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ETFs AM Wrap-Up: Investors Continue to Favor US Large-Cap and Financials Stocks

Apr 15, 2019

 
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  • Investor bias towards US large-cap stocks continued last week as more than $7bn flowed into the 3 of the 4 largest ETFs by assets under management (AUM) in our universe, SPDR S&P 500 ETF Trust (SPY), iShares Core S&P 500 ETF Trust (IVV), and Vanguard S&P 500 ETF (VOO). All 3 of these ETFs track the benchmark US large-cap index.
     
  • SPDR S&P 500 ETF Trust (SPY) has a “Buy” AI Trading Signal and is rated “Caution” in our ETF Smart Beta Scores. iShares Core S&P 500 ETF (IVV) has a “Sell” AI Trading Signal and is rated “Caution” in our ETF Smart Beta Scores. Vanguard S&P 500 ETF (VOO) has a “Sell” AI Trading Signal and is rated “Caution” in our ETF Smart Beta Scores.
     
  • The Financials Select Sector SPDR Fund (XLF) was the number 2 ETF in terms of 1-day fund flow on Friday, receiving almost $369mm of inflows. The positive inflow into the XLF came on the same day that JPMorgan Chase (JPM) beat analyst earnings expectations, sending its share-price nearly 5% higher on the day. The JPM earnings beat may have also bolstered market expectations for other money center banks like Goldman Sachs (GS) who reported positive results earlier this morning.  We discuss Goldman’s quarterly financials results here
     
  • Last week, we highlighted two ways to play banks.  Short regional banks via a put spread on SPDR S&P Regional Bank ETF (KRE) or implement a dollar neutral long/short pair on XLF/KRE.  In the case of the latter, we highlighted that XLF has greater exposure to money center banks whose revenues are driven by investment banking and trading.  In comparison, the holdings of KRE are more exposed to traditional banks who may see expectations for NIM narrow after the US Fed puts future rate hikes on hold.  Negative revisions to NIMs and NIM Margins will drive negative earnings revisions for the regional banks which will materially negatively impair their share price

 

Top 5 ETFs by Assets Under Management (AUM)

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Name Ticker 1-Day
Fund Flow ($)
1-Week
Fund Flow ($)
1-Month
Fund Flow ($)
3-Month
Fund Flow ($)
Assets Under
Management ($ billions)
Net
Expense Ratio (%)
SPDR S&P 500 ETF Trust SPY $374,705,289 $5,677,837,395 $8,402,731,190 $3,155,091,164 $279.76 0.09%
iShares Core S&P 500 ETF IVV $87,053,700 $652,780,835 $5,243,257,535 $2,680,875,945 $176.52 0.04%
Vanguard Total Stock Market ETF VTI -$13,271,681 $72,890,510 $204,630,191 $2,076,686,615 $113.07 0.04%
Vanguard S&P 500 ETF VOO $285,480,870 $821,359,547 $2,623,492,871 $5,971,448,373 $111.44 0.04%
ETRACS Alerian MLP Infrastructure Index ETN MLPI $0 $0 -$5,676,225 -$58,017,452 $75.50 0.85%

Source: ETF Global

Top 5 ETFs by Lowest Net Expense Ratios

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Name Ticker 1-Day
Fund Flow ($)
1-Week
Fund Flow ($)
1-Month
Fund Flow ($)
3-Month
Fund Flow ($)
Assets Under
Management ($ billions)
Net
Expense Ratio (%)
JPMORGAN BETABUILDERS U.S. EQUITY ETF BBUS $0 $2,602,500 $5,139,500 $0 $0.03 0.02%
iShares Core S&P Total U.S. Stock Market ETF ITOT $82,174,125 $187,521,485 $527,172,830 $1,860,487,350 $19.59 0.03%
SPDR Portfolio Total Stock Market ETF SPTM $0 $3,601,832 $107,264,489 $236,087,457 $3.23 0.03%
SPDR Portfolio Large Cap ETF SPLG $3,390,416 $16,955,130 -$86,882,977 $225,620,726 $2.22 0.03%
Schwab US Broad Market ETF SCHB -$34,725,513 -$13,875,595 $128,809,864 $507,798,164 $14.78 0.03%

