Weekly ETF Outflows Total $19B

Investors took money out of ETFs, but most of that was from one fund.

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

Talk about a U-turn. After registering their strongest month of inflows on record in January, ETFs started February with a monster outflow. Almost $19 billion came out of U.S.-listed ETFs during the week ending Thursday, Feb. 8, as Wall Street witnessed its steepest sell-off in nearly two years. Year-to-date inflows are still positive, but fell to $51.9 billion.

The data, which comes from FactSet, showed that U.S. equity ETFs had outflows of $21.8 billion during the week. The S&P 500 plunged throughout the period, falling into the red for the year. The index was down as much as 11.6% from its all-time high on Friday.

The vast majority of this week’s equity ETF outflows came from one fund: the SPDR S&P 500 ETF Trust (SPY). SPY’s $17.5 billion worth of weekly outflows were far and ahead of the rest of the pack. The next-biggest outflows came from the iShares MSCI EAFE ETF (EFA), with $2 billion.

Yields Rise
The iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD), the SPDR Bloomberg Barclays High Yield Bond ETF (JNK) and the iShares JP Morgan USD Emerging Markets Bond ETF (EMB) followed suit, with outflows of more than $1 billion each.

Despite outflows from those three products, fixed-income ETFs as a whole registered a modest inflow. The U.S. 10-year Treasury bond increased, and yields fell week-over-week by about 4 basis points to last trade at 2.81% after challenging four-year highs of 2.88% on Monday and Thursday. Despite this week’s slight decline, yields continue to face upward pressure amid expectations of rising inflation and more Fed hikes.

Indeed, it’s notable that Treasury yields didn’t fall all that much even as stocks fell steeply.

IVV Picks Up Assets

Even amid this week’s negative tone in markets, there were a handful of ETFs that garnered notable inflows. The iShares Core S&P 500 ETF (IVV) picked up $1.9 billion. At the same time, the iShares Core MSCI EAFE ETF (IEFA) had inflows of $1.7 billion.

International equity ETFs as a whole saw inflows of $827 million, a sharp contrast to the outflows seen in U.S. equity ETFs.

Finally, the ProShares Short VIX Short-Term Futures ETF (SVXY) took in a whopping $1.6 billion during the week. Prices for the ETF plunged from $106 last week to $10 this Friday, a decline of more than 90%, as an unprecedented surge in VIX futures devastated the value of the fund.

The rival VelocityShares Daily Inverse VIX Short-Term ETN (XIV), which was similarly hammered, is set to shut down later this month. SVXY will continue trading, and judging by the latest inflows, plenty of investors are happy to continue buying it, despite this week’s turmoil in the fund.

For a full list of this week’s inflows, outflows and ETF performance data, see the tables below:

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Top 10 Creations (All ETFs)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
IVViShares Core S&P 500 ETF1,858.04150,762.371.25%
IEFAiShares Core MSCI EAFE ETF1,685.7049,935.453.49%
SVXYProShares Short VIX Short-Term Futures ETF1,560.77779.89200.13%
IWMiShares Russell 2000 ETF565.3841,263.321.39%
MDYSPDR S&P Midcap 400 ETF Trust461.1620,993.542.25%
AGGiShares Core U.S. Aggregate Bond ETF429.2153,655.390.81%
TIPiShares TIPS Bond ETF382.3324,912.161.56%
VTVanguard Total World Stock ETF372.8511,213.693.44%
SCHFSchwab International Equity ETF343.0314,063.652.50%
IYRiShares U.S. Real Estate ETF309.033,618.049.34%

Top 10 Redemptions (All ETFs)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
SPYSPDR S&P 500 ETF Trust-17,458.59274,134.08-5.99%
EFAiShares MSCI EAFE ETF-2,080.6479,246.45-2.56%
LQDiShares iBoxx $ Investment Grade Corporate Bond ETF-1,338.3634,923.66-3.69%
JNKSPDR Bloomberg Barclays High Yield Bond ETF-1,125.6310,258.17-9.89%
EMBiShares JP Morgan USD Emerging Markets Bond ETF-1,072.2212,791.97-7.73%
XLKTechnology Select Sector SPDR Fund-998.8519,797.28-4.80%
QQQPowerShares QQQ Trust-942.5560,203.92-1.54%
DIASPDR Dow Jones Industrial Average ETF Trust-710.1323,211.36-2.97%
XLVHealth Care Select Sector SPDR Fund-689.6715,965.47-4.14%
GLDSPDR Gold Trust-632.3035,189.00-1.77%

ETF Weekly Flows By Asset Class

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity-21,774.311,923,249.30-1.13%
International Equity827.13828,672.150.10%
U.S. Fixed Income1,649.83521,747.610.32%
International Fixed Income-484.2762,714.49-0.77%
Commodities -436.2668,351.29-0.64%
Currency-15.921,317.38-1.21%
Leveraged658.5934,291.851.92%
Inverse778.5214,416.835.40%
Asset Allocation-21.798,879.46-0.25%
Alternatives-97.884,693.95-2.09%
Total:-18,916.373,468,334.31-0.55%

Top 10 Volume Surprises, Funds >$50 mm AUM

TickerNameAverage Volume
(30 Day)
1 Week Average
Volume
% of Average
USMCPrincipal U.S. Mega-Cap Multi-Factor Index ETF58,283340,867584.85%
USDUWisdomTree Bloomberg U.S. Dollar Bullish Fund128,519555,144431.96%
FTHIFirst Trust BuyWrite Income ETF17,62569,684395.38%
JKFiShares Morningstar Large Cap Value ETF16,69460,866364.60%
GSCGS Connect S&P GSCI Enhanced Commodity TR Strategy ETN2,4866,130246.63%
MXDUNationwide Maximum Diversification U.S. Core Equity ETF2,7899,266332.17%
RVNUXtrackers Municipal Infrastructure Revenue Bond ETF18,10953,317294.42%
JPMFJPMorgan Managed Futures Strategy ETF6,45738,520596.60%
PPHVanEck Vectors Pharmaceutical ETF147,805309,611209.47%
XIVHVelocityShares VIX Short Volatility Hedged ETN31,082192,697619.96%

 

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.