For the week flows to the top twenty ETFs were skewed strongly to the creations side for the first time in months. The skew was 2.9 to 1 for inflows over outflows, per data from ETF.com. On the creations side, the dominant inflow by a wide margin was into the SPDR S&P 500 ETF (SPY) at over 64% of the $9.4B of creations. There was a very sharp drop thereafter in terms of inflows which were quite low even in absolute terms. The total inflows to S&P 500 funds was over 74% when the Vanguard S&P 500 ETF (VOO) and Consumer Discretionary (XLY) were summed with SPY inflows. On the redemptions side, the largest single outflow was from the Industrials (XLI) at over 20%. Bonds and gold otherwise dominated outflows albeit at small scale with the iShares 7-10 Year Treasury Bond ETF (IEF) and SPDR Gold Trust (GLD) summing to over 29% of redemptions. Remaining outflows were small and largely without theme.