ETFs Register Outflows For 2nd Month In March

April 02, 2018

After recording their first monthly outflow in two years in February, ETFs did it again in March. The damage was slightly less this time around, with net outflows of $2.7 billion in March compared with $4.4 billion in February, but U.S. equity ETFs once again faced the brunt of investors’ selling.

Just as in the previous month, U.S. equity ETFs faced the brunt of investors’ selling. About $10.3 billion came out of that segment, sharply contrasting with inflows of $2.6 billion for international equity ETFs and inflows of $2.8 billion for U.S. fixed-income ETFs.

Year-to-date inflows now stand at $61.3 billion, according to the latest data from FactSet.

S&P 500 In Correction Territory

The S&P 500 fell to its 200-day moving average at the end of March, a key technical level that many traders were watching. The index is essentially back to where it was during the big market swoon in February, more than 10% off its record highs.

Meanwhile, bonds experienced an unexpected rally in March, as the U.S. 10-year Treasury yield dipped to a two-month low below 2.75% at the end of the month amid safe-haven buying.

Surprising Outflow For ‘IVV’

As is often the case in a negative month, the SPDR S&P 500 ETF Trust (SPY) had the largest outflows of any exchange-traded fund in March, losing $12.2 billion.

More surprisingly, the iShares Core S&P 500 ETF (IVV) also witnessed massive outflows, to the tune of $9.8 billion. Up until now, IVV had been largely immune from the fast money outflows that rival SPY has seen, but a larger institutional presence in the fund may make these swings in flows more commonplace going forward, according to Bloomberg analyst Eric Balchunas.

Interestingly, the Vanguard S&P 500 ETF (VOO), which has a strong base of retail investors, didn’t lose any traction during March, with outflows totaling a relatively insignificant $120 million.

‘IEFA’ Picks Up Assets

Despite the month’s negative tone, several ETFs picked up a good chunk of investor change during March. The iShares Core MSCI EAFE ETF (IEFA) topped the list, with inflows of $4.7 billion, followed by the iShares Russell 2000 ETF (IWM), at $2.1 billion and the iShares Short Treasury Bond ETF (SHV), at $1.8 billion.

Notably, the Barclays ETN+ FI Enhanced Global High Yield ETN Series B (FIYY) had inflows of $1.5 billion, representing a nearly 4,500% increase in assets under management. While impressive on the surface, FIYY’s inflows merely reflect one institutional investor transferring assets from a sister product.

Assets under management for the Barclays ETN+FI Enhanced Global High Yield ETN Series B (FIGY) tumbled almost 92% as $1.5 billion came out of the ETP. FIGY is a bespoke product created for Fisher Investments, and has 2x leveraged exposure to the MSCI World High Dividend Yield Index.

FIYY is a seemingly identical product that tracks the same index and was launched two weeks ago, suggesting that Fisher Investments merely jumped from one ETN to the other.

For a full list of the top inflows and outflows for March, see the tables below:

 

Top Gainers (March 2018)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM YTD 2018 Net Flows($,M)
IEFA iShares Core MSCI EAFE ETF BlackRock 4,721.26 55,649.12 9.27% 14,572.13
IWM iShares Russell 2000 ETF BlackRock 2,052.91 41,697.74 5.18% -842.39
SHV iShares Short Treasury Bond ETF BlackRock 1,819.65 11,317.41 19.16% 3,319.16
XLP Consumer Staples Select Sector SPDR Fund State Street Global Advisors 1,577.61 8,855.63 21.68% 101.81
FIYY Barclays ETN+ FI Enhanced Global High Yield ETN Series B Barclays Bank PLC 1,447.45 1,480.00 4,446.78% 1,447.45
IEMG iShares Core MSCI Emerging Markets ETF BlackRock 1,428.34 48,922.24 3.01% 6,132.01
FDN First Trust Dow Jones Internet Index Fund First Trust 862.89 6,833.21 14.45% 990.53
VTI Vanguard Total Stock Market ETF Vanguard 795.72 91,232.14 0.88% 1,566.22
GDX VanEck Vectors Gold Miners ETF VanEck 764.12 8,140.16 10.36% 1,060.22
VEA Vanguard FTSE Developed Markets ETF Vanguard 743.29 69,833.79 1.08% 3,203.73

