Bonds Were Investors’ November Favorite

ETF inflows netted $64 billion last month, less than in October.

ShubhamSaharan_white_bg
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Reviewed by: Shubham Saharan
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Edited by: Shubham Saharan

Exchange-traded fund inflows slowed in November compared with October, as investors pulled back amid oscillating stock and bond markets. 

November’s inflows dropped 30%, to $63 billion, from the record $92 billion recorded the month prior. They also slumped from the $74 billion added last November, as opacity around the Federal Reserve’s future path of rate hikes fueled investors’ worries for the majority of the month.  

Still, stocks moved decisively higher after the central bank’s head, Jerome Powell, signaled on Wednesday a smaller interest rate hike as early as December. The S&P 500 edged up 3.1%, while the Nasdaq jumped 4.4% following Powell’s remarks. The indices recorded their second back-to-back monthly gains, with the S&P 500 soaring 5.7%, while the Nasdaq climbed 5.3%.  

U.S. equity-related ETFs brought in $27 billion, nearly half of the $53 billion generated last month. Among the funds with the largest outflows were the SPDR S&P 500 ETF Trust (SPY), the Vanguard S&P 500 EETF (VOO) and the iShares Russell 1000 Value ETF (IWD), which collectively shed almost $3.1 billion, according to ETF.com data.  

Some Experts Optimistic  

“When everybody is on the same side saying the market is going down, they're usually wrong,” said Robert Tull, co-founder and president of ProcureAM in an interview with ETF.com, pointing to continued activity in the stock market and an increase in consumer consumption as indicators of a possible market rebound.  

Meanwhile, U.S. fixed income funds gained investor attention, as the asset class saw almost $22 billion in the last month. Investor favorites included the Vanguard Short-Term Corporate Bond ETF (VCSH) and the iShares iBoxx USD High Yield Corporate Bond ETF (HYG). Still, the additions were less than the $31 billion that U.S. fixed income ETFs generated in October.  

According to experts, the interest in bonds may continue into the next year, with investment-grade credit taking the spotlight.  

“The case for investment-grade credit has brightened, in our view, and we raise our overweight tactically and strategically,” BlackRock heads said in their 2023 global outlook. “We think it can hold up in a recession, with companies having fortified their balance sheets by refinancing debt at lower yields.” 

 

For a full list of November's top inflows and outflows, see the tables below:  

 

Top Gainers (November 2022)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMYTD 2022 Net Flows($,M)
QQQInvesco QQQ TrustInvesco4,028.85157,108.572.56%4,328.72
HYGiShares iBoxx USD High Yield Corporate Bond ETFBlackrock3,634.4518,014.7720.17%-1,116.10
VCSHVanguard Short-Term Corporate Bond ETFVanguard2,409.1341,417.435.82%3,096.86
VTEBVanguard Tax-Exempt Bond ETFVanguard2,049.1523,756.548.63%10,112.15
IWMiShares Russell 2000 ETFBlackrock1,772.9254,606.483.25%-2,647.88
SCHDSchwab U.S. Dividend Equity ETFCharles Schwab1,634.4444,149.463.70%13,829.06
ACWIiShares MSCI ACWI ETFBlackrock1,604.9518,017.398.91%3,876.13
JEPIJPMorgan Equity Premium Income ETFJPMorgan Chase1,592.8216,475.309.67%11,414.84
AGGiShares Core U.S. Aggregate Bond ETFBlackrock1,491.5680,047.701.86%1,329.64
MUBiShares National Muni Bond ETFBlackrock1,382.9131,501.284.39%8,538.24

 

Top Gainers (Year-to-Date)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMNovember 2022 Net Flows($,M)
VOOVanguard S&P 500 ETFVanguard39,020.39270,238.1914.44%-1,054.16
IVViShares Core S&P 500 ETFBlackrock24,535.47302,525.618.11%849.34
VTIVanguard Total Stock Market ETFVanguard23,571.92267,820.328.80%1,137.11
TLTiShares 20+ Year Treasury Bond ETFBlackrock14,982.3527,087.2855.31%1,116.27
SCHDSchwab U.S. Dividend Equity ETFCharles Schwab13,829.0644,149.4631.32%1,634.44
BILSPDR Bloomberg 1-3 Month T-Bill ETFState Street Global Advisors12,527.4126,169.2447.87%-229.70
BNDVanguard Total Bond Market ETFVanguard12,044.1883,014.5314.51%1,113.54
JEPIJPMorgan Equity Premium Income ETFJPMorgan Chase11,414.8416,475.3069.28%1,592.82
TQQQProShares UltraPro QQQProShares10,535.8811,010.7495.69%-429.42
USFRWisdomTree Floating Rate Treasury FundWisdomTree10,529.4212,359.8085.19%475.60

