Investors yanked more than $1.25 billion out of exchange-traded
funds in the past week, most of that from developed as well as
emerging market equities, as global markets reeled from the newest
twists and turns in Europe's ongoing debt crisis.
It's hardly a surprise that the SPDR S&P 500 ETF
(NYSEArca:SPY), the world's biggest exchange-traded fund, bled the
most assets, with outflows of $1.73 billion in the five trading
days ended May 17, according to data compiled by IndexUniverse.
But right behind SPY was the Financial Select Sector SPDR Fund
(NYSEArca:XLF), a fitting ETF for the No. 2 slot on IndexUniverse's
top redemptions list considering all the concern about Europe's
financial sector. Investors pulled just over $1 billion out of
XLF.
As things stand, credit ratings on many Spanish banks have been
downgraded, and talk has become increasingly explicit about how
Greece might find a way to exit the eurozone and its common
currency, the euro. The dire possibility has even earned the
nickname "Grexit"-a financial market attempt at gallows humor or a
sign that Greece's eurozone fate is now a question of "when" and
not "if."
Overall, including the market's sharp moves lower over the past
week, total assets in U.S.-listed ETFs dropped 3.5 percent in the
past week.
The redemptions also included the world's two-biggest funds
focused on the developing world:the Vanguard MSCI Emerging Markets
ETF (NYSEArca:VWO) and the iShares MSCI Emerging Markets Index Fund
(NYSEArca:EEM). VWO had outflows of $532.9 million, while EEM's
were $332.4 million.
Even junk bonds got caught in the cross hairs of investor
anxiety, with the ETF market's two biggest high-yield corporate
debt funds-the iShares iBoxx $ High Yield Corporate Bond Fund
(NYSEArca:HYG) and the SPDR Barclays Capital High Yield Bond ETF
(NYSEArca:JNK)-recording redemptions of $285.2 million and $132.8
million, respectively.
Safe Havens
That said, other bond funds became safe havens for crisis-weary
investors.
For example, the Vanguard Total Bond Market ETF (NYSEArca:BND)
pulled in $294.2 million in new assets, and the iShares Barclays
1-3 Treasury Bond Fund (NYSEArca:SHY) added $227.9 million.
Also, the iShares iBoxx $ Investment Grade Corporate Bond Fund
(NYSEArca:LQD) gathered $290.2 million in fresh assets
Even precious metals-silver at least-attracted investors'
attention. The iShares Silver Trust (NYSEArca:SLV) pulled in $163.7
million.
However, gold didn't make it onto IndexUniverse's top 10 funds
list.
To the contrary, the iShares Gold Trust (NYSEArca:IAU) was among
the least popular ETFs, as investors sold gold earlier in the week,
briefly pushing year-to-date price into the red. Flows out of IAU
totaled $144.8 million.
The most popular ETF last week was the iShares S&P 500 Index
Fund (NYSEArca:IVV), an asymmetrical presence on the creations list
considering the broad anti-equities flavor in the markets. IVV
pulled in $437 million in new assets.
Top 10 Creations (All ETFs)
| Ticker |
Name |
Net Flows ($,mm) |
AUM ($, mm) |
AUM % Change |
| IVV |
iShares S&P 500 |
437.00 |
28,069.80 |
1.58% |
| BND |
Vanguard Total Bond Market |
294.15 |
16,228.68 |
1.85% |
| LQD |
iShares iBoxx $ Investment Grade Corporate Bond |
290.20 |
20,850.94 |
1.41% |
| XLP |
Consumer Staples Select SPDR |
237.22 |
5,679.12 |
4.36% |
| SHY |
iShares Barclays 1-3 Year Treasury Bond |
227.93 |
11,257.63 |
2.07% |
| IBB |
iShares NASDAQ Biotechnology |
190.56 |
1,920.11 |
11.02% |
| XLV |
Health Care Select SPDR |
183.79 |
4,341.49 |
4.42% |
| VOO |
Vanguard S&P 500 |
173.90 |
4,118.88 |
4.41% |
| SLV |
iShares Silver Trust |
163.72 |
8,523.73 |
1.96% |
| IWM |
iShares Russell 2000 |
161.37 |
13,803.91 |
1.18% |
Top 10 Redemptions (All ETFs)
| Ticker |
Name |
Net Flows ($,mm) |
AUM ($, mm) |
AUM % Change |
| SPY |
SPDR S&P 500 |
-1,734.93 |
92,881.26 |
-1.83% |
| XLF |
Financial Select SPDR |
-1,003.79 |
4,970.14 |
-16.80% |
