Weekly ETF Outflows Total $21B

Net ETF inflows for 2019 are still on track to be the second-largest on record. 

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 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)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
SPYSPDR S&P 500 ETF Trust3,448.50303,596.041.14%
AGGiShares Core U.S. Aggregate Bond ETF605.8468,872.680.88%
XLEEnergy Select Sector SPDR Fund506.4711,123.364.55%
VEAVanguard FTSE Developed Markets ETF503.4878,079.890.64%
VTIVanguard Total Stock Market ETF443.76137,639.940.32%
GLDSPDR Gold Trust433.1942,762.491.01%
VNQVanguard Real Estate ETF367.3936,406.231.01%
XOPSPDR S&P Oil & Gas Exploration & Production ETF319.222,787.5211.45%
EWZiShares MSCI Brazil ETF308.8610,885.362.84%
IEFAiShares Core MSCI EAFE ETF299.0873,702.590.41%

 

Top 10 Redemptions (All ETFs)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
IVEiShares S&P 500 Value ETF-4,254.6217,820.32-23.88%
IVWiShares S&P 500 Growth ETF-3,441.1024,678.81-13.94%
RPGInvesco S&P 500 Pure Growth ETF-1,670.432,729.19-61.21%
IUSViShares Core S&P U.S. Value ETF-1,538.697,022.11-21.91%
IJJiShares S&P Mid-Cap 400 Value ETF-1,215.076,620.56-18.35%
IJSiShares S&P Small-Cap 600 Value ETF-1,150.826,788.35-16.95%
SPYVSPDR Portfolio S&P 500 Value ETF-1,124.244,962.48-22.65%
XLFFinancial Select Sector SPDR Fund-1,067.2125,177.17-4.24%
VOOVanguard S&P 500 ETF-1,037.32130,170.60-0.80%
SPYGSPDR Portfolio S&P 500 Growth ETF-1,022.445,341.19-19.14%

 

ETF Weekly Flows By Asset Class

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity-26,500.472,528,458.36-1.05%
International Equity2,896.68889,095.460.33%
U.S. Fixed Income1,638.85754,650.510.22%
International Fixed Income478.0589,540.080.53%
Commodities ETFs284.0980,296.960.35%
Currency-31.301,315.12-2.38%
Leveraged-96.4740,195.98-0.24%
Inverse134.9711,660.231.16%
Asset Allocation58.0410,694.840.54%
Alternatives47.424,597.481.03%
Total:-21,090.144,410,505.03-0.48%

 

Asset Classes (Year-to-Date)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity129,042.022,528,458.365.10%
International Equity30,914.64889,095.463.48%
U.S. Fixed Income133,376.66754,650.5117.67%
International Fixed Income20,219.2789,540.0822.58%
Commodities ETFs7,863.6380,296.969.79%
Currency-474.421,315.12-36.07%
Leveraged-7,197.1240,195.98-17.91%
Inverse5,901.8911,660.2350.62%
Asset Allocation538.5410,694.845.04%
Alternatives1,216.804,597.4826.47%
Total:321,401.914,410,505.037.29%

 

Top 10 Volume Surprises, Funds >$50 mm AUM

TickerNameAverage Volume
(30 Day)
1 Week Average
Volume
% of Average
INKMSPDR SSGA Income Allocation ETF28,114107,308381.70%
XSOEWisdomTree Emerging Markets ex-State-Owned Enterprises Fund72,744163,086224.19%
GTOInvesco Total Return Bond ETF30,78581,955266.22%
FVALFidelity Value Factor ETF30,90858,612189.64%
MXDUNationwide Maximum Diversification U.S. Core Equity ETF1,2062,086172.94%
PBPInvesco S&P 500 BuyWrite ETF45,50089,464196.62%
PJULInnovator S&P 500 Power Buffer ETF - July18,64729,481158.10%
GSEWGoldman Sachs Equal Weight U.S. Large Cap Equity ETF 25,50240,810160.02%
DBBInvesco DB Base Metals Fund69,26995,205137.44%
BDCLETRACS 2xLeveraged Long Wells Fargo Business Development Company Index ETN59,217117,276198.04%

 

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

TickerNameWeekly PerformanceWeekly VolumeAUM ($, mm)
SILJETFMG Prime Junior Silver Miners ETF10.57%1,522,876140.18
SILGlobal X Silver Miners ETF7.96%946,765561.36
GDXJVanEck Vectors Junior Gold Miners ETF7.54%47,267,7884,960.36
SLVPiShares MSCI Global Silver Miners ETF7.45%382,922104.22
INRMarket Vectors-Indian Rupee/USD ETN6.89%7,4940.48
GOAUU.S. Global GO Gold and Precious Metal Miners ETF6.71%265,72046.50
GDXVanEck Vectors Gold Miners ETF6.36%140,116,11912,432.86
SGDMSprott Gold Miners ETF6.06%99,999188.50
RINGiShares MSCI Global Gold Miners ETF6.00%418,289285.88
GOEXGlobal X Gold Explorers ETF5.94%56,22142.97

 

Top 10 YTD Performers

TickerNameYTD PerformanceWeekly PerformanceAUM ($, mm)
BBCVirtus LifeSci Biotech Clinical Trials ETF70.47%5.31%41.65
TANInvesco Solar ETF67.76%0.33%443.65
XSDSPDR S&P Semiconductor ETF67.06%0.92%508.90
SMHVanEck Vectors Semiconductor ETF66.00%0.69%1,411.33
FTXLFirst Trust Nasdaq Semiconductor ETF63.98%0.45%43.67
SOXXiShares PHLX Semiconductor ETF63.55%0.48%2,413.04
PBWInvesco WilderHill Clean Energy ETF60.60%0.78%215.09
SILJETFMG Prime Junior Silver Miners ETF55.75%10.57%140.18
SBIOALPS Medical Breakthroughs ETF55.03%2.22%231.56
PSIInvesco Dynamic Semiconductors ETF54.26%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 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.