Weekly ETF Flows Post $5.3B Loss
First outflows in 10 weeks follow losses in U.S. stock markets.
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 $1.6 billion last week. While fixed income inflows remained strong, they came in at about one-third less than that of the previous week.
“We watch the flows, and it's the gift that keeps on giving,” said Bryce Doty, senior portfolio manager at Sit Investment Associates. “A lot of companies haven't been borrowing because of the holiday, so there's this pent-up delay. This supply is really hitting the market like crazy,” he said, adding that the delay would make it appear as if bond ETFs were having a difficult time.
“I think that's (a) buying opportunity,” he added, going on to note that the Federal Reserve’s move to reduce its balance sheet at a more rapid pace is causing bond yields to jump. “Any outflows we see ... I'd be a contrarian; I'd say that's going to be short-lived.
“You're going to see more inflows than anything else. I think it's going to be a net strong inflow in the time period between now all the way to year-end,” Doty said.
Top performers included the SPDR Bloomberg 1-3 Month T-Bill ETF (BIL), the iShares Short Treasury Bond ETF (SHV) and the WisdomTree Floating Rate Treasury Fund (USFR).
For a full list of last week’s top inflows and outflows, see the tables below:
Top 10 Creations (All ETFs)
| Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
| BIL | SPDR Bloomberg 1-3 Month T-Bill ETF | 2,401.73 | 19,237.70 | 12.48% |
| SHV | iShares Short Treasury Bond ETF | 1,863.87 | 20,827.15 | 8.95% |
| JPST | JPMorgan Ultra-Short Income ETF | 848.16 | 21,609.94 | 3.92% |
| TQQQ | ProShares UltraPro QQQ | 540.99 | 12,463.86 | 4.34% |
| VOO | Vanguard S&P 500 ETF | 522.62 | 265,010.55 | 0.20% |
| SOXL | Direxion Daily Semiconductor Bull 3X Shares | 510.15 | 3,714.29 | 13.73% |
| JEPI | JPMorgan Equity Premium Income ETF | 435.46 | 12,527.95 | 3.48% |
| USFR | WisdomTree Floating Rate Treasury Fund | 419.53 | 8,163.46 | 5.14% |
| SH | ProShares Short S&P500 | 414.77 | 3,454.01 | 12.01% |
| MINT | PIMCO Enhanced Short Maturity Active ETF | 396.17 | 11,230.44 | 3.53% |
Top 10 Redemptions (All ETFs)
| Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
| SPY | SPDR S&P 500 ETF Trust | -3,778.67 | 359,400.15 | -1.05% |
| HYG | iShares iBoxx USD High Yield Corporate Bond ETF | -1,359.99 | 12,104.83 | -11.24% |
| LQD | iShares iBoxx USD Investment Grade Corporate Bond ETF | -1,332.90 | 34,159.60 | -3.90% |
| VCIT | Vanguard Intermediate-Term Corporate Bond Index Fund ETF | -1,196.39 | 40,663.06 | -2.94% |
| JNK | SPDR Bloomberg High Yield Bond ETF | -1,001.37 | 6,752.33 | -14.83% |
| QUAL | iShares MSCI USA Quality Factor ETF | -681.57 | 18,748.11 | -3.64% |
| EMB | iShares JP Morgan USD Emerging Markets Bond ETF | -671.58 | 15,258.16 | -4.40% |
| IWM | iShares Russell 2000 ETF | -614.27 | 52,114.47 | -1.18% |
| SPYG | SPDR Portfolio S&P 500 Growth ETF | -611.23 | 14,498.84 | -4.22% |
| GLD | SPDR Gold Trust | -536.13 | 52,987.22 | -1.01% |
ETF Weekly Flows By Asset Class
