Monthly ETF Flows
By
ETF.com Staff
November 20, 2014
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The money kept pouring in to ETFs in June, but skittish markets ruined the party.

 

Investors plowed forward in June, adding more than $8 billion in new money to equities, fixed-income and other ETFs, even as Greece-related turmoil roiled financial markets and pulled total assets in U.S.-listed exchange-traded funds down 1.4 percent to $1.099 trillion.

To be sure, ETFs were hit by outflows in June from commodities and fixed-income funds, notably high-yield debt. But ETF flows remained strong, and totaled almost $30 billion in the second quarter and more than $58 billion in the entire first half of 2011, according to data compiled by IndexUniverse.

The SPDR S&P 500 ETF (NYSEArca: SPY), the world’s-biggest exchange-traded fund, hauled in $4.74 billion, reversing the nearly $5 billion it bled in May, when U.S.-listed ETFs had net outflows for the first time since last August. Some industry sources have speculated that the SPY creations reflected attempts by authorized participants to meet growing demand to short the highly liquid ETF as markets swooned.

Short of shorting, a number of prominent fixed-income funds benefited from the flight-to-safety impulse coursing through markets amid signs that Greece might be on course to default on its debt obligations.

For example, the iShares Barclays Aggregate Bond Fund (NYSEArca: AGG) gathered $590 million in new assets and the iShares Barclays TIPS Fund (NYSEArca: TIP) added almost $475 million. Also, the iShares Barclays 1-3 Year Treasury Bond Fund (NYSEArca: SHY) added $447 million in new assets last month.

Also, some commodities funds bucked the overall trend, raking in assets instead of bleeding them. The Market Vectors Agribusiness ETF (NYSEArca: MOO), for instance, gathered more than $474 million, a month after it was the single most popular U.S. ETF.

 

June Top Gainers ($, Millions) 6/30/2011
Ticker Name Issuer June 2011 Flows June 2011 AUM ($, M) June 2011 Turnover
SPY SPDR S&P 500 SSgA 4,741.63 92,092.58 607,948.00
VWO Vanguard MSCI Emerging Markets Vanguard 1,998.53 49,990.72 18,322.42
IWR iShares Russell Midcap BlackRock 633.48 7,069.79 860.48
AGG iShares Barclays Aggregate Bond BlackRock 590.08 11,850.28 2,782.06
TIP iShares Barclays TIPS Bond BlackRock 474.77 20,940.52 2,029.99
MOO Market Vectors Agribusiness Van Eck 474.39 5,538.75 2,410.85
XLV Health Care Select SPDR SSgA 453.58 4,235.54 8,155.47
SHY iShares Barclays 1-3 Year Treasury Bond BlackRock 447.24 8,380.38 2,862.14
VEA Vanguard MSCI EAFE Vanguard 411.73 7,196.07 1,835.52
XLU Utilities Select SPDR SSgA 376.76 4,699.35 4,701.23

 

Flows By Asset Class
  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 1,433.45 492,761.37 0.29%
International Equity 2,259.39 294,812.21 0.77%
U.S. Fixed Income 2,587.18 147,906.12 1.75%
International Fixed Income 867.13 10,955.06 7.92%
Commodities -759.11 105,582.65 -0.72%
Currency 442.77 5,826.92 7.60%
Leveraged 482.57 13,771.17 3.50%
Inverse 1,078.77 23,188.35 4.65%
Asset Allocation 60.99 918.01 6.64%
Alternatives -297.88 3,376.08 -8.82%
Total: 8,155.27 1,099,097.95 0.74%

 

Outflows

The junk bond ETFs that got caught in the cross hairs of last month’s selling were the iShares iBoxx $ High Yield Bond Fund (NYSEArca: HYG) and the SPDR Barclays Capital High Yield Bond ETF (NYSEArca: JNK). HYG was hit with net redemptions of $548 million, while JNK suffered outflows of $403 million.

Among the other funds that bled assets was the iShares Silver Trust (NYSEArca: SLV), which suffered redemptions of almost $463 in all of last month.

