ETF Inflows on Track to Top $400B in 2023

Senior ETF Analyst

Oct 02, 2023

Reviewed by: etf.com Staff

Edited by: Mark Nacinovich

Investors added $39 billion to U.S.-listed ETFs in September, bringing year-to-date inflows up to $329 billion. If they continue at a similar pace during the fourth quarter, inflows are on track to hit $438 billion in 2023—though many things could upset that simple extrapolation.

Still, even though risks abound, flows into exchange-traded funds seem to be headed for a solid year. Inflows of $438 billion would be nothing to sneeze at.

It would, however, mark the second-straight deceleration in annual inflows—from a peak of $900 billion in 2021 to $614 billion in 2022.

The slowdown in flows seems to be mirroring the choppiness of the U.S. equity market. The S&P 500 topped out on Jan. 3, 2022, right around the time that flows into U.S.-listed ETFs peaked (inflows for December 2021 totaled a whopping $99.4 billion).

It stands to reason that flows for the rest of the year will be influenced by where the market heads next.

ETF Winners & Losers

Taking a closer look at the flows data for September 2023, we see that U.S. equity ETFs pulled in the bulk of the money—$26.6 billion. U.S. fixed income followed suit with inflows of around $8 billion.

On a year-to-date basis, it’s a similar story. U.S. equity ETFs are leading with inflows of $135.4 billion, followed by U.S. fixed income ETFs with inflows of $118.7 billion.

For September, the SPDR S&P 500 ETF Trust (SPY), the Invesco QQQ Trust (QQQ) and the iShares Core S&P 500 ETF (IVV) were the top asset gatherers.

The iShares National Muni Bond ETF (MUB), the SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) and the iShares 0-3 Month Treasury Bond ETF (SGOV) also made an appearance on the top 10 inflows list for the month.

On the other hand, the biggest flows losers included the Vanguard Information Technology ETF (VGT), the Financial Select Sector SPDR Fund (XLF) and the iShares MSCI Emerging Markets ETF (EEM).

For a full list of the top ETF inflows and outflows for September, as well as 2023 as a whole, see the tables below:

Top Gainers September 2023

Ticker	Name	Issuer	Net Flows ($, mm)	AUM ($, mm)	% of AUM	YTD 2023 Net Flows($,M)
SPY	SPDR S&P 500 ETF Trust	State Street Global Advisors	13,110.62	407,548.56	3.22%	5,453.16%
QQQ	Invesco QQQ Trust	Invesco	3,037.56	197,401.46	1.54%	3,184.99%
IVV	iShares Core S&P 500 ETF	Blackrock	2,467.19	338,675.40	0.73%	16,193.34%
VOO	Vanguard 500 Index Fund	Vanguard	2,366.44	325,998.74	0.73%	29,586.48%
MUB	iShares National Muni Bond ETF	Blackrock	1,683.72	34,168.92	4.93%	2,824.67%
BIL	SPDR Bloomberg 1-3 Month T-Bill ETF	State Street Global Advisors	1,515.66	30,944.60	4.90%	4,380.07%
VTI	Vanguard Total Stock Market ETF	Vanguard	1,352.72	305,100.55	0.44%	13,462.88%
BND	Vanguard Total Bond Market ETF	Vanguard	1,282.45	94,767.06	1.35%	11,936.60%
IWF	iShares Russell 1000 Growth ETF	Blackrock	1,255.48	69,595.06	1.80%	-3,680.37%
SGOV	iShares 0-3 Month Treasury Bond ETF	Blackrock	1,179.48	15,232.31	7.74%	8,799.51%

Top Gainers (Year to Date)

Ticker	Name	Issuer	Net Flows ($, mm)	AUM ($, mm)	% of AUM	October 2023 Net Flows($,M)
VOO	Vanguard 500 Index Fund	Vanguard	29,586.48	325,998.74	9.08%	2,366.44%
IVV	iShares Core S&P 500 ETF	Blackrock	16,193.34	338,675.40	4.78%	2,467.19%
TLT	iShares 20+ Year Treasury Bond ETF	Blackrock	15,923.01	38,816.35	41.02%	266.84%
VTI	Vanguard Total Stock Market ETF	Vanguard	13,462.88	305,100.55	4.41%	1,352.72%
JEPI	JPMorgan Equity Premium Income ETF	JPMorgan Chase	12,080.56	29,266.74	41.28%	659.18%
BND	Vanguard Total Bond Market ETF	Vanguard	11,936.60	94,767.06	12.60%	1,282.45%
AGG	iShares Core U.S. Aggregate Bond ETF	Blackrock	11,208.11	91,594.61	12.24%	41.22%
QUAL	iShares MSCI USA Quality Factor ETF	Blackrock	9,897.56	31,321.22	31.60%	447.35%
SGOV	iShares 0-3 Month Treasury Bond ETF	Blackrock	8,799.51	15,232.31	57.77%	1,179.48%
RSP	Invesco S&P 500 Equal Weight ETF	Invesco	8,226.94	40,783.16	20.17%	269.30%

Biggest Losers (September 2023)

