Weekly ETF Outflows A Relatively Modest $19B

Panic on Wall Street didn't translate into panic in the ETF market. 

sumit
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Senior ETF Analyst
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Reviewed by: Sumit Roy
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Edited by: Sumit Roy

Another historic decline in stock markets around the world still wasn't enough to spook ETF investors. Sure, $19.3 billion flowed out of U.S.-listed ETFs in aggregate—a relatively modest figure given the carnage—but equity ETFs actually had net inflows during the period. 

The bulk of this week's outflows came from U.S. fixed income ETFs, which had redemptions of $19 billion. U.S. equity ETFs picked up $6 billion of fresh cash, even as the S&P 500 crashed again this week, falling as much as 32.8% below its all-time highs of a month ago.

Year-to-date inflows for all U.S.-listed ETFs now stand at $70.7 billion, ahead of last year's $49.9 billion pace.

Resilient Equity ETFs 

The resiliency of U.S. equity ETF flows in the face of the market crash has been impressive. Prices have cratered, but ETF investors are adding to their positions.

The SPDR S&P 500 ETF Trust (SPY), the Invesco QQQ Trust (QQQ) and the Vanguard Total Stock Market ETF (VTI) were in vogue during the week.

On the other hand, investors weren't as fond of international equity ETFs. The iShares MSCI Emerging Markets ETF (EEM) had outflows of around $1.6 billion in the period.

Bond Sell-Off 

One of the biggest stories of the week was the sell-off in bonds. That sell-off even extended to safe-haven Treasuries, which plunged in price after hitting record highs last week (bond yields and prices move inversely). The 10-year Treasury bond yield spiked from 0.31% last week to 1.27% on Thursday as investors liquidated anything they could to raise cash. 

The iShares Core U.S. Aggregate Bond ETF (AGG), the iShares 20+ Year Treasury Bond ETF (TLT) and the Vanguard Total Bond Market ETF (BND) were among the biggest flows losers of the week.

Meanwhile, the $4.8 billion inflow for the SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (BIL) reflects investors' strong demand for liquidity and cashlike securities. The iShares Short Treasury Bond ETF (SHV) and the iShares 1-3 Year Treasury Bond ETF (SHY) also had strong inflows.

Corporate bond ETFs like the iShares iBoxx USD High Yield Corporate Bond ETF (HYG) and the iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD) both gathered assets, even though credit spreads continued to blow out. There has been a lot of activity in these funds as liquidity in their underlying holdings dries up. 

 

Top 10 Creations (All ETFs)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
SPYSPDR S&P 500 ETF Trust8,258.42224,824.353.67%
BILSPDR Bloomberg Barclays 1-3 Month T-Bill ETF4,781.3216,568.5128.86%
QQQInvesco QQQ Trust3,958.8375,769.895.22%
SHViShares Short Treasury Bond ETF2,339.8824,010.849.75%
SHYiShares 1-3 Year Treasury Bond ETF1,922.4522,930.918.38%
VTIVanguard Total Stock Market ETF1,251.57106,550.441.17%
HYGiShares iBoxx USD High Yield Corporate Bond ETF853.1413,512.166.31%
XLVHealth Care Select Sector SPDR Fund789.5018,199.554.34%
LQDiShares iBoxx USD Investment Grade Corporate Bond ETF692.2328,219.032.45%
XLPConsumer Staples Select Sector SPDR Fund657.1813,867.374.74%

 

Top 10 Redemptions (All ETFs)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
IVViShares Core S&P 500 ETF-4,181.03153,963.68-2.72%
AGGiShares Core U.S. Aggregate Bond ETF-3,656.3868,150.04-5.37%
TLTiShares 20+ Year Treasury Bond ETF-3,251.5716,907.80-19.23%
BNDVanguard Total Bond Market ETF-2,684.4148,976.22-5.48%
VCSHVanguard Short-Term Corporate Bond ETF-1,796.0622,271.17-8.06%
EEMiShares MSCI Emerging Markets ETF-1,580.8317,921.26-8.82%
TIPiShares TIPS Bond ETF-1,461.5018,739.34-7.80%
MINTPIMCO Enhanced Short Maturity Active ETF-1,439.8713,246.77-10.87%
VOOVanguard S&P 500 ETF-1,298.99107,908.48-1.20%
GOVTiShares U.S. Treasury Bond ETF-1,208.6816,204.71-7.46%

 

ETF Weekly Flows By Asset Class

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity6,007.791,840,204.520.33%
International Equity-3,475.21612,361.51-0.57%
U.S. Fixed Income-18,956.83742,387.71-2.55%
International Fixed Income-3,419.9681,070.11-4.22%
Commodities ETFs-737.1079,476.40-0.93%
Currency12.231,522.050.80%
Leveraged1,566.9026,238.365.97%
Inverse-521.2817,349.56-3.00%
Asset Allocation-62.617,889.95-0.79%
Alternatives269.916,360.904.24%
Total:-19,316.163,414,861.06-0.57%

