2019-02-22 13:41:03 | On The Fly: ETF fund flow highlightsFor the week, ETF fund flows among the top twenty funds were negative with outflows exceeding inflows by a factor of 1.2 to 1 per data from ETF.com. On the outflows side, S&P 500 (SPX) funds made up over 45% of the -$6.2B of total redemptions among the top ten. The SPDR S&P 500 ETF (SPY) was the single largest outflow by a large factor at over 35% of redemptions. This was happening even as markets continued to rise for the week, suggesting that as pre-December-Dip levels get closer, investors are taking profits. The Financials (XLF) and Materials (XLB) ETFs also saw notable outflows. Bonds in the form of the Vanguard Short-Term Bond ETF (BSV), the Vanguard Intermediate-Term Bond ETF (BIV), and the Vanguard Long-Term Bond ETF (BLV) also saw significant redemptions. That outflow from bond funds was offset on the creations side by the iShares 7-10 Year Treasury Bond ETF (IEF) which saw over $1.4B of inflows. This was over 29% of total creations among the top ten. The next largest fund on the creations side was the Invesco QQQ Trust (QQQ) at over $887M. Those two funds were the biggest skews. The remaining inflows were much smaller in scale and without significant theme. |
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