Ticker	Name	Issuer	Net Flows ($, mm)	AUM ($, mm)	% of AUM	YTD 2023 Net Flows($,M)
VGT	Vanguard Information Technology ETF	Vanguard	-2,391.22	50,042.50	-4.78%	-1,060.62%
XLF	Financial Select Sector SPDR Fund	State Street Global Advisors	-2,228.15	30,531.37	-7.30%	-207.13%
EEM	iShares MSCI Emerging Markets ETF	Blackrock	-1,249.04	19,765.01	-6.32%	-3,490.01%
LQD	iShares iBoxx USD Investment Grade Corporate Bond ETF	Blackrock	-1,236.25	31,127.43	-3.97%	-3,628.05%
IWM	iShares Russell 2000 ETF	Blackrock	-972.24	50,700.44	-1.92%	-2,771.17%
XLC	Communication Services Select Sector SPDR Fund	State Street Global Advisors	-947.43	13,276.90	-7.14%	2,233.35%
FTXG	First Trust Nasdaq Food & Beverage ETF	First Trust	-828.57	164.16	-504.74%	-697.58%
GLD	SPDR Gold Trust	State Street Global Advisors	-819.35	54,301.56	-1.51%	-2,311.29%
XLV	Health Care Select Sector SPDR Fund	State Street Global Advisors	-752.93	38,659.26	-1.95%	-1,640.79%
VTEB	Vanguard Tax-Exempt Bond ETF	Vanguard	-648.53	27,212.24	-2.38%	3,234.03%

Biggest Losers (Year to Date)

Ticker	Name	Issuer	Net Flows ($, mm)	AUM ($, mm)	% of AUM	October 2023 Net Flows($,M)
ESGU	iShares ESG Aware MSCI USA ETF	Blackrock	-9,233.45	12,165.82	-75.90%	-97.56%
IWD	iShares Russell 1000 Value ETF	Blackrock	-6,258.43	48,930.60	-12.79%	-236.45%
BSV	Vanguard Short-Term Bond ETF	Vanguard	-4,614.07	33,040.60	-13.96%	-233.79%
VCSH	Vanguard Short-Term Corporate Bond ETF	Vanguard	-4,336.29	36,380.47	-11.92%	-81.76%
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	Blackrock	-3,898.53	4,455.61	-87.50%	0.00%
STIP	iShares 0-5 Year TIPS Bond ETF	Blackrock	-3,767.09	9,494.57	-39.68%	-316.08%
IWF	iShares Russell 1000 Growth ETF	Blackrock	-3,680.37	69,595.06	-5.29%	1,255.48%
LQD	iShares iBoxx USD Investment Grade Corporate Bond ETF	Blackrock	-3,628.05	31,127.43	-11.66%	-1,236.25%
EEM	iShares MSCI Emerging Markets ETF	Blackrock	-3,490.01	19,765.01	-17.66%	-1,249.04%
TQQQ	ProShares UltraPro QQQ	ProShares	-3,296.78	16,534.16	-19.94%	660.46%

Asset Classes (September 2023)

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
Alternatives	286.72	7,481.16	3.83%
Asset Allocation	-27.65	14,985.61	-0.18%
Commodities	-354.33	129,158.25	-0.27%
Currency	-32.79	2,734.02	-1.20%
International Equity	1,601.98	1,262,504.70	0.13%
International Fixed Income	1,533.21	154,857.23	0.99%
Inverse	763.72	19,415.73	3.93%
Leveraged	732.60	65,074.73	1.13%
U.S. Equity	26,580.62	4,317,774.13	0.62%
U.S. Fixed Income	7,958.84	1,254,697.46	0.63%
Total:	39,042.93	7,228,683.02	0.54%

Asset Classes (Year to Date)

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
Alternatives	406.83	7,481.16	5.44%
Asset Allocation	-2,588.69	14,985.61	-17.27%
Commodities	-6,998.96	129,158.25	-5.42%
Currency	-1,111.22	2,734.02	-40.64%
International Equity	60,043.97	1,262,504.70	4.76%
International Fixed Income	17,119.17	154,857.23	11.05%
Inverse	4,114.58	19,415.73	21.19%
Leveraged	3,907.37	65,074.73	6.00%
U.S. Equity	135,393.49	4,317,774.13	3.14%
U.S. Fixed Income	118,725.89	1,254,697.46	9.46%
Total:	329,012.43	7,228,683.02	4.55%

