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Bulls Gone Wild: A Fund Flow High That’s Not a Buy?

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Bulls Gone Wild: A Fund Flow High That’s Not a Buy? PART 1 OF 5

ETF Flows in 30 Seconds: 5 Things that Matter

ETF flows: Five things that matter

  1. Index ETF flows: Cumulative net flows into SPDR’s S&P 500 ETF Trust (SPY) reached a YTD (year-to-date) high last Monday. However, inflows reversed sharply on Tuesday as investors took out significant cash during the remainder of the week.
  2. GICS ETF flows: The rally in the Energy Select Sector SPDR Fund (XLE) has been supported by massive fund inflows. XLE now ranks first in terms of YTD capital inflows among GICS ETFs.
  3. Category ETF flows: Inflows into iShares’ MSCI Emerging Markets ETF (EEM) continued. Even as the ETF trades at YTD highs, investors are willing to take on the additional risks of emerging market economies in return for higher yields.
  4. Country ETF flows: ETFs that focus on Europe continue to see broad outflows. Notably, five of the ten country ETFs that saw the largest outflows last week provide exposure to Europe. On a YTD basis, WisdomTree’s Europe Hedged Equity Fund (HEDJ) has seen the largest outflows within our entire ETF universe.
  5. Cross-asset impacts: As the yen continues to strengthen against the US dollar, WisdomTree’s Japan Hedged Equity Fund (DXJ) continues to see larger outflows.

Our chart of the week provides some food for thought.

ETF Flows in 30 Seconds: 5 Things that Matter

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Cumulative net flows into SPDR’s S&P 500 ETF Trust (SPY) reached a YTD high last Monday, but we saw significant outflows between Tuesday and Friday. The ETF itself, however, hardly changed on the week. Are investors starting to take money out of the broad-based US equity benchmark ETF as it hovers around all-time highs?

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