Monthly ETF Flows
By
ETF.com Staff
November 20, 2014
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Pimco's 'BOND' caught wind in its young sails last month as spooked investors moved assets into fixed income.

 

Bill Gross' Pimco Total Return ETF (NYSEArca: BOND) was the 10th-most-popular ETF last month and the most conspicuous example of investors moving assets into fixed-income funds amid renewed worries about the global recovery. While net flows in April, led by bond funds, were positive to the tune of $3.37 billion, weaker stock prices helped pull total U.S-listed ETF assets down 1 percent to $1.198 trillion.

Despite the month-on-month decline, flows, as noted, were positive in April, and total assets stood almost 13 percent higher than at the end of 2011, and 5.3 percent higher than a year earlier—clear evidence that the popularity of ETFs continues to expand as more investors tune into their low costs, tax efficiency, tradability and transparency.

BOND, the ETF version of the $250 billion mutual fund, the Pimco Total Return Fund, has been on the market for just two months, and has a total of more than $664 million, according to data compiled by IndexUniverse. The new fund gathered $380.1 million in April, adding to hopes among some ETF industry sources that the fund will help expand the popularity of actively managed ETFs.

The Pimco fund was joined on IndexUniverse's "Top Gainers" list by two fixed-income mainstays of the ETF market—the iShares iBoxx $ Investment Grade Corporate Bond Fund (NYSEArca: LQD) and the iShares iBoxx $ High Yield Corporate Bond Fund (NYSEArca: HYG). Investors poured $622.5 million into LQD and $505.1 million in HYG.

With nervousness about the eurozone's debt crisis again mounting—this time the focus is on Italy and especially Spain—investors were in something of a risk-off mode, shedding stocks in favor of more stable bonds last month. The S&P 500 Index dipped 0.4 percent last month and the tech-heavy Nasdaq fell 0.7 percent. The Dow Jones industrial average did, however, finish April in the black, but just barely.

The least popular funds last month were, fittingly, focused on these three stock indexes.

At the top of our "Biggest Losers" table was the Nasdaq 100 ETF, the PowerShares QQQ Trust (NasdaqGM: QQQ), which bled $2.58 billion. The "Q's" were followed by the SPDR S&P 500 ETF (NYSEArca: SPY) and the SPDR Dow Jones Industrial Average Trust (NYSEArca: DIA), which lost $1.69 billion and $984.7 million, respectively.

While the single most popular fund last month was the small-stocks-focused iShares Russell 2000 Index Fund (NYSEArca: IWM), which gathered about $1 billion, the redemptions from QQQ, SPY and DIA were a big reason for the $685.4 million in net outflows from U.S. equities.

Still, low-cost provider Vanguard Group, to some extent, was able to buck the overall anti-equities trend, thereby continuing its seemingly inexorable climb up the U.S. ETF industry's league tables.

Top Gainers ($, Millions)

Ticker Name Issuer April 2012 Flows April 2012 AUM ($, M) April 2012 Turnover
IWM iShares Russell 2000 BlackRock 1,008.36 15,611.35 89,384.38
XLI Industrial Select SPDR SSgA 649.75 3,399.80 13,299.83
LQD iShares iBoxx $ Investment Grade Corporate Bond BlackRock 622.46 20,550.44 4,514.78
VOO Vanguard S&P 500 Vanguard 618.28 4,018.79 1,309.69
VWO Vanguard MSCI Emerging Markets Vanguard 597.21 53,869.05 19,372.87
GDX Market Vectors Gold Miners Van Eck 523.26 8,230.85 13,242.61
HYG iShares iBoxx $ High Yield Corporate Bond BlackRock 505.08 15,078.16 5,968.69
VNQ Vanguard REIT Vanguard 488.99 12,290.70 3,015.61
IVV iShares S&P 500 BlackRock 386.74 30,190.87 9,240.33
BOND PIMCO Total Return PIMCO 380.14 664.58 535.92

Biggest Losers ($, Millions)