September 2023 ETF Brand League Table

Brand	AUM ($, mm)	Net Flows ($, mm)	% of AUM
iShares	2,414,163.64	-3,412.89	-0.14%
Vanguard	2,186,002.09	17,326.16	0.79%
SPDR	1,091,600.65	-13,849.72	-1.27%
Invesco	408,801.11	-3,168.29	-0.78%
Schwab	297,620.35	1,288.39	0.43%
First Trust	129,248.17	-536.58	-0.42%
JPMorgan	119,297.98	448.97	0.38%
Dimensional	99,728.67	2,676.82	2.68%
WisdomTree	68,891.58	1,342.68	1.95%
ProShares	66,343.86	-2,052.59	-3.09%
VanEck	61,732.66	274.87	0.45%
Global X	42,008.92	89.36	0.21%
Fidelity	37,701.96	389.71	1.03%
Direxion	32,139.91	1,698.68	5.29%
Goldman Sachs	30,755.09	654.20	2.13%
Pacer	27,506.47	1,032.98	3.76%
Avantis	26,209.75	1,011.74	3.86%
FlexShares	21,341.83	332.86	1.56%
PIMCO	21,249.33	611.29	2.88%
Xtrackers	19,545.93	-261.79	-1.34%
FT Cboe Vest	15,617.70	1,091.90	6.99%
Innovator	14,810.80	290.46	1.96%
ARK	13,932.00	-263.41	-1.89%
Franklin	12,675.47	219.62	1.73%
BlackRock	12,316.56	-482.71	-3.92%
Capital Group	12,138.03	803.56	6.62%
Nuveen	8,626.93	379.07	4.39%
Janus Henderson	8,427.90	534.34	6.34%
KraneShares	7,938.42	308.13	3.88%
VictoryShares	7,513.05	-34.44	-0.46%
abrdn	7,120.81	-209.82	-2.95%
Alerian	6,992.82	122.53	1.75%
REX Microsectors	5,876.98	29.66	0.50%
PGIM	5,850.11	654.13	11.18%
John Hancock	5,644.56	23.42	0.41%
Amplify	4,483.81	7.65	0.17%
Hartford	4,378.43	76.47	1.75%
IndexIQ	4,308.76	24.22	0.56%
Invesco DB	4,157.24	-83.11	-2.00%
ALPS	3,868.31	16.58	0.43%
BNY Mellon	3,688.70	-13.53	-0.37%
ETF Managers Group	3,176.86	-39.39	-1.24%
US Commodity Funds	3,137.78	-219.25	-6.99%
Principal	2,804.81	131.74	4.70%
American Century	2,693.35	205.61	7.63%
RBB	2,548.36	504.56	19.80%
Simplify	2,378.83	221.50	9.31%
BondBloxx	2,131.32	136.35	6.40%
Alpha Architect	1,991.46	155.52	7.81%
Cambria	1,987.00	32.67	1.64%
Aptus	1,899.84	37.17	1.96%
Main Funds	1,769.69	47.66	2.69%
US Global	1,713.61	-15.07	-0.88%
Columbia	1,683.79	58.28	3.46%
T. Rowe Price	1,671.23	121.55	7.27%
Putnam	1,642.14	25.26	1.54%
ROBO Global	1,546.31	-15.75	-1.02%
Allianz	1,505.14	99.07	6.58%
Sprott	1,498.51	47.18	3.15%
Vident	1,479.65	62.72	4.24%
GraniteShares	1,472.06	-57.02	-3.87%
Distillate	1,370.78	65.37	4.77%
Motley Fool	1,299.20	0.79	0.06%
Inspire	1,275.62	6.61	0.52%
iPath	1,112.34	21.84	1.96%
Harbor	1,096.83	15.75	1.44%
AdvisorShares	1,069.98	-2.54	-0.24%
RPAR	1,048.57	-16.86	-1.61%
Strategy Shares	1,040.46	-30.40	-2.92%
Virtus	1,030.11	40.08	3.89%
Quadratic	1,001.46	-20.33	-2.03%
Strive	989.23	104.29	10.54%
Bridgeway	972.59	8.95	0.92%
Horizons	971.49	-86.59	-8.91%
Davis	960.11	-2.76	-0.29%
ETRACS	917.19	0.00	0.00%
Kovitz	892.99	9.23	1.03%
YieldMax	880.44	448.24	50.91%
Defiance	860.99	-18.26	-2.12%
AXS Investments	850.29	-36.27	-4.27%
AllianceBernstein	819.13	38.49	4.70%
Cabana	795.74	-86.40	-10.86%
iM	789.64	44.19	5.60%
Timothy	783.53	10.21	1.30%
Meridian	778.56	3.85	0.50%
LeaderShares	749.04	-4.94	-0.66%
Roundhill	717.20	-25.19	-3.51%
Engine No. 1	681.42	32.82	4.82%
HCM	669.13	2.18	0.33%
DoubleLine	663.13	52.12	7.86%
SoFi	642.50	6.30	0.98%
AAM	636.75	12.20	1.92%
Day Hagan	615.07	6.76	1.10%
Credit Suisse	578.13	13.80	2.39%
Tortoise	551.16	2.52	0.46%
SP Funds	521.90	27.54	5.28%
EMQQ	497.80	-9.37	-1.88%
Nationwide	482.71	-10.58	-2.19%
