August Had Second Lowest ETF Inflows This Year

August Had Second Lowest ETF Inflows This Year

Inflows to U.S.-listed ETFs fell to $9.5 billion in August, down 84% from July.

GabeAlpert310x310
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Reviewed by: Lisa Barr
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Edited by: Mark Nacinovich

U.S.-listed ETFs took in $9.5 billion in net inflows in August, down 84% from July, when there were $54 billion in inflows, the highest monthly net inflows of 2023. August had the second-lowest inflows of the year. Only February had less with $1.4 billion. All of the numbers below are for U.S.-listed exchange-traded funds. 

The year-over-year comparisons weren’t much better, with flows down nearly 80% compared with the $43 billion in August 2022. Year-to-date flows rose to $287 billion at the end of August, down from $388 billion for the same period last year. 

“I think we’re seeing investors pause their risk-on mood. If you look at the ETFs that were doing well year-to-date through the end of July, they’re down in August,” Aniket Ullal, head of ETF Data and analytics at CFRA Research, said in an interview.  

Sector and Individual ETF Inflows 

The biggest inflows into individual ETFs was $4.1 billion into the iShares Core S&P 500 ETF (IVV) and $2.8 billion into the Vanguard Information Technology ETF (VGT) tech-sector index fund. The SPDR S&P 500 ETF Trust (SPY) had $12 billion in outflows and the Invesco QQQ Trust (QQQ) Nasdaq-100 index ETF experienced $5.5 billion in outflows. 

In terms of asset classes, U.S. stock ETFs took in $3.7 billion and international stock ETFs took in just $700 million, while U.S. and international fixed income ETFs took in $7.1 and $1.4 billion, respectively. Year-to-date, U.S. stock and U.S. fixed income inflows have been roughly equivalent, both at a bit less than $110 billion. 

A Mini-2022 

After strong returns through the end of July, SPY and QQQ both fell about 1.5% in August. While the market’s rise through July was narrowly focused on big tech names, the market’s faltering in August was broad-based.  

“In August, stocks were down across 10 of the 11 GICS sectors except for energy. It’s a mini version of what happened in 2022,” Ullal said, using the acronym for the Global Industry Classification Standard. 

While energy did well in August, commodity ETFs saw net outflows. Ullal said that’s because flows tend to be backward looking, and so investors are leaving commodity ETFs after the funds did poorly earlier in the year. 
 

 

Top Gainers (August 2023)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMYTD 2023 Net Flows($,M)
IVViShares Core S&P 500 ETFBlackrock4,117.30353,753.241.16%14,020.86
VGTVanguard Information Technology ETFVanguard2,844.7855,197.825.15%1,283.93
BILSPDR Bloomberg 1-3 Month T-Bill ETFState Street Global Advisors2,345.0329,827.487.86%3,245.34
SGOViShares 0-3 Month Treasury Bond ETFBlackrock1,967.4214,017.8214.04%7,579.79
VOOVanguard 500 Index FundVanguard1,928.35336,119.730.57%26,712.93
VTIVanguard Total Stock Market ETFVanguard1,916.51317,364.700.60%11,930.72
VGITVanguard Intermediate-Term Treasury Index ETFVanguard1,556.8216,923.579.20%3,516.99
IJHiShares Core S&P Mid-Cap ETFBlackrock1,284.4574,439.221.73%5,278.06
SOXLDirexion Daily Semiconductor Bull 3X SharesDirexion919.697,174.9512.82%-1,231.62
USFRWisdomTree Floating Rate Treasury FundWisdomTree877.4218,023.804.87%4,960.40

 

Top Gainers (Year-to-Date)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMAugust 2023 Net Flows($,M)
VOOVanguard 500 Index FundVanguard26,712.93336,119.737.95%1,928.35
TLTiShares 20+ Year Treasury Bond ETFBlackrock15,608.0740,537.9738.50%-1,409.92
IVViShares Core S&P 500 ETFBlackrock14,020.86353,753.243.96%4,117.30
VTIVanguard Total Stock Market ETFVanguard11,930.72317,364.703.76%1,916.51
JEPIJPMorgan Equity Premium Income ETFJPMorgan Chase11,383.7929,337.0738.80%506.78
AGGiShares Core U.S. Aggregate Bond ETFBlackrock11,166.8993,176.3211.98%244.56
BNDVanguard Total Bond Market ETFVanguard10,639.8495,111.9611.19%793.35
QUALiShares MSCI USA Quality Factor ETFBlackrock9,380.5432,280.1229.06%862.19
RSPInvesco S&P 500 Equal Weight ETFInvesco8,216.3442,844.0519.18%226.15
SGOViShares 0-3 Month Treasury Bond ETFBlackrock7,579.7914,017.8254.07%1,967.42

