ETFs Lose $6B In April

May 02, 2022

The U.S. ETF industry lost just over $6.1 billion in net assets during April as a combination of rising rates, inflation, war in Ukraine and faltering tech giants sent dollars flowing out of equity funds. 

The loss is the first monthly net outflow since August 2019. U.S.-listed funds even managed to produce a relatively small net inflow of approximately $175 million in March 2020 after the introduction of COVID-19-forced lockdowns. 

U.S.-listed ETFs have garnered $191.8 billion in net new assets year-to-date and manage more than $6.69 trillion in assets as of close of trading Friday. 

Flight From Broad Equity 

Capital fled en masse from ETFs focused on U.S. equities, with ETF.com data provider FactSet estimating investors pulled just under $28 billion from the asset class in April. That outflow dwarfs the $8.2 billion and $5.6 billion worth of inflows into international equity and U.S. fixed income ETFs, respectively. 

The three largest ETFs in the industry took the brunt of the outflows on the month when the S&P 500 tumbled 9.3%. The iShares Core S&P 500 ETF (IVV) had the largest outflow on the month, with $11.6 billion in losses, followed by the Vanguard S&P 500 ETF (VOO), with $10.4 billion in outflows. The SPDR S&P 500 ETF Trust (SPY) lost $10.2 billion in the month. 

The top Russell index-tracking ETFs also struggled, with the iShares Russell 1000 Growth ETF (IWF) and the iShares Russell 2000 ETF (IWM) losing $1.4 billion and $1.3 billion, respectively. 

Fears over sky-high inflation and slowing economic growth led to $4.3 billion in outflows from the Financial Select Sector SPDR Fund (XLF), far outpacing any theoretical gains that banks would reap from a Fed turned hawkish. 

One bright spot for broad equities in the month was the SPDR S&P Dividend ETF (SDY), which led all equity ETFs, with $2.4 billion in inflows. 

Bond Funds Top Inflows 

Investors sent several bond ETFs to the top of the inflows list as they sought safety from volatile moves in equities. 

The Schwab Intermediate-Term U.S. Treasury ETF (SCHR) added more than $2.5 billion to lead all ETFs, while the SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) saw $2.3 billion in inflows, marking a significant move into a fund offering an effectively risk-free place to park money. 

The iShares National Muni Bond ETF (MUB) added $1.5 billion to round out U.S.-domiciled government bond funds in the top 10, while the SPDR Bloomberg Emerging Markets Local Bond ETF (EBND) took in $1.3 billion. 

Investment-grade corporate debt also appeared on the top of the inflows chart as a key AAA-rated yield index added 60 basis points over the month. The iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD) gained $1.6 billion during April, while the SPDR Bloomberg High Yield Bond ETF (JNK) saw outflows of $1.2 billion. 

Leverage Abound 

The month’s bearish sentiment didn’t stop billions of dollars from being dropped into triple-leveraged bull bets on semiconductors and the Nasdaq-100. 

The Direxion Daily Semiconductor Bull 3X Shares (SOXL) added $2.2 billion as traders bet on the industry to pop on positive earnings, while the ProShares UltraPro QQQ (TQQQ) added $1.8 billion in a contrarian play to names like Netflix and Tesla stumbling throughout the month. 

 

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While both funds lost more than 37% in the month, there were a few days when well-timed investors could have gotten in and out of quick trades with sharp gains. 

 

For a full list of last month’s top inflows and outflows, see the tables below: 

 

