Monthly ETF Flows
By
ETF.com Staff
November 20, 2014
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It was back to the ‘risk-on’ trade in April, as equities assets ballooned.

 

Investors poured money into equities last month, both domestic and international, helping fuel April’s 4 percent rally in U.S. stocks. Flows into U.S.-listed exchange-traded products were more than $22 billion and, counting the market’s gains, assets rose 5.4 percent to almost $1.138 trillion, a record.

The SPDR S&P 500 ETF (NYSEArca: SPY), the world’s biggest exchange-traded fund, sucked in $2.75 billion in April, more than any other fund, according to data compiled by IndexUniverse. It’s clear by now that it’s only a matter of time before SPY becomes a $100 billion fund. Year-to-date, assets in U.S.-listed ETPs jumped almost 13 percent from the nearly $1.009 trillion at the end of 2010.

Stocks regained their footing in April after stumbling earlier in the year in the wake of unrest in the Middle East, spurred higher by strong consumer demand and corporate profits. The surge in stocks has also been supported by the Federal Reserve’s ongoing measures to stimulate the economy. The Fed has kept official interest rates near zero for more than two years and has also been buying Treasurys to keep bond yields and borrowing rates low.

On the flip side, investors pulled money out of bond funds, in a possible sign that they are preparing for the Fed to begin to reverse its extraordinarily accommodative policies. Last week, for example, Fed Chairman Ben Bernanke said the central bank currently had no plans to renew its $600 billion Treasurys-purchasing program that has been going on over the past eight months.

Also, a number of popular energy funds suffered outflows last month after being on a tear earlier in the year, given the unrest in the Middle East, particularly in oil-rich Libya. The unrest put a bid into oil markets, and NYMEX crude finished April at $113.93 a barrel.

That nervousness also propelled gold futures to a record. Comex futures ended the month at $1,556 a troy ounce, and also cemented the SPDR Gold Shares (NYSEArca: GLD) as the second-biggest U.S.-listed ETF after SPY. GLD gathered almost $900 million in April, ending the month a $60.68 billion fund.

Meanwhile, the biggest ETF company in the world, BlackRock’s iShares, bested the No. 2 and No. 3 firms, State Street Global Advisors and Vanguard, in asset-gathering in April. iShares added almost $9 billion in new assets, while SSgA and Vanguard gathered $5.28 billion and $2.81 billion, respectively.

 

April 2011 League Tables
Issuer Net Flows AUM ($M) % of AUM Turnover
BlackRock 8,905.59 497,472.72 1.79% 385,693.54
SSgA 5,283.88 268,308.23 1.97% 586,883.12
Vanguard 2,809.72 172,661.60 1.63% 34,544.47
Invesco PowerShares 2,816.04 65,317.59 4.31% 73,707.41
ProShares 405.04 26,773.04 1.51% 87,992.16
Van Eck 749.86 23,269.72 3.22% 21,147.20
WisdomTree 475.94 12,150.87 3.92% 3,540.92
Barclays Capital 490.49 10,027.69 4.89% 15,226.31
Rydex 530.23 8,782.17 6.04% 6,836.65
First Trust 481.75 8,008.99 6.02% 1,838.31
Direxion -574.96 6,496.43 -8.85% 47,952.66
Merrill Lynch -166.60 5,395.84 -3.09% 25,948.94
US Commodity Funds -820.12 4,901.00 -16.73% 13,482.84
ETF Securities 172.45 4,480.12 3.85% 2,541.86
Charles Schwab 294.69 4,236.39 6.96% 974.43
Guggenheim 88.72 3,998.43 2.22% 1,061.87
JPMorgan Chase 190.70 2,861.55 6.66% 465.89
PIMCO -290.66 2,704.25 -10.75% 748.28
ELEMENTS 2.40 1,998.05 0.12% 401.34
Global X 96.91 1,794.82 5.40% 1,226.97
ALPS 111.24 1,183.70 9.40% 237.01
GreenHaven 21.50 866.68 2.48% 139.84
UBS 23.74 766.52 3.10% 121.87
RevenueShares 20.57 634.32 3.24% 82.86
Emerging Global Shares 13.25 552.53 2.40% 92.83
IndexIQ 39.47 514.30 7.67% 150.72
AdvisorShares 26.93 286.96 9.39% 90.54
Credit Suisse 15.09 258.00 5.85% 34.16
Jefferies 13.55 218.56 6.20% 62.18
Fidelity - 186.33 0.00% 16.09
VelocityShares 47.98 181.36 26.45% 1,207.45
DBX Strategic Advisors - 140.38 0.00% 7.59
Teucrium 31.88 118.90 26.81% 185.30
Goldman Sachs - 87.89 0.00% 17.72
FocusShares - 78.79 0.00% 19.34
RBS Securities 40.54 71.12 56.99% 33.93
Grail Advisors 6.72 30.21 22.24% 10.49
Deutsche Bank 0.97 25.26 3.86% 4.06
FactorShares -2.62 24.39 -10.74% 63.04
Morgan Stanley - 21.76 0.00% 25.96
Javelin - 15.38 0.00% 2.93
Russell - 13.67 0.00% 1.75
FaithShares - 11.16 0.00% 8.86
CitiGroup - 10.13 0.00% 5.79
Pax World - 5.62 0.00% 1.39