 

Biggest Losers (November 2022)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMYTD 2022 Net Flows($,M)
VTVVanguard Value ETFVanguard-6,005.68100,133.45-6.00%9,631.57
SHViShares Short Treasury Bond ETFBlackrock-4,291.8620,101.18-21.35%7,070.08
SDYSPDR S&P Dividend ETFState Street Global Advisors-1,541.6723,834.07-6.47%2,802.15
SPYSPDR S&P 500 ETF TrustState Street Global Advisors-1,175.92374,422.47-0.31%-8,977.04
VOOVanguard S&P 500 ETFVanguard-1,054.16270,238.19-0.39%39,020.39
VTIPVanguard Short-Term Inflation-Protected Securities ETFVanguard-857.6417,304.05-4.96%-869.06
SHYiShares 1-3 Year Treasury Bond ETFBlackrock-789.3328,637.55-2.76%9,246.13
IWDiShares Russell 1000 Value ETFBlackrock-750.0654,591.58-1.37%-1,249.18
MINTPIMCO Enhanced Short Maturity Active ETFPIMCO-737.609,633.05-7.66%-3,680.06
GSLCGoldman Sachs ActiveBeta U.S. Large Cap Equity ETFGoldman Sachs-731.7610,658.01-6.87%-1,643.52

 

Biggest Losers (Year-to-Date)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMNovember 2022 Net Flows($,M)
SPYSPDR S&P 500 ETF TrustState Street Global Advisors-8,977.04374,422.47-2.40%-1,175.92
TIPiShares TIPS Bond ETFBlackrock-8,095.2524,573.29-32.94%-573.45
XLFFinancial Select Sector SPDR FundState Street Global Advisors-6,938.5133,130.82-20.94%385.70
VLUEiShares MSCI USA Value Factor ETFBlackrock-6,184.848,157.10-75.82%-10.33
BBEUJPMorgan BetaBuilders Europe ETFJPMorgan Chase-4,581.693,526.89-129.91%-370.06
SCHPSchwab U.S. TIPS ETFCharles Schwab-4,036.9414,040.40-28.75%-244.98
MINTPIMCO Enhanced Short Maturity Active ETFPIMCO-3,680.069,633.05-38.20%-737.60
VGKVanguard FTSE Europe ETFVanguard-3,101.0415,092.93-20.55%522.20
GLDSPDR Gold TrustState Street Global Advisors-3,045.4851,155.69-5.95%-646.89
PFFiShares Preferred and Income Securities ETFBlackrock-2,955.8513,774.81-21.46%-300.58

 

Asset Classes (November 2022)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity27,487.083,962,913.810.69%
International Equity14,005.931,150,883.361.22%
U.S. Fixed Income21,782.561,148,753.081.90%
International Fixed Income1,514.77137,799.291.10%
Commodities-1,369.42130,050.32-1.05%
Currency-327.324,122.62-7.94%
Leveraged-75.2148,407.20-0.16%
Inverse1,171.2722,899.685.11%
Asset Allocation136.1416,564.440.82%
Alternatives-190.348,705.44-2.19%
Total:64,135.466,631,099.250.97%

 

Asset Classes (Year-to-Date)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity267,751.453,962,913.816.76%
International Equity89,134.771,150,883.367.74%
U.S. Fixed Income170,946.371,148,753.0814.88%
International Fixed Income6,247.46137,799.294.53%
Commodities-3,641.52130,050.32-2.80%
Currency1,788.224,122.6243.38%
Leveraged19,877.4648,407.2041.06%
Inverse8,376.5722,899.6836.58%
Asset Allocation505.6716,564.443.05%
Alternatives2,338.558,705.4426.86%
Total:563,325.016,631,099.258.50%

 