Top Gainers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM March 2018 Net Flows($,M)
IEFA iShares Core MSCI EAFE ETF BlackRock 14,572.13 55,649.12 35.48% 4,721.26
IEMG iShares Core MSCI Emerging Markets ETF BlackRock 6,132.01 48,922.24 14.33% 1,428.34
VOO Vanguard S&P 500 ETF Vanguard 3,963.36 85,227.93 4.88% -120.02
SHV iShares Short Treasury Bond ETF BlackRock 3,319.16 11,317.41 41.50% 1,819.65
VEA Vanguard FTSE Developed Markets ETF Vanguard 3,203.73 69,833.79 4.81% 743.29
AGG iShares Core U.S. Aggregate Bond ETF BlackRock 2,761.50 54,621.43 5.32% -670.95
MTUM iShares Edge MSCI USA Momentum Factor ETF BlackRock 2,648.51 8,017.54 49.33% 738.04
EEM iShares MSCI Emerging Markets ETF BlackRock 2,600.23 42,071.79 6.59% 0.00
SVXY ProShares Short VIX Short-Term Futures ETF ProShares 2,497.94 675.94 -137.10% 19.75
EWJ iShares MSCI Japan ETF BlackRock 2,169.09 21,171.56 11.41% -1,002.95

Biggest Losers (March 2018)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM YTD 2018 Net Flows($,M)
SPY SPDR S&P 500 ETF Trust State Street Global Advisors -12,151.20 251,483.93 -4.61% -17,960.09
IVV iShares Core S&P 500 ETF BlackRock -9,804.10 138,358.28 -6.62% 874.06
EZU iShares MSCI Eurozone ETF BlackRock -1,811.90 14,155.10 -11.35% -1,065.52
FIGY Barclays ETN+FI Enhanced Global High Yield ETN Barclays Bank PLC -1,464.89 127.55 -91.99% -1,483.27
EWJ iShares MSCI Japan ETF BlackRock -1,002.95 21,171.56 -4.52% 2,169.09
DIA SPDR Dow Jones Industrial Average ETF Trust State Street Global Advisors -920.77 20,812.02 -4.24% -664.16
HYG iShares iBoxx $ High Yield Corporate Bond ETF BlackRock -903.30 14,105.66 -6.02% -3,230.13
TLT iShares 20+ Year Treasury Bond ETF BlackRock -837.29 6,242.97 -11.83% -584.05
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF BlackRock -755.25 31,875.23 -2.31% -5,749.33
EFA iShares MSCI EAFE ETF BlackRock -673.55 77,322.21 -0.86% -6,358.08

Biggest Losers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM March 2018 Net Flows($,M)
SPY SPDR S&P 500 ETF Trust State Street Global Advisors -17,960.09 251,483.93 -6.67% -12,151.20
EFA iShares MSCI EAFE ETF BlackRock -6,358.08 77,322.21 -7.60% -673.55
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF BlackRock -5,749.33 31,875.23 -15.28% -755.25
IWD iShares Russell 1000 Value ETF BlackRock -3,747.53 35,796.82 -9.48% 356.52
JNK SPDR Bloomberg Barclays High Yield Bond ETF State Street Global Advisors -3,449.92 8,942.82 -27.84% 91.86
HYG iShares iBoxx $ High Yield Corporate Bond ETF BlackRock -3,230.13 14,105.66 -18.63% -903.30
DXJ WisdomTree Japan Hedged Equity Fund WisdomTree -2,388.65 6,571.83 -26.66% -601.75
VNQ Vanguard Real Estate ETF Vanguard -2,218.29 29,422.61 -7.01% -400.89
FIGY Barclays ETN+FI Enhanced Global High Yield ETN Barclays Bank PLC -1,483.27 127.55 -92.08% -1,464.89
HEDJ WisdomTree Europe Hedged Equity Fund WisdomTree -1,091.91 6,292.60 -14.79% -310.54

