XLK, COWZ Power Massive Weekly ETF Inflows
The $54.4 billion of net inflows last week may have been boosted by so-called heartbeat trades.
Investors poured $54.4 billion flowed into U.S.-listed exchange-traded funds last week, bringing year-to-date inflows to $324.7 billion.
U.S. equity exchange-traded funds led the charge, with $46.1 billion of inflows, followed by international equity ETFs with inflows of $4.1 billion and U.S. fixed income ETFs with inflows of $3.5 billion.
Notable flows winners included the Technology Select Sector SPDR Fund (XLK) and the Pacer U.S. Cash Cows 100 ETF (COWZ), which had inflows of $8.1 billion and $3.2 billion, respectively.
While impressive, the inflows for these two funds and others on the weekly top inflows charts were likely beefed up by tax-related, so-called heartbeat trades, a technique used by fund managers to minimize capital gains distributions and maximize tax efficiency.
An unusual amount of attention was paid to last week’s rebalancing of XLK, in which it exchanged $10 billion of worth of shares of Apple for Nvidia. A heartbeat trade may have been designed to reduce the capital gains taxes associated with the Apple shares which were sold.
That means that last week’s $8.1 billon inflow for XLK will likely be matched by a similar-sized outflow this week.
Heartbeat trades can muddle the picture and make it harder to interpret inflows and outflows, and with so many funds rebalancing ahead of the end of the quarter, the flows charts will feature some big flows numbers that investors probably shouldn’t read too deeply into.
A full list of inflows and outflows for last week is below:
Top 10 Creations (All ETFs)
| Ticker | Name | Net Flows ($, mm) | AUM ($, mm) | AUM % Change< |
| IVV | iShares Core S&P 500 ETF | 9,693.50 | 486,768.18 | 1.99 |
| XLK | Technology Select Sector SPDR Fund | 8,102.49 | 79,609.36 | 10.18 |
| VUG | Vanguard Growth ETF | 6,217.69 | 139,840.05 | 4.45 |
| COWZ | Pacer U.S. Cash Cows 100 ETF | 3,242.39 | 26,394.48 | 12.28 |
| SPHQ | Invesco S&P 500 Quality ETF | 3,136.56 | 13,101.13 | 23.94 |
| VXF | Vanguard Extended Market ETF | 2,765.99 | 20,908.66 | 13.23 |
| MOAT | VanEck Morningstar Wide Moat ETF | 2,259.83 | 16,739.79 | 13.50 |
| VOO | Vanguard 500 Index Fund | 1,956.44 | 478,812.77 | 0.41 |
| SMH | VanEck Semiconductor ETF | 1,805.58 | 25,274.64 | 7.14 |
| VTI | Vanguard Total Stock Market ETF | 1,665.18 | 411,055.95 | 0.41 |
Top 10 Redemptions (All ETFs)
| Ticker | Name | Net Flows ($, mm) | AUM ($, mm) | AUM % Change |
| SPY | SPDR S&P 500 ETF Trust | -11,956.61 | 527,001.91 | -2.27 |
| SOXL | Direxion Daily Semiconductor Bull 3X Shares | -762.17 | 10,899.88 | -6.99 |
| HYG | iShares iBoxx USD High Yield Corporate Bond ETF | -484.55 | 17,011.66 | -2.85 |
| XBI | SPDR S&P Biotech ETF | -454.86 | 6,460.30 | -7.04 |
| IWM | iShares Russell 2000 ETF | -388.20 | 59,165.10 | -0.66 |
| XLU | Utilities Select Sector SPDR Fund | -315.64 | 13,825.02 | -2.28 |
| FBTC | Fidelity Wise Origin Bitcoin Fund | -306.27 | 10,918.15 | -2.81 |
| SRLN | SPDR Blackstone Senior Loan ETF | -288.71 | 6,312.05 | -4.57 |
| TQQQ | ProShares UltraPro QQQ | -276.31 | 24,066.45 | -1.15 |
| BAR | GraniteShares Gold Trust | -262.68 | 798.05 | -32.92 |
ETF Weekly Flows By Asset Class
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| Alternatives | 49.13 | 7,926.18 | 0.62% |
| Asset Allocation | 80.31 | 18,488.98 | 0.43% |
| Commodities | 199.96 | 143,786.92 | 0.14% |
| Currency | -596.87 | 60,396.17 | -0.99% |
| International Equity | 4,078.19 | 1,507,734.69 | 0.27% |
| International Fixed Income | 450.59 | 204,895.14 | 0.22% |
