Weekly ETF Flows: EEM Shines As Assets Dip

IndexUniverse.com

Investors plowed more than $6 billion into exchange-traded funds in the past week, though the market’s quick pullback in the aftermath of the U.S. presidential election offset those flows and pulled total U.S.-listed ETFs down 1.4 percent to less than $1.279 trillion.

The Dow Jones industrial average fell 3.2 percent in the five-day trading period ended Thursday, Nov. 8, as markets quickly moved past uncertainty surrounding the election and began fretting about the prospect of the U.S. Congress failing to properly address the so-called fiscal cliff by the end of the year. The concern is that Bush and Obama tax cuts won’t be extended, which could quickly jeopardize the fragile U.S. and global economic recovery.

Inflows into ETFs were rather broad, with U.S. equities hauling in $2.13 billion; international equities attracting nearly $2 billion; fixed income pulling in upward of $1.5 billion; and commodities adding $323 million, according to data compiled by IndexUniverse.

The powerful flows—even at a time of heightened uncertainty—continued to paint the picture of an ETF asset-gathering juggernaut that’s still building momentum.

Just three weeks ago, before markets again became spooked, ETF assets stood at a record of $1.318 trillion —a noteworthy milestone considering it came in a year when ETF launches have slowed and ETF closures have accelerated relative to years past.

EEM Inflows Continue

The most popular ETF in the weekly survey was the iShares MSCI Emerging Markets Index Fund (EEM), which pulled in more than $900 million— including more than $800 million in yesterday’s session alone.

EEM has been seeing some positive inflows since Vanguard Group announced about a month ago that, next year, EEM’s rival fund, the Vanguard MSCI Emerging Markets ETF (VWO), would no longer use the same MSCI index as EEM, but one from FTSE.

Some ETF industry sources have argued that the positive flows for EEM relative to VWO—essentially a reversal of a broad pattern of the past few years—might be related to the fact that institutions still largely favor MSCI benchmarks, which would mean that VWO could be falling out of favor among such large investors, no matter how smoothly it trades.

Those flows into EEM, by and large, haven’t been accompanied by flows out of VWO, though yesterday the Vanguard fund did record redemptions of more than $200 million—again on a day when EEM pulled in more than $800 million.

The least popular ETF in the weekly survey was the iShares MSCI Russell 2000 Index Fund (IWM), which suffered outflows of $789.3 million.

Top 10 Creations (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
EEM iShares MSCI Emerging Markets 910.76 39,158.21 2.38%
SPY SPDR S'P 500 877.72 106,432.17 0.83%
UST ProShares Ultra 7-10 Year Treasury 635.08 664.24 2,178.27%
MVV ProShares Ultra MidCap 400 495.52 545.28 995.91%
XLI Industrial Select SPDR 397.65 3,448.09 13.04%
QQQ PowerShares QQQ 365.60 29,696.22 1.25%
XLF Financial Select SPDR 237.07 8,348.36 2.92%
TLT iShares Barclays 20+ Year Treasury Bond 225.95 3,371.65 7.18%
IJH iShares Core S'P Mid-Cap 217.80 12,245.63 1.81%
SPLV PowerShares S'P 500 Low Volatility 204.43 2,876.06 7.65%


Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
IWM iShares Russell 2000 -789.33 15,548.96 -4.83%
UWM ProShares Ultra Russell 2000 -541.89 122.31 -81.59%
SSO ProShares Ultra S'P 500 -496.72 1,098.05 -31.15%
IVV iShares Core S'P 500 -284.44 31,522.30 -0.89%
IYR iShares Dow Jones U.S. Real Estate -231.95 4,782.10 -4.63%
VWO Vanguard MSCI Emerging Markets -206.63 56,583.04 -0.36%
AGG iShares Core Total U.S. Bond Market -134.28 15,747.26 -0.85%
XLK Technology Select SPDR -116.53 8,865.83 -1.30%
HYG iShares iBoxx $ High Yield Corporate Bond -110.41 16,672.21 -0.66%
MDY SPDR S'P MidCap 400 -90.49 9,028.49 -0.99%


ETF Weekly Daily Flows By Asset Class

Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 2,123.52 565,795.25 0.38%
International Equity 1,877.47 300,697.03 0.62%
U.S. Fixed Income 1,126.89 227,354.70 0.50%
International Fixed Income 358.60 23,881.60 1.50%
Commodities 322.96 120,265.71 0.27%
Currency 34.99 2,806.61 1.25%
Leveraged 387.30 12,665.56 3.06%
Inverse -144.89 19,054.35 -0.76%
Asset Allocation 24.46 2,270.07 1.08%
Alternatives 42.59 4,035.00 1.06%
Total: 6,153.89 1,278,825.87 0.48%


