Weekly ETF Fund Flows: GLD, SPY Lead Outflows

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The SPDR Gold Trust (NYSEArca:GLD), the world's second-largest ETF, bled $2.27 billion of its net assets in the past week, as investors trimmed their exposure to gold amid a price slump so dramatic that the yellow metal saw its value slide 11 percent in five days.

GLD, the biggest physical gold trust in the market today, now has $50.75 billion in total assets-not long ago, the fund was boasting more than $65 billion. GLD tracks the price of gold, and gold gave up 11 percent of its value in the past Thursday-to-Thursday period ended April 18, breaking below $1,400 an ounce. The yellow metal's losses are now at 16.6 percent year-to-date.

Indeed, investor demand for gold has turned negative, and after accumulating gold for 11 straight years, gold ETFs are now on track to become net sellers of the metal for the first time in 2013, HardAssetsInvestor.com analyst Sumit Roy said recently.

"The gold price action over the past week has left pretty much everyone speechless," Roy told IndexUniverse today. "I don't think anyone could have foreseen prices dropping $140 in a single session as they did on Monday, but it all comes back to the massive outflows from ETFs."

"As long as these investors continue to dump gold, it's going to be hard for prices to rebound," he added. "Gold bulls are certainly not out of the woods."

Overall, investors yanked a net of $3.18 billion from commodities ETFs this past week, and the exodus also applied to equities strategies. U.S. equities ETFs bled a net of $1.25 billion in five days-the SPDR S&P 500 (NYSEArca:SPY) led asset losses with net outflows of $1.67 billion-while international equities funds shed nearly $300 million.

U.S.-listed ETF assets ended the week at $1.435 trillion, down 3.3 percent from the $1.484 trillion asset level seen a week prior. Those outflows came as the S&P 500 dropped 3.25 percent in the same five-day period, to close Thursday at 1541.61.

It's also worth noting that the iShares Russell 2000 Index Fund (NYSEArca:IWM) saw its assets under management whipsaw in the past week, with the fund finding itself among the day's top ETF creations or top ETF redemptions every single day in the past five days.

After ranking as the week's 9 th -biggest redemption with net outflows of $301 million last week, the $20.58 billion fund ended this week a net gainer, with net inflows of $273 million-the 9 th -biggest weekly creation.

IWM's asset flows have certainly been erratic, reflecting in a way the volatility often associated with small-cap stocks. In one day this past week, the all-U.S. small-cap fund went from losing $870 million in net assets-making it the least popular fund of the day-to scooping up $1.2 billion the next.

Year-to-date, IWM is still going strong in terms of asset growth, with net inflows of $2.23 billion-roughly 10 percent of its total current assets. IWM allocates nearly a quarter of the portfolio to financials, followed by a 15 percent allocation to consumer discretionary.

Top 10 Creations (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
EWJ iShares MSCI Japan 1,347.87 9,627.88 16.28%
TIP iShares Barclays TIPS Bond 567.76 21,057.40 2.77%
QQQ PowerShares QQQ 524.98 31,107.24 1.72%
DIA SPDR Dow Jones Industrial Average Trust 484.32 12,400.32 4.06%
DXJ WisdomTree Japan Hedged Equity 459.57 6,825.80 7.22%
XLV Health Care Select SPDR 400.76 7,834.23 5.39%
XLU Utilities Select SPDR 333.54 6,354.54 5.54%
GDX Market Vectors Gold Miners 310.96 5,836.65 5.63%
IWM iShares Russell 2000 273.26 19,842.06 1.40%
IYR iShares Dow Jones U.S. Real Estate 215.59 5,860.22 3.82%


Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
GLD SPDR Gold -2,270.38 50,752.20 -4.28%
SPY SPDR S&P 500 -1,670.95 127,762.40 -1.29%
EEM iShares MSCI Emerging Markets -745.08 43,343.44 -1.69%
MDY SPDR S&P MidCap 400 -701.55 11,520.17 -5.74%
IAU iShares Gold Trust -605.36 8,828.50 -6.42%
RSP Guggenheim S&P 500 Equal Weight -588.63 3,619.77 -13.99%
XLI Industrial Select SPDR -544.27 3,930.86 -12.16%
VWO Vanguard FTSE Emerging Markets -439.26 55,125.44 -0.79%
OIH Market Vectors Oil Services -429.97 1,131.15 -27.54%
IVV iShares Core S&P 500 -382.77 39,956.46 -0.95%


ETF Weekly Daily Flows By Asset Class

Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity -1,254.26 693,389.79 -0.18%
International Equity -299.34 343,311.53 -0.09%
U.S. Fixed Income 1,146.64 238,465.14 0.48%
International Fixed Income 232.91 28,074.74 0.83%
Commodities -3,179.56 89,562.54 -3.55%
Currency -0.56 2,697.11 -0.02%
Leveraged 261.86 12,769.85 2.05%
Inverse 270.01 19,855.75 1.36%
Asset Allocation 36.47 3,211.48 1.14%
Alternatives -13.67 3,619.58 -0.38%
Total: -2,799.50 1,434,957.50 -0.20%