 

Biggest Losers (August 2023)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMYTD 2023 Net Flows($,M)
SPYSPDR S&P 500 ETF TrustState Street Global Advisors-12,031.11412,080.54-2.92%-7,296.71
QQQInvesco QQQ TrustInvesco-5,509.15202,773.43-2.72%-757.05
LQDiShares iBoxx USD Investment Grade Corporate Bond ETFBlackrock-3,198.1733,020.06-9.69%-2,412.98
EEMiShares MSCI Emerging Markets ETFBlackrock-1,945.8721,666.30-8.98%-2,240.97
XLFFinancial Select Sector SPDR FundState Street Global Advisors-1,796.8033,268.56-5.40%1,832.88
STIPiShares 0-5 Year TIPS Bond ETFBlackrock-1,498.0710,106.58-14.82%-3,183.46
TLTiShares 20+ Year Treasury Bond ETFBlackrock-1,409.9240,537.97-3.48%15,608.07
GLDSPDR Gold TrustState Street Global Advisors-1,393.0355,214.37-2.52%-1,491.94
EMBiShares JP Morgan USD Emerging Markets Bond ETFBlackrock-1,212.5614,335.35-8.46%-258.47
EFAiShares MSCI EAFE ETFBlackrock-945.5048,727.99-1.94%-1,326.55

 

Biggest Losers (Year-to-Date)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMAugust 2023 Net Flows($,M)
ESGUiShares ESG Aware MSCI USA ETFBlackrock-9,130.9312,781.21-71.44%-323.69
SPYSPDR S&P 500 ETF TrustState Street Global Advisors-7,296.71412,080.54-1.77%-12,031.11
IWDiShares Russell 1000 Value ETFBlackrock-6,014.0050,762.49-11.85%-75.51
IWFiShares Russell 1000 Growth ETFBlackrock-4,935.8571,560.66-6.90%162.52
BSVVanguard Short-Term Bond ETFVanguard-4,289.6133,550.17-12.79%-263.95
VCSHVanguard Short-Term Corporate Bond ETFVanguard-4,262.1036,668.81-11.62%302.60
EEMViShares MSCI Emerging Markets Min Vol Factor ETFBlackrock-3,898.534,535.02-85.97%0.00
TQQQProShares UltraPro QQQProShares-3,841.4818,624.78-20.63%-129.55
XLEEnergy Select Sector SPDR FundState Street Global Advisors-3,396.4837,417.95-9.08%-55.22
STIPiShares 0-5 Year TIPS Bond ETFBlackrock-3,183.4610,106.58-31.50%-1,498.07

 

Asset Classes (August 2023)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity3,656.034,471,440.590.08%
International Equity722.251,291,348.300.06%
U.S. Fixed Income7,148.941,262,310.290.57%
International Fixed Income1,432.39154,914.020.92%
Commodities-3,132.84129,570.63-2.42%
Currency19.252,860.840.67%
Leveraged1,404.4172,663.291.93%
Inverse-1,750.6717,252.99-10.15%
Asset Allocation-113.4215,013.48-0.76%
Alternatives79.677,145.771.11%
Total:9,466.017,424,520.210.13%

 

Asset Classes (Year-to-Date)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity107,388.284,471,440.592.40%
International Equity58,063.151,291,348.304.50%
U.S. Fixed Income109,769.711,262,310.298.70%
International Fixed Income15,505.89154,914.0210.01%
Commodities-6,538.34129,570.63-5.05%
Currency-1,037.052,860.84-36.25%
Leveraged2,614.6172,663.293.60%
Inverse3,677.0017,252.9921.31%
Asset Allocation-2,535.9115,013.48-16.89%
Alternatives106.127,145.771.49%
Total:287,013.467,424,520.213.87%

 