Top 10 Volume Surprises, Funds '$50 mm AUM

Ticker Name Average Volume
(30 Day)
1 Week Average
Volume
% of Average
ITOT iShares Core S'P Total U.S. Stock Market 37,647 732,320 389.05%
PXR PowerShares Emerging Markets Infrastructure 14,171 255,203 360.17%
IVOO Vanguard S'P Mid-Cap 400 17,844 291,133 326.32%
PWZ PowerShares Insured California Municipal Bond 19,069 311,067 326.26%
MGK Vanguard Mega Cap 300 Growth 166,723 2,644,563 317.24%
DEF Guggenheim Defensive Equity 19,888 290,819 292.45%
DLN WisdomTree LargeCap Dividend 111,009 1,502,022 270.61%
DIM WisdomTree International MidCap Dividend 4,917 64,829 263.70%
VONG Vanguard Russell 1000 Growth 6,838 88,413 258.60%
PBS PowerShares Dynamic Media 80,702 1,034,169 256.29%


Top 10 Weekly Performers, Excluding Leverage/Inverse Funds and '1,000 Shares Traded

Ticker Name Weekly Performance Weekly Volume AUM ($, mm)
GRN iPath Global Carbon ETN 15.83% 2,088 1.33
VIXY ProShares VIX Short-Term 9.46% 6,569,428 170.01
VIIX VelocityShares VIX Short Term ETN 9.40% 3,310,629 13.55
VXX iPath S'P 500 VIX Short-Term Futures ETN 9.22% 187,232,390 1,668.37
VXZ iPath S'P 500 VIX Mid-Term Futures ETN 5.22% 3,810,639 111.93
VIXM ProShares VIX Mid-term 5.07% 365,699 102.50
EVAL iShares MSCI Emerging Markets Value 4.76% 1,924 7.13
ZROZ PIMCO 25+ Year Zero Coupon U.S. Treasury 4.67% 380,539 114.37
DPU PowerShares DB Commodity Long ETN 4.23% 11,279 6.04
EDV Vanguard Extended Duration Treasury 4.14% 134,077 172.96

Bottom 10 Weekly Performers, Excluding Leverage/Inverse Funds and '1,000 Shares Traded

Ticker Name Weekly Performance Weekly Volume AUM ($, mm)
BARL Morgan Stanley S'P 500 Oil Hedged ETN -10.34% 2,225 10.40
DWAS PowerShares DWA SmallCap Technical Leaders -9.05% 46,536 13.84
PEK Market Vectors China -8.41% 72,888 11.70
FCG First Trust ISE-Revere Natural Gas -6.69% 2,068,992 415.28
CVOL C-Tracks Exchange-Traded Notes on the Citi Volatility -6.64% 227,236 6.09
XME SPDR S'P Metals and Mining -6.37% 23,645,513 1,011.58
EMFN iShares MSCI Emerging Markets Financials -6.36% 1,502 4.87
DBJP db-X MSCI Japan Currency-Hedged Equity -6.28% 3,010 4.47
KOL Market Vectors Coal -6.25% 3,212,755 246.44
PSCE PowerShares S'P SmallCap Energy -6.17% 121,057 37.28

Top 10 YTD Performers

Ticker Name YTD Performance Weekly Performance AUM ($, mm)
ITB iShares Dow Jones U.S. Home Construction 73.95 -2.28 1,568.96
EGPT Market Vectors Egypt 54.23 1.49 50.92
XHB SPDR S'P Homebuilders 53.09 -3.24 2,164.23
TUR iShares MSCI Turkey Investable Market 52.06 -0.57 625.04
TAO Guggenheim China Real Estate 42.14 -1.56 46.26
INCO EGShares India Consumer 37.91 0.64 2.22
BBH Market Vectors Biotech 37.66 -3.48 138.05
PKB PowerShares Dynamic Building ' Construction 36.22 -2.88 50.50
IFAS iShares FTSE EPRA/NAREIT Developed Asia 35.98 -1.17 32.53
EPHE iShares MSCI Philippines Investable Market 35.52 -1.09 145.24

Bottom 10 YTD Performers

Ticker Name YTD Performance Weekly Performance AUM ($, mm)
CVOL C-Tracks Exchange-Traded Notes on the Citi Volatility -74.45 -6.64 6.09
VXX iPath S'P 500 VIX Short-Term Futures ETN -73.83 9.22 1,668.37
VIIX VelocityShares VIX Short Term ETN -73.75 9.40 13.55
VIXY ProShares VIX Short-Term -73.73 9.46 170.01
VIIZ VelocityShares VIX Mid Term ETN -48.04 0.53 5.68
VXZ iPath S'P 500 VIX Mid-Term Futures ETN -47.84 5.22 111.93
VIXM ProShares VIX Mid-term -47.74 5.07 102.50
KWT Market Vectors Solar Energy -44.23 -0.23 9.22
TAN Guggenheim Solar -41.09 -3.08 39.64
JO iPath Dow Jones-UBS Coffee Total Return ETN -37.07 -2.07 42.07

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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