SPY Reaches $400B In AUM

September 01, 2021

The trading doldrums of August didn’t slow down ETF flows.

U.S.-listed ETFs gained approximately $67.2 billion in net inflows during the month, according to ETF.com data provider FactSet. That’s a jump of more than $13.5 billion from June, and puts it just higher than net flows in January and May.

There’s now $6.8 trillion in assets under management in U.S.-listed ETFs as of Tuesday.

US Equities, Fixed Income Advance

U.S. equities continued to be the main driver of overall flows across the industry, adding $20.85 billion in net flows month-over-month.

ETFs tracking broad indices and mega cap companies led the way, with the SPDR S&P 500 ETF Trust (SPY) pulling in $5.1 billion, followed by a combined $11.8 billion between the Vanguard S&P 500 ETF (VOO), the Vanguard Total Stock Market ETF (VTI) and the Invesco QQQ Trust (QQQ).

The KraneShares CSI China Internet ETF (KWEB) rounded out the top 10 gainers for the month, with $1.4 billion in inflows. The activity in that fund appears to be driven by dip-buyers looking to snap up exposure to the industry despite Beijing’s ongoing crackdown on big technology firms within its borders.

Domestic fixed income product inflows gained by 33% to $16.8 billion in the two periods, led by a $2.5 billion inflow into the iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD) and $1.7 billion into the iShares TIPS Bond ETF (TIP). Despite the inflows in August, LQD has lost the most assets in 2021, with outflows of $11.3 billion year-to-date.

Gold, Dividend Plays Fall

The SPDR Gold Trust (GLD) was by far the largest loser in the month, posting outflows of $1.7 billion for the month and a loss of 3% of its AUM. Investors have pulled almost $9.5 billion in assets out of the fund so far this year.

ETFs providing exposure to dividend-paying large cap companies also suffered in the month. The SPDR S&P Dividend ETF (SDY) was the second largest loser, with $941 million in outflows, while the Invesco S&P 500 High Dividend Low Volatility ETF (SPHD) lost $496.4 million.

SPY Reaches Milestone

SPY crossed the $400 billion mark at the very end of the month. It’s an astronomical number in ETF terms, but a look at the history of the first exchange-traded fund on the U.S. markets puts its acceleration in accumulating assets into focus.

 

 

Consider the following:

It took approximately 7,060 days for SPY to hold $100 billion in assets at the end of a month, when it closed with $106.5 billion at the close of March 2012. It nearly broke that mark in December 2007 and 2008.

Investors then brought SPY’s assets from $100 billion to $200 billion in just over 920 days, crossing the mark sometime in December 2014.

The gap between $200 billion and $300 billion in assets spanned about 1,150 days after investors sold off in the first half of 2015. SPY hit the month-end mark at the end of January 2018 with $306.5 billion in assets. Approximately 975 days have passed between when the $300 billion mark was broken in late 2018 and today.

But the bull parade that has been U.S. equities through much of the pandemic was what propelled SPY to its new watermark. SPY hit its pandemic low of $224.9 billion at the end of last March. It took approximately 520 days for it to gain $175 billion in assets.

Ben Johnson, director of global ETF research at Morningstar, said the milestone is interesting in the broader context of how the nearly $7 trillion U.S. ETF market has developed over the past several decades.

However, he cautioned that SPY’s rise in assets was aided by forces other than organic growth.

“I would argue that the first $100 billion was the most noteworthy and the hardest-fought $100 billion, and the next $300 billion that has been added since were built on momentum, built on relatively bigger bases, and got a huge amount of help from just the market at large,” he said.

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

 

Top Gainers (August 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 5,124.69 399,669.13 1.28% 3,005.40
VOO Vanguard S&P 500 ETF Vanguard 4,887.05 256,021.17 1.91% 36,588.68
VTI Vanguard Total Stock Market ETF Vanguard 4,329.28 272,543.11 1.59% 27,836.00
QQQ Invesco QQQ Trust Invesco 2,591.26 193,122.21 1.34% 8,814.24
LQD iShares iBoxx USD Investment Grade Corporate Bond ETF Blackrock 2,541.29 42,843.15 5.93% -11,248.32
TIP iShares TIPS Bond ETF Blackrock 1,771.01 33,204.43 5.33% 6,298.82
SCZ iShares MSCI EAFE Small-Cap ETF Blackrock 1,647.47 15,149.63 10.87% 2,335.50
XLF Financial Select Sector SPDR Fund State Street Global Advisors 1,619.89 43,428.28 3.73% 9,706.80
ESGU iShares ESG Aware MSCI USA ETF Blackrock 1,539.22 22,919.72 6.72% 6,348.84
KWEB KraneShares CSI China Internet ETF CICC 1,434.57 6,403.70 22.40% 4,972.90