August 2023 ETF Issuer League Table

IssuerNet Flows ($,M)AUM ($,M)% of AUMYTD 2023 Net Flows($,M)
Blackrock-3,478.212,422,284.86-0.14%39,260.29
Vanguard16,396.282,179,701.970.75%95,443.63
State Street Global Advisors-13,386.401,088,269.30-1.23%5,731.99
Invesco-4,159.92408,982.19-1.02%14,891.00
Charles Schwab1,140.10296,426.430.38%15,613.20
First Trust367.28127,327.780.29%3,736.72
JPMorgan Chase320.02119,041.930.27%24,105.92
Dimensional2,603.3999,256.422.62%19,438.02
WisdomTree1,372.0668,772.792.00%8,559.63
ProShares-1,692.0566,305.69-2.55%669.36
VanEck-6.6061,254.12-0.01%3,088.81
Mirae Asset Global Investments Co., Ltd.49.4941,811.460.12%2,652.69
Fidelity403.8937,574.361.07%2,774.98
Direxion1,099.7731,359.783.51%3,704.18
Goldman Sachs566.2130,558.841.85%1,539.90
American Century Investments1,171.4628,820.304.06%7,908.76
Pacer Advisors976.9127,359.143.57%5,691.85
PIMCO547.1522,588.252.42%924.81
Northern Trust331.4421,247.051.56%414.75
DWS-308.9619,538.10-1.58%96.38
Innovator290.5414,782.151.97%2,352.47
ARK-243.2413,860.14-1.75%-640.85
Franklin Templeton211.9213,175.061.61%2,635.82
Capital Group779.0712,076.226.45%5,071.86
SS&C149.5911,066.471.35%-44.80
CICC295.288,987.233.29%-236.59
Nuveen Securities385.788,600.784.49%437.65
Janus Henderson519.288,414.006.17%2,776.49
Victory Capital-20.547,520.86-0.27%-404.94
Abrdn Plc-209.827,056.60-2.97%-31.30
Prudential649.185,844.0411.11%1,571.55
BMO29.665,826.930.51%679.03
John Hancock19.245,550.910.35%250.23
Alpha Architect279.434,699.835.95%1,329.09
Amplify Investments7.574,473.980.17%368.76
Tidal496.864,420.6911.24%1,471.36
The Hartford78.574,370.841.80%464.88
New York Life30.994,311.580.72%155.33
Exchange Traded Concepts-91.754,275.78-2.15%-552.51
BNY Mellon-2.933,732.18-0.08%2,110.12
ETFMG-40.413,469.33-1.16%-197.51
Marygold-200.683,332.55-6.02%144.84
Principal130.802,765.524.73%321.19
Renaissance Health Service Corp.458.492,506.8718.29%2,102.47
Simplify211.162,368.878.91%908.09
Bondbloxx Investment Management LLC135.862,099.466.47%1,554.87
Cambria35.451,985.611.79%157.86
Main Management45.771,763.462.60%332.84
US Global Investors-15.071,725.99-0.87%-615.99
T. Rowe Price Group, Inc.118.951,664.237.15%610.03
Columbia Management Investment Advisers, LLC40.521,661.142.44%303.34
UBS13.801,640.700.84%-236.43
Power Corporation of Canada24.141,630.491.48%1,393.56
Aptus Capital Advisors-78.591,623.27-4.84%-269.83
Sprott, Inc.47.181,482.543.18%133.14
GraniteShares-34.141,481.67-2.30%83.00
Virtus Investment Partners45.881,458.113.15%140.23
Vident-0.511,412.11-0.04%-39.87
Barclays Capital Inc.13.881,391.481.00%300.48
Distillate Capital59.541,361.104.37%302.76
The Motley Fool0.791,291.180.06%1.31
Inspire Investing LLC8.241,273.760.65%120.43
ORIX13.871,090.781.27%364.41
Strategy Shares-28.391,042.94-2.72%-173.10
AdvisorShares-12.43986.69-1.26%-21.30
Horizon Kinetics-79.44977.54-8.13%-301.65
Davis Advisers-2.76964.07-0.29%0.48
Focus Financial Partners7.81888.270.88%171.79
Defiance ETFs-16.63859.61-1.93%-114.72
Equitable45.91825.555.56%513.80
Litman Gregory Capital Partners LLC44.19788.255.61%-112.22
AXS Investments-25.94783.29-3.31%314.35
Timothy Plan8.57779.781.10%108.20
Redwood-13.75739.22-1.86%-21.69
Engine No. 132.82678.674.84%135.65
