BIL - Investors inject cash into the fund market space for the seventh consecutive week

2023-04-14 09:01:58 ET

For the seventh consecutive trading week financial participants found themselves to be net buyers of fund assets which included both exchange traded funds and conventional funds as they added $28.1B to the space.

Once again, the largest influx of cash went to money market funds as they amassed $25.4B.  At the same time, taxable bond funds were able to attract $2.9B, equity funds pulled in $53M, and tax-exempt bonds gave back $256M.

Equity based exchange traded funds garnered $5.3B worth of investor capital on the week and were led by the world's largest exchange traded fund in the SPDR S&P 500 ETF ( NYSEARCA: SPY ) as it pulled in $1.3B. Following SPY was the Select Sector: Communication Services SPDR ( NYSEARCA: XLC ) as it was able to attract $943M.

In reverse the equity base ETFs that notice the largest capital outflows on the week were the Select Sector: Technology SPDR ( NYSEARCA: XLK ) and the Select Sector: Industrials SPDR ( XLI ). XLK watched $550M exit the door while XLI lost $274M.

From the lens of fixed income exchange traded funds, the space was able to take in $3.3B. Leading the inflow charge were the iShares iBoxx Grade Bond ETF ( LQD ) as it attracted $702M and the iShares: 20+ Treasury Bond ETF ( NASDAQ: TLT ) which grabbed $523M.

On the other end of the spectrum, the two fixed income ETFs that retracted the most significant amount of cash were the SPDR Bloomberg 1-3 Month T-Bill ETF ( BIL ) and iShares: Floating Rate Bond ETF ( FLOT ). BIL took back $321M and FLOT took back $302M.

Weekly ETF flow data is per the latest Refinitiv Lipper fund-flows report.

In broader financial news, major market averages slide on Friday as bank earnings roll in.

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