| 2020-11-20 14:21:40|
SPY, RSP… 14:21 11/20 11/20/20
On The Fly: ETF fund flow highlights
For the week there was a very slight tilt toward redemptions over creations. On the redemptions side among the top twenty ETFs by dollar volume, the bulk of outflows was from S&P 500 funds. The single largest redemption was from the SPDR S&P 500 ETF Trust (SPY) which when combined with outflows from the Invesco S&P 500 Equal Weight ETF (RSP), Health Care Select Sector SPDR Fund (XLV), and Technology Select Sector SPDR Fund (XLK) summed to nearly 60% of redemptions. The next largest single outflow was from the SPDR Gold Trust (GLD) at over 14%. On the creations side, flow skews were not nearly as extreme but there was also an absence of theme. The three largest inflows were to the Technology Select Sector SPDR Fund (VTI), iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD), and iShares MBS ETF (MBB). Those three funds comprised over 46% of creations. Flows to other funds were much smaller in scale and without theme.