Gotham	450.88	-1.87	-0.41%
ClearShares	441.07	-5.01	-1.14%
InfraCap	429.92	4.23	0.98%
Neos	424.11	102.16	24.09%
Calvert	411.26	16.05	3.90%
Teucrium	407.03	25.47	6.26%
Overlay Shares	406.21	6.70	1.65%
Core Alternative	394.80	-10.39	-2.63%
ActivePassive	388.20	6.64	1.71%
Wahed	355.92	13.89	3.90%
Neuberger Berman	316.13	-1.26	-0.40%
Anfield	314.67	-13.66	-4.34%
ClearBridge	303.76	2.86	0.94%
Adaptive	288.19	-10.10	-3.50%
Mohr Funds	283.53	-2.78	-0.98%
Matthews	281.34	-13.15	-4.67%
Barclays	280.96	2.14	0.76%
Oneascent	261.07	7.80	2.99%
FCF Advisors	249.41	-3.78	-1.51%
AGF	244.70	20.64	8.44%
Touchstone	243.39	1.28	0.53%
USCF Advisers	236.43	0.00	0.00%
Fairlead	233.14	-4.81	-2.06%
Opus Capital Management	224.81	-46.56	-20.71%
Volatility Shares	222.45	56.97	25.61%
RiverFront	214.37	3.35	1.56%
Summit Global Investments	208.71	27.98	13.41%
Renaissance	201.71	-23.64	-11.72%
WBI Shares	201.07	-6.24	-3.10%
STF	200.75	10.68	5.32%
Impact Shares	199.81	0.83	0.42%
Little Harbor Advisors	198.56	-11.60	-5.84%
TrueShares	188.85	2.14	1.13%
Syntax	182.79	-0.86	-0.47%
FormulaFolios	181.01	-8.75	-4.84%
Etho Capital	178.56	0.00	0.00%
Burney	178.29	2.33	1.31%
FundX	168.65	-2.49	-1.48%
CornerCap	167.44	4.17	2.49%
Monarch	164.07	7.28	4.43%
Sterling Capital	162.60	0.04	0.02%
BrandywineGLOBAL	160.97	-0.63	-0.39%
Rayliant	160.55	-0.96	-0.60%
Euclidean	154.80	0.59	0.38%
Gadsden	154.39	1.19	0.77%
UBS	151.35	0.00	0.00%
Adasina	141.90	0.00	0.00%
Thrivent	141.12	0.00	0.00%
Angel Oak	134.68	6.05	4.49%
Beyond	132.71	0.16	0.12%
Madison	132.69	131.50	99.10%
Knowledge Leaders Capital	130.80	0.01	0.01%
Humankind	129.99	-1.40	-1.08%
Siren	129.88	-0.63	-0.49%
Tidal ETFs	128.25	16.79	13.09%
Swan	127.02	-3.58	-2.82%
Saba	123.09	4.61	3.74%
SRH	120.12	1.50	1.25%
Panagram	118.47	7.80	6.59%
Federated Hermes	116.15	1.55	1.33%
Rareview Funds	114.59	4.54	3.96%
Donoghue Forlines	113.29	2.42	2.14%
SoundWatch Capital	112.56	1.20	1.06%
Agility Shares	111.76	5.80	5.19%
Conductor Fund	111.26	0.00	0.00%
Ballast	104.08	18.57	17.84%
Strategas	102.05	0.96	0.94%
Regents Park	101.25	-5.56	-5.49%
THOR	100.20	-11.25	-11.22%
ArrowShares	96.88	-2.18	-2.25%
Absolute	96.05	0.00	0.00%
BlueStar	95.27	0.00	0.00%
Bitwise	88.86	-1.32	-1.48%
DB	87.76	0.00	0.00%
NETL	84.65	-2.32	-2.74%
AB Funds	80.19	5.30	6.61%
First Manhattan	79.79	0.26	0.32%
Hoya	79.24	1.67	2.11%
Altshares	76.24	0.10	0.13%
SEI	73.31	2.67	3.64%
Exponential ETFs	72.23	0.00	0.00%
Natixis	69.55	-1.78	-2.56%
Leatherback	69.41	6.72	9.69%
Leuthold	68.65	0.00	0.00%
CrossingBridge Funds	68.57	3.23	4.72%
Alexis	68.19	0.50	0.73%
Breakwave	66.64	-3.13	-4.69%
Zacks	65.67	2.51	3.83%
ERShares	65.02	19.70	30.30%
ACV	62.46	5.97	9.55%
Q3	59.25	-1.45	-2.45%
Formidable	58.38	0.00	0.00%
Astoria	58.10	58.74	101.10%
Western Asset	56.82	1.02	1.79%
ROC	56.06	26.60	47.45%
UVA	55.70	-4.27	-7.67%
ZEGA	54.14	0.00	0.00%
Adaptiv	54.03	0.00	0.00%
Logan	53.89	0.00	0.00%
American Beacon	53.89	2.29	4.26%
Hull	53.54	16.73	31.26%
Sphere	53.21	0.00	0.00%
SmartETFs	53.06	2.03	3.82%
Aztlan	50.50	-9.78	-19.36%
Applied Finance	49.86	11.99	24.05%
Vesper	49.24	-2.39	-4.85%
Faith Investor Services	48.83	0.24	0.48%
Cambiar Funds	48.71	-0.01	-0.02%
Procure	46.15	-5.33	-11.55%
