Weekly ETF Flows Post $5.3B Loss

First outflows in 10 weeks follow losses in U.S. stock markets.

ShubhamSaharan_white_bg
|
Reviewed by: Shubham Saharan
,
Edited by: Shubham Saharan

Investors pulled nearly $5.3 billion out of U.S.-listed exchange traded funds last week—the first outflows in more than two months—on the heels of a dismal week for financial markets.  

The decline for the five days ending Sept. 2 is the first weekly outflow since the week ending June 24, data from ETF.com shows. Year-to-date flows are tracking well below last year: ETFs brought in $388.7 billion so far this year, compared with $601.9 billion in the week ending Sept. 2, 2021.  

Nearly every asset class saw net outflows last week, with most outflows stemming from equity-focused ETFs, which lost almost $5.3 billion. The S&P 500 fell 1.1% on Friday, pushing the index down 3.3% for the week. The Nasdaq was down a similar 1.3%, marking its sixth consecutive daily decline. 

Top shedders included the SPDR S&P 500 ETF Trust (SPY), which recorded nearly $3.8 billion in outflows, the SPDR Portfolio S&P 500 Growth ETF (SPYG), and the iShares Russell 2000 ETF (IWM)

Meanwhile, fixed income ETF inflows remained strong, bringing in $1.6 billion last week. While fixed income inflows remained strong, they came in at about one-third less than that of the previous week.

“We watch the flows, and it's the gift that keeps on giving,” said Bryce Doty, senior portfolio manager at Sit Investment Associates. “A lot of companies haven't been borrowing because of the holiday, so there's this pent-up delay. This supply is really hitting the market like crazy,” he said, adding that the delay would make it appear as if bond ETFs were having a difficult time. 
 
“I think that's (a) buying opportunity,” he added, going on to note that the Federal Reserve’s move to reduce its balance sheet at a more rapid pace is causing bond yields to jump. “Any outflows we see ... I'd be a contrarian; I'd say that's going to be short-lived.  

“You're going to see more inflows than anything else. I think it's going to be a net strong inflow in the time period between now all the way to year-end,” Doty said. 

Top performers included the SPDR Bloomberg 1-3 Month T-Bill ETF (BIL), the iShares Short Treasury Bond ETF (SHV) and the WisdomTree Floating Rate Treasury Fund (USFR).  

 

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

 

Top 10 Creations (All ETFs)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
BILSPDR Bloomberg 1-3 Month T-Bill ETF2,401.7319,237.7012.48%
SHViShares Short Treasury Bond ETF1,863.8720,827.158.95%
JPSTJPMorgan Ultra-Short Income ETF848.1621,609.943.92%
TQQQProShares UltraPro QQQ540.9912,463.864.34%
VOOVanguard S&P 500 ETF522.62265,010.550.20%
SOXLDirexion Daily Semiconductor Bull 3X Shares510.153,714.2913.73%
JEPIJPMorgan Equity Premium Income ETF435.4612,527.953.48%
USFRWisdomTree Floating Rate Treasury Fund419.538,163.465.14%
SHProShares Short S&P500414.773,454.0112.01%
MINTPIMCO Enhanced Short Maturity Active ETF396.1711,230.443.53%

 

Top 10 Redemptions (All ETFs)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
SPYSPDR S&P 500 ETF Trust-3,778.67359,400.15-1.05%
HYGiShares iBoxx USD High Yield Corporate Bond ETF-1,359.9912,104.83-11.24%
LQDiShares iBoxx USD Investment Grade Corporate Bond ETF-1,332.9034,159.60-3.90%
VCITVanguard Intermediate-Term Corporate Bond Index Fund ETF-1,196.3940,663.06-2.94%
JNKSPDR Bloomberg High Yield Bond ETF-1,001.376,752.33-14.83%
QUALiShares MSCI USA Quality Factor ETF-681.5718,748.11-3.64%
EMBiShares JP Morgan USD Emerging Markets Bond ETF-671.5815,258.16-4.40%
IWMiShares Russell 2000 ETF-614.2752,114.47-1.18%
SPYGSPDR Portfolio S&P 500 Growth ETF-611.2314,498.84-4.22%
GLDSPDR Gold Trust-536.1352,987.22-1.01%

 

ETF Weekly Flows By Asset Class

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity-5,284.263,841,725.30-0.14%
International Equity-1,223.531,091,629.53-0.11%
U.S. Fixed Income1,553.791,103,160.120.14%
International Fixed Income-892.08138,469.70-0.64%
Commodities-617.94135,803.26-0.46%
Currency123.654,330.582.86%
Leveraged1,079.4447,801.372.26%
Inverse-84.9525,437.98-0.33%
Asset Allocation16.6816,727.820.10%
Alternatives78.868,255.960.96%
Total:-5,250.356,413,341.63-0.08%

 

Asset Classes (Year-to-Date)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity171,284.403,841,725.304.46%
International Equity65,648.111,091,629.536.01%
U.S. Fixed Income106,176.461,103,160.129.62%
International Fixed Income6,001.12138,469.704.33%
Commodities5,812.45135,803.264.28%
Currency1,848.524,330.5842.69%
Leveraged18,090.1047,801.3737.84%
Inverse11,823.6825,437.9846.48%
Asset Allocation321.3716,727.821.92%
Alternatives1,732.398,255.9620.98%
Total:388,738.626,413,341.636.06%

 

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

TickerNameWeekly PerformanceWeekly VolumeAUM ($, mm)
BDRYBreakwave Dry Bulk Shipping ETF11.07%3,190,05836.01
PFIXSimplify Interest Rate Hedge ETF8.61%780,839317.37
RRHAdvocate Rising Rate Hedge ETF2.53%86,20935.55
INCOColumbia India Consumer ETF2.47%116,32583.92
NFTYFirst Trust India NIFTY 50 Equal Weight ETF2.36%15,79850.50
SMINiShares MSCI India Small-Cap ETF2.22%151,287310.12
DBMFiMGP DBi Managed Futures Strategy ETF2.13%3,373,361576.98
CTASimplify Managed Futures Strategy ETF1.93%488,90687.02
PJPInvesco Dynamic Pharmaceuticals ETF1.88%22,420313.02
XBISPDR S&P Biotech ETF1.86%43,754,1237,583.72

 

Top 10 YTD Performers

TickerNameYTD PerformanceWeekly PerformanceAUM ($, mm)
RJNElements Rogers International Commodity Index-Energy TR ETN56.06%-9.65%8.86
MLPOCredit Suisse S&P MLP Index ETN39.00%-6.21%28.58
OIHVanEck Oil Services ETF24.84%-9.19%2,323.97
EINCVanEck Energy Income ETF19.83%-5.20%32.60
RJIElements Rogers International Commodity Index-Total Return ETN18.09%-6.21%116.32
TADSThe Active Dividend Stock ETF17.40%0.00%116.32
NVMZTrueShares Structured Outcome ETF - November14.66% 116.32
FUEELEMENTS Linked to the ICE BofAML Commodity Index eXtra Biofuels - Total Return ETN12.33%-3.15%1.59
USOICredit Suisse X-Links Crude Oil Shares Covered Call ETN10.68%-5.92%399.39
GRUELEMENTS Linked to ICE BofAML Commodity index eXtra Grains - Total Return ETN9.94%-6.31%8.59

 

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.

Shubham Saharan is a markets reporter at etf.com. Before joining the company, she reported for Bloomberg and the Financial Times. Saharan is a graduate of Barnard College of Columbia University.