Top Gainers (April 2022)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM YTD 2022 Net Flows($,M)
SCHR Schwab Intermediate-Term U.S. Treasury ETF Charles Schwab 2,511.39 6,985.93 35.95% 3,772.11
SDY SPDR S&P Dividend ETF State Street Global Advisors 2,431.47 23,807.77 10.21% 3,084.53
BIL SPDR Bloomberg 1-3 Month T-Bill ETF State Street Global Advisors 2,322.06 16,273.56 14.27% 2,687.80
SOXL Direxion Daily Semiconductor Bull 3X Shares Direxion 2,280.18 5,463.25 41.74% 4,633.20
TQQQ ProShares UltraPro QQQ ProShares 1,873.62 13,816.93 13.56% 6,420.03
XLV Health Care Select Sector SPDR Fund State Street Global Advisors 1,655.16 37,841.59 4.37% 3,954.58
LQD iShares iBoxx USD Investment Grade Corporate Bond ETF Blackrock 1,616.65 33,217.06 4.87% -453.76
MUB iShares National Muni Bond ETF Blackrock 1,501.87 24,766.47 6.06% 1,732.75
VTI Vanguard Total Stock Market ETF Vanguard 1,427.78 275,641.07 0.52% 10,090.17
EBND SPDR Bloomberg Emerging Markets Local Bond ETF State Street Global Advisors 1,317.61 2,367.44 55.66% 1,352.65

 

Top Gainers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM April 2022 Net Flows($,M)
VOO Vanguard 500 Index Fund Vanguard 14,442.20 265,808.02 5.43% -10,499.52
VTI Vanguard Total Stock Market ETF Vanguard 10,090.17 275,641.07 3.66% 1,427.78
VTV Vanguard Value ETF Vanguard 10,015.49 101,317.97 9.89% 630.25
GLD SPDR Gold Trust State Street Global Advisors 7,325.39 66,437.10 11.03% 233.68
TQQQ ProShares UltraPro QQQ ProShares 6,420.03 13,816.93 46.46% 1,873.62
BND Vanguard Total Bond Market ETF Vanguard 5,522.23 81,424.10 6.78% 1,126.22
SCHD Schwab U.S. Dividend Equity ETF Charles Schwab 5,179.08 35,148.78 14.73% 1,170.84
SHV iShares Short Treasury Bond ETF Blackrock 4,664.47 17,723.11 26.32% 504.78
SOXL Direxion Daily Semiconductor Bull 3X Shares Direxion 4,633.20 5,463.25 84.81% 2,280.18
VEA Vanguard FTSE Developed Markets ETF Vanguard 4,276.50 101,304.29 4.22% 744.15

 

Biggest Losers (April 2022)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM YTD 2022 Net Flows($,M)
IVV iShares Core S&P 500 ETF Blackrock -11,681.73 303,771.03 -3.85% 2,402.04
VOO Vanguard 500 Index Fund Vanguard -10,499.52 265,808.02 -3.95% 14,442.20
SPY SPDR S&P 500 ETF Trust State Street Global Advisors -10,213.00 384,950.50 -2.65% -25,773.41
XLF Financial Select Sector SPDR Fund State Street Global Advisors -4,324.47 39,013.93 -11.08% -1,796.59
HYG iShares iBoxx USD High Yield Corporate Bond ETF Blackrock -1,957.49 12,635.65 -15.49% -7,202.00
TIP iShares TIPS Bond ETF Blackrock -1,616.81 32,197.86 -5.02% -4,477.52
SCHX Schwab U.S. Large-Cap ETF Charles Schwab -1,523.99 30,587.62 -4.98% -837.58
IWF iShares Russell 1000 Growth ETF Blackrock -1,414.86 64,177.09 -2.20% -1,989.75
IWM iShares Russell 2000 ETF Blackrock -1,339.90 56,343.12 -2.38% -3,195.01
JNK SPDR Bloomberg High Yield Bond ETF State Street Global Advisors -1,232.70 6,090.58 -20.24% -2,799.78

 

Biggest Losers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM April 2022 Net Flows($,M)
SPY SPDR S&P 500 ETF Trust State Street Global Advisors -25,773.41 384,950.50 -6.70% -10,213.00
HYG iShares iBoxx USD High Yield Corporate Bond ETF Blackrock -7,202.00 12,635.65 -57.00% -1,957.49
TIP iShares TIPS Bond ETF Blackrock -4,477.52 32,197.86 -13.91% -1,616.81
BSV Vanguard Short-Term Bond ETF Vanguard -3,767.75 36,490.82 -10.33% -449.96
IWM iShares Russell 2000 ETF Blackrock -3,195.01 56,343.12 -5.67% -1,339.90
JNK SPDR Bloomberg High Yield Bond ETF State Street Global Advisors -2,799.78 6,090.58 -45.97% -1,232.70
VLUE iShares MSCI USA Value Factor ETF Blackrock -2,738.10 12,351.90 -22.17% -201.85
IWD iShares Russell 1000 Value ETF Blackrock -2,338.27 55,322.54 -4.23% -991.45
EFG iShares MSCI EAFE Growth ETF Blackrock -2,205.17 8,892.07 -24.80% 0.00
FDN First Trust Dow Jones Internet Index Fund First Trust -2,145.65 5,317.93 -40.35% -857.53