| Inverse | 352.59 | 13,455.88 | 2.62% |
| Leveraged | 122.93 | 107,808.28 | 0.11% |
| U.S. Equity | 46,095.56 | 5,754,799.35 | 0.80% |
| U.S. Fixed Income | 3,534.19 | 1,420,265.13 | 0.25% |
| Total: | 54,366.58 | 9,239,556.72 | 0.59% |
Asset Classes (Year-to-Date)
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| Alternatives | 944.30 | 7,728.55 | 12.22% |
| Asset Allocation | 425.12 | 17,901.46 | 2.37% |
| Commodities | -4,714.06 | 144,214.38 | -3.27% |
| Currency | 14,099.10 | 63,250.96 | 22.29% |
| International Equity | 43,484.35 | 1,498,971.39 | 2.90% |
| International Fixed Income | 24,355.81 | 199,200.77 | 12.23% |
| Inverse | 115.84 | 13,655.75 | 0.85% |
| Leveraged | -3,252.56 | 97,054.07 | -3.35% |
| U.S. Equity | 180,182.90 | 5,530,349.91 | 3.26% |
| U.S. Fixed Income | 69,021.70 | 1,386,042.34 | 4.98% |
| Total: | 324,662.50 | 8,958,369.58 | 3.62% |
Top 10 Volume Surprises, Funds >$50 mm AUM
| Ticker | Name | Average Volume (30 Day) | 1 Week Average Volume | % of Average |
| MSTI | Madison Short-Term Strategic Income ETF | 922 | 15,712.00 | 1,703.33%% |
| XHYE | BondBloxx USD High Yield Bond Energy Sector ETF | 10,810 | 143,767.00 | 1,329.92%% |
| GJUN | FT Vest U.S. Equity Moderate Buffer ETF - June | 76,237 | 1,004,716.00 | 1,317.88%% |
| NFLT | Virtus Newfleet Multi-Sector Bond ETF | 42,352 | 510,076.00 | 1,204.38%% |
| TPLE | Timothy Plan US Large / Mid Cap Core Enhanced ETF | 2,693 | 32,239.00 | 1,197.29%% |
| PBP | Invesco S&P 500 BuyWrite ETF | 27,748 | 327,268.00 | 1,179.41%% |
| UJUL | Innovator U.S. Equity Ultra Buffer ETF - July | 11,820 | 119,046.00 | 1,007.19%% |
| FEDM | FlexShares ESG & Climate Developed Markets ex-U.S. Core Index Fund | 2,224 | 22,030.00 | 990.56%% |
| DJUN | FT Vest U.S. Equity Deep Buffer ETF - June | 25,534 | 244,272.00 | 956.66%% |
| FJUN | FT Vest U.S. Equity Buffer ETF - June | 55,458 | 525,414.00 | 947.41%% |
Top 10 Weekly Performers, Excluding Leverage/Inverse Funds and <1,000 Shares Traded
| Ticker | Name | Weekly Performance | Weekly Volume | AUM ($, mm) |
| PALL | abrdn Physical Palladium Shares ETF | 11.09% | 589,646 | 263.24 |
| EZA | iShares MSCI South Africa ETF | 5.65% | 1,209,915 | 260.89 |
| AUMI | Themes Gold Miners ETF | 4.15% | 3,305 | 1.25 |
| SLV | iShares Silver Trust | 4.12% | 76,930,924 | 13,080.24 |
| SIVR | abrdn Physical Silver Shares ETF | 4.10% | 3,215,522 | 1,375.93 |
| PINK | Simplify Health Care ETF | 4.04% | 353,287 | 127.60 |
| BOAT | SonicShares Global Shipping ETF | 3.96% | 71,739 | 55.63 |
| PPLT | abrdn Physical Platinum Shares ETF | 3.95% | 430,045 | 1,013.41 |
| PLTM | GraniteShares Platinum Trust | 3.95% | 334,272 | 41.51 |
| EETH | ProShares Ether Strategy ETF | 3.73% | 349,032 | 105.87 |
Top 10 YTD Performers
| Ticker | Name | YTD Performance | Weekly Performance | AUM ($, mm) |
| NVDY | YieldMax NVDA Option Income Strategy ETF | 95.64% | -3.12% | 746.76 |
| GBTC | Grayscale Bitcoin Trust ETF | 64.76% | -3.68% | 18,095.80 |
| SMH | VanEck Semiconductor ETF | 51.48% | -2.82% | 25,274.64 |
| BTF | Valkyrie Bitcoin and Ether Strategy ETF | 48.10% | -2.89% | 51.34 |
| EETH | ProShares Ether Strategy ETF | 46.72% | 3.73% | 105.87 |
| ARKY | ARK 21Shares Active Bitcoin Ethereum Strategy ETF | 46.56% | -1.59% | 4.97 |
| BITO | ProShares Bitcoin Strategy ETF | 46.37% | -0.78% | 1,937.73 |
| BETE | ProShares Bitcoin & Ether Equal Weight Strategy ETF | 46.12% | 1.40% | 4.42 |
| BETH | ProShares Bitcoin & Ether Market Cap Weight Strategy ETF | 45.92% | 0.35% | 7.47 |
| MAXI | Simplify Bitcoin Strategy PLUS Income ETF | 45.89% | -4.03% | 22.06 |
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.