November 2022 ETF Issuer League Table

IssuerNet Flows ($,M)AUM ($,M)% of AUMYTD 2022 Net Flows($,M)
Blackrock20,151.062,231,790.610.90%151,268.69
Vanguard10,984.341,918,251.220.57%176,207.59
State Street Global Advisors7,293.911,010,428.760.72%35,852.97
Invesco7,674.03347,305.102.21%25,017.44
Charles Schwab2,625.89262,980.311.00%31,671.97
First Trust1,107.04125,877.230.88%9,038.74
JPMorgan Chase1,608.5188,728.631.81%16,728.98
Dimensional Holdings3,232.8370,214.864.60%22,373.62
ProShares785.9858,898.981.33%16,922.65
VanEck411.4352,130.310.79%1,820.61
WisdomTree1,001.5849,723.192.01%13,696.68
Mirae Asset Global Investments Co., Ltd.236.3037,171.290.64%3,793.87
Fidelity466.0531,046.771.50%2,596.34
Goldman Sachs-452.5825,154.74-1.80%2,676.46
Direxion492.2123,923.642.06%10,957.16
PIMCO-447.1822,080.29-2.03%-2,669.98
Northern Trust120.5021,107.210.57%2,245.12
DWS353.4519,577.231.81%-1,111.87
Pacer Advisors1,152.3719,331.225.96%10,427.07
American Century Investments1,751.0218,308.639.56%9,416.16
ARK-37.7812,337.44-0.31%-392.83
SS&C14.4411,287.230.13%517.17
AJM Ventures LLC123.9410,898.421.14%-138.06
Innovator1,073.0210,829.179.91%5,342.58
Franklin Templeton175.589,759.171.80%992.66
CICC-96.979,058.12-1.07%79.03
Victory Capital15.777,989.250.20%1,473.09
Nuveen Securities209.227,618.512.75%988.15
WisdomTree Investments, Inc.62.666,122.751.02%-219.79
Abrdn Plc-77.415,832.66-1.33%519.87
Janus Henderson22.655,544.900.41%1,412.55
John Hancock113.435,047.962.25%629.33
The Capital Group Companies827.144,915.7516.83%4,833.22
Exchange Traded Concepts-49.314,808.53-1.03%-617.12
New York Life-64.274,010.00-1.60%-246.58
ETFMG-38.233,972.56-0.96%-401.38
The Hartford77.223,817.682.02%226.31
Amplify Investments143.483,784.323.79%786.54
BMO157.713,747.704.21%1,468.79
Marygold Cos, Inc.215.593,722.735.79%-1,083.30
Prudential377.273,548.3610.63%1,435.92
Toroso Investments-299.542,524.51-11.87%223.73
US Global Investors-12.042,304.30-0.52%-417.43
Principal19.732,236.780.88%-2,047.43
Barclays Capital Inc.28.532,082.051.37%-1,007.16
Alpha Architect110.812,022.925.48%711.33
Aptus Capital Advisors-93.071,976.79-4.71%314.85
Cambria61.341,829.273.35%787.46
AdvisorShares50.421,618.813.11%180.71
Simplify Asset Management Inc.-76.211,512.13-5.04%635.27
BNY Mellon16.801,395.951.20%330.13
Vident4.911,327.590.37%62.07
Columbia Management Investment Advisers, LLC-5.561,325.85-0.42%-238.99
Horizon Kinetics LLC-20.101,325.21-1.52%435.22
Virtus Investment Partners44.881,323.513.39%11.88
GraniteShares-38.031,319.31-2.88%-27.91
UBS0.001,286.050.00%8.49
Strategy Shares-22.991,265.53-1.82%87.02
Main Management18.241,213.091.50%51.56
Sprott, Inc.8.271,185.240.70%332.28
The Motley Fool-14.471,106.82-1.31%-130.62
Inspire Investing LLC-12.991,076.38-1.21%184.30
Litman Gregory Capital Partners LLC57.021,075.165.30%1,010.73
Defiance ETFs-18.49956.30-1.93%-278.33
Distillate Capital31.45904.333.48%365.54
Davis Advisers-25.73864.09-2.98%-183.73
T. Rowe Price Group, Inc.39.06807.634.84%313.22
AXS Investments-3.78751.70-0.50%247.00
Teucrium-45.03701.80-6.42%504.38
Timothy Plan29.10651.404.47%156.10
Redwood Investment Management13.66624.792.19%-49.00
ORIX Corp.11.33624.591.81%394.82
Credit Suisse Group AG7.28624.261.17%-905.12