Asset Classes (March 2018)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity -10,251.01 1,868,832.00 -0.55%
International Equity 2,573.34 829,760.38 0.31%
U.S. Fixed Income 2,818.56 523,866.51 0.54%
International Fixed Income 574.13 63,412.34 0.91%
Commodities ETFs 803.96 69,820.20 1.15%
Currency 9.91 1,381.14 0.72%
Leveraged 961.78 34,280.70 2.81%
Inverse -58.95 13,745.80 -0.43%
Asset Allocation 88.20 8,809.41 1.00%
Alternatives -251.38 4,411.65 -5.70%
Total: -2,731.47 3,418,320.14 -0.08%

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity -691.44 1,868,832.00 -0.04%
International Equity 40,555.18 829,760.38 4.89%
U.S. Fixed Income 9,742.74 523,866.51 1.86%
International Fixed Income 5,329.86 63,412.34 8.41%
Commodities ETFs 2,000.95 69,820.20 2.87%
Currency 108.70 1,381.14 7.87%
Leveraged 2,149.90 34,280.70 6.27%
Inverse 2,305.58 13,745.80 16.77%
Asset Allocation 206.98 8,809.41 2.35%
Alternatives -383.03 4,411.65 -8.68%
Total: 61,325.41 3,418,320.14 1.79%

