U.S.-listed ETFs gained a relatively tiny net inflow of $430.8 million last week after another 50 basis point rate hike from the Fed sent markets tumbling on Friday.
The U.S. ETF industry has garnered $192.4 billion in net inflows year to date as of Friday, according to ETF.com data provider FactSet, and has $6.6 trillion in assets.
Bond Inflows Curb Equity Losses
U.S.-focused bond funds led all asset classes last week, with $3.4 billion in new assets, canceling out the approximately $2.9 billion in outflows from U.S. equity ETFs.
The iShares iBoxx USD High Yield Corporate Bond ETF (HYG) led all ETFs, with approximately $1.7 billion in net inflows, followed by the iShares National Muni Bond ETF (MUB) and the Vanguard Mortgage-Backed Securities ETF (VMBS), with $795 million and $747 million, respectively.
Bond investors also flocked to super-safe short-term Treasury assets, with the iShares 1-3 Year Treasury Bond ETF (SHY) and the SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) adding $663 million and $603 million, respectively.
The Vanguard Total Stock Market ETF (VTI) was the top equity gainer on the week, with $633 million in new assets, while the Utilities Select Sector SPDR Fund (XLU) added $530 million.
It wasn’t all risk-off last week, with the iShares Russell 1000 Growth ETF (IWF) adding $590 million and the ARK Innovation ETF (ARKK) taking in $512 million.
Widespread Fallout
Outflows varied across asset classes and sectors last week, with the SPDR S&P Dividend ETF (SDY) seeing the largest loss of all funds, with $2.1 billion pulled. However, the move appears to be the second leg of a tax-minimizing heartbeat trade that began the week prior.
The Schwab U.S. TIPS ETF (SCHP) was second on the top outflows list, shedding $2.1 billion.
The Financial Select Sector SPDR Fund (XLF) led equity fund losses with a $1.5 billion outflow as investors questioned broader economic growth conditions, while the Energy Select Sector SPDR Fund (XLE) lost $1.1 billion. The SPDR S&P 500 ETF Trust (SPY) saw a decrease of $900 million.
The SPDR Gold Trust (GLD) was the lone commodity fund on the top 10 outflows list, losing $741 million.
For a full list of last week’s top inflows and outflows, see the tables below:
Top 10 Creations (All ETFs)
| Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
| HYG | iShares iBoxx USD High Yield Corporate Bond ETF | 1,793.45 | 14,323.66 | 12.52% |
| MUB | iShares National Muni Bond ETF | 795.50 | 25,430.21 | 3.13% |
| VMBS | Vanguard Mortgage-Backed Securities ETF | 747.49 | 14,714.29 | 5.08% |
| SHY | iShares 1-3 Year Treasury Bond ETF | 663.15 | 23,347.76 | 2.84% |
| VTI | Vanguard Total Stock Market ETF | 633.45 | 267,115.76 | 0.24% |
| BIL | SPDR Bloomberg 1-3 Month T-Bill ETF | 603.39 | 16,877.47 | 3.58% |
| IWF | iShares Russell 1000 Growth ETF | 590.29 | 64,860.21 | 0.91% |
| USFR | WisdomTree Floating Rate Treasury Fund | 544.12 | 4,605.19 | 11.82% |
| XLU | Utilities Select Sector SPDR Fund | 529.92 | 15,750.42 | 3.36% |
| ARKK | ARK Innovation ETF | 511.69 | 9,422.26 | 5.43% |
Top 10 Redemptions (All ETFs)
| Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
| SDY | SPDR S&P Dividend ETF | -2,163.94 | 21,182.21 | -10.22% |
| SCHP | Schwab U.S. TIPS ETF | -2,158.72 | 16,334.89 | -13.22% |
| XLF | Financial Select Sector SPDR Fund | -1,587.89 | 36,587.93 | -4.34% |
| XLE | Energy Select Sector SPDR Fund | -1,065.78 | 38,510.50 | -2.77% |
| SPY | SPDR S&P 500 ETF Trust | -900.09 | 371,534.50 | -0.24% |