Tortoise-1.78612.80-0.29%49.88
Nationwide-15.32575.99-2.66%-69.86
Merk4.22572.650.74%16.82
Core Alternative Capital7.96562.171.42%280.40
Roundhill Investments-11.42544.33-2.10%-132.69
Bondbloxx Investment Management LLC13.22523.062.53%501.23
Regents Park Funds-15.44510.89-3.02%197.21
ClearShares LLC-2.28503.40-0.45%132.87
Day Hagan Asset Management-14.71493.26-2.98%165.87
Howard Capital Management-3.46486.09-0.71%-19.71
Engine No. 1 LLC31.22460.506.78%235.19
Liquid Strategies0.67417.350.16%33.95
Advisors Asset Management19.34404.004.79%226.45
AGF24.78393.786.29%258.39
Renaissance Health Service Corp.72.40330.7821.89%333.19
Cavalier168.02326.462.46%-41.95
TrimTabs-7.34324.38-2.26%-113.97
Retireful LLC-13.90261.01-5.32%281.30
Doubleline ETF Adviser LP7.34253.392.90%56.77
Little Harbor Advisors-5.11244.20-2.09%-59.07
WBI0.00236.360.00%38.65
Oneascent Holdings LLC-1.41234.05-0.60%168.01
Wahed Invest LLC5.31220.432.41%75.76
Truemark Group-1.99203.25-0.98%25.52
Western & Southern Mutual Holding Co.-0.01202.06-0.01%72.58
Wainwright, Inc.5.32198.692.68%43.99
Syntax Advisors-5.92188.50-3.14%-14.20
Cary Street Partners Financial LLC /VA/3.13178.231.76%183.76
Impact Shares3.19174.691.83%20.00
Volatility Shares LLC65.95173.2038.08%212.66
Kingsview Partners LLC2.37173.111.37%71.06
Al Marketing LLC-6.07170.15-3.57%-100.35
Power Corporation of Canada2.33165.531.41%118.70
Stf Management LP-1.18158.68-0.74%180.43
FundX Investment Group, LLC-0.15154.31-0.09%-0.15
SRN Advisors-13.96152.23-9.17%-90.66
Equitable Holdings0.00149.780.00%0.00
Renaissance Capital-5.31147.65-3.60%-68.77
Truist-1.06146.81-0.72%11.18
Gadsden1.55145.961.06%30.16
CornerCap Investment Counsel, Inc.-4.92144.42-3.41%37.50
Victory Asset Management SA40.77144.0328.31%133.80
OBP Capital LLC-0.10140.31-0.07%23.79
Rayliant Investment Research0.08137.260.06%110.23
Swan Global Investments-2.31135.88-1.70%-6.97
Humankind USA LLC2.63129.502.03%26.54
Intangible Capital-5.16127.17-4.05%-29.69
Neil Azous Revocable Trust14.32114.2312.54%46.42
Arrow Funds-1.00108.97-0.92%-12.61
Aptus Holdings LLC107.58107.8199.79%107.58
Paralel Technologies LLC0.00100.220.00%92.16
Soundwatch Capital LLC0.0097.900.00%0.00
Baird Financial Group4.6995.664.90%98.64
IronHorse Holdings22.7092.6724.49%26.57
Water Island Capital Partners LP4.2690.414.72%66.53
Thor Trading Advisors LLC60.6988.0968.89%84.86
Absolute Investment Advisers LLC-2.6980.74-3.33%26.71
Toews Corp.12.6478.9616.01%29.50
First Manhattan Co.1.0372.061.43%1.52
Pacific Life-5.2770.57-7.47%42.09
Exponential ETFs0.0068.770.00%-1.16
Inverdale Capital Management LLC-0.7867.23-1.16%28.44
Beyond Investing0.0063.320.00%6.79
Cohanzick Management-0.8362.93-1.32%19.02
Pettee Investors0.9862.371.57%-14.62
Natixis0.6362.361.00%-3.52
GeaSphere LLC-0.9262.29-1.47%4.88
SEI Investments3.1161.825.03%60.23
Angel Oak Capital Advisors, LLC25.0560.3241.53%60.07
ProcureAM-1.0459.11-1.76%-19.77
Federated Hermes, Inc.2.5757.994.43%11.40
The Leuthold Group LLC4.3156.607.62%39.66
Alexis Investment Partners LLC0.4653.880.86%9.37
Formidable Asset Management0.6153.541.13%11.30
EntrepreneurShares, LLC-0.2549.31-0.50%-21.40
Advocate Capital Management LLC0.1846.800.38%19.94