 

Asset Classes (Year-to-Date)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity37,792.111,840,204.522.05%
International Equity4,234.43612,361.510.69%
U.S. Fixed Income15,696.36742,387.712.11%
International Fixed Income-101.0281,070.11-0.12%
Commodities ETFs5,216.2079,476.406.56%
Currency206.501,522.0513.57%
Leveraged8,058.9226,238.3630.71%
Inverse-119.7017,349.56-0.69%
Asset Allocation111.947,889.951.42%
Alternatives-411.656,360.90-6.47%
Total:70,684.073,414,861.062.07%

 

Top 10 Volume Surprises, Funds >$50 mm AUM

TickerNameAverage Volume
(30 Day)
1 Week Average
Volume
% of Average
DWFISPDR Dorsey Wright Fixed Income Allocation ETF87,201363,911417.33%
DINTDavis Select International ETF49,934161,950324.33%
FIBRiShares Edge U.S. Fixed Income Balanced Risk ETF29,747125,603422.24%
REMLCredit Suisse X-Links Monthly Pay 2xLeveraged Mortgage REIT ETN299,0721,115,048372.84%
JPMBJPMorgan USD Emerging Markets Sovereign Bond ETF13,95352,548376.61%
IQDEFlexShares International Quality Dividend Defensive Index Fund20,35061,450301.96%
BBEUJPMorgan BetaBuilders Europe ETF2,528,3437,312,514289.22%
AGZiShares Agency Bond ETF118,714327,560275.92%
IBDDiShares iBonds Mar 2023 Term Corporate ETF7,31623,037314.86%
OILiPath Series B S&P GSCI Crude Oil ETN769,9622,445,218317.58%

 

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

TickerNameWeekly PerformanceWeekly VolumeAUM ($, mm)
VIIXVelocityShares Daily Long VIX Short-Term ETN60.38%651,45888.40
VXXiPath Series B S&P 500 VIX Short Term Futures ETN59.72%218,500,2162,642.41
VIXYProShares VIX Short-Term Futures ETF58.59%30,411,385403.85
EVIXVelocityShares 1X Long VSTOXX Futures ETN49.10%397,9346.81
XVZiPath S&P 500 Dynamic VIX ETN41.67%106,54113.10
VIXMProShares VIX Mid-Term Futures ETF40.47%993,16449.65
VXZiPath Series B S&P 500 VIX Mid-Term Futures ETN39.18%581,93248.78
VQTBarclays ETN+ S&P VEQTOR ETN20.27%4,41712.17
PHDGInvesco S&P 500 Downside Hedged ETF17.19%165,73721.89
SLVPiShares MSCI Global Silver Miners ETF16.50%1,061,04266.34

 

Top 10 YTD Performers

TickerNameYTD PerformanceWeekly PerformanceAUM ($, mm)
VIIXVelocityShares Daily Long VIX Short-Term ETN312.41%60.38%88.40
VIXYProShares VIX Short-Term Futures ETF310.30%58.59%403.85
VXXiPath Series B S&P 500 VIX Short Term Futures ETN310.05%59.72%2,642.41
EVIXVelocityShares 1X Long VSTOXX Futures ETN280.22%49.10%6.81
XVZiPath S&P 500 Dynamic VIX ETN127.37%41.67%13.10
VIXMProShares VIX Mid-Term Futures ETF107.37%40.47%49.65
VXZiPath Series B S&P 500 VIX Mid-Term Futures ETN107.36%39.18%48.78
MOMAGFiQ U.S. Market Neutral Momentum Fund29.92%0.18%1.39
TAILCambria Tail Risk ETF26.05%4.26%121.26
BTALAGFiQ U.S. Market Neutral Anti-Beta Fund16.30%0.35%144.37

 

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.

Sumit Roy is the senior ETF analyst for etf.com, where he has worked for 13 years. He creates a variety of content for the platform, including news articles, analysis pieces, videos and podcasts.

Before joining etf.com, Sumit was the managing editor and commodities analyst for Hard Assets Investor. In those roles, he was responsible for most of the operations of HAI, a website dedicated to education about commodities investing.

Though he still closely follows the commodities beat, Sumit covers a much broader assortment of topics for etf.com, with a particular focus on stock and bond exchange-traded funds.

He is the host of etf.com’s Talk ETFs, a popular video series that features weekly interviews with thought leaders in the ETF industry. Sumit is also co-host of Exchange Traded Fridays, etf.com’s weekly podcast series.

He lives in the San Francisco Bay Area, where he enjoys climbing the city’s steep hills, playing chess and snowboarding in Lake Tahoe.