Alger	45.79	0.00	0.00%
Valkyrie	45.44	-1.27	-2.79%
Hennessy	45.37	0.00	0.00%
Goose Hollow	43.16	0.68	1.57%
Meet Kevin	41.78	1.25	2.99%
Acquirers Fund	41.50	0.00	0.00%
Trajan	41.27	8.85	21.46%
FPA	40.22	1.23	3.06%
McElhenny Sheffield	39.81	1.24	3.10%
Merlyn.AI	39.61	-0.40	-1.02%
Nicholas	38.05	1.50	3.94%
GaveKal Capital	36.69	0.00	0.00%
Discipline Funds	34.79	0.43	1.25%
Affinity	34.07	-5.18	-15.21%
Argent	33.42	0.00	0.00%
Gabelli	31.97	0.30	0.93%
Guru	31.62	-0.45	-1.43%
Martin Currie	31.10	0.00	0.00%
Highland	30.64	0.01	0.02%
Innovative Portfolios	30.50	0.00	0.00%
Sparkline	29.88	0.74	2.49%
Armor	28.94	6.81	23.54%
Sound Income Strategies	28.86	0.87	3.01%
Tema	28.86	6.49	22.48%
Cultivar	26.81	1.84	6.86%
QRAFT	26.73	0.90	3.37%
Convergence	26.17	0.18	0.69%
AOT	25.81	0.30	1.16%
RAM	24.96	0.00	0.00%
R3ETFs	24.92	16.35	65.64%
AlphaMark	24.91	0.00	0.00%
PMV	24.13	0.00	-0.01%
Acruence	23.66	0.95	4.03%
Return Stacked	23.35	1.36	5.81%
Tactical Funds	21.91	8.40	38.35%
Corbett Road	21.65	0.00	0.00%
Carbon Collective	21.30	0.48	2.24%
Robinson	21.11	-3.77	-17.88%
EntrepreneurShares	20.99	0.00	0.00%
ASYMmetric	20.31	-0.97	-4.79%
SonicShares	19.82	0.70	3.52%
Academy	19.48	19.26	98.85%
Point Bridge Capital	19.04	0.00	0.00%
FMQQ	18.87	1.05	5.57%
Bridges	18.35	0.00	0.00%
Build	17.64	0.00	0.00%
Mairs & Power	17.63	0.00	0.00%
Pinnacle	17.48	9.90	56.66%
Clockwise Capital	17.18	-48.26	-280.86%
Subversive	16.80	0.70	4.19%
Morgan Dempsey	16.55	-5.07	-30.65%
ATAC	16.06	0.00	0.00%
WealthTrust	15.49	0.55	3.53%
Max	15.48	0.00	0.00%
DGA	15.15	15.19	100.26%
Capital Link	13.49	-0.75	-5.59%
Texas Capital	12.78	0.97	7.60%
Relative Sentiment	12.52	0.52	4.16%
Veridien	12.34	9.38	76.06%
The Future Fund	11.41	0.00	0.00%
Clough	11.27	0.04	0.38%
The BAD Investment Company	10.78	0.00	0.00%
Spear	10.41	-0.82	-7.93%
Ionic	10.35	0.00	0.00%
Range	9.77	-0.64	-6.58%
RiverNorth	9.24	0.00	0.00%
MUSQ	9.21	3.23	35.02%
India	8.23	1.62	19.64%
Armada ETF Advisors	7.48	0.49	6.54%
ETFB	7.14	0.00	0.00%
Democracy	7.06	0.00	0.03%
Nifty	6.95	0.00	0.00%
Counterpoint	6.86	-1.05	-15.26%
IQ Funds	6.69	0.00	0.00%
Advocate	6.57	-0.74	-11.34%
Altrius	6.38	-0.61	-9.52%
Lyrical	6.19	0.00	0.00%
Cboe Vest	5.93	1.47	24.76%
US Benchmark Series	5.83	0.97	16.54%
LAFFER\|TENGLER	5.81	3.08	53.06%
VegTech	5.69	0.49	8.69%
Grayscale	5.53	0.00	0.00%
Blue Horizon	5.47	0.00	0.00%
Dynamic	5.19	1.24	23.93%
ICE BofAML	5.03	0.00	0.00%
USCF	4.92	0.00	0.00%
MKAM	4.47	0.00	0.00%
Loncar	4.22	0.00	0.00%
Kelly	4.01	0.21	5.14%
V-Square	3.96	0.00	0.00%
Reverb ETF	3.53	1.18	33.32%
Tuttle	3.33	-0.22	-6.52%
KP Funds	3.02	0.19	6.42%
Jacob	2.83	0.00	0.00%
Horizon	2.75	0.00	-0.02%
Hypatia Capital	2.61	0.00	0.00%
Congress	2.59	2.51	96.64%
Element funds	2.41	0.00	0.00%
Akros	2.26	0.00	0.16%
CRIT	2.26	0.00	0.01%
Newday	2.07	0.00	0.00%
Validus	2.02	2.00	98.78%
Kingsbarn	1.72	0.57	33.35%
DriveWealth	1.39	0.00	0.00%
New Capital	1.31	-0.81	-61.71%
ConvexityShares	1.29	0.48	37.47%
Grizzle	1.28	0.00	0.00%
Merk	1.12	0.00	0.00%
iMGP	1.01	0.00	0.00%
Parabla	0.76	0.00	0.00%
Polen	0.75	0.00	0.00%
KARB	0.75	0.00	0.00%
Optimize	0.59	0.00	0.00%
Clouty	0.50	0.00	0.02%
Segall Bryant & Hamill	0.50	0.00	0.00%
Calamos	0.00	0.00	0.00%