 

Asset Classes (April 2022)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity -27,999.66 4,023,750.04 -0.70%
International Equity 8,289.41 1,196,680.82 0.69%
U.S. Fixed Income 5,613.73 1,047,873.06 0.54%
International Fixed Income 1,875.47 155,281.46 1.21%
Commodities 2,279.65 169,279.54 1.35%
Currency 388.51 3,791.84 10.25%
Leveraged 4,726.26 56,817.07 8.32%
Inverse -1,524.61 17,829.94 -8.55%
Asset Allocation 99.14 18,480.35 0.54%
Alternatives 146.64 7,553.46 1.94%
Total: -6,105.45 6,697,337.58 -0.09%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 71,234.34 4,023,750.04 1.77%
International Equity 53,955.66 1,196,680.82 4.51%
U.S. Fixed Income 20,632.51 1,047,873.06 1.97%
International Fixed Income 9,072.55 155,281.46 5.84%
Commodities 21,118.71 169,279.54 12.48%
Currency 768.34 3,791.84 20.26%
Leveraged 10,862.02 56,817.07 19.12%
Inverse 3,067.73 17,829.94 17.21%
Asset Allocation 769.03 18,480.35 4.16%
Alternatives 386.19 7,553.46 5.11%
Total: 191,867.09 6,697,337.58 2.86%

 

