Weekly ETF Outflows A Relatively Modest $19B
Panic on Wall Street didn't translate into panic in the ETF market.
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 $4.8 billion inflow for the SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (BIL) reflects investors' strong demand for liquidity and cashlike securities. The iShares Short Treasury Bond ETF (SHV) and the iShares 1-3 Year Treasury Bond ETF (SHY) also had strong inflows.
Corporate bond ETFs like the iShares iBoxx USD High Yield Corporate Bond ETF (HYG) and the iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD) both gathered assets, even though credit spreads continued to blow out. There has been a lot of activity in these funds as liquidity in their underlying holdings dries up.
Top 10 Creations (All ETFs)
Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
SPY | SPDR S&P 500 ETF Trust | 8,258.42 | 224,824.35 | 3.67% |
BIL | SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | 4,781.32 | 16,568.51 | 28.86% |
QQQ | Invesco QQQ Trust | 3,958.83 | 75,769.89 | 5.22% |
SHV | iShares Short Treasury Bond ETF | 2,339.88 | 24,010.84 | 9.75% |
SHY | iShares 1-3 Year Treasury Bond ETF | 1,922.45 | 22,930.91 | 8.38% |
VTI | Vanguard Total Stock Market ETF | 1,251.57 | 106,550.44 | 1.17% |
HYG | iShares iBoxx USD High Yield Corporate Bond ETF | 853.14 | 13,512.16 | 6.31% |
XLV | Health Care Select Sector SPDR Fund | 789.50 | 18,199.55 | 4.34% |
LQD | iShares iBoxx USD Investment Grade Corporate Bond ETF | 692.23 | 28,219.03 | 2.45% |
XLP | Consumer Staples Select Sector SPDR Fund | 657.18 | 13,867.37 | 4.74% |
Top 10 Redemptions (All ETFs)
Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
IVV | iShares Core S&P 500 ETF | -4,181.03 | 153,963.68 | -2.72% |
AGG | iShares Core U.S. Aggregate Bond ETF | -3,656.38 | 68,150.04 | -5.37% |
TLT | iShares 20+ Year Treasury Bond ETF | -3,251.57 | 16,907.80 | -19.23% |
BND | Vanguard Total Bond Market ETF | -2,684.41 | 48,976.22 | -5.48% |
VCSH | Vanguard Short-Term Corporate Bond ETF | -1,796.06 | 22,271.17 | -8.06% |
EEM | iShares MSCI Emerging Markets ETF | -1,580.83 | 17,921.26 | -8.82% |
TIP | iShares TIPS Bond ETF | -1,461.50 | 18,739.34 | -7.80% |
MINT | PIMCO Enhanced Short Maturity Active ETF | -1,439.87 | 13,246.77 | -10.87% |
VOO | Vanguard S&P 500 ETF | -1,298.99 | 107,908.48 | -1.20% |
GOVT | iShares U.S. Treasury Bond ETF | -1,208.68 | 16,204.71 | -7.46% |
ETF Weekly Flows By Asset Class
Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
U.S. Equity | 6,007.79 | 1,840,204.52 | 0.33% |
International Equity | -3,475.21 | 612,361.51 | -0.57% |
U.S. Fixed Income | -18,956.83 | 742,387.71 | -2.55% |
International Fixed Income | -3,419.96 | 81,070.11 | -4.22% |
Commodities ETFs | -737.10 | 79,476.40 | -0.93% |
Currency | 12.23 | 1,522.05 | 0.80% |
Leveraged | 1,566.90 | 26,238.36 | 5.97% |
Inverse | -521.28 | 17,349.56 | -3.00% |
Asset Allocation | -62.61 | 7,889.95 | -0.79% |
Alternatives | 269.91 | 6,360.90 | 4.24% |
Total: | -19,316.16 | 3,414,861.06 | -0.57% |
Asset Classes (Year-to-Date)
Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
U.S. Equity | 37,792.11 | 1,840,204.52 | 2.05% |