Ticker Name Issuer April 2012 Flows April 2012 AUM ($, M) April 2012 Turnover
QQQ PowerShares QQQ Invesco PowerShares -2,582.09 32,667.12 73,450.14
SPY SPDR S&P 500 SSgA -1,685.73 103,118.67 439,786.71
DIA SPDR Dow Jones Industrial Average Trust SSgA -984.71 11,604.10 17,621.66
EFA iShares MSCI EAFE BlackRock -802.88 36,486.56 21,544.32
EEM iShares MSCI Emerging Markets BlackRock -683.34 38,515.20 45,467.08
IJH iShares S&P 400 MidCap BlackRock -429.72 10,540.83 2,245.84
GLD SPDR Gold SSgA -412.91 67,837.78 33,182.80
TLT iShares Barclays 20+ Year Treasury Bond BlackRock -356.77 2,924.62 18,424.41
XLF Financial Select SPDR SSgA -324.23 6,891.79 24,782.09
IWF iShares Russell 1000 Growth BlackRock -302.12 16,344.70 3,145.16

Asset Class Table

  Net Flows ($, mn) AUM ($, mn) % of AUM
U.S. Equity -685.64 542,269.86 -0.13%
International Equity 502.52 287,669.61 0.17%
U.S. Fixed Income 3,964.53 198,800.03 1.99%
International Fixed Income 1,209.57 15,976.09 7.57%
Commodities -989.46 112,265.56 -0.88%
Currency 8.49 3,315.20 0.26%
Leveraged -222.28 13,083.92 -1.70%
Inverse -336.04 19,812.50 -1.70%
Asset Allocation -3.65 1,079.62 -0.34%
Alternatives -78.34 4,127.57 -1.90%
Total 3,369.71 1,198,399.96 0.28%

 


 

Vanguard Exception

Net outflows from U.S. equity funds notwithstanding, three of Valley Forge, Pa.-based Vanguard's funds were on IndexUniverse's Top Gainers list. Those were:

  • Vanguard S&P 500 ETF (NYSEArca: VOO), $618.3 million
  • Vanguard MSCI Emerging Markets ETF (NYSEArca: VWO), $597.2 million
  • Vanguard REIT ETF (NYSEArca: VNQ), $489.0 million

 

In sum, Vanguard attracted a total of $4.37 billion in assets, compared with $1.25 billion for BlackRock's iShares. Vanguard remains the No. 3 ETF firm by assets, with $207.91 billion under management.

iShares remains No. 1 ETF company in the world, with $491.83 billion in assets, and State Street Global Advisors is second, with $296.34 billion.

SSgA and Invesco PowerShares—the latter the No. 4 ETF provider, had net outflows of $1.23 billion and $2.66 billion, respectively; largely because of outflows from SPY and the Nasdaq 100 ETF, QQQ.

April 2012 League Tables

Issuer Net Flows AUM ($M) % of AUM Turnover
BlackRock 1,253.83 491,827.84 0.25% 315,546.84
SSgA -1,228.91 296,341.87 -0.41% 627,909.05
Vanguard 4,366.88 207,913.35 2.10% 42,897.51
Invesco PowerShares -2,662.08 68,727.95 -3.87% 80,904.95
Van Eck 958.15 25,285.95 3.79% 25,464.36
ProShares -453.53 22,489.82 -2.02% 66,613.16
WisdomTree 257.97 15,780.42 1.63% 3,470.81
Guggenheim -52.71 9,469.83 -0.56% 2,188.21
First Trust 188.86 7,980.28 2.37% 1,867.64
Barclays Capital -506.48 7,524.83 -6.73% 19,495.19
Charles Schwab 169.08 6,762.48 2.50% 1,070.56
Direxion -104.52 6,527.46 -1.60% 58,788.92
PIMCO 631.86 4,818.73 13.11% 1,521.06
JPMorgan Chase 219.25 4,389.25 5.00% 1,074.70
ETF Securities -12.05 4,035.77 -0.30% 758.51
ALPS 246.46 3,305.66 7.46% 604.11
US Commodity Funds -110.01 2,973.33 -3.70% 7,885.41
Rydex 25.36 2,262.00 1.12% 4,080.14
Merrill Lynch -23.03 1,332.10 -1.73% 160.82
Global X 16.99 1,311.21 1.30% 350.01
UBS 54.84 1,062.16 5.16% 165.85
VelocityShares 75.95 1,000.35 7.59% 4,572.50
FlexShares 68.81 786.60 8.75% 109.70
Emerging Global Shares 5.73 708.92 0.81% 123.65
GreenHaven -23.62 603.57 -3.91% 78.88
IndexIQ -4.54 500.20 -0.91% 102.13
AdvisorShares 22.57 496.81 4.54% 216.05
RevenueShares -3.29 486.93 -0.67% 46.79
Credit Suisse -2.37 392.20 -0.60% 56.79
Russell -2.00 330.59 -0.60% 60.07
Precidian -14.13 178.35 -7.92% 105.41
Deutsche Bank -5.25 171.83 -3.06% 18.35
RBS Securities 4.01 153.60 2.61% 21.13
Jefferies - 99.80 - 7.77
FocusShares 1.14 97.82 1.17% 36.07
Teucrium -5.16 95.81 -5.39% 40.11
FFCM -8.48 42.45 -19.97% 16.36
Exchange Traded Concepts 23.00 32.93 69.85% 31.23
Morgan Stanley - 31.59 - 3.38
Columbia - 23.12 - 4.03
Pax World 1.13 19.54 5.79% 6.32
FactorShares - 16.98 - 8.53
CitiGroup - 7.70 - 3.48
Fidelity - - - 41.58
Goldman Sachs - - - 24.78