| VCIT | Vanguard Intermediate-Term Corporate Bond ETF | -799.96 | 42,111.06 | -1.90% |
| GLD | SPDR Gold Trust | -741.03 | 65,824.31 | -1.13% |
| IWM | iShares Russell 2000 ETF | -594.70 | 56,660.98 | -1.05% |
| SMH | VanEck Semiconductor ETF | -487.84 | 8,561.18 | -5.70% |
| VGLT | Vanguard Long-Term Treasury Index ETF | -426.58 | 3,473.95 | -12.28% |
ETF Weekly Flows By Asset Class
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| U.S. Equity | -2,975.21 | 3,968,522.01 | -0.07% |
| International Equity | 465.06 | 1,196,545.26 | 0.04% |
| U.S. Fixed Income | 3,412.94 | 1,052,040.06 | 0.32% |
| International Fixed Income | 159.80 | 144,749.79 | 0.11% |
| Commodities | -751.56 | 168,739.31 | -0.45% |
| Currency | 34.10 | 3,784.80 | 0.90% |
| Leveraged | 265.58 | 61,079.85 | 0.43% |
| Inverse | -138.34 | 16,905.62 | -0.82% |
| Asset Allocation | -94.83 | 18,371.77 | -0.52% |
| Alternatives | 53.27 | 7,540.14 | 0.71% |
| Total: | 430.81 | 6,638,278.61 | 0.01% |
Asset Classes (Year-to-Date)
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| U.S. Equity | 68,247.50 | 3,968,522.01 | 1.72% |
| International Equity | 54,453.62 | 1,196,545.26 | 4.55% |
| U.S. Fixed Income | 26,371.83 | 1,052,040.06 | 2.51% |
| International Fixed Income | 6,809.35 | 144,749.79 | 4.70% |
| Commodities | 20,369.43 | 168,739.31 | 12.07% |
| Currency | 766.29 | 3,784.80 | 20.25% |
| Leveraged | 11,323.79 | 61,079.85 | 18.54% |
| Inverse | 2,962.54 | 16,905.62 | 17.52% |
| Asset Allocation | 674.84 | 18,371.77 | 3.67% |
| Alternatives | 423.93 | 7,540.14 | 5.62% |
| Total: | 192,403.13 | 6,638,278.61 | 2.90% |
Top 10 Weekly Performers, Excluding Leverage/Inverse Funds and <1,000 Shares Traded
| Ticker | Name | Weekly Performance | Weekly Volume | AUM ($, mm) |
| GAZ | iPath Series B Bloomberg Natural Gas Subindex Total Return ETN | 19.72% | 221,710 | 32.48 |
| UNG | United States Natural Gas Fund LP | 15.77% | 27,990,694 | 525.48 |
| UNL | United States 12 Month Natural Gas Fund LP | 13.53% | 596,774 | 39.53 |
| BDRY | Breakwave Dry Bulk Shipping ETF | 10.24% | 437,710 | 66.15 |
| ATMP | iPath Select MLP ETN | 10.19% | 17,927 | 220.67 |
| GRN | iPath Series B Carbon ETN | 7.23% | 184,113 | 95.00 |
| IEO | iShares U.S. Oil & Gas Exploration & Production ETF | 7.11% | 851,544 | 904.36 |
| PXE | Invesco Dynamic Energy Exploration & Production ETF | 6.89% | 821,012 | 288.33 |
| KEUA | KraneShares European Carbon Allowance Strategy ETF | 6.61% | 101,534 | 133.39 |
| FXN | First Trust Energy AlphaDEX Fund | 6.60% | 5,908,296 | 1,765.66 |
Top 10 YTD Performers
| Ticker | Name | YTD Performance | Weekly Performance | AUM ($, mm) |
| UNG | United States Natural Gas Fund LP | 140.99% | 15.77% | 525.48 |
| UNL | United States 12 Month Natural Gas Fund LP | 125.67% | 13.53% | 39.53 |
| RJN | Elements Rogers International Commodity Index-Energy TR ETN | 69.32% | 4.20% | 13.21 |
| PFIX | Simplify Interest Rate Hedge ETF | 63.25% | 1.19% | 253.65 |
| UGA | United States Gasoline Fund LP | 59.38% | 4.03% | 123.76 |
| DBE | Invesco DB Energy Fund | 56.21% | 1.52% | 273.34 |
| PXE | Invesco Dynamic Energy Exploration & Production ETF | 56.00% | 6.89% | 288.33 |
| BNO | United States Brent Oil Fund LP | 51.94% | 2.38% | 366.00 |
| FCG | First Trust Natural Gas ETF | 49.59% | 6.55% | 806.51 |
| RYE | Invesco S&P 500 Equal Weight Energy ETF | 48.84% | 6.16% | 627.90 |
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.
