ETF Demand Relentless, $74B In April

May 01, 2021

ETFs continued to swallow up assets in April as investors added $74.2 billion to the space. An unrelenting rally in U.S. stocks helped the mood during the month: The S&P 500 breached 4,200 for the first time, bringing its year-to-date gains up to 11.7%.

With four months in the books, U.S.-listed ETFs have pulled in a net $320.3 billion in fresh cash, well ahead of last year’s $121.1 billion pace.

While certainly large and impressive, nothing about April’s inflows was particularly surprising. U.S. equity ETFs picked up the lion’s share of new assets—$31.8 billion—followed by U.S. fixed income ETFs at $22.3 billion and international equity ETFs at $17.4 billion.

On a year-to-date basis, the ordering is slightly different: U.S. equity ETFs are in the lead with $152.2 billion of inflows, followed by international equity ETFs at $100 billion and U.S. fixed income ETFs at $53.7 billion.

Shortening Duration

April’s top inflows list was chock-full of the usual low cost, broad market ETFs. The Vanguard Total Stock Market ETF (VTI), the Vanguard S&P 500 ETF (VOO) and the Vanguard Short-Term Treasury Index ETF (VGSH) each picked up more than $2.4 billion of new assets during the month.

VGSH exemplified the move into short-dated fixed income securities during April. As a short-term Treasury ETF, VGSH doesn’t have as much interest rate risk as some other fixed income ETFs, a characteristic that investors might find appealing in an environment where rates have been climbing upward.

With asset prices elevated across the board, something like VGSH could also act as a place to park cash for investors interested in lightening up on risk.

‘TLT’ Struggles

The inflows into VGSH contrast with the $2.1 billion pulled from the iShares 20+ Year Treasury Bond ETF (TLT). The fund has struggled this year, losing 12% of its value as rates have jumped. In its April FOMC meeting, the Fed remained committed to keeping its benchmark rate near zero and its asset purchases at their current levels.

But many investors believe the central bank will start to pare back its stimulus measures if the economy keeps booming. TLT is among the most interest-rate-sensitive bond ETFs, making it particularly vulnerable to a rate spike.

Joining TLT on the top outflows list for April were the SPDR S&P 500 ETF Trust (SPY), the iShares Russell 2000 ETF (IWM), the ProShares UltraPro QQQ (TQQQ) and the SPDR Gold Trust (GLD).

For a full list of the top inflows and outflows for April and 2021 as a whole, see the tables below:

 

Top Gainers (April 2021)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM YTD 2021 Net Flows($,M)
VTI Vanguard Total Stock Market ETF Vanguard 4,176.79 240,609.77 1.74% 13,920.91
VOO Vanguard S&P 500 ETF Vanguard 3,219.85 220,344.19 1.46% 20,291.96
VGSH Vanguard Short-Term Treasury Index ETF Vanguard 2,401.25 12,554.09 19.13% 2,736.67
BND Vanguard Total Bond Market ETF Vanguard 2,363.86 73,844.35 3.20% 8,032.17
IVV iShares Core S&P 500 ETF Blackrock 2,217.00 277,912.32 0.80% 10,975.70
VTV Vanguard Value ETF Vanguard 2,161.71 77,272.50 2.80% 6,803.47
AGG iShares Core U.S. Aggregate Bond ETF Blackrock 2,068.09 86,948.47 2.38% 4,458.64
SCHD Schwab U.S. Dividend Equity ETF Charles Schwab 1,788.70 23,465.61 7.62% 4,411.23
GOVT iShares U.S. Treasury Bond ETF Blackrock 1,759.38 16,198.56 10.86% 2,175.61
BBEU JPMorgan BetaBuilders Europe ETF JPMorgan Chase 1,655.06 6,313.26 26.22% 2,485.87

 