September 2023 ETF Issuer League Table

Issuer	AUM ($, mm)	Net Flows ($, mm)	% of AUM
Blackrock	2,344,639.78	3,284.57	0.14%
Vanguard	2,109,454.23	5,913.94	0.28%
State Street Global Advisors	1,062,717.41	11,852.46	1.12%
Invesco	400,351.29	5,567.16	1.39%
Charles Schwab	287,976.46	1,337.24	0.46%
First Trust	140,551.45	348.63	0.25%
JPMorgan Chase	118,667.75	1,918.20	1.62%
Dimensional	97,734.60	1,900.44	1.94%
WisdomTree	68,590.16	877.06	1.28%
ProShares	63,475.24	1,364.97	2.15%
VanEck	59,412.46	117.52	0.20%
Mirae Asset Global Investments Co., Ltd.	40,355.54	-77.44	-0.19%
Fidelity	36,783.13	658.56	1.79%
Goldman Sachs	30,073.33	175.71	0.58%
American Century Investments	28,427.03	527.53	1.86%
Direxion	28,245.92	-115.52	-0.41%
Pacer Advisors	27,180.12	821.90	3.02%
PIMCO	22,748.06	226.12	0.99%
Northern Trust	20,887.64	-18.54	-0.09%
DWS	19,089.02	-171.19	-0.90%
Innovator	14,817.13	366.17	2.47%
Franklin Templeton	13,036.83	16.58	0.13%
Capital Group	12,121.55	479.71	3.96%
ARK	11,993.06	-499.21	-4.16%
SS&C	11,063.57	47.04	0.43%
Janus Henderson	8,708.74	350.70	4.03%
CICC	8,667.03	-3.46	-0.04%
Nuveen Securities	7,794.90	-446.24	-5.72%
Victory Capital	7,257.27	-75.15	-1.04%
Abrdn Plc	6,972.74	-26.44	-0.38%
Prudential	5,916.58	78.22	1.32%
John Hancock	5,412.41	8.26	0.15%
BMO	5,395.97	0.00	0.00%
Alpha Architect	5,002.45	349.96	7.00%
Tidal	4,610.30	326.98	7.09%
Amplify Investments	4,316.82	0.07	0.00%
The Hartford	4,309.23	1.04	0.02%
New York Life	4,201.37	-23.82	-0.57%
Exchange Traded Concepts	3,957.81	-57.15	-1.44%
Marygold	3,586.17	138.35	3.86%
BNY Mellon	3,586.02	24.54	0.68%
ETFMG	3,404.13	-51.28	-1.51%
Renaissance Health Service Corp.	3,017.36	467.33	15.49%
Principal	2,742.58	27.71	1.01%
Simplify	2,390.86	1.04	0.04%
Bondbloxx Investment Management LLC	2,186.81	112.34	5.14%
Cambria	1,940.92	-0.87	-0.04%
Columbia Management Investment Advisers, LLC	1,761.69	116.33	6.60%
T. Rowe Price Group, Inc.	1,725.60	107.17	6.21%
Sprott, Inc.	1,723.86	42.28	2.45%
Main Management	1,718.67	20.55	1.20%
UBS	1,629.19	-2.20	-0.14%
Power Corporation of Canada	1,617.47	28.47	1.76%
Aptus Capital Advisors	1,497.67	-62.78	-4.19%
US Global Investors	1,485.67	-48.58	-3.27%
Barclays Capital Inc.	1,481.69	57.33	3.87%
Virtus Investment Partners	1,450.31	8.40	0.58%
GraniteShares	1,438.78	46.33	3.22%
Vident	1,378.30	-64.39	-4.67%
Distillate Capital	1,337.00	22.63	1.69%
AdvisorShares	1,276.07	50.52	3.96%
The Motley Fool	1,244.44	3.42	0.28%
Inspire Investing LLC	1,230.06	8.61	0.70%
ORIX	1,070.41	13.66	1.28%
Strategy Shares	993.26	-12.21	-1.23%
Litman Gregory Capital Partners LLC	975.98	166.88	17.10%
Horizon Kinetics	937.63	-10.53	-1.12%
Davis Advisers	932.31	0.23	0.02%
Equitable	861.71	53.75	6.24%
Focus Financial Partners	857.15	-0.99	-0.12%
AXS Investments	856.93	-2.24	-0.26%
Defiance ETFs	802.64	-10.61	-1.32%
Timothy Plan	756.38	2.19	0.29%
Redwood	701.44	-20.97	-2.99%
Engine No. 1	666.35	17.61	2.64%
Advisors Asset Management	620.43	1.78	0.29%
Howard Capital Management	614.73	-11.80	-1.92%
Day Hagan Asset Management	612.43	22.06	3.60%
Doubleline ETF Adviser LP	574.85	1.91	0.33%
Roundhill Investments	547.85	-3.40	-0.62%
Aptus Holdings LLC	541.24	-2.23	-0.41%
Tortoise	535.41	-1.90	-0.35%
Neos Investments LLC	487.86	78.85	16.16%
Nationwide	454.01	-6.29	-1.38%
ClearShares LLC	442.41	5.02	1.13%