 

Top Gainers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM August 2021 Net Flows($,M)
VOO Vanguard S&P 500 ETF Vanguard 36,588.68 256,021.17 14.29% 4,887.05
VTI Vanguard Total Stock Market ETF Vanguard 27,836.00 272,543.11 10.21% 4,329.28
IVV iShares Core S&P 500 ETF Blackrock 14,997.57 305,669.54 4.91% 1,365.27
BND Vanguard Total Bond Market ETF Vanguard 14,520.56 81,573.82 17.80% 1,287.14
BSV Vanguard Short-Term Bond ETF Vanguard 11,851.06 41,203.73 28.76% 731.99
VTV Vanguard Value ETF Vanguard 11,435.85 85,572.44 13.36% 694.60
IEMG iShares Core MSCI Emerging Markets ETF Blackrock 9,733.04 79,463.64 12.25% 0.00
XLF Financial Select Sector SPDR Fund State Street Global Advisors 9,706.80 43,428.28 22.35% 1,619.89
IUSB iShares Core Total USD Bond Market ETF Blackrock 9,415.32 15,408.98 61.10% 231.03
QQQ Invesco QQQ Trust Invesco 8,814.24 193,122.21 4.56% 2,591.26

 

Biggest Losers (August 2021)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM YTD 2021 Net Flows($,M)
GLD SPDR Gold Trust State Street Global Advisors -1,774.39 57,819.62 -3.07% -9,492.28
SDY SPDR S&P Dividend ETF State Street Global Advisors -941.44 19,878.02 -4.74% -166.68
MBB iShares MBS ETF Blackrock -576.08 24,929.52 -2.31% -15.85
SOXL Direxion Daily Semiconductor Bull 3X Shares Direxion -537.56 3,907.70 -13.76% 88.93
EWZ iShares MSCI Brazil ETF Blackrock -519.18 5,084.05 -10.21% -1,453.87
ARKK ARK Innovation ETF ARK -512.72 22,485.97 -2.28% 6,185.09
XOP SPDR S&P Oil & Gas Exploration & Production ETF State Street Global Advisors -504.65 2,849.08 -17.71% -340.71
SPHD Invesco S&P 500 High Dividend Low Volatility ETF Invesco -496.37 3,021.25 -16.43% 65.66
XLE Energy Select Sector SPDR Fund State Street Global Advisors -492.54 22,170.64 -2.22% 4,510.02
FAS Direxion Daily Financial Bull 3x Shares Direxion -467.03 3,209.86 -14.55% -956.90

 

Biggest Losers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM August 2021 Net Flows($,M)
LQD iShares iBoxx USD Investment Grade Corporate Bond ETF Blackrock -11,248.32 42,843.15 -26.25% 2,541.29
GLD SPDR Gold Trust State Street Global Advisors -9,492.28 57,819.62 -16.42% -1,774.39
USMV iShares MSCI USA Min Vol Factor ETF Blackrock -8,416.40 28,807.11 -29.22% -238.50
HYG iShares iBoxx USD High Yield Corporate Bond ETF Blackrock -5,933.59 20,044.21 -29.60% -26.79
SHV iShares Short Treasury Bond ETF Blackrock -3,491.02 14,335.43 -24.35% -59.65
JNK SPDR Bloomberg Barclays High Yield Bond ETF State Street Global Advisors -3,119.83 9,493.40 -32.86% 89.58
EFAV iShares MSCI EAFE Min Vol Factor ETF Blackrock -2,613.21 8,640.28 -30.24% -165.29
USO United States Oil Fund LP Concierge Technologies -2,261.75 2,659.27 -85.05% -136.43
IHI iShares U.S. Medical Devices ETF Blackrock -2,089.69 8,594.22 -24.32% 183.37
IVW iShares S&P 500 Growth ETF Blackrock -1,915.36 37,522.85 -5.10% 228.17

 

Asset Classes (August 2021)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 39,841.02 4,039,224.14 0.99%
International Equity 9,304.27 1,300,997.29 0.72%
U.S. Fixed Income 16,876.53 1,079,777.69 1.56%
International Fixed Income 2,550.98 149,681.55 1.70%
Commodities -2,010.49 138,119.15 -1.46%
Currency -47.24 1,922.75 -2.46%
Leveraged -1,657.34 64,057.42 -2.59%
Inverse 879.64 11,850.39 7.42%
Asset Allocation 600.96 18,322.58 3.28%
Alternatives 469.75 6,728.61 6.98%
Total: 66,808.08 6,810,681.57 0.98%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 280,854.36 4,039,224.14 6.95%
International Equity 161,541.13 1,300,997.29 12.42%
U.S. Fixed Income 115,531.55 1,079,777.69 10.70%
International Fixed Income 27,454.62 149,681.55 18.34%
Commodities -3,285.06 138,119.15 -2.38%
Currency 42.84 1,922.75 2.23%
Leveraged -1,073.92 64,057.42 -1.68%
Inverse 5,150.70 11,850.39 43.46%
Asset Allocation 3,532.70 18,322.58 19.28%
Alternatives 2,559.32 6,728.61 38.04%
Total: 592,308.25 6,810,681.57 8.70%

