Investors piled into bond funds in the past week, as stock
markets around the world turned skittish amid stronger and stronger
views that Europe's fiscal mess and slowing growth in China were
already putting the brakes on U.S. growth.
IndexUniverse's "Top 10 Creations" list included a number of
marquee bond funds, including the $15 billion iShares iBoxx $
Investment Grade Corporate Bond Fund (NYSEArca:HYG) and the Pimco
Total Return ETF (NYSEArca:BOND). The popular iShares junk bond ETF
pulled in $234.4 million in fresh assets, while Bill Gross' $1.94
billion BOND added $138.4 million.
Bond funds in general gathered more than $1 billion in new
assets, while U.S. equities suffered outflows of about $689
million. Overall, net inflows were just $119.1 million, and total
U.S.-listed ETF assets fell to $1.171 trillion in the week ended
Thursday, July 12 from about $1.171 trillion a week earlier,
according to data compiled by IndexUniverse.
That means the stock market's decline was behind the drop in
total assets and, indeed, the Dow Jones industrial average's
323-point, or 2.5 percent, drop just about matched the
percentage-point drop in ETF assets.
Investors seem to be accepting that with much of southern Europe
already in a recession and China's growth slowing, stocks are
probably heading lower in the near term. IndexUniverse's weekly
flows survey didn't capture the effects of China's report that
second-quarter growth fell to 7.6 percent in the second quarter
from 8.1 percent in the first quarter, but the data did validate
investor suspicions.
Not surprisingly, the SPDR S&P 500 ETF (NYSEArca:SPY) was
the least popular fund in the week, bleeding $2.27 billion in
assets. It's the biggest ETF in the world, and is frequently at the
top of any flows survey we do here.
Gold ETF flows meanwhile presented a mixed picture, with the
iShares Gold Trust (NYSEArca:IAU) adding $142.1 million in new
assets, while the SPDR Gold Shares (NYSEArca:GLD) suffered
redemptions of $476.7 million.
Investors have been flocking to dollar-denominated assets, such
as Treasurys, which has hurt gold prices. As the dollar rises, the
price of gold, which is measured in dollars, is likely to fall.
Spot gold prices have fallen about 3 percent in the past five
days.
That said, if central banks around the world ramp up their
easy-money policies in the form of interest rate cuts and/or more
quantitative easing, many analysts believe the dollar will weaken
and gold will once again shine as the safe haven of choice.
Top 10 Creations (All ETFs)
| Ticker |
Name |
Net Flows ($,mm) |
AUM ($, mm) |
AUM % Change |
| OEF |
iShares S&P 100 |
692.91 |
4,258.09 |
19.44% |
| IWM |
iShares Russell 2000 |
550.74 |
15,555.09 |
3.67% |
| DIA |
SPDR Dow Jones Industrial Average Trust |
539.34 |
11,257.89 |
5.03% |
| HYG |
iShares iBoxx $ High Yield Corporate Bond |
234.42 |
15,026.34 |
1.58% |
| LQD |
iShares iBoxx $ Investment Grade Corporate Bond |
200.69 |
23,208.06 |
0.87% |
| VEA |
Vanguard MSCI EAFE |
185.43 |