April 2022 ETF Issuer League Table

Issuer Net Flows ($,M) AUM ($,M) % of AUM YTD 2022 Net Flows($,M)
Blackrock -9,839.51 2,247,065.68 -0.44% 22,593.87
Vanguard -2,823.26 1,948,110.94 -0.14% 74,376.84
State Street Global Advisors -6,839.99 1,033,999.09 -0.66% 5,333.59
Invesco 974.06 370,438.55 0.26% 12,293.69
Charles Schwab 2,350.21 258,549.57 0.91% 12,065.57
First Trust -254.82 140,704.88 -0.18% 4,672.34
JPMorgan Chase -1,007.23 77,409.50 -1.30% 7,688.91
VanEck 1,977.80 62,444.96 3.17% 5,495.25
ProShares 382.06 62,401.77 0.61% 8,017.06
WisdomTree 1,595.23 48,422.84 3.29% 3,833.46
Dimensional Holdings 991.80 46,092.55 2.15% 5,016.44
Mirae Asset Global Investments Co., Ltd. 850.35 41,225.71 2.06% 3,171.70
Fidelity 370.42 32,300.80 1.15% 1,317.58
Goldman Sachs 423.27 27,561.46 1.54% 1,804.73
Direxion 2,606.31 25,135.86 10.37% 6,119.87
PIMCO -436.01 24,642.85 -1.77% -1,060.18
Northern Trust 526.45 22,325.87 2.36% 2,059.85
DWS -543.35 19,923.83 -2.73% -1,730.62
ARK -69.11 16,976.67 -0.41% -343.89
Pacer Advisors 917.53 13,272.05 6.91% 3,888.89
American Century Investments 549.79 11,539.05 4.76% 2,554.44
CICC -452.09 10,034.82 -4.51% 343.85
SS&C -6.30 9,893.39 -0.06% 533.06
Franklin Templeton -7.54 9,215.40 -0.08% 148.15
Abrdn Plc 222.63 8,096.79 2.75% 1,157.96
Nuveen Securities 70.65 7,987.94 0.88% 652.86
Victory Capital 188.56 7,764.28 2.43% 759.13
Innovator 311.99 6,905.75 4.52% 1,313.97
Exchange Traded Concepts -53.43 5,948.10 -0.90% 86.78
ETFMG 33.06 5,361.33 0.62% 44.45
Janus Henderson 110.09 5,309.83 2.07% 1,052.42
John Hancock 26.85 5,152.54 0.52% 213.09
US Commodity Funds -556.49 4,538.52 -12.26% -695.75
New York Life 15.43 4,102.40 0.38% -233.28
The Hartford -13.50 4,037.55 -0.33% 150.37
Principal -34.99 3,827.47 -0.91% -697.20
Amplify Investments 66.37 3,746.44 1.77% 206.25
US Global Investors 45.65 3,662.77 1.25% 274.12
Barclays Capital Inc. -48.62 3,608.63 -1.35% -438.92
BMO 138.76 3,203.12 4.33% 516.72
Toroso Investments 125.15 3,114.99 4.02% 406.82
Prudential 83.09 2,878.39 2.89% 767.16
Aptus Capital Advisors 63.99 2,055.26 3.11% 279.42
AdvisorShares -10.57 1,839.92 -0.57% 91.23
GraniteShares 32.24 1,675.33 1.92% 188.34
Strategy Shares 10.62 1,603.80 0.66% 247.25
Columbia Management Investment Advisers, LLC -57.03 1,491.16 -3.82% -134.98
Virtus Investment Partners 25.65 1,448.58 1.77% 15.18
Cambria 49.50 1,441.37 3.43% 348.55
Vident 6.45 1,413.12 0.46% 42.41
Horizon Kinetics LLC 137.37 1,408.36 9.75% 516.76
UBS 0.00 1,390.70 0.00% 4.71
Sprott, Inc. 31.53 1,377.29 2.29% 297.34
The Motley Fool -9.91 1,367.81 -0.72% -33.86
Simplify Asset Management Inc. 45.16 1,325.51 3.41% 332.35
Defiance ETFs -32.45 1,301.87 -2.49% -119.50
O’Shares Investments -20.26 1,283.85 -1.58% 5.14
BNY Mellon -16.33 1,282.56 -1.27% 138.58
Alpha Architect 20.05 1,176.47 1.70% 180.59
Nationwide -43.31 1,157.86 -3.74% 39.04
Inspire 11.64 1,072.92 1.09% 77.17
Main Management 7.06 1,057.87 0.67% 25.47
Teucrium 53.66 969.55 5.53% 561.50
Davis Advisers -5.25 963.96 -0.54% -118.42
The Capital Group Companies 300.60 855.32 35.14% 886.11
Roundhill Investments -6.13 843.80 -0.73% -11.03
