Weekly Outflows Continue, ‘ASHR' Hit Hard

Weekly Outflows Continue, ‘ASHR' Hit Hard

Net weekly ETF outflows totaled $6.9 billion, including a hefty $458 million outflow from China ETF ‘ASHR.’

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 wave of selling in the stock market (and buying in the bond market) compelled ETF investors to take chips off the table this week. On net, they took $6.9 billion out of U.S.-listed ETFs during the week ending Thursday, May 30, according to the latest data from FactSet. That pushed year-to-date inflows down to $66.9 billion, well behind last year’s pace of $123 billion.

Trade remained front and center for investors this week, as neither the U.S. nor China showed signs of bending in their ongoing trade war. On Friday, trade tensions expanded when President Trump threatened to levy tariffs on Mexico.

By week’s end, the S&P 500 was about 7% below its all-time high, spooked by trade war talk and the plunge in Treasury yields, which some suggested was warning of an impending recession. The benchmark 10-year yield spiked as low as 2.14%, a level not seen in nearly two years.

Thanks to safe-haven inflows, U.S. fixed income ETFs escaped with net creations of $455 million for the week.

Fixed Income ETFs Top Inflows List

In terms of individual ETFs, the low-cost iShares Core S&P 500 ETF (IVV) topped the daily inflows list, but a healthy number of safe fixed income ETFs also found themselves there.

The iShares 7-10 Year Treasury Bond ETF (IEF), the Vanguard Total Bond Market ETF (BND), the iShares Core U.S. Aggregate Bond ETF (AGG), the iShares 3-7 Year Treasury Bond ETF (IEI) and the iShares 20+ Year Treasury Bond ETF (TLT) were all in the top 10.

ASHR & Junk Bonds Lose Favor

On the other side of the spectrum, the SPDR S&P 500 ETF Trust (SPY) and the iShares iBoxx USD High Yield Corporate Bond ETF (HYG), a junk bond ETF, were the biggest flows losers.

The SPDR Bloomberg Barclays High Yield Bond ETF (JNK) also shed assets, but the most surprising fund on the outflows list may be the Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR)—not because it lost assets (it is a China ETF, after all), but because it had outflows of $458 million, equal to 31% of its assets under management.

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
IVViShares Core S&P 500 ETF562.86171,308.480.33%
IEFiShares 7-10 Year Treasury Bond ETF516.9514,222.823.63%
BNDVanguard Total Bond Market ETF366.9839,825.870.92%
MTUMiShares Edge MSCI U.S.A. Momentum Factor ETF337.508,731.343.87%
ITOTiShares Core S&P Total U.S. Stock Market ETF282.3019,556.001.44%
SUSLiShares ESG MSCI USA Leaders ETF282.101,109.3025.43%
XLKTechnology Select Sector SPDR Fund275.0120,233.701.36%
AGGiShares Core U.S. Aggregate Bond ETF273.6161,742.820.44%
IEIiShares 3-7 Year Treasury Bond ETF235.947,227.203.26%
TLTiShares 20+ Year Treasury Bond ETF218.2513,566.511.61%

 

Top 10 Redemptions (All ETFs)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
SPYSPDR S&P 500 ETF Trust-5,043.33252,551.48-2.00%
HYGiShares iBoxx USD High Yield Corporate Bond ETF-1,017.6614,699.49-6.92%
XLVHealth Care Select Sector SPDR Fund-789.7517,056.58-4.63%
JNKSPDR Bloomberg Barclays High Yield Bond ETF-727.778,248.84-8.82%
DIASPDR Dow Jones Industrial Average ETF Trust-603.2920,045.89-3.01%
ASHRXtrackers Harvest CSI 300 China A-Shares ETF-457.671,474.34-31.04%
IWMiShares Russell 2000 ETF-374.8339,842.64-0.94%
EZUiShares MSCI Eurozone ETF-351.606,255.13-5.62%
QUALiShares Edge MSCI U.S.A. Quality Factor ETF-274.1710,505.05-2.61%
BKLNInvesco Senior Loan ETF-259.564,669.94-5.56%

 

ETF Weekly Flows By Asset Class

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity-5,955.852,112,801.95-0.28%
International Equity-1,386.29791,336.04-0.18%
U.S. Fixed Income454.55651,452.840.07%
International Fixed Income36.3673,377.310.05%
Commodities -61.1860,660.81-0.10%
Currency20.571,502.571.37%
Leveraged-164.7834,744.26-0.47%
Inverse244.1912,506.741.95%
Asset Allocation-22.209,381.40-0.24%
Alternatives-41.824,596.12-0.91%
Total:-6,876.453,752,360.02-0.18%

 

Asset Classes (Year-to-Date)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity14,794.242,112,801.950.70%
International Equity8,322.92791,336.041.05%
U.S. Fixed Income40,272.77651,452.846.18%
International Fixed Income5,654.3673,377.317.71%
Commodities -2,915.3460,660.81-4.81%
Currency-280.661,502.57-18.68%
Leveraged-1,775.4434,744.26-5.11%
Inverse2,748.2812,506.7421.97%
Asset Allocation-493.309,381.40-5.26%
Alternatives570.024,596.1212.40%
Total:66,897.853,752,360.021.78%

 

Top 10 Volume Surprises, Funds >$50 mm AUM

TickerNameAverage Volume
(30 Day)
1 Week Average
Volume
% of Average
ONEOSPDR Russell 1000 Momentum Focus3,21317,797553.99%
DXGEWisdomTree Germany Hedged Equity Fund13,65956,426413.10%
IGNiShares North American Tech-Multimedia Networking ETF61,028236,998388.34%
PKWInvesco BuyBack Achievers ETF332,1021,180,112355.35%
ULVMUSAA MSCI USA Value Momentum Blend Index ETF16,06157,908360.55%
QARPXtrackers Russell 1000 U.S. Quality at a Reasonable Price ETF13,18649,288373.81%
GLTRAberdeen Standard Physical Precious Metals Basket Shares ETF16,33259,245362.75%
VFMFVanguard U.S. Multifactor ETF6,50723,239357.16%
SUSLiShares ESG MSCI USA Leaders ETF1,3744,722343.73%
DXJSWisdomTree Japan Hedged SmallCap Equity Fund9,62827,903289.80%

 

 

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.