8,157.30 |
2.33% |
| VTV |
Vanguard Value |
154.16 |
5,870.05 |
2.70% |
| IAU |
iShares Gold Trust |
142.07 |
9,192.26 |
1.57% |
| EMB |
iShares JPMorgan USD Emerging Markets Bond |
138.50 |
5,002.13 |
2.85% |
| BOND |
PIMCO Total Return |
138.38 |
1,944.41 |
7.66% |
Top 10 Redemptions (All ETFs)
| Ticker |
Name |
Net Flows ($,mm) |
AUM ($, mm) |
AUM % Change |
| SPY |
SPDR S&P 500 |
-2,272.71 |
103,826.87 |
-2.14% |
| XLI |
Industrial Select SPDR |
-676.59 |
2,717.30 |
-19.94% |
| GLD |
SPDR Gold |
-476.71 |
63,521.49 |
-0.74% |
| XLE |
Energy Select SPDR |
-252.81 |
6,998.70 |
-3.49% |
| XLY |
Consumer Discretionary Select SPDR |
-240.67 |
3,136.72 |
-7.13% |
| XLK |
Technology Select SPDR |
-205.20 |
8,823.65 |
-2.27% |
| VWO |
Vanguard MSCI Emerging Markets |
-204.41 |
49,640.22 |
-0.41% |
| IEF |
iShares Barclays 7-10 Year Treasury Bond |
-185.12 |
4,912.65 |
-3.63% |
| IWF |
iShares Russell 1000 Growth |
-142.41 |
15,339.97 |
-0.92% |
| USO |
United States Oil |
-125.80 |
1,243.55 |
-9.19% |
ETF Weekly Daily Flows By Asset Class
|
|
Net Flows ($, mm) |
AUM ($, mm) |
% of AUM |
|
U.S. Equity
|
-689.35 |
540,107.61 |
-0.13% |
|
International Equity
|
-43.66 |
256,751.85 |
-0.02% |
|
U.S. Fixed Income
|
612.27 |
211,640.15 |
0.29% |
|
International Fixed Income
|
420.32 |
18,039.56 |
2.33% |
|
Commodities
|
-487.93 |
104,173.36 |
-0.47% |
|
Currency
|
-32.04 |
2,939.69 |
-1.09% |
|
Leveraged
|
97.35 |
12,193.11 |
0.80% |
|
Inverse
|
198.14 |
19,648.79 |
1.01% |
|
Asset Allocation
|
9.79 |
1,889.95 |
0.52% |
|
Alternatives
|
34.26 |
4,061.46 |
0.84% |
|
Total:
|
119.14
|
1,171,445.53
|
0.01%
|
Top 10 Volume Surprises, Funds 'gt;$50 mm AUM
| Ticker |
Name |
Average Volume
(30 Day) |
1 Week Average
Volume |
% of Average |
| IYJ |
iShares Dow Jones U.S. Industrial |
109,005 |
2,313,556 |
424.49% |
| FXN |
First Trust Energy AlphaDEX |
140,457 |
2,592,070 |
369.09% |
| XSD |
SPDR S&P Semiconductor |
56,467 |
966,820 |
342.44% |
| RYT |
Guggenheim S&P Equal Weight Technology |
18,455 |
311,957 |
338.07% |
| FXR |
First Trust Industrials/Producer Durables AlphaDEX |
164,287 |
2,635,739 |
320.87% |
| PBW |
PowerShares WilderHill Clean Energy Portfolio |
237,692 |
3,633,273 |
305.71% |
| MCHI |
iShares MSCI China |
154,448 |
2,357,844 |
305.33% |
| TILT |
FlexShares Morningstar U.S. Market Factor Tilt Index |
15,439 |
234,920 |
304.31% |
| IYE |
iShares Dow Jones U.S. Energy |
319,848 |
4,667,969 |
291.89% |
| TOK |
iShares MSCI Kokusai |
5,499 |
74,550 |
271.15% |
Top 10 Weekly Performers, Excluding Leverage/Inverse
Funds and 'lt;1,000 Shares Traded
| Ticker |
Name |
Weekly Performance |
Weekly Volume |
AUM ($, mm) |
| TAGS |
Teucrium Agricultural |
16.08% |
1,866 |
2.68 |
| DPU |
PowerShares DB Commodity Long ETN |
13.31% |
1,582 |
6.06 |
| USMI |
United States Metals Index Fund |
12.32% |
4,530 |
2.42 |
| DIRT |
iPath Pure Beta Agriculture ETN |
8.98% |
1,469 |
3.00 |
| LEDD |
iPath Pure Beta Lead ETN |
6.80% |
2,270 |
0.69 |
| ONG |
iPath Pure Beta Energy ETN |
5.82% |