 

August 2021 ETF Issuer League Table

Issuer Net Flows ($,M) AUM ($,M) % of AUM YTD 2021 Net Flows($,M)
Blackrock 20,121.70 2,372,712.11 0.85% 121,622.53
Vanguard 23,659.78 1,956,127.24 1.21% 231,094.00
State Street Global Advisors 8,487.13 1,025,370.37 0.83% 49,556.56
Invesco 5,183.76 380,673.26 1.36% 35,184.94
Charles Schwab 2,072.33 257,062.55 0.81% 28,118.17
First Trust 1,753.02 141,589.64 1.24% 17,123.15
JPMorgan Chase 1,128.59 68,884.74 1.64% 19,614.11
VanEck -374.87 61,532.27 -0.61% 7,596.72
ProShares 526.73 61,427.15 0.86% 4,891.88
WisdomTree -134.16 45,982.31 -0.29% 2,802.07
ARK -1,132.31 44,686.95 -2.53% 13,518.89
Mirae Asset Global Investments Co., Ltd. 1,042.62 38,013.09 2.74% 14,421.84
Dimensional Holdings 418.15 32,241.21 1.30% 2,150.85
Fidelity 394.17 31,906.03 1.24% 3,822.84
Allianz -24.74 26,930.34 -0.09% 901.47
Direxion -1,228.67 25,506.16 -4.82% 189.82
Goldman Sachs 209.41 25,456.40 0.82% 313.31
Deutsche Bank -106.31 22,522.89 -0.47% 1,038.74
Northern Trust 295.46 19,073.98 1.55% 2,970.31
CICC 1,561.23 12,468.46 12.52% 8,378.35
Franklin Templeton 73.20 9,438.12 0.78% 215.07
SS&C -131.67 8,801.34 -1.50% 162.59
Pacer Advisors 308.17 8,597.09 3.58% 1,817.41
American Century Investments 300.41 8,010.39 3.75% 3,319.55
Exchange Traded Concepts 116.00 7,452.38 1.56% 1,757.70
ETFMG -59.74 7,190.90 -0.83% 1,289.46
Standard Life Aberdeen 13.45 6,858.15 0.20% 778.50
Crestview 127.52 6,836.05 1.87% 366.36
Innovator 14.18 5,580.50 0.25% 1,187.90
Principal 49.70 5,492.95 0.90% 1,014.91
Manulife 14.00 5,186.56 0.27% -595.90
Nuveen Securities 320.59 4,795.83 6.68% 1,639.35
Amplify Investments 78.84 4,712.05 1.67% 1,339.38
New York Life 80.81 4,559.61 1.77% 416.53
The Hartford 34.73 4,325.17 0.80% 349.41
Janus Henderson 7.90 4,145.25 0.19% 197.37
Concierge Technologies -218.74 3,957.42 -5.53% -2,648.38
US Global Investors 65.97 3,473.58 1.90% 473.63
Barclays 320.77 3,179.55 10.09% 1,487.35
BMO 83.27 3,134.71 2.66% 452.96
Toroso Investments 143.05 2,618.43 5.46% 904.65
AdvisorShares 24.26 2,104.49 1.15% 1,349.51
Prudential 210.41 2,076.99 10.13% 697.62
Ameriprise Financial 26.70 1,653.01 1.62% 370.99
O’Shares Investments -9.88 1,603.40 -0.62% -0.01
Defiance ETFs 23.21 1,563.12 1.48% 413.22
Aptus Capital Advisors 133.51 1,532.47 8.71% 473.74
GraniteShares 15.28 1,517.80 1.01% 171.62
Vident -69.00 1,482.97 -4.65% -40.50
Virtus Investment Partners 39.85 1,321.58 3.01% 338.36
Davis Advisers 1.73 1,272.86 0.14% 124.50
UBS 0.00 1,261.33 0.00% -57.74
Cambria 38.05 1,124.38 3.38% 241.22
Inspire 34.31 1,074.45 3.19% 212.42
Credit Suisse Group AG -10.99 1,061.77 -1.03% 282.69
Main Management 16.23 1,049.45 1.55% 249.64
Rational Capital LLC 160.31 1,047.31 15.31% 799.66
EMPIRICAL FINANCE LLC 16.62 1,012.25 1.64% 266.54
The Bank of New York Mellon Corp. 42.72 982.76 4.35% 374.90
Nationwide 98.08 968.51 10.13% 413.34
Aegon -2.85 815.51 -0.35% -41.43
