Weekly Outflows For ETFs Despite ‘SUSL’
Record launch for ESG fund didn't prevent U.S.-listed ETFs from registering net outflows this week.
For the second week in a row, investors pulled cash out of U.S.-listed ETFs. Just over $3.7 billion exited the space during the week ending Thursday, May 16, as trade war concerns continued to weigh on markets.
After the latest flows figures, year-to-date inflows fell further behind last year’s levels, dipping to $67.2 billion, compared with $108.5 billion at the same time in 2018.
Equity ETFs Shed Assets
This week’s outflows were fairly evenly divided between U.S. equity ETFs (-$2.7 billion) and international equity ETFs (-$2.3 billion). The S&P 500 briefly dipped to the 2,800 level on Monday, falling more than 5% below its all-time high amid back-and-forth trade tensions between the U.S. and China.
Currently, the two sides are locked in a stalemate after President Trump raised tariffs on China last Friday, and the Asian nation quickly retaliated with more tariffs of its own.
U.S. equity ETFs like the SPDR S&P 500 ETF Trust (SPY) and the Financial Select Sector SPDR Fund (XLF) faced the brunt of this week’s outflows, while international equity ETFs such as the iShares MSCI Emerging Markets ETF (EEM) and the iShares MSCI Japan ETF (EWJ) also suffered.
Low Rates Spur Inflows
On the other hand, fixed income ETFs benefited from the trade uncertainty. The U.S. 10-year Treasury yield fell close to its lowest levels of the year, below 2.4%, and U.S. fixed income ETFs picked up $2.6 billion in fresh assets.
The iShares Core U.S. Aggregate Bond ETF (AGG), the Vanguard Total Bond Market ETF (BND) and the iShares 20+ Year Treasury Bond ETF (TLT) led fixed income inflows.
Biggest Launch In 15 Years
Finally, this flows recap would not be complete without mention of the breakout ETF star of the week, the iShares ESG MSCI USA Leaders ETF (SUSL). The ESG fund launched late last week with a whopping $847 million in assets, making it the biggest ETF launch of the past 15 years.
Read more about SUSL here and here.
For a full list of this week’s top inflows and outflows, see the tables below.
Contact Sumit Roy a [email protected]
Top 10 Creations (All ETFs)
Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
SUSL | iShares ESG MSCI USA Leaders ETF | 847.06 | 850.31 | 99.62% |
AGG | iShares Core U.S. Aggregate Bond ETF | 804.58 | 60,860.47 | 1.32% |
IVV | iShares Core S&P 500 ETF | 746.14 | 174,016.43 | 0.43% |
BND | Vanguard Total Bond Market ETF | 631.89 | 38,953.12 | 1.62% |
XLV | Health Care Select Sector SPDR Fund | 605.88 | 18,532.21 | 3.27% |
SPLV | Invesco S&P 500 Low Volatility ETF | 498.10 | 10,990.89 | 4.53% |
QQQ | Invesco QQQ Trust | 489.52 | 71,909.34 | 0.68% |
TLT | iShares 20+ Year Treasury Bond ETF | 350.45 | 12,761.17 | 2.75% |
GOVT | iShares U.S. Treasury Bond ETF | 334.48 | 10,392.74 | 3.22% |
IEFA | iShares Core MSCI EAFE ETF | 326.07 | 62,989.83 | 0.52% |
Top 10 Redemptions (All ETFs)
Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
SPY | SPDR S&P 500 ETF Trust | -4,833.28 | 259,525.15 | -1.86% |
EEM | iShares MSCI Emerging Markets ETF | -1,191.31 | 32,180.22 | -3.70% |
XLF | Financial Select Sector SPDR Fund | -1,176.68 | 24,047.95 | -4.89% |
EMB | iShares JP Morgan USD Emerging Markets Bond ETF | -925.35 | 14,483.34 | -6.39% |
XLP | Consumer Staples Select Sector SPDR Fund | -566.99 | 11,004.88 | -5.15% |
VOO | Vanguard S&P 500 ETF | -535.31 | 110,065.44 | -0.49% |
JNK | SPDR Bloomberg Barclays High Yield Bond ETF | -492.68 | 8,701.51 | -5.66% |
EWJ | iShares MSCI Japan ETF | -386.15 | 12,980.71 | -2.97% |
DIA | SPDR Dow Jones Industrial Average ETF Trust | -372.38 | 21,291.15 | -1.75% |
XLC | Communication Services Select Sector SPDR Fund | -354.85 | 5,302.05 | -6.69% |
ETF Weekly Flows By Asset Class
Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
U.S. Equity | -2,725.52 | 2,169,173.23 | -0.13% |
International Equity | -2,280.39 | 807,574.39 | -0.28% |
U.S. Fixed Income | 2,615.70 | 647,351.87 | 0.40% |
International Fixed Income | -767.33 | 73,018.80 | -1.05% |
Commodities | -428.42 | 61,612.26 | -0.70% |
Currency | 18.08 | 1,465.24 | 1.23% |
Leveraged | -15.71 | 36,687.36 | -0.04% |
Inverse | 32.99 | 11,694.32 | 0.28% |
Asset Allocation | 49.48 | 9,517.34 | 0.52% |
Alternatives | -212.59 | 4,684.27 | -4.54% |
Total: | -3,713.71 | 3,822,779.09 | -0.10% |
Asset Classes (Year-to-Date)
Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
U.S. Equity | 15,861.01 | 2,169,173.23 | 0.73% |
International Equity | 10,203.66 | 807,574.39 | 1.26% |
U.S. Fixed Income | 38,337.69 | 647,351.87 | 5.92% |
International Fixed Income | 5,427.01 | 73,018.80 | 7.43% |
Commodities | -2,929.46 | 61,612.26 | -4.75% |
Currency | -319.32 | 1,465.24 | -21.79% |
Leveraged | -1,975.95 | 36,687.36 | -5.39% |
Inverse | 2,459.99 | 11,694.32 | 21.04% |
Asset Allocation | -479.82 | 9,517.34 | -5.04% |
Alternatives | 608.54 | 4,684.27 | 12.99% |
Total: | 67,193.36 | 3,822,779.09 | 1.76% |
Top 10 Volume Surprises, Funds >$50 mm AUM
Ticker | Name | Average Volume (30 Day) | 1 Week Average Volume | % of Average |
79 | 391 | 494.39% | ||
PSC | Principal U.S. Small-Cap Multi-Factor Index ETF | 2,920 | 10,667 | 365.32% |
QMOM | Alpha Architect U.S. Quantitative Momentum ETF | 19,455 | 65,862 | 338.53% |
DALT | Anfield Capital Diversified Alternatives ETF | 23,436 | 85,459 | 364.64% |
QVAL | Alpha Architect U.S. Quantitative Value ETF | 12,108 | 35,343 | 291.90% |
FXG | First Trust Consumer Staples AlphaDEX Fund | 55,703 | 165,557 | 297.22% |
DGT | SPDR Global Dow ETF | 2,441 | 6,768 | 277.24% |
JPMB | JPMorgan USD Emerging Markets Sovereign Bond ETF | 2,516 | 5,937 | 236.01% |
IMOM | Alpha Architect International Quantitative Momentum ETF | 6,421 | 14,692 | 228.82% |
STOT | SPDR DoubleLine Short Duration Total Return Tactical ETF | 16,727 | 38,245 | 228.65% |
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.