U.S. Equities overtake International Equities for the first time in three weeks. U.S. Equity ETFs post +$9.3B inflows and International or non-US posts +$3.6B inflows. Note SPY (SPX) was responsible for the 65% of the U.S. inflows (+$6.0B). Other broad U.S. ETFs that saw inflows were QQQ (NDX) +$1.8B and IWM (RTY) +$571M.
In sectors, Industrials led inflows +$336M, with XLI (Industrials), IYT (Transports), and ITA (Aerospace & Defense) posting inflows. Financials (XLF) and Healthcare (XLV, XBI, & IBB) also saw inflows. On the outflow side, Gold Miners saw huge outflows. GDX posted -$628M, GDXJ -$132M, and NUGT -$99M all saw sizable outflows. Note the GDX outflow on Wednesday was the largest the ETF had ever seen. GLD (Gold) also lost -$133M assets last week. Consumer Staples (XLP) and REITs (IYR) also saw outflows. See below table for details.
International Equities posted +$3.6B inflows last week (+$5.4B previous week). Developed Markets posted +$1.6B with EFA (EAFE) tacking on another +$911M assets last week. Note the EFA ETF has now seen +$5.6B inflows over the last three weeks. IEFA (Core EAFE) also saw +$579M inflows last week. Europe posted another +$906M inflows last week (+$1.4B previous week). VGK led the European ETF inflows with +$589M. Emerging Market ETFs also posted strong inflows +$822M with IEMG, EMB, BICK, and VWO all seeing inflows. Brazil (EWZ) inflows netted off with Latin American (FLN, ILF) outflows.
Fixed Income (FI) ETFs posted +$2.9B of inflows last week. LQD (Investment Grade Bonds) posted the largest inflow of any FI ETF for the 2nd week in a row, +$563M last week. HYG (High Yield Bonds) were next, posting +$266M inflows. Other FI ETFs posting inflows (in order of inflows) were AGG, VCSH, EMB, BND, VCIT, MINT, and IEI.