Howard Capital Management-1.83660.62-0.28%55.17
Advisors Asset Management12.20635.631.92%196.22
Day Hagan Asset Management6.76613.161.10%72.84
Doubleline ETF Adviser LP30.03611.574.91%243.87
Roundhill Investments-23.27589.57-3.95%-92.07
Tortoise1.25548.460.23%-102.78
Aptus Holdings LLC79.89545.7614.64%319.95
Nationwide-9.52483.02-1.97%-105.72
Anfield Group-24.41448.94-5.44%-40.38
ClearShares LLC-5.01440.70-1.14%-54.83
Neos Investments LLC98.71419.5823.52%412.70
Morgan Stanley13.24406.653.25%261.52
Teucrium24.26404.985.99%-131.17
Liquid Strategies3.99402.640.99%-33.10
Core Alternative Capital-10.39395.86-2.63%-135.86
Envestnet6.64387.471.71%374.32
FCF Advisors-1.87360.64-0.52%9.97
Wahed Invest LLC12.81352.973.63%82.89
Neuberger Berman-1.26315.69-0.40%72.58
Adaptive Investments-9.72287.76-3.38%6.46
Retireful LLC-2.78282.62-0.98%-32.09
Matthews International Capital Management-13.15280.40-4.69%109.21
Oneascent Holdings LLC7.80261.182.98%8.17
AGF23.49248.659.45%-103.23
Western & Southern Mutual Holding Co.1.28244.010.52%-74.72
Cary Street Partners Financial LLC /VA/-4.81232.55-2.07%41.58
Summit Global Investments, LLC27.98207.9113.46%200.87
Renaissance Capital-20.36203.43-10.01%32.00
Stf Management LP11.79201.295.86%16.48
WBI-6.24200.61-3.11%-23.43
Impact Shares0.81199.680.41%17.48
Little Harbor Advisors-9.45199.51-4.74%-37.83
Volatility Shares LLC51.73199.2325.96%188.67
Truemark Group1.73197.050.88%-3.75
AmeriLife-8.14181.50-4.48%-43.42
Syntax-2.58180.41-1.43%-17.30
CI Financial-2.49167.64-1.49%-7.83
CornerCap Investment Counsel, Inc.3.12166.121.88%14.22
Kingsview Partners LLC7.28163.964.44%-17.99
Truist0.04161.720.02%0.22
Rayliant-0.80160.17-0.50%38.88
Thrivent Financial for Lutherans0.00140.660.00%55.76
Angel Oak Capital Advisors, LLC6.05134.634.49%58.44
Intangible Capital0.00129.890.00%-7.87
Humankind USA LLC-1.40129.72-1.08%-4.23
SRN Advisors-2.08128.63-1.62%-22.99
Swan Global Investments-3.39126.76-2.68%-12.77
Paralel Technologies LLC1.50120.101.25%8.45
Federated Hermes, Inc.1.55116.201.33%44.41
Neil Azous Revocable Trust4.27114.123.74%0.48
Madison Investment Holdings, Inc.111.67112.7499.05%111.67
Soundwatch Capital LLC0.59111.540.53%0.63
Toews Corp.5.80111.405.20%23.43
IronHorse Holdings0.00111.260.00%8.52
Inverdale Capital Management LLC18.57103.7517.90%30.64
Baird Financial Group0.95101.330.94%2.52
Thor Trading Advisors LLC-11.2599.96-11.25%7.85
OBP Capital LLC4.5897.014.72%5.00
Arrow Funds-2.1896.76-2.25%-20.21
Absolute Investment Advisers LLC0.0095.810.00%7.80
EntrepreneurShares, LLC19.7085.4723.05%25.75
Panagram Structured Asset Management, LLC7.8083.109.39%80.98
AB Holding5.3080.006.62%12.38
First Manhattan Co.0.2679.500.32%-0.09
Pettee Investors1.5778.621.99%14.01
Water Island Capital0.1076.240.14%-12.74
Beyond Investing0.9975.651.31%-0.72
SEI Investments2.6673.013.64%4.32
Exponential ETFs0.0071.980.00%-0.07
Natixis-1.7869.39-2.57%9.78
Cohanzick Management3.2368.504.72%3.80
The Leuthold Group LLC0.0068.460.00%3.77
Alexis Investment Partners LLC0.5068.020.73%9.89
Zacks2.5165.493.84%44.34
Ridgeline Research LLC5.1061.438.30%20.52
Q3 Asset Management Corp.-1.4558.96-2.46%3.13
Formidable Asset Management0.0058.190.00%2.93
Logan Capital Management Inc.0.0053.610.00%0.82
Client First Investment Management LLC0.0053.560.00%34.37
