Weekly ETF Outflows Total $21B

Sumit Roy

Senior ETF Analyst

Dec 27, 2019

Reviewed by: Sumit Roy

Edited by: Sumit Roy

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U.S.-listed ETFs registered net outflows of $21.1 billion this week, reversing some of last week's record $51.7 billion haul. Some of the big gyrations in flows over the past two weeks are heartbeat trades, which help fund managers wash out capital gains from low-basis stock positions. You can usually spot these as large inflows that are followed by equally large outflows a few days later.

For example, the iShares S&P Value ETF (IVE) and the iShares S&P 500 Growth ETF (IVW) had inflows of $4.3 billion and $3.3 billion, respectively, last week. This week, they had outflows of $4.3 billion and $3.4 billion.

But while heartbeat trades account for some of the action in flows over the past couple of weeks, they don't account for everything. On net, $30.6 billion has flowed into U.S.-listed ETFs over the past two weeks, a sizable sum, as investors grow increasingly bullish on equities. The S&P 500 is now up 32% this year, the best return since 2013's 32.4% gain and just a smidge away from 1997's 33.3% increase.

A recent trade deal with China, better economic data and a Fed on hold have all combined to push U.S. stocks to record highs. In that context, it's no surprise that investors are putting more money to work in ETFs. Following this week's net outflows, year-to-date net inflows dropped to $321.4 billion. That still leaves them ahead of last year's pace of $308.9 billion, with three trading days left to account for.

If year-to-date inflows end up higher than $315.4 billion, 2019 will likely go down as the year with the second-largest annual inflows ever, only behind 2017's $476.1 billion haul.

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

Top 10 Creations (All ETFs)

Ticker	Name	Net Flows ($,mm)	AUM ($, mm)	AUM % Change
SPY	SPDR S&P 500 ETF Trust	3,448.50	303,596.04	1.14%
AGG	iShares Core U.S. Aggregate Bond ETF	605.84	68,872.68	0.88%
XLE	Energy Select Sector SPDR Fund	506.47	11,123.36	4.55%
VEA	Vanguard FTSE Developed Markets ETF	503.48	78,079.89	0.64%
VTI	Vanguard Total Stock Market ETF	443.76	137,639.94	0.32%
GLD	SPDR Gold Trust	433.19	42,762.49	1.01%
VNQ	Vanguard Real Estate ETF	367.39	36,406.23	1.01%
XOP	SPDR S&P Oil & Gas Exploration & Production ETF	319.22	2,787.52	11.45%
EWZ	iShares MSCI Brazil ETF	308.86	10,885.36	2.84%
IEFA	iShares Core MSCI EAFE ETF	299.08	73,702.59	0.41%

Top 10 Redemptions (All ETFs)

Ticker	Name	Net Flows ($,mm)	AUM ($, mm)	AUM % Change
IVE	iShares S&P 500 Value ETF	-4,254.62	17,820.32	-23.88%
IVW	iShares S&P 500 Growth ETF	-3,441.10	24,678.81	-13.94%
RPG	Invesco S&P 500 Pure Growth ETF	-1,670.43	2,729.19	-61.21%
IUSV	iShares Core S&P U.S. Value ETF	-1,538.69	7,022.11	-21.91%
IJJ	iShares S&P Mid-Cap 400 Value ETF	-1,215.07	6,620.56	-18.35%
IJS	iShares S&P Small-Cap 600 Value ETF	-1,150.82	6,788.35	-16.95%
SPYV	SPDR Portfolio S&P 500 Value ETF	-1,124.24	4,962.48	-22.65%
XLF	Financial Select Sector SPDR Fund	-1,067.21	25,177.17	-4.24%
VOO	Vanguard S&P 500 ETF	-1,037.32	130,170.60	-0.80%
SPYG	SPDR Portfolio S&P 500 Growth ETF	-1,022.44	5,341.19	-19.14%