International Equity | 4,234.43 | 612,361.51 | 0.69% |
U.S. Fixed Income | 15,696.36 | 742,387.71 | 2.11% |
International Fixed Income | -101.02 | 81,070.11 | -0.12% |
Commodities ETFs | 5,216.20 | 79,476.40 | 6.56% |
Currency | 206.50 | 1,522.05 | 13.57% |
Leveraged | 8,058.92 | 26,238.36 | 30.71% |
Inverse | -119.70 | 17,349.56 | -0.69% |
Asset Allocation | 111.94 | 7,889.95 | 1.42% |
Alternatives | -411.65 | 6,360.90 | -6.47% |
Total: | 70,684.07 | 3,414,861.06 | 2.07% |
Top 10 Volume Surprises, Funds >$50 mm AUM
Ticker | Name | Average Volume (30 Day) | 1 Week Average Volume | % of Average |
DWFI | SPDR Dorsey Wright Fixed Income Allocation ETF | 87,201 | 363,911 | 417.33% |
DINT | Davis Select International ETF | 49,934 | 161,950 | 324.33% |
FIBR | iShares Edge U.S. Fixed Income Balanced Risk ETF | 29,747 | 125,603 | 422.24% |
REML | Credit Suisse X-Links Monthly Pay 2xLeveraged Mortgage REIT ETN | 299,072 | 1,115,048 | 372.84% |
JPMB | JPMorgan USD Emerging Markets Sovereign Bond ETF | 13,953 | 52,548 | 376.61% |
IQDE | FlexShares International Quality Dividend Defensive Index Fund | 20,350 | 61,450 | 301.96% |
BBEU | JPMorgan BetaBuilders Europe ETF | 2,528,343 | 7,312,514 | 289.22% |
AGZ | iShares Agency Bond ETF | 118,714 | 327,560 | 275.92% |
IBDD | iShares iBonds Mar 2023 Term Corporate ETF | 7,316 | 23,037 | 314.86% |
OIL | iPath Series B S&P GSCI Crude Oil ETN | 769,962 | 2,445,218 | 317.58% |
Top 10 Weekly Performers, Excluding Leverage/Inverse Funds and <1,000 Shares Traded
Ticker | Name | Weekly Performance | Weekly Volume | AUM ($, mm) |
VIIX | VelocityShares Daily Long VIX Short-Term ETN | 60.38% | 651,458 | 88.40 |
VXX | iPath Series B S&P 500 VIX Short Term Futures ETN | 59.72% | 218,500,216 | 2,642.41 |
VIXY | ProShares VIX Short-Term Futures ETF | 58.59% | 30,411,385 | 403.85 |
EVIX | VelocityShares 1X Long VSTOXX Futures ETN | 49.10% | 397,934 | 6.81 |
XVZ | iPath S&P 500 Dynamic VIX ETN | 41.67% | 106,541 | 13.10 |
VIXM | ProShares VIX Mid-Term Futures ETF | 40.47% | 993,164 | 49.65 |
VXZ | iPath Series B S&P 500 VIX Mid-Term Futures ETN | 39.18% | 581,932 | 48.78 |
VQT | Barclays ETN+ S&P VEQTOR ETN | 20.27% | 4,417 | 12.17 |
PHDG | Invesco S&P 500 Downside Hedged ETF | 17.19% | 165,737 | 21.89 |
SLVP | iShares MSCI Global Silver Miners ETF | 16.50% | 1,061,042 | 66.34 |
Top 10 YTD Performers
Ticker | Name | YTD Performance | Weekly Performance | AUM ($, mm) |
VIIX | VelocityShares Daily Long VIX Short-Term ETN | 312.41% | 60.38% | 88.40 |
VIXY | ProShares VIX Short-Term Futures ETF | 310.30% | 58.59% | 403.85 |
VXX | iPath Series B S&P 500 VIX Short Term Futures ETN | 310.05% | 59.72% | 2,642.41 |
EVIX | VelocityShares 1X Long VSTOXX Futures ETN | 280.22% | 49.10% | 6.81 |
XVZ | iPath S&P 500 Dynamic VIX ETN | 127.37% | 41.67% | 13.10 |
VIXM | ProShares VIX Mid-Term Futures ETF | 107.37% | 40.47% | 49.65 |
VXZ | iPath Series B S&P 500 VIX Mid-Term Futures ETN | 107.36% | 39.18% | 48.78 |
MOM | AGFiQ U.S. Market Neutral Momentum Fund | 29.92% | 0.18% | 1.39 |
TAIL | Cambria Tail Risk ETF | 26.05% | 4.26% | 121.26 |
BTAL | AGFiQ U.S. Market Neutral Anti-Beta Fund | 16.30% | 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.