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EQUITIES: Crypto ETFs Flow Strong, Long Dated Tsys ETFs See Outflows

EQUITIES
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The US ETF market has set a new annual record with $913b in net inflows for 2024 and has now surpassed the 2021 high, fueled by a bull market and post-election optimism following Donald Trump’s victory, with total ETF assets reaching $10t in September. Active funds, now nearly half of all ETFs, are projected to grow further. 

  • The iShares Bitcoin ETF led crypto inflows, attracting $7.5b over the past month, the next closest is Fidelity's Wise Origin Bitcoin Fund which has seen $715m followed by the iShares Ethereum ETF with $501m.
  • In the equity space the SPDR S&P 500 ETF has seen the largest inflows with $22.2b, following by Vanguard S&P 500 with $17.16b over the past month. The iShares Russell 2000, Invesco's equal weighted S&P 500 and SPDR Financials Select Sector ETFs, which are the ETFs with the 4th, 5th & 6th largest inflows for the past month have now starting to see selling heading into the end of last week. Financial stocks were seen as a large beneficiary of a Trump win.
  • Fixed income flows are been more mixed than other asset classes, with inflows well below both equities and crypto. There has been decent selling in the iShares 20+ year Treasury ETF, with $3.15b of outflows over the past week as yields on long-dated treasuries rose 10-15bps. The ETF still has net inflows for the past month, however just $1.5b now. Corporate bond ETF have continued to see inflows, however the rate of inflows is slowing, with funds tracking the BBG US Aggregate Index seeing the largest of inflows.
  • Spreads on US IG corporate bonds are now trading at the tightest levels since 1997, spreads on US HY bonds are the tightest since the GFC, while spreads on Distressed are trading back at 2021 lows.
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The US ETF market has set a new annual record with $913b in net inflows for 2024 and has now surpassed the 2021 high, fueled by a bull market and post-election optimism following Donald Trump’s victory, with total ETF assets reaching $10t in September. Active funds, now nearly half of all ETFs, are projected to grow further. 

  • The iShares Bitcoin ETF led crypto inflows, attracting $7.5b over the past month, the next closest is Fidelity's Wise Origin Bitcoin Fund which has seen $715m followed by the iShares Ethereum ETF with $501m.
  • In the equity space the SPDR S&P 500 ETF has seen the largest inflows with $22.2b, following by Vanguard S&P 500 with $17.16b over the past month. The iShares Russell 2000, Invesco's equal weighted S&P 500 and SPDR Financials Select Sector ETFs, which are the ETFs with the 4th, 5th & 6th largest inflows for the past month have now starting to see selling heading into the end of last week. Financial stocks were seen as a large beneficiary of a Trump win.
  • Fixed income flows are been more mixed than other asset classes, with inflows well below both equities and crypto. There has been decent selling in the iShares 20+ year Treasury ETF, with $3.15b of outflows over the past week as yields on long-dated treasuries rose 10-15bps. The ETF still has net inflows for the past month, however just $1.5b now. Corporate bond ETF have continued to see inflows, however the rate of inflows is slowing, with funds tracking the BBG US Aggregate Index seeing the largest of inflows.
  • Spreads on US IG corporate bonds are now trading at the tightest levels since 1997, spreads on US HY bonds are the tightest since the GFC, while spreads on Distressed are trading back at 2021 lows.