ETF Weekly Flows By Asset Class

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
U.S. Equity	-26,500.47	2,528,458.36	-1.05%
International Equity	2,896.68	889,095.46	0.33%
U.S. Fixed Income	1,638.85	754,650.51	0.22%
International Fixed Income	478.05	89,540.08	0.53%
Commodities ETFs	284.09	80,296.96	0.35%
Currency	-31.30	1,315.12	-2.38%
Leveraged	-96.47	40,195.98	-0.24%
Inverse	134.97	11,660.23	1.16%
Asset Allocation	58.04	10,694.84	0.54%
Alternatives	47.42	4,597.48	1.03%
Total:	-21,090.14	4,410,505.03	-0.48%

Asset Classes (Year-to-Date)

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
U.S. Equity	129,042.02	2,528,458.36	5.10%
International Equity	30,914.64	889,095.46	3.48%
U.S. Fixed Income	133,376.66	754,650.51	17.67%
International Fixed Income	20,219.27	89,540.08	22.58%
Commodities ETFs	7,863.63	80,296.96	9.79%
Currency	-474.42	1,315.12	-36.07%
Leveraged	-7,197.12	40,195.98	-17.91%
Inverse	5,901.89	11,660.23	50.62%
Asset Allocation	538.54	10,694.84	5.04%
Alternatives	1,216.80	4,597.48	26.47%
Total:	321,401.91	4,410,505.03	7.29%

Top 10 Volume Surprises, Funds >$50 mm AUM

Ticker	Name	Average Volume (30 Day)	1 Week Average Volume	% of Average
INKM	SPDR SSGA Income Allocation ETF	28,114	107,308	381.70%
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	72,744	163,086	224.19%
GTO	Invesco Total Return Bond ETF	30,785	81,955	266.22%
FVAL	Fidelity Value Factor ETF	30,908	58,612	189.64%
MXDU	Nationwide Maximum Diversification U.S. Core Equity ETF	1,206	2,086	172.94%
PBP	Invesco S&P 500 BuyWrite ETF	45,500	89,464	196.62%
PJUL	Innovator S&P 500 Power Buffer ETF - July	18,647	29,481	158.10%
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	25,502	40,810	160.02%
DBB	Invesco DB Base Metals Fund	69,269	95,205	137.44%
BDCL	ETRACS 2xLeveraged Long Wells Fargo Business Development Company Index ETN	59,217	117,276	198.04%

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

Ticker	Name	Weekly Performance	Weekly Volume	AUM ($, mm)
SILJ	ETFMG Prime Junior Silver Miners ETF	10.57%	1,522,876	140.18
SIL	Global X Silver Miners ETF	7.96%	946,765	561.36
GDXJ	VanEck Vectors Junior Gold Miners ETF	7.54%	47,267,788	4,960.36
SLVP	iShares MSCI Global Silver Miners ETF	7.45%	382,922	104.22
INR	Market Vectors-Indian Rupee/USD ETN	6.89%	7,494	0.48
GOAU	U.S. Global GO Gold and Precious Metal Miners ETF	6.71%	265,720	46.50
GDX	VanEck Vectors Gold Miners ETF	6.36%	140,116,119	12,432.86
SGDM	Sprott Gold Miners ETF	6.06%	99,999	188.50
RING	iShares MSCI Global Gold Miners ETF	6.00%	418,289	285.88
GOEX	Global X Gold Explorers ETF	5.94%	56,221	42.97

Top 10 YTD Performers

Ticker	Name	YTD Performance	Weekly Performance	AUM ($, mm)
BBC	Virtus LifeSci Biotech Clinical Trials ETF	70.47%	5.31%	41.65
TAN	Invesco Solar ETF	67.76%	0.33%	443.65
XSD	SPDR S&P Semiconductor ETF	67.06%	0.92%	508.90
SMH	VanEck Vectors Semiconductor ETF	66.00%	0.69%	1,411.33
FTXL	First Trust Nasdaq Semiconductor ETF	63.98%	0.45%	43.67
SOXX	iShares PHLX Semiconductor ETF	63.55%	0.48%	2,413.04
PBW	Invesco WilderHill Clean Energy ETF	60.60%	0.78%	215.09
SILJ	ETFMG Prime Junior Silver Miners ETF	55.75%	10.57%	140.18
SBIO	ALPS Medical Breakthroughs ETF	55.03%	2.22%	231.56
PSI	Invesco Dynamic Semiconductors ETF	54.26%	0.67%	220.02

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

| Contact: [email protected]

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.

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Weekly ETF Outflows Total $21B

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