Weekly ETF Flows: TIPS Get Traction
Investors plowed money into bond ETFs targeting Treasury inflation-protected securities in the past week in a sign of growing concern about mounting inflationary pressures as the U.S. economic recovery gains steam.
Overall, total U.S.-listed ETF assets dipped to just below $.1461 trillion in the week ended Thursday, March 21, from the record $1.468 trillion at the end of the prior week, according to data compiled by IndexUniverse.
Among the popular TIPS funds were the iShares Barclays TIPS Fund (NYSEArca:TIP) and the FlexShares iBoxx 3-Year Target Duration TIPS (NYSEArca:TDTT), which pulled in $519 million and $355 million, respectively, with flows into the FlexShares fund amounting to more than a third of its $1.39 billion in assets.
Another bond fund made it onto IndexUniverse's "Top 10 Creations" list, the iShares Barclays Short Treasury Bond Fund (NYSEArca:SHV), suggesting money is moving to the shorter end of the yield curve, where changes in inflation expectations and rising rates don't hit bond prices as hard as they do longer-dated debt.
The asset moves come at a time when some in the market, looking at rising inflation readings, are wondering if the Federal Reserve may end up having to begin reversing the half-decade of ultra-easy monetary policy sooner than the 2015 time frame Fed Chairman Ben Bernanke has indicated. Those views continue to hold sway even as problems in Cyprus stoke old eurozone-related anxiety.
Noteworthy Redemptions
The SPDR Gold Shares (NYSEArca:GLD), the world's biggest physical gold ETF, lost almost $775 million in assets last week, a small directional sign that gold allure could possibly be fading after 12 years of rallying prices.
Another noteworthy redemption was the $1.62 billion that came out of the iShares MSCI Emerging Markets Index Fund (NYSEArca:EEM), as well as the nearly $1 billion that bled out of the Vanguard High Dividend Yield ETF (NYSEArca:VYM).
VYM's redemptions, in particular, were interesting, as they amounted to a reversal of $1 billion in inflows last week. The back-and-forth movement suggests some sort of rebalancing at the fund level or perhaps a brief period of cash equitization by a large institutional player.
Top 10 Creations (All ETFs)
| Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
|---|---|---|---|---|
| IWF | iShares Russell 1000 Growth | 1,333.26 | 19,336.60 | 7.41% |
| MDY | SPDR S&P MidCap 400 | 562.78 | 12,135.40 | 4.86% |
| IWM | iShares Russell 2000 | 525.97 | 21,267.37 | 2.54% |
| TIP | iShares Barclays TIPS Bond | 519.01 | 21,267.34 | 2.50% |
| TDTT | FlexShares iBoxx 3-Year Target Duration TIPS | 355.10 | 1,389.38 | 34.33% |
| XRT | SPDR S&P Retail | 319.12 | 1,293.86 | 32.74% |
| SHV | iShares Barclays Short Treasury Bond | 297.58 | 3,119.23 | 10.55% |
| XLE | Energy Select SPDR | 263.87 | 7,683.68 | 3.56% |
| XLU | Utilities Select SPDR | 261.08 | 5,990.08 | 4.56% |
| XLY | Consumer Discretionary Select SPDR | 250.68 | 4,395.75 | 6.05% |
Top 10 Redemptions (All ETFs)
| Ticker | Name | Net Flows ($,mm) | AUM ($, mm) | AUM % Change |
|---|---|---|---|---|
| SPY | SPDR S&P 500 | -3,292.38 | 130,422.66 | -2.46% |
| EEM | iShares MSCI Emerging Markets | -1,623.10 | 46,149.10 | -3.40% |
| VYM | Vanguard High Dividend Yield | -999.41 | 5,284.02 | -15.91% |
| GLD | SPDR Gold | -774.66 | 63,341.94 | -1.21% |
| IWR | iShares Russell Midcap | -412.33 | 7,263.31 | -5.37% |
| XLI | Industrial Select SPDR | -335.57 | 4,665.14 | -6.71% |
| HDV | iShares High Dividend Equity | -255.39 | 2,620.75 | -8.88% |
| EZU | iShares MSCI EMU | -188.11 | 2,142.71 | -8.07% |
| DIA | SPDR Dow Jones Industrial Average Trust | -168.62 | 10,998.95 | -1.51% |
| OIH | Market Vectors Oil Services | -120.54 | 1,404.90 | -7.90% |
ETF Weekly Daily Flows By Asset Class
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
|---|---|---|---|
| U.S. Equity | 750.79 | 698,044.89 | 0.11% |
| International Equity | -1,240.75 | 353,982.85 | -0.35% |
| U.S. Fixed Income | 2,090.81 | 232,512.75 | 0.90% |
| International Fixed Income | 49.13 | 26,987.14 | 0.18% |
| Commodities | -1,061.20 | 108,135.88 | -0.98% |
| Currency | -29.81 | 2,734.38 | -1.09% |
| Leveraged | -96.21 | 13,831.43 | -0.70% |
| Inverse | 204.17 | 18,274.25 | 1.12% |
| Asset Allocation | 63.66 | 3,050.41 | 2.09% |