 

Flows By Asset Class And Total Flows
  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 10,461.03 512,753.07 2.04%
International Equity 7,699.81 309,290.48 2.49%
U.S. Fixed Income 2,114.51 141,029.67 1.50%
International Fixed Income 509.13 9,561.57 5.32%
Commodities 711.35 119,636.99 0.59%
Currency 371.18 5,102.02 7.28%
Leveraged -784.20 15,438.02 -5.08%
Inverse 688.17 20,492.34 3.36%
Asset Allocation 22.97 841.00 2.73%
Alternatives 558.94 3,611.90 15.47%
Total: 22,352.88 1,137,757.05 1.96%

 


 

Emerging Markets

While U.S. equities raked in almost $10.5 billion last month, international funds hauled in almost $8 billion, with emerging markets making up a big piece of the international total.

The iShares MSCI Emerging Markets Index Fund (NYSEArca: EEM) hauled in $1.85 billion last month, and its total assets, including market gains, jumped almost 8 percent to $41.67 billion.

EEM also moved up one slot last month on IndexUniverse’s “ETF Giants” table, regaining its stature as the fourth-biggest U.S. ETF. That dropped the iShares MSCI EAFE Index Fund (NYSEArca: EFA) to the fifth spot. EFA’s asset flows were flat, and it ended April with $41.44 billion in assets.

The Vanguard MSCI Emerging Markets ETF (NYSEArca: VWO), the biggest developing market ETF and the third-biggest exchange-traded fund of all, added about $627 million in new assets last month, and its total assets grew almost 5 percent, including market gains, to $49.35 billion.

Also, the iShares MSCI Germany Index Fund (NYSEArca: EWG) added almost $961 million in new assets last month. The ETF seems to benefit whenever troubled economies in the EU—notably Greece’s, Ireland’s or Portugal’s—are in the news because of their debt burdens. EWG ended April a $4.22 billion fund.

 

Top Gainers ($, Millions) 5/2/2011
Ticker Name Issuer Flows AUM ($, M) Turnover
SPY SPDR S&P 500 SSgA 2,753.19 95,309.36 392,570.16
QQQ PowerShares QQQ Invesco PowerShares 2,110.55 27,202.50 62,175.77
EEM iShares MSCI Emerging Markets BlackRock 1,846.27 41,670.30 56,043.67
IVV iShares S&P 500 BlackRock 1,177.73 29,021.30 8,990.81
IWM iShares Russell 2000 BlackRock 1,072.62 19,155.59 86,317.71
EWG iShares MSCI Germany BlackRock 960.81 4,216.96 3,418.54
GLD SPDR Gold SSgA 889.34 60,684.04 45,521.90
DIA SPDR Dow Jones Industrial Average Trust SSgA 674.96 10,357.50 16,270.07
VWO Vanguard MSCI Emerging Markets Vanguard 627.11 49,351.73 17,465.39
IJH iShares S&P 400 MidCap BlackRock 512.27 12,019.69 2,117.84

 

 