| VWO |
Vanguard MSCI Emerging Markets |
-532.87 |
47,461.01 |
-1.11% |
| AAXJ |
iShares MSCI All Country Asia ex-Japan |
-433.10 |
1,856.95 |
-18.91% |
| EEM |
iShares MSCI Emerging Markets |
-332.42 |
33,151.00 |
-0.99% |
| HYG |
iShares iBoxx $ High Yield Corporate Bond |
-285.22 |
14,551.29 |
-1.92% |
| EWZ |
iShares MSCI Brazil |
-163.49 |
7,126.30 |
-2.24% |
| IAU |
iShares Gold Trust |
-144.79 |
8,810.72 |
-1.62% |
| VXX |
iPath S&P 500 VIX Short-Term Futures ETN |
-142.01 |
2,251.57 |
-5.93% |
| JNK |
SPDR Barclays Capital High Yield Bond |
-132.84 |
11,051.65 |
-1.19% |
ETF Weekly Daily Flows By Asset Class
|
|
Net Flows ($, mm) |
AUM ($, mm) |
% of AUM |
|
U.S. Equity
|
-1,456.84 |
508,997.34 |
-0.29% |
|
International Equity
|
-1,330.41 |
256,236.91 |
-0.52% |
|
U.S. Fixed Income
|
1,512.76 |
202,817.79 |
0.75% |
|
International Fixed Income
|
161.33 |
16,286.26 |
0.99% |
|
Commodities
|
103.68 |
104,386.18 |
0.10% |
|
Currency
|
22.19 |
3,173.53 |
0.70% |
|
Leveraged
|
168.26 |
11,898.97 |
1.41% |
|
Inverse
|
-252.29 |
20,433.22 |
-1.23% |
|
Asset Allocation
|
-4.27 |
1,852.82 |
-0.23% |
|
Alternatives
|
-183.14 |
4,720.80 |
-3.88% |
|
Total:
|
-1,258.74
|
1,130,803.80
|
-0.11%
|
Top 10 Volume Surprises, Funds 'gt;$50 mm AUM
| Ticker |
Name |
Average Volume
(30 Day) |
1 Week Average
Volume |
% of Average |
| ACWV |
iShares MSCI All Country World Minimum Volatility |
91,367 |
2,173,483 |
475.77% |
| DGT |
SPDR Global Dow |
8,680 |
147,273 |
339.33% |
| FTY |
iShares FTSE NAREIT Real Estate 50 |
15,830 |
268,369 |
339.06% |
| PIZ |
PowerShares DWA Developed Markets Technical Leaders
Portfolio |
39,117 |
618,515 |
316.24% |
| BABS |
SPDR Nuveen Barclays Capital Build America Bond |
27,161 |
395,100 |
290.94% |
| EQIN |
Russell Equity Income |
2,022 |
28,947 |
286.30% |
| USMV |
iShares MSCI USA Minimum Volatility |
75,281 |
1,075,898 |
285.84% |
| TLH |
iShares Barclays 10-20 Year Treasury Bond |
56,420 |
798,042 |
282.89% |
| MCHI |
iShares MSCI China |
193,238 |
2,723,981 |
281.93% |
| FXS |
CurrencyShares Swedish Krona |
2,451 |
34,253 |
279.54% |
Top 10 Weekly Performers, Excluding Leverage/Inverse
Funds and 'lt;1,000 Shares Traded
| Ticker |
Name |
Weekly Performance |
Weekly Volume |
AUM ($, mm) |
| CVOL |
C-Tracks Exchange-Traded Notes on the Citi
Volatility |
36.36% |
476,765 |
10.94 |
| VIIX |
VelocityShares VIX Short Term ETN |
22.20% |
1,473,833 |
32.32 |
| VIXY |
ProShares VIX Short-Term |
22.16% |
4,451,615 |
190.02 |
| VXX |
iPath S&P 500 VIX Short-Term Futures ETN |
22.02% |
281,481,504 |
2,251.57 |
| VXBB |
ETRACS 2-Month S&P 500 VIX Futures ETN |
14.60% |
2,000 |
6.27 |
| VXZ |
iPath S&P 500 VIX Mid-Term Futures ETN |
12.77% |
2,271,461 |
246.09 |
| VIXM |
ProShares VIX Mid-term |
12.50% |
329,055 |
117.07 |
| VXDD |
ETRACS 4-Month S&P 500 VIX Futures ETN |
11.72% |
1,400 |
7.37 |
| ZROZ |
PIMCO 25+ Year Zero Coupon U.S. Treasury |
8.53% |
186,914 |
158.40 |
| EDV |
Vanguard Extended Duration Treasury |
7.56% |
335,211 |
200.69 |
Bottom 10 Weekly Performers, Excluding Leverage/Inverse
Funds and 'lt;1,000 Shares Traded
| Ticker |
Name |
Weekly Performance |
Weekly Volume |
AUM ($, mm) |
| GREK |
Global X FTSE Greece 20 |
-18.57% |
182,802 |
2.06 |
| TSXV |
Global X S&P/TSX Venture 30 Canada |
-14.16% |
5,225 |
2.13 |
| VNM |
Market Vectors Vietnam |
-14.01% |
1,889,056 |
341.42 |
| URA |
Global X Uranium |
-13.49% |
1,821,330 |
138.25 |
| KWT |
Market Vectors Solar Energy |
-13.00% |
186,890 |
10.95 |
| EMFN |
iShares MSCI-Emerging Markets Financials |
-11.72% |
5,866 |
3.22 |
| SLX |
Market Vectors Steel |
-11.31% |
352,219 |
113.47 |
| TAN |
Guggenheim Solar |
-11.27% |
362,877 |
53.90 |
| GLDX |
Global X Gold Explorers |
-11.06% |
536,767 |
25.02 |
| KOL |
Market Vectors Coal |
-10.89% |
1,346,788 |
174.35 |
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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