| 2021-09-24 13:29:41|
USIG, IEF… 13:29 09/24 09/24/21
On The Fly: ETF fund flow highlights
The skew this week in fund flows was overwhelmingly a result of quad witch expiration and subsequent adjustments. Redemptions versus creations in the top twenty ETFs by dollar volume was 3.1 to 1 and at a very large net -$24B on the redemptions side. This certainly explains the drop in the indices on Monday of this week. Redemptions were largely from Vanguard products covering small, mid, and large cap. Those funds alone made up 60% or the top ten outflows. The single largest outflow was from the SPDR S&P 500 ETF Trust (SPY) at over 24% of redemptions. The creations side had a very heavy skew to index products. The top three creations, iShares Russell 2000 ETF (IWM), Vanguard S&P 500 ETF (VOO), and ProShares UltraPro QQQ (QQQ) comprised over 63.8% of inflows. Bond ETFs were over 17.7% of creations and included the Vanguard Short-Term Bond ETF (BSV), iShares 7-10 Year Treasury Bond ETF (IEF), and iShares Broad USD Investment Grade Corporate Bond ETF (USIG).