Distillate Capital 27.87 734.74 3.79% 168.74
Merk 16.26 668.64 2.43% 59.70
Credit Suisse Group AG 62.32 658.27 9.47% 114.31
Howard Capital Management 6.45 631.89 1.02% 42.64
T. Rowe Price Group, Inc. 20.59 626.74 3.29% 108.96
Tortoise -1.38 613.69 -0.22% 25.33
Timothy Plan 2.90 581.68 0.50% 65.80
Redwood Investment Management -50.95 571.36 -8.92% -125.16
Day Hagan Asset Management 46.78 508.26 9.20% 147.00
Tuttle Tactical Management, LLC -54.08 493.49 -10.96% 165.53
Liquid Strategies -51.30 475.31 -10.79% 51.26
TrimTabs -8.51 460.57 -1.85% -5.64
Swedish Export Credit 12.21 459.22 2.66% 84.92
ClearShares LLC -25.03 430.02 -5.82% 49.74
Cavalier16 -2.67 425.37 -0.63% 26.58
Engine No. 1 LLC 13.65 410.65 3.32% 163.26
Regents Park Funds 14.84 388.42 3.82% 45.20
Little Harbor Advisors -1.61 332.83 -0.48% -0.43
Core Alternative Capital 8.40 306.39 2.74% 48.23
Advisors Asset Management 15.50 295.60 5.24% 99.83
WBI -3.25 263.35 -1.23% -13.92
SRN Advisors -4.41 252.66 -1.75% -40.95
Al Marketing LLC -21.20 248.93 -8.52% -36.78
Renaissance Capital 5.52 214.29 2.58% -64.00
TrueMark Investments 5.55 199.04 2.79% 12.54
Wahed Invest LLC 4.33 196.95 2.20% 37.83
Swan Global Investments 2.80 182.77 1.53% 35.98
Syntax Advisors 0.00 180.36 0.00% -11.05
Impact Shares 1.59 175.13 0.91% 6.93
AXS Investments 9.23 172.88 5.33% 79.01
Wainwright, Inc. 4.12 172.18 2.39% 16.58
Oneascent Holdings LLC 95.18 166.65 57.11% 97.49
Litman Gregory Capital Partners LLC 24.96 163.92 15.22% 63.15
Truist 0.62 159.48 0.39% 9.96
Gadsden -1.94 130.53 -1.48% 6.38
Kingsview Partners LLC 0.73 127.82 0.57% 17.40
AGF -25.03 124.79 -20.06% -2.87
Arrow Funds 1.17 122.90 0.95% -3.24
CornerCap Investment Counsel, Inc. 1.03 122.73 0.84% 16.05
Humankind USA LLC 0.00 112.87 0.00% 7.17
Rayliant Investment Research 0.76 101.68 0.75% 62.28
Retireful LLC 50.68 98.61 51.39% 98.51
OBP Capital LLC 1.10 89.68 1.22% 13.30
Neil Azous Revocable Trust 0.62 87.43 0.71% 14.91
ProcureAM 0.00 84.71 0.00% -5.57
Water Island Capital Partners LP -0.08 81.93 -0.10% 58.73
Pacific Life 22.15 81.84 27.06% 48.51
Harbor 3.59 80.80 4.44% 19.00
GeaSphere LLC 0.59 75.90 0.77% 5.26
Exponential ETFs 0.00 74.59 0.00% 0.03
Pettee Investors -7.92 72.67 -10.90% -15.23
Emles Advisors LLC 1.94 72.02 2.69% 4.46
Beyond Investing 0.98 69.20 1.41% 5.09
Natixis 0.89 67.85 1.31% 0.02
Absolute Investment Advisers LLC 4.48 66.63 6.73% 10.31
Toews Corp. -0.60 65.74 -0.92% 12.81
Federated Hermes, Inc. 7.97 59.64 13.36% 12.69
EntrepreneurShares, LLC -0.73 59.01 -1.24% -20.00
Inverdale Capital Management LLC -0.02 58.68 -0.04% 17.93
Cohanzick Management 4.30 58.43 7.37% 15.36
ORIX Corp. 6.50 58.08 11.19% 48.77
Alexis Investment Partners LLC 0.76 52.60 1.44% 5.63
Power Corporation of Canada 2.13 49.50 4.31% 9.65
Valkyrie Funds LLC 0.00 47.62 0.00% -17.08
Formidable Asset Management 2.61 46.80 5.58% 4.41
Chadds Ford Investment Management LLC 0.00 46.79 0.00% 9.93
Guinness Atkinson Asset Management 0.00 46.49 0.00% 0.00
VectorShares LLC -0.88 45.44 -1.94% 28.57
ETF Series Solutions 0.00 43.14 0.00% 1.33
Milliman, Inc. 37.90 42.23 89.74% 43.92
2nd Vote Value Investments, Inc -0.80 41.00 -1.95% -1.65