Logan Capital Management Inc.0.0344.700.06%0.03
Red Gate Advisers LLC-1.5444.23-3.48%8.64
AllianceBernstein Holding16.0343.7036.68%18.50
2nd Vote Value Investments, Inc0.0043.660.00%0.48
Guinness Atkinson Asset Management-0.7442.94-1.72%-1.80
ETF Series Solutions0.6640.391.64%-0.39
Alger Group Holdings LLC0.4638.991.17%7.85
Matthews International Capital Management7.8936.8621.42%30.80
Ridgeline Research LLC0.0033.620.00%3.87
Highland Capital Management-2.9732.38-9.16%-11.01
Build Asset Management LLC1.1431.433.62%34.01
Metaurus Advisors0.3529.981.15%6.09
Sheaff Brock Capital Management LLC0.3429.781.14%4.42
CI Financial Corp.-0.0227.99-0.07%-0.02
ASYMmetric ETFs0.0126.690.04%5.37
First Pacific Advisors LP2.9525.3411.62%26.69
GAMCO Investors, Inc.0.0025.320.00%3.57
Cultivar Capital, Inc.-0.0124.56-0.05%16.19
Convergence Investment Partners, LLC-0.1524.13-0.62%-2.09
AlphaMark Advisors0.0023.540.00%2.43
Faith Investor Services, LLC0.8621.294.04%23.56
Reflection Asset Management, LLC-0.0521.13-0.23%9.83
Valkyrie Funds LLC0.8420.664.08%-19.40
Knights of Columbus0.0018.440.00%-1.88
Point Bridge Capital1.8917.9710.54%3.84
Mairs & Power, Inc.0.0017.340.00%1.33
Esoterica0.0016.720.00%-9.77
Zacks Investment Management0.5916.093.68%5.38
Lyrical Partners0.0015.690.00%11.61
Applied Finance Group2.4115.2215.82%6.97
Goose Hollow Capital Management LLC1.2214.908.21%12.88
Clockwise Capital LLC-1.1712.95-9.04%12.55
Changebridge Capital LLC0.0011.310.00%-3.02
WealthTrust Asset Management LLC0.0010.790.00%10.60
Swedish Export Credit-1.0110.62-9.46%2.13
Client First Investment Management LLC10.2610.2799.93%10.26
Lifegoal Investments LLC1.379.5714.36%6.56
Future Fund Advisors-0.659.06-7.23%-2.03
Alphatrai Funds, Inc.0.778.399.13%0.81
MCCM Group LLC-0.638.19-7.69%8.17
Counterpoint Mutual Funds LLC0.007.430.00%-1.59
Harbor0.007.100.00%7.04
Tuttle Tactical Management, LLC0.006.650.00%0.32
Rcube SAS0.005.580.00%5.27
Nuveen Investments, Inc.0.005.330.00%0.00
Democracy Investment Management LLC0.004.980.03%2.40
VegTech LLC0.004.970.00%4.15
Kelly Strategic Management LLC-0.834.82-17.19%6.01
Neos Investments LLC0.964.8119.94%4.88
Convexityshares, LLC0.004.580.00%5.00
Digital Currency Group, Inc.0.003.940.00%12.54
V-Square Quantitative Management LLC0.003.420.00%2.47
Emerge Capital Management, Inc.0.523.0916.70%0.52
Jacob Asset Management0.002.930.00%-0.04
Spear Advisors LLC0.002.900.00%0.30
Dynamic Shares LLC0.002.610.00%1.00
Big Data Federation, Inc.0.442.2919.33%1.55
Volt Equity LLC0.001.980.00%0.48
Amberwave Partners Research & Management LLC0.001.620.00%1.28
Dalton Capital0.001.200.00%0.26
Inherent Wealth Fund LLC0.001.120.00%0.97
Kingsbarn Capital Management LLC0.001.080.00%-0.42
Grizzle Investment Management LLC0.001.070.00%0.41
Subversive Capital Advisor LLC0.000.890.00%1.25
Tradelegs LLC0.000.520.00%0.50
Neuberger Berman0.000.000.00%-0.52
Cabot ETF Partners LLC0.000.000.00%-0.29
Eaton Vance Corp.0.000.000.00%0.00
Penserra Capital Management LLC0.000.000.00%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.

Shubham Saharan is a markets reporter at etf.com. Before joining the company, she reported for Bloomberg and the Financial Times. Saharan is a graduate of Barnard College of Columbia University.