March 2018 League Table

Issuer Net Flows ($,M) AUM ($,M) % of AUM YTD 2018 Net Flows($,M)
BlackRock -2,755.39 1,349,348.13 -0.20% 23,746.62
Vanguard 2,398.84 854,941.92 0.28% 20,068.35
State Street Global Advisors -9,250.27 594,210.88 -1.56% -12,070.74
Invesco PowerShares 527.40 138,240.57 0.38% 1,116.46
Charles Schwab 1,900.44 103,652.80 1.83% 7,197.58
First Trust 1,792.80 61,044.91 2.94% 4,201.16
WisdomTree -604.78 42,935.09 -1.41% -2,103.77
Guggenheim 167.82 38,288.23 0.44% 482.42
VanEck -8.98 35,631.81 -0.03% 2,340.66
ProShares 610.67 29,661.36 2.06% 3,675.47
Northern Trust 95.08 16,239.44 0.59% 633.11
PIMCO 475.14 15,875.28 2.99% 1,154.68
Direxion 262.18 12,801.27 2.05% 1,011.50
ALPS 11.50 12,507.34 0.09% -432.03
Deutsche Bank -403.64 11,891.63 -3.39% -1,055.97
Fidelity 207.90 10,252.34 2.03% 1,704.01
Global X 229.19 9,641.33 2.38% 1,756.46
Goldman Sachs 291.33 7,024.28 4.15% 666.81
Barclays Bank PLC -382.70 6,947.08 -5.51% -628.83
UBS 3.72 6,553.75 0.06% -17.90
JPMorgan 222.46 6,534.20 3.40% 767.86
Exchange Traded Concepts 43.08 5,393.05 0.80% 620.02
Credit Suisse -58.55 4,146.16 -1.41% -287.55
IndexIQ 127.92 4,073.67 3.14% 637.65
The Principal Financial Group 222.18 3,141.71 7.07% 1,067.48
US Commodity Funds -238.53 3,003.36 -7.94% -676.01
ETF Securities 54.02 2,795.03 1.93% 133.54
Victory Capital Management 179.04 2,642.85 6.77% 450.38
OppenheimerFunds -1.09 2,451.11 -0.04% 77.59
ETF Managers Group 16.72 2,311.41 0.72% 570.55
KraneShares 65.47 2,060.14 3.18% 491.79
Pacer Financial 108.06 1,938.43 5.57% 418.46
ARK 224.77 1,460.14 15.39% 639.75
Columbia 21.20 1,250.60 1.69% -22.04
Franklin Templeton Investments 5.94 1,211.16 0.49% 198.25
John Hancock 35.05 1,131.19 3.10% 74.64
AdvisorShares 16.03 1,066.92 1.50% 15.38
Virtus 20.90 970.07 2.15% 76.24
Millington Securities Inc -6.93 960.80 -0.72% -7.66
Northern Lights 52.00 850.96 6.11% 81.61
Legg Mason 13.30 797.43 1.67% 170.61
Transamerica 2.61 780.45 0.33% -52.65
Cambria 9.40 764.98 1.23% 71.89
USAA Asset Management 85.85 743.49 11.55% 402.74
CitiGroup 86.48 709.66 12.19% 86.15
Highland Capital Management 5.62 568.93 0.99% 1.72
Hartford 72.57 558.43 12.99% 200.49
FQF Trust -9.54 528.25 -1.81% -87.86
Amplify 40.44 461.05 8.77% 279.03
Nuveen 15.01 451.77 3.32% 47.18
Janus Henderson 47.03 439.97 10.69% 154.31
Davis 30.44 436.93 6.97% 89.13
Alpha Architect 30.97 431.15 7.18% 109.01
Innovator Capital Management 4.48 390.11 1.15% 103.78
Nationwide Fund Advisors 14.88 359.87 4.14% 10.78
Horizons 27.11 290.48 9.33% 45.45
Reality Shares 15.90 237.69 6.69% 149.30
Elkhorn 9.47 232.95 4.07% 14.61
Arrow Investment Advisors 9.22 187.30 4.92% 22.55
Teucrium 6.65 158.05 4.21% 11.15
Merk 2.64 145.39 1.82% 4.72
BMO 0.00 134.91 0.00% 0.00
OSI ETF Trust -5.27 134.62 -3.92% 36.37
Montage Managers 1.02 117.73 0.87% 10.68
US Global Investors 11.85 113.96 10.40% 3.12
ClearShares 0.00 111.31 0.00% 0.00
Aptus Capital Advisors 13.18 106.80 12.34% 50.55
Strategy Shares 6.80 96.59 7.04% 16.76
The RBB Fund 9.10 93.27 9.76% 97.18
TrimTabs Asset Management 11.39 70.27 16.21% 23.56
EntrepreneurShares, LLC 1.71 64.81 2.65% 9.09
GraniteShares 3.86 59.83 6.45% 28.65
OBP Capital LLC 0.00 53.56 0.00% 3.88
Exponential ETFs -0.80 51.59 -1.54% 2.32
Natixis 2.22 42.36 5.25% 4.72
Point Bridge Capital -0.01 38.09 -0.02% 5.77
Morgan Stanley -0.00 29.69 -0.00% 0.00
AlphaMark Advisors 0.00 26.01 0.00% 0.00
Validea Capital Management 0.00 25.77 0.00% 0.00
Premise Capital 2.95 24.81 11.90% 6.07
Renaissance Capital 0.00 20.89 0.00% 0.00
Diamond Hill 0.00 20.03 0.00% 1.52
American Century 0.00 19.03 0.00% 0.00
Metaurus Advisors 3.39 16.22 20.88% 11.43
Active Weighting Advisors -1.05 11.92 -8.76% -5.90
CSOP 0.00 11.77 0.00% 1.91
Sage Advisory Services 0.00 9.74 0.00% 0.00
StrongVest 0.00 8.65 0.00% 0.00
Advisors Asset Management 1.29 6.47 19.87% 1.29
TriLine Index Solutions 3.75 6.09 61.62% 6.25
AlphaClone 0.00 4.92 0.00% 0.03
USCF Advisers 0.00 4.78 0.00% 0.00
Regents Park Funds 0.00 4.71 0.00% 2.49
Cboe Vest Financial 4.00 3.97 100.70% 4.00
SerenityShares 0.00 3.97 0.05% 0.00
Change Finance 0.00 3.71 0.12% 0.96
SL Advisors 0.00 3.32 0.00% 0.00
Whitford Asset Management 0.64 3.03 21.29% 0.64
Swedish Export Credit 0.00 0.00 0.00% 0.00

Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges.

 

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