FactSet. The industry now has net inflows of $187.6 billion year-to-date and held $6.9 trillion in assets under management as of last Thursday. 

S&P Rout 

The S&P 500 index lost 1.8% last week amid another red-hot inflation reading, giving more reason for the Fed to issue a 50 basis point hike to its prime rate in two weeks’ time and raising fears in the market over potentially hiking into a recession. 

U.S. equities as an asset class lost $17.5 billion, led by the SPDR S&P 500 ETF Trust (SPY) shedding $5.8 billion and the iShares Core S&P 500 ETF (IVV) losing $5.6 billion. The Vanguard S&P 500 ETF (VOO) far less losses than its counterparts, with a $2.56 billion outflow. 

The tech-heavy Invesco QQQ Trust (QQQ) struggled alongside the S&P 500, seeing $2.5 billion of outflows. 

Investor dollars allocated to broad equities rotated instead to the iShares MSCI USA Min Vol Factor ETF (USMV) and the iShares Core High Dividend ETF (HDV), adding a combined $1.1 billion. 

Mixed Credit Outlook 

Corporate bonds were a hotbed of action, with the iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD) adding $975.8 million to lead inflows among all ETFs. BlackRock’s sister fund for junk bonds went in the opposite direction, as the iShares iBoxx USD High Yield Corporate Bond ETF (HYG) lost $1.2 billion in the period. 

The SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) added nearly $750 million in the week to round out fixed income gainers as some investors sought the safety of near-maturity bonds, while the JPMorgan Inflation Managed Bond ETF (JCPI) lost just under $641 million. 

Semiconductor Bets Ramp Up 

Investors snapped up exposure to the semiconductor industry last week, betting that the downtrodden stocks would recover during the earnings season. The VanEck Semiconductor ETF (SMH) added $883 million in the period, while the triple-leveraged Direxion Daily Semiconductor Bull 3X Shares (SOXL) added $557.8 million as part of its nearly $1 billion in net inflows in the past several days. 

 
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
LQD iShares iBoxx USD Investment Grade Corporate Bond ETF 975.81 32,431.67 3.01%
SMH VanEck Semiconductor ETF 883.23 8,626.92 10.24%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF 749.59 14,566.40 5.15%
VGT Vanguard Information Technology ETF 687.18 48,669.52 1.41%
SOXL Direxion Daily Semiconductor Bull 3X Shares 577.86 5,647.08 10.23%
USMV iShares MSCI USA Min Vol Factor ETF 576.41 29,025.96 1.99%
HDV iShares Core High Dividend ETF 568.88 9,718.20 5.85%
GLD SPDR Gold Trust 563.89 69,867.77 0.81%
XLE Energy Select Sector SPDR Fund 539.76 38,527.35 1.40%
XLV Health Care Select Sector SPDR Fund 532.42 38,928.06 1.37%

 

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
SPY SPDR S&P 500 ETF Trust -5,864.08 399,570.67 -1.47%
IVV iShares Core S&P 500 ETF -5,649.81 322,569.34 -1.75%
VOO Vanguard 500 Index Fund -2,558.01 284,340.26 -0.90%
QQQ Invesco QQQ Trust -2,539.60 185,948.87 -1.37%
IWM iShares Russell 2000 ETF -1,415.95 58,931.68 -2.40%
HYG iShares iBoxx USD High Yield Corporate Bond ETF -1,256.32 13,253.74 -9.48%
FDN First Trust Dow Jones Internet Index Fund -737.31 6,003.15 -12.28%
JCPI JPMorgan Inflation Managed Bond ETF - United States -640.78 1,123.54 -57.03%
MDYV SPDR S&P 400 Mid Cap Value ETF -579.82 1,626.78 -35.64%
IWF iShares Russell 1000 Growth ETF -574.79 67,865.06 -0.85%

 

ETF Weekly Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity -17,545.47 4,179,305.87 -0.42%
International Equity 3,130.64 1,260,931.14 0.25%
U.S. Fixed Income 1,037.42 1,048,250.64 0.10%
International Fixed Income -3.50 156,410.50 0.00%
Commodities 1,419.26 176,041.09 0.81%
Currency -17.51 3,615.81 -0.48%
Leveraged 937.72 63,684.29 1.47%
Inverse -234.61 17,456.57 -1.34%
Asset Allocation -46.64 18,947.67 -0.25%
Alternatives 66.71 7,438.49 0.90%
Total: -11,255.97 6,932,082.07 -0.16%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 79,094.09 4,179,305.87 1.89%
International Equity 53,934.46 1,260,931.14 4.28%
U.S. Fixed Income 11,028.60 1,048,250.64 1.05%
International Fixed Income 8,094.33 156,410.50 5.18%
Commodities 20,590.85 176,041.09 11.70%
Currency 611.86 3,615.81 16.92%
Leveraged 9,056.67 63,684.29 14.22%
Inverse 4,163.85 17,456.57 23.85%
Asset Allocation 699.50 18,947.67 3.69%
Alternatives 348.10 7,438.49 4.68%
Total: 187,622.31 6,932,082.07 2.71%

 

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

Ticker Name Weekly Performance Weekly Volume AUM ($, mm)
GAZ iPath Series B Bloomberg Natural Gas Subindex Total Return ETN 12.01% 257,878 30.58
UNG United States Natural Gas Fund LP 11.45% 40,105,793 434.19
UNL United States 12 Month Natural Gas Fund LP 11.12% 529,490 33.33
JJE iPath Series B Bloomberg Energy Subindex Total Return ETN 8.55% 1,048 7.20
BAL iPath Series B Bloomberg Cotton Subindex Total Return ETN 8.17% 25,204 40.33
JETS U.S. Global Jets ETF 7.50% 24,201,331 3,389.53
WCBR WisdomTree Cybersecurity Fund 7.44% 42,410 50.94
PAK Global X MSCI Pakistan ETF 6.99% 44,891 20.39
RJN Elements Rogers International Commodity Index-Energy TR ETN 6.96% 197,097 13.19
DBE Invesco DB Energy Fund 6.38% 534,076 249.03

 

Top 10 YTD Performers

Ticker Name YTD Performance Weekly Performance AUM ($, mm)
UNG United States Natural Gas Fund LP 97.12% 11.45% 434.19
GAZ iPath Series B Bloomberg Natural Gas Subindex Total Return ETN 96.83% 12.01% 30.58
UNL United States 12 Month Natural Gas Fund LP 91.88% 11.12% 33.33
JJE iPath Series B Bloomberg Energy Subindex Total Return ETN 63.80% 8.55% 7.20
OIH VanEck Oil Services ETF 61.05% 1.89% 4,122.78
XES SPDR S&P Oil & Gas Equipment & Services ETF 60.21% 2.31% 369.20
JJN iPath Series B Bloomberg Nickel Subindex Total Return ETN 58.90% -3.51% 62.67
IEZ iShares U.S. Oil Equipment & Services ETF 57.39% 1.55% 373.57
RJN Elements Rogers International Commodity Index-Energy TR ETN 57.20% 6.96% 13.19
PSCE Invesco S&P SmallCap Energy ETF 55.41% 3.93% 178.41

 

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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