Top 10 Volume Surprises, Funds 'gt;$50 mm AUM

Ticker Name Average Volume
(30 Day)
1 Week Average
Volume
% of Average
AGOL ETFS Physical Asian Gold 437 9,430 431.75%
DGL PowerShares DB Gold 86,743 1,705,338 393.19%
GBF iShares Barclays Government/Credit Bond 9,986 188,047 376.64%
DZZ PowerShares DB Gold Double Short ETN 612,335 11,037,826 360.52%
IHE iShares Dow Jones U.S. Pharmaceuticals 42,460 748,668 352.65%
GLL ProShares UltraShort Gold 391,103 6,597,414 337.37%
DGP PowerShares DB Gold Double Long ETN 380,958 6,412,425 336.65%
VGLT Vanguard Long-Term Government Bond 26,350 441,964 335.45%
SBB ProShares Short SmallCap600 263,044 4,402,252 334.72%
RSP Guggenheim S&P 500 Equal Weight 888,638 14,421,258 324.57%


Top 10 Weekly Performers, Excluding Leverage/Inverse Funds and 'lt;1,000 Shares Traded

Ticker Name Weekly Performance Weekly Volume AUM ($, mm)
VIXY ProShares VIX Short-Term 19.46% 24,984,214 239.16
VIIX VelocityShares VIX Short Term ETN 19.41% 5,354,992 9.41
VXX iPath S&P 500 VIX Short-Term Futures ETN 19.41% 462,575,294 1,499.46
GAZ iPath Dow Jones-UBS Natural Gas Total Return ETN 7.40% 980,858 46.79
UNG United States Natural Gas 6.24% 26,663,416 962.07
VIXM ProShares VIX Mid-term 5.39% 460,652 63.77
VIIZ VelocityShares VIX Mid Term ETN 5.39% 6,160 3.90
VXZ iPath S&P 500 VIX Mid-Term Futures ETN 5.39% 3,919,827 54.13
INXX EGShares India Infrastructure 5.37% 36,512 54.43
UNL United States 12 Month Natural Gas 5.09% 255,180 41.46
Bottom 10 Weekly Performers, Excluding Leverage/Inverse Funds and 'lt;1,000 Shares Traded
Ticker Name Weekly Performance Weekly Volume AUM ($, mm)
GRN iPath Global Carbon ETN -34.50% 31,135 0.50
GDXJ Market Vectors Junior Gold Miners -22.42% 47,567,675 1,580.12
GLDX Global X Gold Explorers -22.18% 2,037,073 26.91
GGGG Global X PURE Gold Miners -20.73% 42,150 2.75
SIL Global X Silver Miners -19.27% 2,296,979 208.16
SILJ PureFunds ISE Junior Silver (Small Cap Miners/Explorers) -19.23% 18,046 2.51
RING iShares MSCI Global Gold Miners -18.56% 1,040,133 27.35
SLVP iShares MSCI Global Silver Miners -18.42% 60,647 4.05
JUNR Global X Junior Miners ETF -17.93% 56,272 2.64
GDX Market Vectors Gold Miners -17.66% 233,332,546 5,836.65

Top 10 YTD Performers

Ticker Name YTD Performance Weekly Performance AUM ($, mm)
GAZ iPath Dow Jones-UBS Natural Gas Total Return ETN 32.96 7.40 46.79
DBJP db X-trackers MSCI Japan Hedged Equity 30.78 -2.10 47.25
UNG United States Natural Gas 26.94 6.24 962.07
DXJ WisdomTree Japan Hedged Equity 25.98 -2.58 6,825.80
IDXJ Market Vectors Indonesia Small Cap 25.33 -1.19 10.15
BBH Market Vectors Biotech 25.03 -1.54 267.52
UNL United States 12 Month Natural Gas 20.29 5.09 41.46
IBB iShares NASDAQ Biotechnology 20.16 -1.62 2,751.49
FXG First Trust Consumer Staples AlphaDEX 19.68 -0.78 551.64
PBE PowerShares Dynamic Biotech & Genome 18.61 -0.72 147.75

Bottom 10 YTD Performers

Ticker Name YTD Performance Weekly Performance AUM ($, mm)
GRN iPath Global Carbon ETN -58.46 -34.50 0.50
GLDX Global X Gold Explorers -48.44 -22.18 26.91
GGGG Global X PURE Gold Miners -41.49 -20.73 2.75
GDXJ Market Vectors Junior Gold Miners -41.03 -22.42 1,580.12
SIL Global X Silver Miners -39.34 -19.27 208.16
GDX Market Vectors Gold Miners -39.11 -17.66 5,836.65
SLVP iShares MSCI Global Silver Miners -38.42 -18.42 4.05
RING iShares MSCI Global Gold Miners -38.01 -18.56 27.35
SILJ PureFunds ISE Junior Silver (Small Cap Miners/Explorers) -37.14 -19.23 2.51
PSAU PowerShares Global Gold and Precious Metals -37.04 -17.51 21.93

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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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , ETFs

Referenced Stocks: GLD , IWM , SPY

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