The Energy Select SPDR ETF (NYSEArca: XLE) had outflows of more than $500 million, partly a reflection of a crude oil market that cooled from a month earlier.

Also of note, the iShares MSCI Emerging Markets Index Fund (NYSEArca: EEM) bled more than $680 million last month, while its rival, the Vanguard MSCI Emerging Markets ETF (NYSEArca: VWO) was last month’s second-most-popular fund, gathering more than $1.99 billion in new assets.

That divergence was also in evidence in the year-to-date data compiled by IndexUniverse, with VWO the single most popular ETF and EEM the least popular. In the first six months of the year, VWO added $5.82 billion in new assets, while EEM has suffered redemptions of about $8.42 billion. VWO became the biggest emerging markets fund in January.

The presence of so many Vanguard funds on the June “Biggest Losers” table is likely connected to rebalancing of its funds.

The company has told IndexUniverse in the past that sizable creation and redemption activity at the end of one month and the beginning of another—such as the more than $1 billion that exited the Vanguard Small-Cap ETF (NYSEArca: VB)—is related to monthly fund rebalancing.

June Biggest Losers ($, Millions)
Ticker Name Issuer June 2011 Flows June 2011 AUM ($, M) June 2011 Turnover
VB Vanguard Small-Cap Vanguard -1,018.74 4,631.07 776.61
VO Vanguard Mid-Cap Vanguard -938.60 3,955.75 393.73
QQQ PowerShares QQQ Invesco PowerShares -928.81 22,838.71 64,152.89
VBK Vanguard Small-Cap Growth Vanguard -820.72 2,333.40 469.76
EEM iShares MSCI Emerging Markets BlackRock -680.74 38,428.61 52,687.06
VBR Vanguard Small-Cap Value Vanguard -575.97 2,059.41 213.23
HYG iShares iBoxx $ High Yield Corporate Bond BlackRock -548.22 8,331.84 4,132.34
XLE Energy Select SPDR SSgA -504.55 9,011.39 37,886.86
SLV iShares Silver BlackRock -462.93 10,733.62 24,970.15
JNK SPDR Barclays Capital High Yield Bond SSgA -403.50 6,860.31 3,842.72

 

Q2 Biggest Losers ($, Millions)
Ticker Name Issuer Q2 2011 Flows Q2 2011 AUM ($, M) Q2 2011 Turnover
SLV iShares Silver BlackRock -2,068.91 10,733.62 182,368.75
XLE Energy Select SPDR SSgA -1,411.05 9,011.39 109,464.36
QQQ PowerShares QQQ Invesco PowerShares -1,357.71 22,838.71 189,520.48
IWM iShares Russell 2000 BlackRock -656.31 16,629.60 321,050.25
DBA PowerShares DB Agriculture Invesco PowerShares -637.98 3,072.24 5,283.45
FXI iShares FTSE/Xinhua China 25 BlackRock -564.48 7,079.23 42,763.80
USO United States Oil US Commodity Funds -537.69 1,463.58 37,421.34
RSX Market Vectors Russia Van Eck -512.73 3,098.13 10,769.54
XOP SPDR S&P Oil & Gas Exploration & Production SSgA -491.93 907.98 22,509.60
XRT SPDR S&P Retail SSgA -461.56 569.56 35,268.77

 


 

Fund Sponsors

Overall, the top three fund companies—BlackRock’s San Francisco-based unit, iShares; Boston-based State Street Global Advisors; and Valley Forge, Pa.-based Vanguard all had net inflows last month.

But, as was the case with overall assets, both iShares and Vanguard ended June with fewer assets under management than in May. Only SSgA bucked that trend, largely by dint of SPY’s sizable creations.

But in the second quarter, as in the whole year so far, Vanguard’s asset gathering continued to outpace that of its rivals.

