SPY ETF Notches Largest Outflow in 2019, HYG Finds Buyers

SPY & HYG ETF Flows:

SPY＆HYG ETF流量：

• The SPY ETF saw its largest intraday outflow since October on Thursday

  SPY ETF自10月以来出现盘中最大流出周四

• On the other hand, the HYG ETF registered a steady streak of inflows as the appetite for risk mounts

  另一方面，随着风险偏好的增加，HYG ETF注入了稳定的资金流入

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SPY ETF Notches Largest Outflow in 2019, HYG Finds Buyers

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The SPY ETF saw roughly -$4 billion leave its coffers on Thursday as investors looked to take profit after the underlying S&P 500 tagged a record high. While it could be argued the outflow is indicative of waning demand, profit-taking is the more likely culprit as other risk asset-tracking funds saw considerable inflows following the dovish tone put forth by Fed Chairman Powell on Wednesday.

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SPY ETF Fund Flows and S&P 500 Price Chart

SPY ETF基金流量和标准普尔500价格表

Data source: Bloomberg

数据来源：Bloomberg

Further, other broad-market tracking ETFs posted flows that were within range and largely insignificant. In aggregate, the SPY, IVV and VOO funds recorded roughly -$3 billion in outflows – with the latter two funds experiencing net inflows for the week. Meanwhile, the high-yield corporate debt ETF, HYG, notched a series of robust inflows.

此外，其他大盘跟踪ETF发布的流量在范围内且基本上无关紧要。总体而言，SPY，IVV和VOO基金的流出量约为30亿美元 - 后两个基金本周出现净流入。与此同时，高收益公司债券ETF，HYG也出现了一系列强劲的资金流入。

SPY, IVV, VOO ETF Fund Flows and S&P 500 Price Chart

SPY，IVV，VOO ETF基金流量和标准普尔500指数价格走势图

Data source: Bloomberg

数据来源：Bloomberg

Recording an inflow of $1 billion on Thursday, the HYG ETF added to its considerable capital haul for the week with a weekly net flow of $1.25 billion. As of Friday, the fund posted its largest weekly net inflow since early January when the fund received $1.8 billion in fresh capital. The flows are indicative of a risk-on attitude that would align with the continuation of relaxed monetary policy from the Federal Reserve. Similar sentiment was echoed in the JNK ETF.

记录流入10亿美元周四，HYG ETF本周增加了可观的资金，每周净流量为12.5亿美元。截至周五，该基金发布了它自1月初该基金获得18亿美元新资金以来每周最大净流入量。这些流动表明风险态度与美联储继续实施宽松货币政策相一致。类似的情绪在JNK ETF中得到了回应。

HYG ETF Fund Flows and S&P 500 Price Chart

HYG ETF基金流量和标准普尔500指数价格表

Data source: Bloomberg

数据来源：Bloomberg

JNK, which also provides exposure to high-yield corporate debt, currently boasts its longest streak of net inflows over the last year and a half. At 11 consecutive sessions, the consistent demand has seen $1.8 billion enter the fund. With the monetary policy path of the Federal Reserve seemingly locked in, investors have expressed a renewed appetite for riskier-allocations. Despite the outflows from SPY, the replenished demand for risk could signal investors willingness to continue the recent trend in the S&P 500.

JNK也提供高收益企业债务，目前拥有最长的净流入连续数过去一年半。连续11个交易日，持续需求已经达到18亿美元进入该基金。随着美联储的货币政策路径似乎被锁定，投资者已表达了对风险分配的新兴胃口。尽管SPY流出，但对风险的补充需求可能表明投资者愿意继续推动标准普尔500指数的近期走势。

JNK ETF Fund Flows and S&P 500 Price Chart

JNK ETF基金流量和标准普尔500价格表

Data source: Bloomberg

数据来源：Bloomberg