Top Gainers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM April 2021 Net Flows($,M)
VOO Vanguard S&P 500 ETF Vanguard 20,291.96 220,344.19 9.21% 3,219.85
VTI Vanguard Total Stock Market ETF Vanguard 13,920.91 240,609.77 5.79% 4,176.79
IVV iShares Core S&P 500 ETF Blackrock 10,975.70 277,912.32 3.95% 2,217.00
XLF Financial Select Sector SPDR Fund State Street Global Advisors 9,381.04 40,563.04 23.13% 274.49
BND Vanguard Total Bond Market ETF Vanguard 8,032.17 73,844.35 10.88% 2,363.86
IEMG iShares Core MSCI Emerging Markets ETF Blackrock 7,549.71 81,272.05 9.29% 115.55
ARKK ARK Innovation ETF ARK 7,513.60 24,427.34 30.76% 1,029.67
IUSB iShares Core Total USD Bond Market ETF Blackrock 6,889.61 12,654.39 54.44% 492.00
VTV Vanguard Value ETF Vanguard 6,803.47 77,272.50 8.80% 2,161.71
XLE Energy Select Sector SPDR Fund State Street Global Advisors 5,198.19 23,548.29 22.07% 643.81

 

Biggest Losers (April 2021)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM YTD 2021 Net Flows($,M)
SPY SPDR S&P 500 ETF Trust State Street Global Advisors -2,601.40 360,922.32 -0.72% -5,395.78
IWM iShares Russell 2000 ETF Blackrock -2,531.21 68,839.81 -3.68% 385.59
TLT iShares 20+ Year Treasury Bond ETF Blackrock -2,099.89 12,487.27 -16.82% -4,360.12
TQQQ ProShares UltraPro QQQ ProShares -1,489.00 11,777.55 -12.64% 127.94
GLD SPDR Gold Trust State Street Global Advisors -1,120.69 57,930.86 -1.93% -8,637.41
SHV iShares Short Treasury Bond ETF Blackrock -952.61 14,964.55 -6.37% -2,866.77
XLP Consumer Staples Select Sector SPDR Fund State Street Global Advisors -823.07 10,197.15 -8.07% -3,255.24
USMV iShares MSCI USA Min Vol Factor ETF Blackrock -688.03 28,675.20 -2.40% -6,269.97
MBB iShares MBS ETF Blackrock -661.14 25,788.17 -2.56% 832.49
EWY iShares MSCI South Korea ETF Blackrock -625.57 7,293.01 -8.58% -546.42

 

Biggest Losers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM April 2021 Net Flows($,M)
LQD iShares iBoxx USD Investment Grade Corporate Bond ETF Blackrock -11,030.51 41,647.98 -26.49% -592.98
GLD SPDR Gold Trust State Street Global Advisors -8,637.41 57,930.86 -14.91% -1,120.69
USMV iShares MSCI USA Min Vol Factor ETF Blackrock -6,269.97 28,675.20 -21.87% -688.03
SPY SPDR S&P 500 ETF Trust State Street Global Advisors -5,395.78 360,922.32 -1.49% -2,601.40
TLT iShares 20+ Year Treasury Bond ETF Blackrock -4,360.12 12,487.27 -34.92% -2,099.89
HYG iShares iBoxx USD High Yield Corporate Bond ETF Blackrock -4,185.35 21,649.41 -19.33% 435.88
XLP Consumer Staples Select Sector SPDR Fund State Street Global Advisors -3,255.24 10,197.15 -31.92% -823.07
QUAL iShares MSCI USA Quality Factor ETF Blackrock -2,872.20 20,568.67 -13.96% 17.46
SHV iShares Short Treasury Bond ETF Blackrock -2,866.77 14,964.55 -19.16% -952.61
JNK SPDR Bloomberg Barclays High Yield Bond ETF State Street Global Advisors -2,115.45 10,427.10 -20.29% -1.71

 

