ETFs Barely Break Even In Turbulent Week

U.S.-listed ETFs gained just $430.8 million in net flows last week.

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Reviewed by: Dan Mika
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Edited by: Dan Mika

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.

Dan Mika is a reporter for etf.com. He has previously covered business for the Ames Tribune and Cedar Rapids Gazette in Iowa, and BizWest Media in Fort Collins, Colorado. Dan holds a bachelor's degree in journalism from Truman State University.