Weekly Flows Positive Despite $8B Outflow From 'SPY'

The world's largest ETF saw outflows, but ETFs on the whole managed to eke out an inflow during the week ending Thursday, April 6, according to FactSet.

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

U.S.-listed ETFs managed to eke out a modest inflow this week, even as the world's largest ETF saw a big outflow of its own. In total, investors added $765 million to ETFs in the week ending Thursday, April 6, despite an $8 billion outflow from the SPDR S&P 500 ETF (SPY). Year-to-date inflows for the U.S.-listed ETF universe now stand at $132.7 billion, according to FactSet. 

U.S. equity ETFs were the biggest losers of the week, with outflows of $9.4 billion―most of that from SPY. 

During the week, news about the Fed reducing the size of its balance sheet, warnings about how long tax reform could take and the bombings in Syria all weighed on U.S. stocks. Even so, the S&P 500 only finished fractionally lower week-over-week.

On the other hand, international equity ETFs and U.S. fixed-income ETFs were big winners, with inflows for the week of $6.5 billion and $3.2 billion, respectively. The U.S. 10-year yield fell as low as 2.27% on Friday before rebounding to trade at 2.38%, leaving it unchanged on the week.

The other only other segment to see a notable inflow was international fixed-income ETFs, with net creations of $666 million.

International Equity ETFs In Favor 
Turning to individual ETFs, the Vanguard FTSE Emerging Markets ETF (VWO) took the No. 1 spot, with creations of $871 million. The iShares Core MSCI Emerging Markets ETF (IEMG) and the iShares JP Morgan USD Emerging Markets Bond ETF (EMB) were two other EM-focused winners, with inflows of $346 million and $260 million, respectively.

Indeed, most of this week's top 10 ETF list was made up of international ETFs. The iShares MSCI EAFE ETF (EFA) had inflows of $784 million; the Vanguard FTSE Developed Markets ETF (VEA) had inflows of $587 million; the iShares Core MSCI EAFE ETF (IEFA) had inflows of $577 million; and the iShares MSCI Eurozone ETF (EZU) had inflows of $254 million.

Along with EMB, the only other fixed-income ETF to make the top 10 was the iShares iBoxx $ High Yield Corporate Bond ETF (HYG), with creations of $602 million.

Enormous Outflows From 'SPY'
On the end of the spectrum, SPY had redemptions totaling nine times more than the next biggest loser, which was the iShares Russell 2000 ETF (IWM), with outflows of $867 million. The Financial Select Sector SPDR Fund (XLF) was another fund to fall out of favor, with outflows of $625 million.

In fact, every ETF on the top 10 redemptions list was a U.S. equity ETF. Other notable names on the list include the Vanguard REIT Index Fund (VNQ), with outflows of $281 million; the SPDR S&P Oil & Gas Exploration & Production ETF (XOP), with outflows of $249 million; and the SPDR S&P Retail ETF (XRT), with outflows of $200 million.

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

 

Top 10 Creations (All ETFs)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
VWOVanguard FTSE Emerging Markets ETF870.8051,173.311.73%
EFAiShares MSCI EAFE ETF784.1867,042.361.18%
IVViShares Core S&P 500 ETF711.21101,896.410.70%
HYGiShares iBoxx $ High Yield Corporate Bond ETF602.3518,647.873.34%
VEAVanguard FTSE Developed Markets ETF586.6147,492.401.25%
IEFAiShares Core MSCI EAFE ETF576.8221,043.822.82%
IEMGiShares Core MSCI Emerging Markets ETF346.4326,937.031.30%
IVWiShares S&P 500 Growth ETF335.0916,648.712.05%
EMBiShares JP Morgan USD Emerging Markets Bond ETF260.1710,009.492.67%
EZUiShares MSCI Eurozone ETF254.119,049.482.89%

Top 10 Redemptions (All ETFs)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
SPYSPDR S&P 500 ETF Trust-8,034.91235,160.33-3.30%
IWMiShares Russell 2000 ETF-866.9038,075.49-2.23%
XLFFinancial Select Sector SPDR Fund-625.4023,465.78-2.60%
QQQPowerShares QQQ Trust-609.4846,851.45-1.28%
IJRiShares Core S&P Small Cap ETF-483.1628,926.84-1.64%
VNQVanguard REIT Index Fund-281.0334,082.66-0.82%
IJJiShares S&P Mid-Cap 400 Value ETF-272.426,004.75-4.34%
XOPSPDR S&P Oil & Gas Exploration & Production ETF-248.842,482.25-9.11%
XRTSPDR S&P Retail ETF-199.91364.36-35.43%
IJSiShares S&P Small-Cap 600 Value ETF-197.124,686.09-4.04%

ETF Weekly Flows By Asset Class

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity-9,381.991,597,362.73-0.59%
International Equity6,476.02591,138.201.10%
U.S. Fixed Income3,199.39445,843.130.72%
International Fixed Income666.1744,948.311.48%
Commodities-3.1264,138.13-0.00%
Currency-48.772,822.86-1.73%
Leveraged-316.4726,644.54-1.19%
Inverse149.8817,327.060.87%
Asset Allocation56.196,683.710.84%
Alternatives-32.183,713.55-0.87%
Total:765.132,800,622.220.03%

Top 10 Volume Surprises, Funds >$50 mm AUM

TickerNameAverage Volume
(30 Day)
1 Week Average
Volume
% of Average
CLTLPowerShares Treasury Collateral Portfolio419535.71%
YLDPrincipal EDGE Active Income ETF3,37614,713435.80%
EWXSPDR S&P Emerging Markets Small Cap ETF111,316487,204437.68%
PXIPowerShares DWA Energy Momentum Portfolio94,000451,527480.35%
PUIPowerShares DWA Utilities Momentum Portfolio133,266585,051439.01%
COMTiShares Commodities Select Strategy ETF29,41865,002220.96%
OILBiPath Series B S&P GSCI Crude Oil ETN9373,200341.64%
IXPiShares Global Telecom ETF17,68142,526240.51%
JKJiShares Morningstar Small-Cap ETF6,88823,513341.37%
EZYWisdomTree LargeCap Value Fund8,88916,373184.20%

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.