| Alternatives | 29.66 | 3,398.27 | 0.87% |
| Total: | 760.26 | 1,460,952.25 | 0.05% |
Top 10 Volume Surprises, Funds 'gt;$50 mm AUM
| Ticker | Name | Average Volume(30 Day) | 1 Week AverageVolume | % of Average |
|---|---|---|---|---|
| PBJ | PowerShares Dynamic Food & Beverage | 62,837 | 1,465,674 | 466.50% |
| GML | SPDR S&P Emerging Latin America | 21,232 | 381,131 | 359.02% |
| DTYS | iPath U.S. Treasury 10-Year Bear ETN | 42,198 | 695,749 | 329.76% |
| GOVT | iShares Barclays U.S. Treasury Bond | 114,819 | 1,818,286 | 316.72% |
| VGIT | Vanguard Intermediate-Term Government Bond | 30,024 | 442,812 | 294.97% |
| XVZ | iPath S&P Dynamic VIX ETN | 85,799 | 1,264,537 | 294.77% |
| EFZ | ProShares Short MSCI EAFE | 132,362 | 1,852,054 | 279.85% |
| IGN | iShares S&P North American Technology-Multimedia Networking | 86,562 | 1,184,765 | 273.74% |
| NORW | Global X FTSE Norway | 63,381 | 841,474 | 265.53% |
| ZROZ | PIMCO 25+ Year Zero Coupon U.S. Treasury | 15,733 | 208,677 | 265.28% |
Top 10 Weekly Performers, Excluding Leverage/Inverse Funds and 'lt;1,000 Shares Traded
| Ticker | Name | Weekly Performance | Weekly Volume | AUM ($, mm) |
|---|---|---|---|---|
| GRN | iPath Global Carbon ETN | 21.72% | 2,575 | 0.65 |
| ITB | iShares Dow Jones U.S. Home Construction | 4.62% | 26,568,901 | 2,499.86 |
| DFJ | WisdomTree Japan SmallCap Dividend | 4.27% | 403,661 | 179.04 |
| JSC | SPDR Russell/Nomura Small Cap Japan | 4.20% | 75,727 | 69.06 |
| NAGS | Teucrium Natural Gas | 4.18% | 22,887 | 3.74 |
| GAZ | iPath Dow Jones-UBS Natural Gas Total Return ETN | 3.74% | 588,096 | 41.35 |
| SCJ | iShares MSCI Japan Small Cap | 3.39% | 68,312 | 58.96 |
| GLDX | Global X Gold Explorers | 3.27% | 218,423 | 37.77 |
| FJP | First Trust Japan AlphaDex | 3.24% | 30,343 | 13.75 |
| GDX | Market Vectors Gold Miners | 3.18% | 60,356,144 | 7,639.82 |
| Ticker | Name | Weekly Performance | Weekly Volume | AUM ($, mm) |
|---|---|---|---|---|
| SCIF | Market Vectors India Small-Cap | -9.43% | 2,000,051 | 107.19 |
| INXX | EGShares India Infrastructure | -9.42% | 147,233 | 51.16 |
| GREK | Global X FTSE Greece 20 | -7.63% | 204,134 | 24.17 |
| SCIN | EGShares India Small Cap | -7.21% | 50,448 | 20.88 |
| JJT | iPath Dow Jones-UBS Tin Total Return ETN | -5.79% | 6,701 | 8.27 |
| EPI | WisdomTree India Earnings | -5.42% | 13,647,142 | 1,067.44 |
| KWT | Market Vectors Solar Energy | -5.32% | 27,944 | 11.58 |
| BRAQ | Global X Brazil Consumer | -5.12% | 49,869 | 24.26 |
| FBZ | First Trust Brazil AlphaDex | -5.00% | 6,403 | 5.79 |
| BRAZ | Global X Brazil Mid Cap | -4.91% | 16,996 | 18.61 |
Top 10 YTD Performers
| Ticker | Name | YTD Performance | Weekly Performance | AUM ($, mm) |
|---|---|---|---|---|
| IDXJ | Market Vectors Indonesia Small Cap | 25.06 | 2.99 | 6.44 |
| DXJ | WisdomTree Japan Hedged Equity | 21.06 | 1.84 | 5,461.36 |
| DBJP | db X-trackers MSCI Japan Hedged Equity | 20.67 | 1.27 | 18.68 |
| IAI | iShares Dow Jones U.S. Broker-Dealers | 20.65 | -0.70 | 94.08 |
| XTN | SPDR S&P Transportation | 19.99 | -1.77 | 38.70 |
| VNM | Market Vectors Vietnam | 19.12 | -0.70 | 440.14 |
| KBWC | PowerShares KBW Capital Markets | 18.33 | -2.87 | 9.77 |
| IYT | iShares Dow Jones Transportation Average | 17.70 | -0.12 | 777.35 |
| FXG | First Trust Consumer Staples AlphaDEX | 17.58 | 1.20 | 489.88 |
| GAZ | iPath Dow Jones-UBS Natural Gas Total Return ETN | 17.16 | 3.74 | 41.35 |
Bottom 10 YTD Performers
| Ticker | Name | YTD Performance | Weekly Performance | AUM ($, mm) |
|---|---|---|---|---|
| GRN | iPath Global Carbon ETN | -36.19 | 21.72 | 0.65 |
| VIIX | VelocityShares VIX Short Term ETN | -32.74 | 2.82 | 17.69 |
| VXX | iPath S&P 500 VIX Short-Term Futures ETN | -32.74 | 2.82 | 1,289.21 |
| VIXY | ProShares VIX Short-Term | -32.40 | 2.84 | 214.29 |
| VIIZ | VelocityShares VIX Mid Term ETN | -22.81 | 1.69 | 3.94 |
| VXZ | iPath S&P 500 VIX Mid-Term Futures ETN | -22.81 | 1.69 | 57.22 |
| VIXM | ProShares VIX Mid-term | -22.74 | 1.70 | 68.37 |
| GLDX | Global X Gold Explorers | -22.72 | 3.27 | 37.77 |
| SCIF | Market Vectors India Small-Cap | -22.02 | -9.43 | 107.19 |
| SLVP | iShares MSCI Global Silver Miners | -19.51 | -0.23 | 1.77 |
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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