2,500 |
2.29 |
| ZROZ |
PIMCO 25+ Year Zero Coupon U.S. Treasury |
4.68% |
100,774 |
179.99 |
| EDV |
Vanguard Extended Duration Treasury |
4.59% |
111,441 |
213.92 |
| UGEM |
EGShares Utilities GEMS |
4.29% |
30,202 |
2.62 |
| CAFE |
iPath Pure Beta Coffee ETN |
4.14% |
3,800 |
1.40 |
Bottom 10 Weekly Performers, Excluding Leverage/Inverse
Funds and 'lt;1,000 Shares Traded
| Ticker |
Name |
Weekly Performance |
Weekly Volume |
AUM ($, mm) |
| KOL |
Market Vectors Coal |
-10.65% |
771,455 |
164.29 |
| RING |
iShares MSCI Global Gold Miners |
-10.00% |
30,265 |
28.51 |
| PXQ |
PowerShares Dynamic Networking Portfolio |
-9.88% |
222,117 |
53.60 |
| PKOL |
PowerShares Global Coal Portfolio |
-9.45% |
10,376 |
9.35 |
| PSAU |
PowerShares Global Gold and Precious Metals
Portfolio |
-9.18% |
6,232 |
30.24 |
| GDXJ |
Market Vectors Junior Gold Miners |
-9.15% |
14,377,015 |
1,970.61 |
| COPX |
Global X Copper Miners |
-8.95% |
105,437 |
25.68 |
| GDX |
Market Vectors Gold Miners |
-8.87% |
76,420,870 |
7,590.42 |
| KWT |
Market Vectors Solar Energy |
-8.83% |
6,452 |
9.12 |
| GLDX |
Global X Gold Explorers |
-8.78% |
208,841 |
27.91 |
Top 10 YTD Performers
| Ticker |
Name |
YTD Performance |
Weekly Performance |
AUM ($, mm) |
| XIV |
VelocityShares Daily Inverse VIX Short Term ETN |
83.12 |
1.46 |
257.81 |
| SVXY |
ProShares Short VIX Short-Term Futures |
81.01 |
0.84 |
33.23 |
| AAVX |
ETRACS Daily Short 1-Month S&P 500 VIX Futures
ETN |
77.57 |
-0.72 |
15.39 |
| BIB |
ProShares Ultra NASDAQ Biotech |
53.46 |
-4.55 |
26.52 |
| BBVX |
ETRACS Daily Short 2-Month S&P 500 VIX Futures
ETN |
49.46 |
-0.73 |
14.35 |
| RETL |
Direxion Daily Retail Bull 3X Shares |
49.43 |
-4.24 |
9.07 |
| DRN |
Direxion Daily Real Estate Bull 3x |
46.34 |
-1.15 |
94.18 |
| IVOP |
iPath Inverse January 2021 S&P 500 VIX Short-Term
Futures ETN |
43.67 |
3.71 |
3.29 |
| ITLT |
PowerShares DB 3X Italian Treasury Bond Futures ETN |
43.56 |
0.60 |
31.42 |
| BDCL |
ETRACS 2X Leveraged Long Wells Fargo Business Development
Company ETN |
42.93 |
-2.10 |
44.98 |
Bottom 10 YTD Performers
| Ticker |
Name |
YTD Performance |
Weekly Performance |
AUM ($, mm) |
| UVXY |
ProShares Ultra VIX Short-Term Futures |
-88.46 |
-3.66 |
277.12 |
| TVIX |
VelocityShares Daily 2X VIX Short Term ETN |
-87.51 |
-5.25 |
274.91 |
| CVOL |
C-Tracks Exchange-Traded Notes on the Citi
Volatility |
-68.99 |
-1.42 |
6.61 |
| VIXY |
ProShares VIX Short-Term |
-60.22 |
-1.57 |
136.82 |
| VXX |
iPath S&P 500 VIX Short-Term Futures ETN |
-60.20 |
-1.79 |
1,697.65 |
| VIIX |
VelocityShares VIX Short Term ETN |
-60.05 |
-1.51 |
35.16 |
| VXAA |
ETRACS 1-Month S&P 500 VIX Futures ETN |
-58.08 |
-14.52 |
3.60 |
| NUGT |
Direxion Daily Gold Miners Bull 3X |
-55.14 |
-24.64 |
197.73 |
| BOIL |
ProShares Ultra DJ-UBS Natural Gas |
-54.35 |
-5.98 |
63.54 |
| TVIZ |
VelocityShares Daily 2X VIX Mid Term ETN |
-53.60 |
-6.22 |
4.23 |
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.
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