Alger Group Holdings LLC 5.58 40.97 13.62% 0.68
Highland Capital Management 0.00 40.55 -0.01% -4.79
Red Gate Advisers LLC 0.00 38.16 0.00% 2.34
Premise Capital -0.78 37.07 -2.10% 0.94
New Age Alpha Advisors LLC 0.00 34.06 0.00% 1.55
Uncommon Investment Advisors LLC 0.50 33.49 1.51% 3.82
Ridgeline Research LLC 0.00 32.99 0.00% 1.65
Build Asset Management LLC 5.44 32.32 16.82% 33.42
ASYMmetric ETFs -0.12 32.24 -0.37% 10.15
Metaurus Advisors 0.82 31.33 2.62% 3.49
Advocate Capital Management LLC 6.83 31.22 21.87% 8.71
Baird Financial Group 13.87 31.02 44.70% 31.34
Sheaff Brock Capital Management LLC 0.27 30.05 0.91% 0.91
Esoterica 0.00 28.10 0.00% -5.15
Convergence Investment Partners, LLC -1.12 25.63 -4.37% -1.44
RBS Securities 0.00 25.58 0.00% 26.50
Cultivar Capital, Inc. 0.00 25.25 0.00% 15.64
AlphaMark Advisors 0.00 22.77 0.00% 0.00
The Leuthold Group LLC 1.51 21.59 6.99% 5.39
GAMCO Investors, Inc. 0.00 20.71 0.00% 3.56
MCCM Group LLC 6.27 20.32 30.84% 10.36
Infusive Asset Management -6.68 20.20 -33.05% -13.38
Knights of Columbus 0.00 20.08 0.00% -1.64
Reflection Asset Management, LLC -0.01 18.05 -0.03% 6.22
Mairs & Power, Inc. 0.00 17.16 0.00% 0.96
First Pacific Advisors LP 1.20 16.76 7.17% 17.42
Point Bridge Capital 0.00 15.02 0.00% 1.03
Changebridge Capital LLC -0.25 12.93 -1.93% -1.40
Zacks Investment Management 0.64 12.43 5.15% 1.28
Applied Finance Group 0.00 11.72 0.02% 2.76
Future Fund Advisors 0.00 11.38 0.00% -1.34
Digital Currency Group, Inc. -0.67 11.25 -5.91% 14.29
Global Beta Advisors 1.29 10.80 11.94% 5.52
Alternative Access Funds LLC 0.00 9.93 0.00% 0.00
GCI Investors, Inc. 0.00 9.86 0.00% 5.37
Counterpoint Mutual Funds LLC 0.00 9.42 0.00% 0.00
Whitford Asset Management 0.00 7.43 0.00% 0.00
EquBot 0.00 6.94 0.00% -3.11
Lifegoal Investments LLC 0.49 5.50 8.89% 2.17
Democracy Investment Management LLC 1.15 5.24 21.94% 2.39
Clockwise Capital LLC 1.77 5.12 34.53% 3.11
WealthTrust Asset Management LLC 0.00 5.09 0.00% 4.29
Spear Advisors LLC 0.00 4.79 0.00% 1.00
Jacob Asset Management 0.00 4.18 0.00% -0.14
Kelly Strategic Management LLC 0.00 4.01 0.00% 4.45
Lyrical Partners 0.67 4.00 16.77% 0.67
VegTech LLC 0.00 3.95 0.00% 2.58
Truemark Group 0.00 3.53 0.00% 3.71
Dinerbao SL 1.70 3.39 50.05% 2.91
Volt Equity LLC 0.00 3.25 0.00% 0.33
Kingsbarn Capital Management LLC -0.59 2.83 -20.68% 1.16
Dynamic Shares LLC 0.00 2.41 0.00% 1.00
Goose Hollow Capital Management LLC 0.00 2.32 0.00% 1.24
Big Data Federation, Inc. 0.57 1.63 34.68% 0.62
Dalton Capital 0.00 1.33 0.00% 0.26
Amberwave Partners Research & Management LLC 0.00 1.28 0.00% 0.88
WisdomTree Investments, Inc. 0.08 1.23 6.47% 0.08
Grizzle Investment Management LLC 0.24 1.21 20.00% 0.46
V-Square Quantitative Management LLC 0.00 1.15 0.00% 0.00
Wilshire Phoenix Funds LLC 0.00 0.53 0.00% -1.23
Inherent Wealth Fund LLC 0.00 0.40 0.00% 0.24
Cabot ETF Partners LLC 0.00 0.00 0.00% -0.29
Cary Street Partners Financial LLC /VA/ 0.00 0.00 0.00% 0.00
First Manhattan Co. 0.04 0.00 0.00% 0.04
Intangible Capital 0.03 0.00 0.00% 0.03
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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