Anfield Group	431.23	-6.93	-1.61%
Morgan Stanley	395.00	1.25	0.32%
Teucrium	394.83	-3.10	-0.78%
Liquid Strategies	381.67	-10.01	-2.62%
Envestnet	376.96	0.00	0.00%
Core Alternative Capital	376.32	-18.91	-5.03%
FCF Advisors	349.92	-0.60	-0.17%
Wahed Invest LLC	344.66	4.33	1.26%
Neuberger Berman	321.18	5.73	1.78%
AGF	304.75	44.07	14.46%
Adaptive Investments	282.25	6.88	2.44%
Retireful LLC	273.54	-1.58	-0.58%
Matthews International Capital Management	262.36	-8.48	-3.23%
Oneascent Holdings LLC	254.39	1.16	0.45%
Western & Southern Mutual Holding Co.	241.75	1.98	0.82%
Madison Investment Holdings, Inc.	224.43	96.06	42.80%
Cary Street Partners Financial LLC /VA/	224.25	-1.02	-0.46%
Truemark Group	223.87	32.18	14.37%
Volatility Shares LLC	217.11	12.65	5.83%
Summit Global Investments, LLC	202.87	2.05	1.01%
WBI	189.99	-2.95	-1.55%
Stf Management LP	188.81	-1.38	-0.73%
Renaissance Capital	188.22	-1.64	-0.87%
Little Harbor Advisors	185.99	-7.26	-3.90%
Swan Global Investments	181.13	60.03	33.14%
Syntax	176.38	1.70	0.96%
AmeriLife	173.95	-3.66	-2.10%
Kingsview Partners LLC	166.35	8.34	5.02%
CornerCap Investment Counsel, Inc.	162.42	0.00	0.00%
CI Financial	158.83	-1.56	-0.98%
Angel Oak Capital Advisors, LLC	157.75	23.44	14.86%
Rayliant	156.94	0.23	0.15%
Truist	153.58	0.00	0.00%
Impact Shares	148.58	-6.48	-4.36%
Toews Corp.	137.45	30.86	22.45%
Thrivent Financial for Lutherans	133.66	0.86	0.64%
Intangible Capital	124.94	0.00	0.00%
Humankind USA LLC	122.81	-1.41	-1.15%
SRN Advisors	121.15	-0.39	-0.32%
Federated Hermes, Inc.	115.10	1.15	1.00%
Paralel Technologies LLC	114.64	0.00	0.00%
Neil Azous Revocable Trust	110.28	0.22	0.20%
IronHorse Holdings	110.24	0.00	0.00%
Inverdale Capital Management LLC	108.90	8.64	7.93%
Soundwatch Capital LLC	108.00	0.00	0.00%
Bahl & Gaynor, Inc.	101.54	0.29	0.29%
Baird Financial Group	98.23	0.23	0.24%
Arrow Funds	95.18	0.00	0.00%
Absolute Investment Advisers LLC	93.30	-1.39	-1.49%
OBP Capital LLC	92.15	-3.51	-3.81%
Panagram Structured Asset Management, LLC	88.64	5.21	5.88%
AB Holding	84.35	0.00	0.00%
Thor Trading Advisors LLC	81.18	-15.79	-19.45%
EntrepreneurShares, LLC	80.85	0.00	0.00%
SEI Investments	80.46	9.99	12.42%
First Manhattan Co.	76.83	0.12	0.16%
Water Island Capital	76.78	0.01	0.02%
Pettee Investors	75.48	1.87	2.47%
Beyond Investing	73.23	0.95	1.30%
Exponential ETFs	69.08	0.00	0.00%
Cohanzick Management	68.97	0.22	0.31%
The Leuthold Group LLC	66.74	0.00	0.00%
Alexis Investment Partners LLC	65.69	0.00	0.00%
Zacks	64.81	1.25	1.93%
Ridgeline Research LLC	61.66	1.72	2.78%
DoubleLine Capital LP	59.39	8.04	13.54%
Natixis	57.53	-9.81	-17.04%
Q3 Asset Management Corp.	57.50	-0.28	-0.49%
Formidable Asset Management	56.65	0.00	0.00%
Sammons Enterprises, Inc.	51.92	0.00	0.00%
Client First Investment Management LLC	51.25	0.48	0.93%
GeaSphere LLC	51.22	0.00	0.00%
Guinness Atkinson Asset Management	50.77	0.00	0.00%
Applied Finance Group	50.55	2.78	5.49%
Logan Capital Management Inc.	50.55	0.00	0.00%
Running Oak Capital LLC	50.00	2.61	5.22%
Cambiar Holdings	47.24	-0.01	-0.02%
Hull Investments LLC	46.03	-4.95	-10.75%
Alger	42.68	0.00	0.00%
Hennessy Advisors	42.25	-0.94	-2.22%
Goose Hollow Capital Management LLC	41.83	0.00	0.00%
ETF Series Solutions	41.38	1.95	4.72%
ProcureAM	40.84	-1.33	-3.26%
First Pacific Advisors LP	39.48	0.60	1.52%
Valkyrie Funds LLC	38.49	-1.52	-3.94%