 


 

Size And Liquidity

The 10 biggest ETFs on the market included on our "ETF Giants" table below remained unchanged in March, with SPY leading the way, followed by the SPDR Gold Shares (NYSEArca: GLD) physical bullion ETF, and Vanguard's VWO.

Also, SPY by far remained the most heavily traded ETF, followed by IWM and the Q's, as our "Liquidity Mavens" table below shows.

ETF Giants

Ticker Name Issuer April 2012 Flows April 2012 AUM ($, M) April 2012 Turnover
SPY SPDR S&P 500 SSgA -1,685.73 103,118.67 439,786.71
GLD SPDR Gold SSgA -412.91 67,837.78 33,182.80
VWO Vanguard MSCI Emerging Markets Vanguard 597.21 53,869.05 19,372.87
EEM iShares MSCI Emerging Markets BlackRock -683.34 38,515.20 45,467.08
EFA iShares MSCI EAFE BlackRock -802.88 36,486.56 21,544.32
QQQ PowerShares QQQ Invesco PowerShares -2,582.09 32,667.12 73,450.14
IVV iShares S&P 500 BlackRock 386.74 30,190.87 9,240.33
TIP iShares Barclays TIPS Bond BlackRock 120.37 22,741.62 2,475.29
VTI Vanguard Total Stock Market Vanguard 276.16 21,623.59 2,789.00
LQD iShares iBoxx $ Investment Grade Corporate Bond BlackRock 622.46 20,550.44 4,514.78

Liquidity Mavens

Ticker Name Issuer April 2012 Flows April 2012 AUM ($, M) April 2012 Turnover
SPY SPDR S&P 500 SSgA -1,685.73 103,118.67 439,786.71
IWM iShares Russell 2000 BlackRock 1,008.36 15,611.35 89,384.38
QQQ PowerShares QQQ Invesco PowerShares -2,582.09 32,667.12 73,450.14
EEM iShares MSCI Emerging Markets BlackRock -683.34 38,515.20 45,467.08
GLD SPDR Gold SSgA -412.91 67,837.78 33,182.80
XLF Financial Select SPDR SSgA -324.23 6,891.79 24,782.09
EFA iShares MSCI EAFE BlackRock -802.88 36,486.56 21,544.32
XLE Energy Select SPDR SSgA -63.04 7,767.00 19,929.04
VWO Vanguard MSCI Emerging Markets Vanguard 597.21 53,869.05 19,372.87
TLT iShares Barclays 20+ Year Treasury Bond BlackRock -356.77 2,924.62 18,424.41

ETF DAILY DATA

Massive inflows into U.S. equity funds on Monday, Dec. 22, propelled total ETF assets to a new record.

'SPY' raked in more than $12 billion Monday, Dec. 22, pacing State Street's issuer-leading inflows on the day, as total U.S.-listed ETF assets jumped to $2.005 trillion.

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