In the second quarter, Vanguard gathered more than $10 billion, compared with $7.48 billion for iShares and almost $5 billion for SSgA. In all of 2011 so far, Vanguard has added almost $21 billion, compared with $12.5 billion for iShares, and just $5.82 billion for SSgA, which saw $2.34 billion exit SPY and $3.11 billion leave its SPDR Gold Trust (NYSEArca: GLD).




Q2 2011 League Tables
Issuer Net Flows AUM ($M) % of AUM Turnover
BlackRock 7,482.40 474,704.15 1.58% 1,252,894.31
SSgA 4,496.17 259,331.01 1.73% 2,170,888.46
Vanguard 10,429.28 174,750.20 5.97% 115,016.38
Invesco PowerShares -1,363.75 58,409.92 -2.33% 229,566.48
ProShares 2,165.49 27,140.29 7.98% 302,525.33
Van Eck 2,561.10 23,062.69 11.10% 71,373.46
WisdomTree 1,712.52 12,934.00 13.24% 12,138.54
Rydex 1,141.36 9,213.36 12.39% 26,583.98
Barclays Capital -306.62 8,389.90 -3.65% 51,336.68
First Trust 582.11 7,716.40 7.54% 6,714.70
Direxion 40.25 6,665.83 0.60% 187,053.65
Merrill Lynch -535.96 6,587.46 -8.14% 84,779.60
Charles Schwab 651.58 4,448.28 14.65% 3,223.62
US Commodity Funds -894.14 4,255.40 -21.01% 49,843.11
ETF Securities -41.53 3,843.55 -1.08% 7,228.39
Guggenheim -16.94 3,700.39 -0.46% 2,655.54
PIMCO 183.26 3,162.21 5.80% 2,308.17
JPMorgan Chase 195.85 2,714.84 7.21% 2,249.69
Global X 120.87 1,617.65 7.47% 2,881.15
ALPS 284.28 1,312.47 21.66% 891.99
UBS 8.53 755.81 1.13% 431.72
GreenHaven -46.68 733.87 -6.36% 463.33
RevenueShares -20.82 570.65 -3.65% 263.82
Emerging Global Shares 29.48 554.92 5.31% 291.57
IndexIQ 2.82 451.96 0.62% 410.55
VelocityShares 286.84 424.72 67.54% 5,448.77
Credit Suisse 93.64 328.23 28.53% 189.01
AdvisorShares 67.08 318.42 21.07% 263.22
Jefferies -12.82 175.91 -7.29% 164.01
Russell 151.97 165.27 91.95% 107.94
DBX Strategic Advisors - 137.02 0.00% 17.47
Teucrium 58.75 134.01 43.84% 585.24
Goldman Sachs - 78.32 0.00% 43.54
FocusShares 0.00 76.60 0.00% 72.92
RBS Securities 47.29 75.74 62.43% 64.28
Deutsche Bank 27.23 52.45 51.91% 26.21
Columbia 3.45 26.77 12.87% 25.29
Morgan Stanley - 20.19 0.00% 47.63
FactorShares -4.58 19.68 -23.26% 109.92
Javelin - 15.02 0.00% 7.12
FaithShares - 10.79 0.00% 15.67
CitiGroup - 9.59 0.00% 12.35
Pax World 1.40 6.79 20.70% 7.09
Fidelity - - - 66.94