Asset Classes (April 2021)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 31,819.44 3,640,649.31 0.87%
International Equity 17,381.23 1,240,730.21 1.40%
U.S. Fixed Income 22,347.68 1,004,146.78 2.23%
International Fixed Income 4,285.64 134,655.28 3.18%
Commodities -841.93 133,740.16 -0.63%
Currency -134.71 1,767.41 -7.62%
Leveraged -2,145.22 57,543.09 -3.73%
Inverse 425.68 10,851.46 3.92%
Asset Allocation 590.73 15,624.58 3.78%
Alternatives 520.29 6,318.87 8.23%
Total: 74,248.83 6,246,027.16 1.19%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 152,159.37 3,640,649.31 4.18%
International Equity 100,042.18 1,240,730.21 8.06%
U.S. Fixed Income 53,663.03 1,004,146.78 5.34%
International Fixed Income 13,952.75 134,655.28 10.36%
Commodities -6,591.19 133,740.16 -4.93%
Currency -129.29 1,767.41 -7.32%
Leveraged 1,526.28 57,543.09 2.65%
Inverse 2,340.90 10,851.46 21.57%
Asset Allocation 1,592.80 15,624.58 10.19%
Alternatives 1,741.24 6,318.87 27.56%
Total: 320,298.07 6,246,027.16 5.13%

 