Source: ETF Global

Top 5 ETFs by 1-Day Fund Flow

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Name Ticker 1-Day
Fund Flow ($)
1-Week
Fund Flow ($)
1-Month
Fund Flow ($)
3-Month
Fund Flow ($)
Assets Under
Management ($ billions)
Net
Expense Ratio (%)
SPDR S&P 500 ETF Trust SPY $374,705,289 $5,677,837,395 $8,402,731,190 $3,155,091,164 $279.76 0.09%
Financial Select Sector SPDR Fund XLF $368,919,777 $656,189,040 -$192,624,656 -$1,553,639,891 $24.73 0.13%
iShares Core MSCI EAFE ETF IEFA $358,550,200 $791,405,000 $2,541,493,920 $3,419,448,860 $62.43 0.08%
iShares MSCI Japan ETF EWJ $287,597,100 $486,439,860 -$298,755,750 -$1,894,979,355 $14.31 0.49%
Vanguard S&P 500 ETF VOO $285,480,870 $821,359,547 $2,623,492,871 $5,971,448,373 $111.44 0.04%

Source: ETF Global

Top 5 ETFs by 1-Week Fund Flow

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Name Ticker 1-Day
Fund Flow ($)
1-Week
Fund Flow ($)
1-Month
Fund Flow ($)
3-Month
Fund Flow ($)
Assets Under
Management ($ billions)
Net
Expense Ratio (%)
SPDR S&P 500 ETF Trust SPY $374,705,289 $5,677,837,395 $8,402,731,190 $3,155,091,164 $279.76 0.09%
iShares U.S. Treasury Bond ETF GOVT $87,610,600 $951,294,380 $1,516,069,160 $2,028,334,860 $9.66 0.15%
Vanguard S&P 500 ETF VOO $285,480,870 $821,359,547 $2,623,492,871 $5,971,448,373 $111.44 0.04%
iShares Core MSCI EAFE ETF IEFA $358,550,200 $791,405,000 $2,541,493,920 $3,419,448,860 $62.43 0.08%
JPMorgan BetaBuilders Canada ETF BBCA $121,950,000 $705,573,000 $1,218,168,000 $1,237,161,000 $3.59 0.19%

Source: ETF Global

Top 5 ETFs by 1-Month Fund Flow

On Mobile/Tablet scroll to the right

Name Ticker 1-Day
Fund Flow ($)
1-Week
Fund Flow ($)
1-Month
Fund Flow ($)
3-Month
Fund Flow ($)
Assets Under
Management ($ billions)
Net
Expense Ratio (%)
SPDR S&P 500 ETF Trust SPY $374,705,289 $5,677,837,395 $8,402,731,190 $3,155,091,164 $279.76 0.09%
iShares Core S&P 500 ETF IVV $87,053,700 $652,780,835 $5,243,257,535 $2,680,875,945 $176.52 0.04%
Vanguard S&P 500 ETF VOO $285,480,870 $821,359,547 $2,623,492,871 $5,971,448,373 $111.44 0.04%
iShares Core MSCI EAFE ETF IEFA $358,550,200 $791,405,000 $2,541,493,920 $3,419,448,860 $62.43 0.08%
iShares iBoxx $ High Yield Corporate Bond ETF HYG $103,785,840 $250,529,330 $1,967,156,640 $2,590,715,540 $17.32 0.49%

Source: ETF Global

Top 5 ETFs by 3-Month Fund Flow

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Name Ticker 1-Day
Fund Flow ($)
1-Week
Fund Flow ($)
1-Month
Fund Flow ($)
3-Month
Fund Flow ($)
Assets Under
Management ($ billions)
Net
Expense Ratio (%)
Vanguard S&P 500 ETF VOO $285,480,870 $821,359,547 $2,623,492,871 $5,971,448,373 $111.44 0.04%
Graniteshares Gold Trust BAR $0 $0 $7,136,100 $4,242,725,950 $0.46 0.17%
iShares Core MSCI Emerging Markets ETF IEMG $0 $0 $156,102,720 $4,239,141,840 $61.01 0.14%
Vanguard Intermediate-Term Corporate Bond ETF VCIT -$60,543,000 $25,661,000 $456,356,000 $3,699,245,000 $22.91 0.07%
iShares Edge MSCI Min Vol USA ETF USMV $53,251,830 $177,486,080 $1,021,092,790 $3,473,448,800 $25.50 0.15%

Source: ETF Global

 

 

 
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