Monthly ETF Flows
By
Cinthia Murphy
November 20, 2014
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Equity ETFs led November flows yet again.

Investors poured more than $14 billion into U.S. and international equities ETFs in November, feeding an appetite for risk that's still showing no signs of stopping.

In all, the ETF market attracted a net of nearly $13 billion last month, putting it on track to match, if not exceed, 2012's record inflows of $188 billion for the 12-month period ended December. So far in 2013, flows into U.S.-listed ETFs have totaled $170 billion and some are suggesting we could end the year with inflows hovering at $200 billion.

The demand for equities ETFs has been a consistent theme in recent months, and understandably so, as the U.S. stock market reached, yet again, new record highs last month. The S&P 500 Index rallied 2.80 percent in the period to end the month at 1,805.81, just off its freshly minted record closing of 1,807.23.

Total assets invested in U.S.-listed ETFs rose almost 2 percent to a new monthly record of $1.669 trillion—a figure that includes net inflows as well as upward market movement.

Funds focused on U.S. equities were among last month's most popular. The iShares Core S&P 500 ETF (IVV | A-98) saw the month's biggest net creation of $3.01 billion, pushing its total assets above $51.5 billion.

Other similar strategies like the SPDR S&P 500 (SPY | A-98) and the Vanguard S&P 500 ETF (VOO | A-96) were also top gainers with net inflows of $1.6 billion and $698 million, respectively, in November. Beyond U.S. equities, funds focused on Europe also did well with investors. Vanguard's FTSE Europe ETF (VGK | A-95) raked in more than $538 million, and now is a $12.74 billion fund.

Emerging Market Outflows

On the flip side, emerging market ETFs continued to face outflows. It seems that many investors are betting on the idea that the much-anticipated tapering of quantitative easing in the U.S. will have a negative impact on capital flows into emerging markets.

Both the iShares MSCI Emerging Market ETF (EEM | B-96) and the Vanguard FTSE Emerging Market ETF (VWO | B-85) faced some of the month's biggest net redemptions, each bleeding $1.55 billion and $2.26 billion, respectively. VWO was in fact the single least popular ETF last month.

Finally, November also brought additional losses for the SPDR Gold Trust (GLD | A-100), which dropped another couple spots on the ranking of largest ETFs—it now ranks eighth—after losing another $1.15 billion. The fund's total assets are now just under $34 billion, or less than half its assets at the start of the year.

November 2013 Flows By Asset Class Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 10,104.56 896,357.93 1.13%
International Equity 4,423.77 403,179.71 1.10%
U.S. Fixed Income -115.80 231,402.64 -0.05%
International Fixed Income -260.62 20,858.10 -1.25%
Commodities -1,554.47 67,810.06 -2.29%
Currency -6.19 2,620.71 -0.24%
Leveraged 184.39 19,786.41 0.93%
Inverse -163.55 19,171.09 -0.85%
Asset Allocation 87.97 3,783.47 2.33%
Alternatives 149.25 3,586.04 4.16%
Total: 12,849.32 1,668,556.14 0.77%

Top Gain

Ticker Name Issuer November 2013 Flows November 2013 AUM ($, M) November 2013 Turnover
IVV iShares Core S&P 500 BlackRock 3,016.78 51,557.77 14,355.01
EFA iShares MSCI EAFE BlackRock 2,754.74 51,625.79 21,730.22
SPY SPDR S&P 500 SSgA 1,619.20 163,584.20 354,681.32
SSO ProShares Ultra S&P 500 ProShares 1,463.15 3,165.48 11,792.07
XLI Industrial Select SPDR SSgA 837.09 8,610.88 7,985.29
VOO Vanguard S&P 500 Vanguard 698.79 13,698.56 4,401.63
EWJ iShares MSCI Japan BlackRock 682.81 13,349.95 7,067.36
BND Vanguard Total Bond Market Vanguard 677.41 17,441.63 2,432.43
EZU iShares MSCI EMU BlackRock 627.47 7,347.95 2,758.79
VGK Vanguard FTSE Europe Vanguard 538.24 12,741.54 4,370.55

Nov. 2013 Biggest Losers ($, Millions)

Ticker Name Issuer November 2013 Flows November 2013 AUM ($, M) November 2013 Turnover
VWO Vanguard FTSE Emerging Markets Vanguard -2,267.97 48,447.09 14,476.97
UWM ProShares Ultra Russell 2000 ProShares -1,576.52 265.13 2,153.02
EEM iShares MSCI Emerging Markets BlackRock -1,549.04 42,454.91 56,512.33
IWM iShares Russell 2000 BlackRock -1,378.35 26,540.62 85,638.77
GLD SPDR Gold SSgA -1,153.03 33,956.03 16,794.64
LQD iShares iBoxx $ Investment Grade Corporate Bond BlackRock -909.38 15,579.65 4,194.21
DVY iShares Select Dividend BlackRock -766.41 12,684.89 1,072.14
SDY SPDR S&P Dividend SSgA -703.50 12,443.91 826.51
EWZ iShares MSCI Brazil Capped BlackRock -661.13 4,738.94 15,891.64
MDY SPDR S&P MidCap 400 SSgA -571.84 15,852.18 7,185.89

ETF DAILY DATA

'SPY' and Japan currency-hedged 'DXJ' led asset inflows Friday, Dec. 19, as the S&P 500 rose 0.45 percent on the day, helping lift total U.S.-listed ETF assets to $1.985 trillion.

'SPY' raked in $6.88 billion on Friday, Dec. 19, pacing State Street's issuer-leading inflows on the day, as total U.S.-listed ETF assets jumped to $1.985 trillion.

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