April 2021 ETF Issuer League Table

Issuer Net Flows ($,M) AUM ($,M) % of AUM YTD 2021 Net Flows($,M)
Blackrock 17,561.80 2,238,851.76 0.78% 61,537.30
Vanguard 28,462.53 1,658,653.83 1.72% 114,120.41
State Street Global Advisors 5,562.84 949,398.00 0.59% 23,979.75
Invesco 1,870.45 337,574.29 0.55% 18,169.35
Charles Schwab 4,988.53 234,892.65 2.12% 15,707.24
First Trust 2,373.78 123,073.83 1.93% 8,684.38
Vanguard Group, Inc. 1,197.17 98,564.87 1.21% 3,708.83
JPMorgan Chase 2,881.68 60,229.39 4.78% 12,167.21
Van Eck Associates Corp. 1,351.94 58,432.22 2.31% 3,867.60
ProShares -781.30 54,708.81 -1.43% 3,507.15
ARK 1,562.25 50,560.29 3.09% 17,612.69
WisdomTree 217.07 43,720.24 0.50% 1,514.51
Mirae Asset 1,738.84 31,647.59 5.49% 9,382.29
Fidelity 626.37 28,183.06 2.22% 2,129.13
PIMCO 555.62 27,082.91 2.05% 1,246.43
Direxion -761.57 24,797.54 -3.07% 1,395.29
Goldman Sachs -186.07 23,143.81 -0.80% -533.91
Deutsche Bank 202.17 21,461.84 0.94% 197.59
Northern Trust 422.11 17,508.87 2.41% 1,654.60
CICC 1,162.74 9,854.52 11.80% 3,624.38
Franklin Templeton 166.72 9,180.69 1.82% 200.64
SS&C -1.50 9,145.98 -0.02% 346.20
ETFMG 123.26 7,408.16 1.66% 1,103.76
Exchange Traded Concepts 85.35 6,841.99 1.25% 963.98
Aberdeen Standard Investments 31.63 6,835.35 0.46% 295.97
Pacer Advisors 176.61 6,703.53 2.63% 364.93
Victory Capital -184.27 6,319.42 -2.92% 76.53
American Century Investments 514.91 6,037.71 8.53% 1,602.77
Grace Partners of Dupage LP 47.51 5,080.39 0.94% 519.37
Innovator 204.06 4,941.81 4.13% 662.23
John Hancock 49.96 4,938.67 1.01% -714.12
Amplify Investments 126.41 4,873.81 2.59% 1,317.51
Principal 440.29 4,831.58 9.11% 590.32
US Commodity Funds -165.06 4,476.75 -3.69% -1,635.77
New York Life -272.82 4,319.75 -6.32% 278.17
Janus Henderson 10.57 4,172.48 0.25% 233.94
US Global Investors -36.19 3,986.92 -0.91% 473.75
The Hartford -22.90 3,907.08 -0.59% 31.56
Nuveen Securities 148.72 3,795.01 3.92% 829.15
Barclays Capital Inc. 401.35 3,258.81 12.32% 1,302.25
BMO 0.00 2,738.29 0.00% 248.36
AdvisorShares 42.46 2,266.30 1.87% 1,224.79
Toroso Investments -20.20 1,979.21 -1.02% 406.27
O’Shares Investments -0.12 1,595.42 -0.01% 45.18
Prudential 73.69 1,557.98 4.73% 178.91
Columbia Management Investment Advisers, LLC 52.51 1,521.98 3.45% 256.96
Vident -3.13 1,499.37 -0.21% -3.91
GraniteShares 38.76 1,453.15 2.67% 144.06
Defiance ETFs 69.55 1,431.96 4.86% 344.72
Davis Advisers 13.36 1,332.99 1.00% 71.60
Dimensional Holdings 174.76 1,265.37 13.81% 794.78
Aptus Capital Advisors 45.65 1,188.02 3.84% 160.60
Virtus Investment Partners 83.55 1,148.78 7.27% 180.24
UBS -13.56 1,071.25 -1.27% -36.26
Cambria -11.31 1,015.36 -1.11% 114.72
Credit Suisse Group AG 41.94 949.42 4.42% 183.52
EMPIRICAL FINANCE LLC 15.50 939.21 1.65% 208.59
Main Management 27.38 929.28 2.95% 182.42
Inspire 23.16 911.16 2.54% 100.61
Transamerica Funds 0.00 792.55 0.00% -29.97
BNY Mellon 41.70 778.02 5.36% 226.18
Renaissance Capital -41.67 698.15 -5.97% -53.07
Roundhill Investments -20.08 671.98 -2.99% 322.38
Nationwide 22.32 647.26 3.45% 129.81
The Motley Fool 0.95 645.88 0.15% 57.14
Tortoise 26.14 526.45 4.97% 40.58
Strategy Shares 102.49 503.72 20.35% 279.04
Timothy Plan 7.66 451.98 1.69% 11.16
Merk 0.03 448.62 0.01% 35.91
TrimTabs 53.49 436.25 12.26% 39.60
SRN Advisors 14.89 403.83 3.69% 77.84
Teucrium -12.62 389.05 -3.24% 5.69
Sprott, Inc. -2.99 382.95 -0.78% 17.77
Al Marketing LLC -2.40 370.83 -0.65% -19.98
Howard Capital Management 12.10 355.34 3.40% 31.39
Distillate Capital 10.98 346.12 3.17% 92.93
Liquid Strategies 13.17 341.13 3.86% 35.71