Guinness Atkinson Asset Management2.0352.993.83%7.01
GeaSphere LLC0.0052.890.00%-6.23
Hull Investments LLC15.9052.4730.31%25.52
Sammons Enterprises, Inc.0.0051.440.00%50.73
DoubleLine Capital LP22.0951.4342.95%51.15
Applied Finance Group11.9949.6824.13%30.03
Cambiar Holdings-0.0248.55-0.04%-0.97
Running Oak Capital LLC24.6047.4351.86%46.78
Valkyrie Funds LLC-1.2746.27-2.74%12.80
ProcureAM-5.3345.60-11.68%-7.93
Alger0.0045.340.00%2.63
Hennessy Advisors0.0045.310.00%0.69
Goose Hollow Capital Management LLC0.6843.181.57%16.21
ETF Series Solutions0.0041.420.00%-6.88
First Pacific Advisors LP1.2340.203.07%6.41
Eldridge Industries LLC0.0035.330.00%35.00
GAMCO Investors, Inc.0.3031.890.93%2.37
Highland Capital Management0.0030.630.00%4.42
Sheaff Brock Capital Management LLC0.0030.420.00%0.38
Faith Investor Services, LLC0.2428.470.83%5.42
Cultivar Capital, Inc.1.8426.756.87%2.50
Convergence Investment Partners, LLC0.1826.090.69%-0.11
AlphaMark Advisors0.0024.850.00%-0.06
Reflection Asset Management, LLC0.0024.850.00%1.22
Rcube SAS16.3524.8465.84%19.29
Penserra Capital Management LLC2.5924.0810.77%28.46
PMV Capital Advisers LLC0.0024.05-0.02%-4.59
Dawn Global Topco Ltd.5.7620.8527.62%17.02
ASYMmetric ETFs-0.9720.25-4.80%-5.69
Knights of Columbus0.0020.070.00%0.00
Point Bridge Capital0.0018.990.00%-0.07
Clockwise Capital LLC-47.6917.68-269.75%-34.10
Build Asset Management LLC0.0017.620.00%-13.79
Mairs & Power, Inc.0.0017.620.00%0.44
Subversive Capital Advisor LLC0.7016.734.21%13.93
WealthTrust Asset Management LLC0.5515.463.54%3.17
Texas Capital Bancshares, Inc.0.9712.737.63%2.73
Future Fund Advisors0.0011.310.00%0.49
Changebridge Capital LLC0.0411.220.38%0.47
The BAD Investment Company0.0010.710.00%1.53
Tuttle Tactical Management, LLC3.1210.4629.89%7.93
Spear Advisors LLC-0.8210.31-8.00%7.15
Tema Global Ltd.0.737.929.19%6.80
Democracy Investment Management LLC0.007.040.01%1.56
Counterpoint Mutual Funds LLC-1.056.87-15.25%-0.53
Advocate Capital Management LLC-0.756.57-11.35%-22.69
Power Financial Corp.0.006.420.00%6.00
Lyrical Partners0.006.190.00%-13.57
Cboe Vest Financial LLC1.475.9424.71%4.74
VegTech LLC0.495.638.78%0.49
Digital Currency Group, Inc.0.005.580.00%-0.24
Alphatrai Funds, Inc.-9.495.33-178.00%1.00
Dynamic Shares LLC1.245.1424.17%1.24
Kelly Intelligence LLC0.214.015.14%0.99
V-Square Quantitative Management LLC0.003.940.00%0.00
Distribution Cognizant LLC1.183.5133.46%1.18
Jacob Asset Management0.002.800.00%-0.15
Hypatia Capital Advisors LLC0.002.610.00%2.36
Lagan Holding Co. Trust2.512.5897.16%2.51
Element ETFs LLC0.002.410.00%-1.89
Bitwise Asset Management, Inc.0.002.000.00%-0.45
Kingsbarn Capital Management LLC0.571.7233.32%0.59
Driveadvisory LLC0.001.390.00%0.60
Convexityshares, LLC0.481.3436.04%1.05
Merk0.001.120.00%-0.45
Eurazeo SA0.001.010.00%0.26
Parabla, LLC0.000.750.00%0.49
Inherent Wealth Fund LLC0.000.720.00%-0.72
Tradelegs LLC0.000.590.00%0.00
Calamos Family Partners0.000.000.00%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.

Gabe Alpert is a former data reporter at etf.com with over seven years’ experience in financial journalism. He also previously contributed reporting and analysis to Barron’s Magazine, Investopedia and other publications.