June 2011 League Tables
Issuer Net Flows AUM ($M) % of AUM Turnover
BlackRock 517.72 474,704.15 0.11% 405,745.45
SSgA 5,189.34 259,331.01 2.00% 859,134.52
Vanguard 572.96 174,750.20 0.33% 39,167.27
Invesco PowerShares -1,406.23 58,409.92 -2.41% 76,601.65
ProShares 1,009.34 27,140.29 3.72% 103,663.50
Van Eck 823.30 23,062.69 3.57% 22,074.27
WisdomTree 843.22 12,934.00 6.52% 3,959.71
Rydex 270.84 9,213.36 2.94% 10,442.92
Barclays Capital -673.27 8,389.90 -8.02% 19,603.81
First Trust -267.83 7,716.40 -3.47% 2,594.29
Direxion 369.07 6,665.83 5.54% 76,201.43
Merrill Lynch 64.14 6,582.70 0.97% 26,288.02
Charles Schwab 176.72 4,448.28 3.97% 1,136.80
US Commodity Funds -36.26 4,255.40 -0.85% 14,421.28
ETF Securities 27.46 3,843.55 0.71% 1,312.59
Guggenheim -15.82 3,700.39 -0.43% 767.45
PIMCO 265.55 3,162.21 8.40% 869.30
JPMorgan Chase - 2,714.84 0.00% 705.16
Global X 39.82 1,617.65 2.46% 688.60
ALPS 75.24 1,312.47 5.73% 307.88
UBS 1.10 755.81 0.15% 145.96
GreenHaven -5.43 733.87 -0.74% 106.11
RevenueShares -40.14 570.65 -7.03% 103.27
Emerging Global Shares 22.13 554.92 3.99% 96.20
IndexIQ -18.19 451.96 -4.02% 117.08
VelocityShares 215.72 424.72 50.79% 2,658.69
Credit Suisse 50.39 328.23 15.35% 87.29
AdvisorShares 30.34 318.42 9.53% 95.99
Jefferies -18.95 175.91 -10.77% 33.37
Russell 43.05 165.27 26.05% 41.94
DBX Strategic Advisors - 137.02 0.00% 5.07
Teucrium 4.23 134.01 3.16% 208.30
Goldman Sachs - 78.32 0.00% 8.97
FocusShares - 76.60 0.00% 23.28
RBS Securities - 75.74 0.00% 18.13
Deutsche Bank 26.25 52.45 50.05% 18.26
Columbia - 26.77 0.00% 3.25
Morgan Stanley - 20.19 0.00% 5.39
FactorShares -1.96 19.68 -9.95% 18.95
Javelin - 15.02 0.00% 2.19
FaithShares - 10.79 0.00% 3.34
CitiGroup - 9.59 0.00% 3.61
Pax World 1.40 6.79 20.70% 2.18
Fidelity - - - 26.54






 

The 10 biggest ETFs all retained their positions in the month of June, with SPY remaining the biggest fund and the iShares Russell 2000 Index Fund (NYSEArca: IWM) still in the 10th spot.

June ETF Giants ($, Millions)
Ticker Name Issuer June 2011 Flows June 2011 AUM ($, M) June 2011 Turnover
SPY SPDR S&P 500 SSgA 4,741.63 92,092.58 607,948.00
GLD SPDR Gold SSgA -101.03 58,460.23 43,402.90
VWO Vanguard MSCI Emerging Markets Vanguard 1,998.53 49,990.72 18,322.42
EFA iShares MSCI EAFE BlackRock 71.21 39,403.42 27,901.89
EEM iShares MSCI Emerging Markets BlackRock -680.74 38,428.61 52,687.06
IVV iShares S&P 500 BlackRock -68.45 27,623.66 8,943.33
QQQ PowerShares QQQ Invesco PowerShares -928.81 22,838.71 64,152.89
TIP iShares Barclays TIPS Bond BlackRock 474.77 20,940.52 2,029.99
VTI Vanguard Total Stock Market Vanguard 182.12 20,074.04 3,328.08
IWM iShares Russell 2000 BlackRock 330.66 16,629.60 120,487.80

 

Year-To-Date Asset Class Flows
  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 17,935.13 492,755.75 3.64%
International Equity 15,752.02 294,815.83 5.34%
U.S. Fixed Income 14,762.59 147,906.12 9.98%
International Fixed Income 3,282.65 10,955.06 29.96%
Commodities -1,597.14 105,582.65 -1.51%
Currency 1,702.34 5,826.92 29.22%
Leveraged -96.05 13,771.17 -0.70%
Inverse 5,733.54 23,188.35 24.73%
Asset Allocation 191.07 918.01 20.81%
Alternatives 951.09 3,376.08 28.17%
Total: 58,617.25 1,099,095.95 5.33%

 

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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