ETFs
Significant SPY Inflows and XLK Outflows Last Week
genericfinance567
Last week, investors poured $3.9 billion into U.S.-listed ETFs, bringing year-to-date inflows to $406.1 billion.
U.S. fixed income ETFs accumulated $4 billion of new money, while U.S. equity ETFs lost $3.2 billion.
Total assets under management of US-listed ETFs reached $9.22 trillion on modest inflows and new records reached in the US stock market.
The S&P 500 index hovered just below 5,500 for much of last week, a gain of nearly 16% for the year.
In contrast, despite the inflows last week, fixed-income ETF prices mostly fell as Treasury yields rose.
The yield on 10-year Treasury bonds approached 4.5% for the first time in three weeks as the election odds shifted in favor of Trump over Biden.
Other tax-related transactions
Looking at individual ETFs, the SPDR S&P 500 Exchange Traded Fund (SPY) easily topped the admissions chart with $16.7 billion in creations. It was followed by the iShares Russell Mid-Cap Exchange Traded Fund (IWR) and the iShares Russell Mid-Cap Growth Exchange Traded Fund (ETF) (IWP).
However, just like last week, many of these flow figures are muddled by quick-fix transactions designed to minimize taxes.
These trades tend to be more common during quarterly index rebalances, when stocks are added and subtracted from the indices.
THE SPDR Technology Sector Fund (XLK)A prime example is the company that posted $8.5 billion in outflows last week. The outflows are essentially a mirror image of the previous week’s inflows and are aimed at reducing taxes associated with its portfolio redistribution, including a $10 billion sale of Apple stock in exchange for Nvidia.
Behind XLK on the weekly release list was the Vanguard Growth ETF (VUG)which recorded $6 billion in capital outflows, another suspenseful event.
For a full list of last week’s top inbound and outbound flows, see the tables below:
Top 10 Creations (all ETFs)
|
Teleprinter |
Name |
Net flows ($, mm) |
Assets under management ($, mm) |
% change in AUM |
|
16,678.36 |
543,033.82 |
3.07 |
||
|
3,376.51 |
36,998.11 |
9.13 |
||
|
3,340.88 |
17,672.54 |
18.90 |
||
|
2,699.13 |
53,985.80 |
5.00 |
||
|
2,189.58 |
489,887.17 |
0.45 |
||
|
1,597.39 |
14,158.41 |
11.28 |
||
|
1,374.82 |
7,392.34 |
18.60 |
||
|
1,282.46 |
22,196.42 |
5.78 |
||
|
1,278.45 |
132,333.10 |
0.97 |
||
|
1,235.19 |
37,687.06 |
3.28 |
Top 10 Redemptions (all ETFs)
|
Teleprinter |
Name |
Net flows ($, mm) |
Assets under management ($, mm) |
% change in assets under management |
|
-8,583.07 |
70,250.76 |
-12.22 |
||
|
-6,030.51 |
134,986.94 |
-4.47 |
||
|
-5,858.06 |
473,839.57 |
-1.24 |
||
|
-3,070.65 |
23,016.98 |
-13.34 |
||
|
-2,881.87 |
10,029.12 |
-28.74 |
||
|
-2,703.36 |
18,349.01 |
-14.73 |
||
|
-2,437.79 |
14,395.57 |
-16.93 |
||
|
-1,908.20 |
410,244.71 |
-0.47 |
||
|
-1,582.26 |
22,778.90 |
-6.95 |
||
|
-1,466.55 |
4,763.97 |
-30.78 |
The story continues
Weekly ETF Flows by Asset Class
|
Net flows ($, mm) |
Assets under management ($, mm) |
% of assets under management |
|
|
Alternatives |
60.27 |
7,933.13 |
0.76% |
|
Asset allocation |
118.07 |
18,561.06 |
0.64% |
|
Raw materials |
-190.24 |
141,435.58 |
-0.13% |
|
Currency |
-217.39 |
56,973.19 |
-0.38% |
|
International actions |
1,468.59 |
1,498,184.14 |
0.10% |
|
International Fixed Income Securities |
857.83 |
205,374.50 |
0.42% |
|
Reverse |
-444.82 |
$12,979.50 |
-3.43% |
|
Leverage |
1,389.88 |
107,082.42 |
1.30% |
|
American stocks |
-3,179.70 |
5,749,283.80 |
-0.06% |
|
US Fixed Income Bonds |
4,014.38 |
1,422,718.09 |
0.28% |
|
Total: |
3,876.88 |
9,220,525.41 |
0.04% |
Asset Classes (YTD)
|
Net flows ($, mm) |
Assets under management ($, mm) |
% of assets under management |
|
|
Alternatives |
1,157.42 |
7,933.13 |
14.59% |
|
Asset allocation |
722.32 |
18,561.06 |
3.89% |
|
Raw materials |
-4,833.02 |
141,435.58 |
-3.42% |
|
Currency |
14,775.18 |
56,973.19 |
25.93% |
|
International actions |
55,954.04 |
1,498,184.14 |
3.73% |
|
International Fixed Income Securities |
28,405.03 |
205,374.50 |
13.83% |
|
Reverse |
631.24 |
$12,979.50 |
4.86% |
|
Leverage |
-3,911.16 |
107,082.42 |
-3.65% |
|
American stocks |
223 151.21 |
5,749,283.80 |
3.88% |
|
US Fixed Income Bonds |
90,056.05 |
1,422,718.09 |
6.33% |
|
Total: |
406 108.31 |
9,220,525.41 |
4.40% |
Top 10 Volume Surprises, Funds > $50M AUM
|
Teleprinter |
Name |
Average volume |
Average over 1 week |
% on average |
|
$3,175,349.00 |
2,526.52% |
|||
|
$4,358,296.00 |
2,457.76% |
|||
|
$1,359,209.00 |
2,401.72% |
|||
|
$151,786.00 |
2 101.68% |
|||
|
$833,365.00 |
2,086.84% |
|||
|
$1,709,653.00 |
1,770.84% |
|||
|
$539,287.00 |
1,702.91% |
|||
|
$179,470.00 |
1,692.58% |
|||
|
Goldman Sachs MarketBeta International Equity Exchange Traded Fund (ETF) |
$586,153.00 |
1,662.05% |
||
|
857,004.00 |
1,521.45% |
Top 10 weekly performers, excluding leveraged/inverse funds and less than 1,000 stocks traded
|
Teleprinter |
Name |
Weekly performances |
Weekly volume |
Assets under management ($, mm) |
|
5.74% |
149,516 |
141.51 |
||
|
5.26% |
933 243 |
790.45 |
||
|
5.10% |
5,346,439 |
631.14 |
||
|
4.71% |
151 321 |
92.74 |
||
|
4.64% |
8,163,928 |
738.10 |
||
|
4.63% |
1,198,977 |
485.25 |
||
|
4.43% |
50,983 |
42.88 |
||
|
3.94% |
1,333 |
5.97 |
||
|
First Trust Exchange Traded Fund (ETF) Dedicated to Cloud Computing |
3.92% |
495 101 |
2,979.98 |
|
|
3.91% |
34 177 |
3.39 |
Top 10 best performing artists since the beginning of the year
Disclaimer: All data is current as of 6:00 a.m. Eastern Time on the day the article was published. Data is believed to be accurate. However, transitory market data is often subject to further revision and correction by exchanges.
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