Horizon Kinetics LLC 184.05 331.63 55.50% 311.47
Regents Park Funds 24.89 325.73 7.64% 55.35
Redwood Investment Management -34.11 325.36 -10.48% -125.44
ClearShares LLC 34.68 312.76 11.09% 34.65
WBI -6.78 304.12 -2.23% -42.64
Swedish Export Credit 21.86 287.81 7.59% 9.06
Simplify Asset Management Inc. 7.52 275.13 2.73% 143.46
T. Rowe Price Group, Inc. 24.54 263.44 9.32% 91.11
Tuttle Tactical Management, LLC -15.73 259.66 -6.06% 105.23
OBP Capital LLC 1.31 244.00 0.54% 116.87
Donald L. Hagan LLC 38.10 221.61 17.19% 64.64
EntrepreneurShares, LLC -1.27 188.45 -0.67% 1.96
Intangible Capital 0.00 185.52 0.00% -0.02
Core Alternative Capital 7.25 169.24 4.28% 24.04
Little Harbor Advisors 14.38 149.03 9.65% 82.22
Cboe Vest Financial LLC 34.09 146.58 23.25% 48.95
ProcureAM -2.99 133.31 -2.24% 81.50
TrueMark Investments 9.48 122.99 7.70% 47.76
Syntax Advisors 0.00 116.80 0.00% 19.79
Gadsden 1.29 112.93 1.14% 9.92
Arrow Funds 0.00 112.50 0.00% 0.56
AGF 2.99 107.01 2.80% -15.13
Wahed Invest LLC 8.20 102.85 7.98% 28.25
CornerCap Investment Counsel, Inc. -0.01 100.58 -0.01% 27.47
Exponential ETFs -0.29 96.84 -0.30% 1.20
Kingsview Partners LLC 5.74 85.94 6.68% 80.23
Wainwright, Inc. 54.16 75.44 71.79% 70.30
Pettee Investors 7.84 70.31 11.15% 17.76
Humankind USA LLC 9.31 66.75 13.95% 59.78
Natixis 3.80 64.11 5.92% 10.41
Change Finance 6.23 62.60 9.95% 23.85
Metaurus Advisors 0.98 61.87 1.58% 3.45
Advisors Asset Management 0.21 59.14 0.35% 9.52
Pacific Life -0.11 57.15 -0.19% -0.11
Impact Shares 10.30 56.46 18.24% 16.81
iM Square SAS 3.57 56.01 6.38% -3.26
Beyond Investing 1.89 49.80 3.79% 8.99
Esoterica -3.77 49.10 -7.68% 27.87
Absolute Investment Advisers LLC 0.00 47.81 -0.01% 7.09
Toews Corp. 0.00 44.71 0.00% -4.51
Infusive Asset Management 0.00 44.02 0.00% 5.04
Highland Capital Management 0.02 43.56 0.04% -9.77
Emles Advisors LLC 0.00 42.08 0.00% -26.65
Premise Capital -5.61 39.69 -14.12% -13.27
Cabot ETF Partners LLC -0.89 39.63 -2.25% 34.22
Swan Global Investments 3.87 35.82 10.80% 32.72
Neil Azous Revocable Trust 6.46 35.64 18.13% 14.72
Red Gate Advisers LLC 2.80 33.11 8.45% 5.01
Truist 1.39 29.95 4.65% 7.41
ETF Series Solutions 1.30 29.25 4.44% 2.48
MCCM Group LLC -1.99 27.95 -7.12% 36.38
Guinness Atkinson Asset Management 0.37 27.37 1.36% 13.33
AlphaMark Advisors 0.00 26.35 0.00% -1.41
Alger Group Holdings LLC 7.43 22.08 33.65% 15.93
Inverdale Capital Management LLC 5.12 21.02 24.36% 15.53
WisdomTree Investments, Inc. 0.00 18.62 0.00% 18.05
2nd Vote Value Investments, Inc 10.74 17.70 60.67% 11.42
Changebridge Capital LLC 0.56 17.10 3.25% 9.49
Gotham Asset Management Holdings 12.39 15.77 78.54% 13.41
The Leuthold Group LLC -0.75 14.28 -5.28% 0.68
GAMCO Investors, Inc. 0.92 12.67 7.25% 6.46
Rayliant Investment Research 1.97 12.64 15.57% 10.14
Counterpoint Mutual Funds LLC 0.00 11.45 0.00% -1.20
Point Bridge Capital 0.88 10.76 8.14% -0.83
EquBot 0.00 10.13 0.00% 3.34
Alternative Access Funds LLC 0.00 10.03 0.00% 0.00
Mairs & Power, Inc. 2.00 9.82 20.40% 9.75
Whitford Asset Management 6.20 9.43 65.70% 6.20
Ridgeline Research LLC 2.31 7.87 29.39% 4.45
New Age Alpha Advisors LLC 2.83 6.52 43.33% 4.77
Water Island Capital Partners LP 0.00 6.50 0.01% 0.00
Global Beta Advisors 0.58 5.05 11.49% -2.99
Reflection Asset Management, LLC 0.00 3.27 0.00% 0.59
Wilshire Phoenix Funds LLC 0.00 1.78 0.00% 0.00
Democracy Investment Management LLC 0.64 1.30 49.07% 0.64
Eaton Vance Corp. 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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