Eldridge Industries LLC	35.33	0.00	0.00%
GAMCO Investors, Inc.	30.86	0.30	0.97%
Sheaff Brock Capital Management LLC	29.66	0.00	0.00%
Faith Investor Services, LLC	28.61	1.19	4.15%
Cultivar Capital, Inc.	27.95	2.39	8.55%
Penserra Capital Management LLC	27.62	6.47	23.42%
Convergence Investment Partners, LLC	25.93	0.00	0.00%
Dawn Global Topco Ltd.	25.75	6.22	24.16%
AlphaMark Advisors	24.75	1.30	5.26%
1251 Capital Group Inc.	23.89	23.95	100.25%
Reflection Asset Management, LLC	23.86	0.00	-0.02%
Rcube SAS	23.83	0.00	0.00%
PMV Capital Advisers LLC	23.57	0.02	0.08%
ASYMmetric ETFs	19.92	0.00	-0.01%
Knights of Columbus	19.36	0.00	0.00%
Point Bridge Capital	18.30	0.01	0.05%
Build Asset Management LLC	17.46	0.00	0.00%
Mairs & Power, Inc.	17.32	0.00	0.00%
Clockwise Capital LLC	16.47	0.00	0.00%
Subversive Capital Advisor LLC	16.17	0.00	0.00%
WealthTrust Asset Management LLC	14.95	0.00	0.00%
Texas Capital Bancshares, Inc.	13.05	0.75	5.78%
Clough CGI	10.84	0.00	0.00%
The BAD Investment Company	10.39	0.22	2.11%
Future Fund Advisors	10.21	-0.79	-7.77%
Spear Advisors LLC	9.71	0.00	0.00%
Tuttle Tactical Management, LLC	9.20	0.24	2.60%
Tema Global Ltd.	7.37	0.00	0.00%
Democracy Investment Management LLC	6.89	0.00	-0.01%
Counterpoint Mutual Funds LLC	6.74	0.00	0.00%
Advocate Capital Management LLC	6.38	-0.25	-3.84%
Cboe Vest Financial LLC	6.27	0.00	0.00%
Power Financial Corp.	6.17	0.00	0.00%
Lyrical Partners	5.98	0.00	0.00%
Dynamic Shares LLC	5.12	0.00	0.00%
VegTech LLC	5.12	0.00	0.00%
Digital Currency Group, Inc.	4.56	0.00	0.00%
V-Square Quantitative Management LLC	3.79	0.00	0.00%
Kelly Intelligence LLC	3.66	0.00	0.00%
Distribution Cognizant LLC	3.39	0.00	0.00%
Hypatia Capital Advisors LLC	2.73	0.26	9.35%
Jacob Asset Management	2.49	0.00	0.00%
Lagan Holding Co. Trust	2.44	0.00	0.00%
Element ETFs LLC	2.21	0.00	0.00%
Bitwise Asset Management, Inc.	1.85	0.00	0.00%
Eurazeo SA	1.70	0.00	0.00%
Convexityshares, LLC	1.34	0.00	0.00%
Kingsbarn Capital Management LLC	1.12	-0.56	-50.00%
Merk	1.11	0.00	0.00%
Driveadvisory LLC	0.73	-0.64	-87.78%
Parabla, LLC	0.69	0.00	0.00%
Tradelegs LLC	0.57	0.00	0.00%
Highland Capital Management	0.00	-0.01	0.00%
Calamos Family Partners	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.

Sumit Roy

| Contact: [email protected]

Sumit Roy is the senior ETF analyst for etf.com, where he has worked for 13 years. He creates a variety of content for the platform, including news articles, analysis pieces, videos and podcasts.

Before joining etf.com, Sumit was the managing editor and commodities analyst for Hard Assets Investor. In those roles, he was responsible for most of the operations of HAI, a website dedicated to education about commodities investing.

Though he still closely follows the commodities beat, Sumit covers a much broader assortment of topics for etf.com, with a particular focus on stock and bond exchange-traded funds.

He is the host of etf.com’s Talk ETFs, a popular video series that features weekly interviews with thought leaders in the ETF industry. Sumit is also co-host of Exchange Traded Fridays, etf.com’s weekly podcast series.

He lives in the San Francisco Bay Area, where he enjoys climbing the city’s steep hills, playing chess and snowboarding in Lake Tahoe.

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