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| U.S. Equity | -5,284.26 | 3,841,725.30 | -0.14% |
| International Equity | -1,223.53 | 1,091,629.53 | -0.11% |
| U.S. Fixed Income | 1,553.79 | 1,103,160.12 | 0.14% |
| International Fixed Income | -892.08 | 138,469.70 | -0.64% |
| Commodities | -617.94 | 135,803.26 | -0.46% |
| Currency | 123.65 | 4,330.58 | 2.86% |
| Leveraged | 1,079.44 | 47,801.37 | 2.26% |
| Inverse | -84.95 | 25,437.98 | -0.33% |
| Asset Allocation | 16.68 | 16,727.82 | 0.10% |
| Alternatives | 78.86 | 8,255.96 | 0.96% |
| Total: | -5,250.35 | 6,413,341.63 | -0.08% |
Asset Classes (Year-to-Date)
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| U.S. Equity | 171,284.40 | 3,841,725.30 | 4.46% |
| International Equity | 65,648.11 | 1,091,629.53 | 6.01% |
| U.S. Fixed Income | 106,176.46 | 1,103,160.12 | 9.62% |
| International Fixed Income | 6,001.12 | 138,469.70 | 4.33% |
| Commodities | 5,812.45 | 135,803.26 | 4.28% |
| Currency | 1,848.52 | 4,330.58 | 42.69% |
| Leveraged | 18,090.10 | 47,801.37 | 37.84% |
| Inverse | 11,823.68 | 25,437.98 | 46.48% |
| Asset Allocation | 321.37 | 16,727.82 | 1.92% |
| Alternatives | 1,732.39 | 8,255.96 | 20.98% |
| Total: | 388,738.62 | 6,413,341.63 | 6.06% |
Top 10 Weekly Performers, Excluding Leverage/Inverse Funds and <1,000 Shares Traded
| Ticker | Name | Weekly Performance | Weekly Volume | AUM ($, mm) |
| BDRY | Breakwave Dry Bulk Shipping ETF | 11.07% | 3,190,058 | 36.01 |
| PFIX | Simplify Interest Rate Hedge ETF | 8.61% | 780,839 | 317.37 |
| RRH | Advocate Rising Rate Hedge ETF | 2.53% | 86,209 | 35.55 |
| INCO | Columbia India Consumer ETF | 2.47% | 116,325 | 83.92 |
| NFTY | First Trust India NIFTY 50 Equal Weight ETF | 2.36% | 15,798 | 50.50 |
| SMIN | iShares MSCI India Small-Cap ETF | 2.22% | 151,287 | 310.12 |
| DBMF | iMGP DBi Managed Futures Strategy ETF | 2.13% | 3,373,361 | 576.98 |
| CTA | Simplify Managed Futures Strategy ETF | 1.93% | 488,906 | 87.02 |
| PJP | Invesco Dynamic Pharmaceuticals ETF | 1.88% | 22,420 | 313.02 |
| XBI | SPDR S&P Biotech ETF | 1.86% | 43,754,123 | 7,583.72 |
Top 10 YTD Performers
| Ticker | Name | YTD Performance | Weekly Performance | AUM ($, mm) |
| RJN | Elements Rogers International Commodity Index-Energy TR ETN | 56.06% | -9.65% | 8.86 |
| MLPO | Credit Suisse S&P MLP Index ETN | 39.00% | -6.21% | 28.58 |
| OIH | VanEck Oil Services ETF | 24.84% | -9.19% | 2,323.97 |
| EINC | VanEck Energy Income ETF | 19.83% | -5.20% | 32.60 |
| RJI | Elements Rogers International Commodity Index-Total Return ETN | 18.09% | -6.21% | 116.32 |
| TADS | The Active Dividend Stock ETF | 17.40% | 0.00% | 116.32 |
| NVMZ | TrueShares Structured Outcome ETF - November | 14.66% | 116.32 | |
| FUE | ELEMENTS Linked to the ICE BofAML Commodity Index eXtra Biofuels - Total Return ETN | 12.33% | -3.15% | 1.59 |
| USOI | Credit Suisse X-Links Crude Oil Shares Covered Call ETN | 10.68% | -5.92% | 399.39 |
| GRU | ELEMENTS Linked to ICE BofAML Commodity index eXtra Grains - Total Return ETN | 9.94% | -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.