ETF Giants ($, Millions)
Ticker Name Issuer Flows AUM ($, M) Turnover
SPY SPDR S&P 500 SSgA 2,753.19 95,309.36 392,570.16
GLD SPDR Gold SSgA 889.34 60,684.04 45,521.90
VWO Vanguard MSCI Emerging Markets Vanguard 627.11 49,351.73 17,465.39
EEM iShares MSCI Emerging Markets BlackRock 1,846.27 41,670.30 56,043.67
EFA iShares MSCI EAFE BlackRock - 41,435.70 19,170.87
IVV iShares S&P 500 BlackRock 1,177.73 29,021.30 8,990.81
QQQ PowerShares QQQ Invesco PowerShares 2,110.55 27,202.50 62,175.77
TIP iShares Barclays TIPS Bond BlackRock 216.74 20,457.93 1,735.82
VTI Vanguard Total Stock Market Vanguard 139.45 20,249.40 2,111.01
IWM iShares Russell 2000 BlackRock 1,072.62 19,155.59 86,317.71

 

Bond Fund Outflows

The Pimco Enhanced Short Maturity Strategy ETF (NYSEArca: MINT), a money market proxy investors have flocked to when equities have faltered, suffered outflows of $311 million, or more than 25 percent of its assets, in a clear sign of the risks investors were taking on last month.

The SPDR Barclays Capital 1-3 Month T-Bill ETF (NYSEArca: BIL) also lost about a fifth of its assets to redemptions, in another sign investors were leaving risk-free investment in favor of equities.

That risk-on sensibility extended to longer-dated bond funds as well, which lost assets, in a sign some in the market are preparing for the Fed to start tightening credit as it turns its attention to fighting inflationary pressures in the economy.

The iShares Barclays 20+ Year Treasury Bond Fund (NYSEArca: TLT) suffered redemptions of almost $192 million, leaving $2.18 billion in the popular ETF. The price of longer-dated debt is much more sensitive to changes in interest rates than short-dated fixed-income securities.

 

 


 

Energy Funds Take A Breather

A number of popular energy-related ETFs were among the least-popular ETFs last month, beginning with the futures-based United States Oil Fund (NYSEArca: USO). USO bled $682 million in assets, dropping its assets to $1.59 billion. USO topped IndexUniverse’s “Biggest Losers” table.

Just following USO was the SSgA’s Energy Select SPDR ETF (NYSEArca: XLE), which suffered $671 million in redemptions, bringing assets in the fund to just shy of $10.5 billion.

The SPDR S&P Oil & Gas Exploration & Production ETF (NYSEArca: XOP), a fund that’s also popular among short-sellers, had outflows of $310 million, with total assets in the fund ending April at $1.19 billion.

Energy had been among the top-gaining sectors in the immediate aftermath of all the unrest in the Middle East and North Africa, as we wrote in our February ETF Flows report.

 

Biggest Losers ($, Millions)
Ticker Name Issuer Flows AUM ($, M) Turnover
USO United States Oil US Commodity Funds -682.53 1,592.76 9,731.82
XLE Energy Select SPDR SSgA -671.11 10,449.20 27,445.70
XRT SPDR S&P Retail SSgA -417.93 618.68 9,604.67
MINT PIMCO Enhanced Short Maturity Strategy PIMCO -311.25 881.07 404.18
XOP SPDR S&P Oil & Gas Exploration & Production SSgA -310.35 1,191.74 3,981.94
FAS Direxion Daily Financial Bull 3x Direxion -274.64 1,681.71 9,883.03
IWD iShares Russell 1000 Value BlackRock -239.43 12,102.64 1,863.80
TLT iShares Barclays 20+ Year Treasury Bond BlackRock -191.70 2,181.43 14,077.38
UNG United States Natural Gas US Commodity Funds -187.47 2,216.35 3,193.85
BIL SPDR Barclays Capital 1-3 Month T-Bill SSgA -183.44 738.34 340.41

 

Liquidity Mavens
Ticker Name Issuer Flows AUM ($, M) Turnover
SPY SPDR S&P 500 SSgA 2,753.19 95,309.36 392,570.16
IWM iShares Russell 2000 BlackRock 1,072.62 19,155.59 86,317.71
SLV iShares Silver BlackRock -176.84 17,240.26 70,668.83
QQQ PowerShares QQQ Invesco PowerShares 2,110.55 27,202.50 62,175.77
EEM iShares MSCI Emerging Markets BlackRock 1,846.27 41,670.30 56,043.67
GLD SPDR Gold SSgA 889.34 60,684.04 45,521.90
XLE Energy Select SPDR SSgA -671.11 10,449.20 27,445.70
EWZ iShares MSCI Brazil BlackRock - 13,190.16 19,781.08
EFA iShares MSCI EAFE BlackRock - 41,435.70 19,170.87
XLF Financial Select SPDR SSgA -175.47 7,966.00 18,081.29

 

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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