The Motley Fool 6.17 718.33 0.86% 75.39
Horizon Kinetics LLC 50.28 678.75 7.41% 639.24
Simplify Asset Management Inc. 61.00 655.22 9.31% 484.66
Roundhill Investments 11.84 579.37 2.04% 280.86
Howard Capital Management 97.79 553.32 17.67% 166.66
Renaissance Capital -48.30 548.70 -8.80% -205.31
Timothy Plan 4.63 506.28 0.91% 41.45
Tortoise -41.17 501.82 -8.20% 3.05
Merk 6.76 501.52 1.35% 83.54
Redwood Investment Management 13.40 459.24 2.92% -10.34
TrimTabs -15.31 434.64 -3.52% 8.50
T. Rowe Price Group, Inc. 23.85 428.81 5.56% 210.12
Liquid Strategies 12.55 424.86 2.95% 97.26
Distillate Capital 19.44 408.94 4.75% 138.09
SRN Advisors -13.94 371.28 -3.75% 46.43
Regents Park Funds 10.56 359.99 2.93% 78.59
Sprott 1.75 350.57 0.50% 19.90
Al Marketing LLC -7.54 346.29 -2.18% -50.53
ClearShares LLC 0.00 342.76 0.00% 89.49
ProFund Advisors LLC 75.81 312.67 24.24% 334.35
Teucrium -15.07 293.82 -5.13% -96.52
WBI -2.80 293.19 -0.96% -6.79
Donald L. Hagan LLC 12.20 287.35 4.24% 109.59
Government of Sweden -6.80 284.48 -2.39% -5.99
Little Harbor Advisors 32.30 226.21 14.28% 148.84
Core Alternative Capital 21.18 214.28 9.88% 64.74
Mcivy Co. LLC 0.00 208.53 0.00% 114.67
Intangible Capital 0.00 200.53 0.00% 2.48
Syntax Advisors 0.00 195.50 0.00% 48.05
Cavalier16 27.73 194.58 14.25% 38.47
Capital Impact Advisors -1.96 186.51 -1.05% -7.14
TrueMark Investments 12.55 181.79 6.91% 98.54
Impact Shares 28.71 159.10 18.04% 114.25
Tuttle Tactical Management, LLC -81.27 150.51 -54.00% -16.47
Wahed 8.82 139.37 6.33% 54.65
ProcureAM -1.52 134.73 -1.12% 75.74
Advisors Asset Management 6.00 133.50 4.49% 84.23
Arrow Funds -5.91 129.44 -4.57% -2.69
Gadsden 2.25 120.37 1.87% 18.79
Kingsview Partners LLC 4.85 113.44 4.28% 103.44
Swan Global Investments 26.06 110.88 23.50% 103.29
AGF 0.00 108.98 0.00% -15.01
CornerCap Investment Counsel, Inc. -1.06 105.90 -1.00% 29.06
Wainwright, Inc. 0.00 103.57 0.00% 90.25
Change Finance 12.01 93.96 12.78% 48.71
Emles Advisors LLC -4.75 93.51 -5.08% 25.51
Humankind USA LLC 5.65 93.49 6.04% 81.92
Exponential ETFs 0.00 82.40 0.00% 1.20
Pettee Investors 4.11 82.20 5.00% 25.89
iM Square SAS -0.92 76.90 -1.19% 17.44
Groupe BPCE 5.39 73.90 7.30% 18.05
Metaurus Advisors 1.03 68.63 1.50% 6.93
Neil Azous Revocable Trust 11.17 65.18 17.14% 42.74
Beyond Investing 3.03 64.15 4.73% 18.65
Guinness Atkinson Asset Management 0.00 56.14 0.00% 15.08
Absolute Investment Advisers LLC 0.69 52.13 1.32% 10.53
Alger Group Holdings LLC 3.81 50.79 7.51% 39.19
Toews Corp. 3.95 49.90 7.91% 0.38
Esoterica -7.06 46.70 -15.12% 20.77
Infusive Asset Management 0.00 45.16 0.00% 8.53
Highland Capital Management -0.01 41.72 -0.02% -11.39
Alexis Investment Partners LLC 2.06 41.29 4.98% 22.73
Premise Capital 0.00 40.61 0.00% -14.10
Formidable Asset Management 15.14 39.65 38.19% 38.38
Rayliant Investment Research 2.55 38.47 6.64% 38.76
2nd Vote Value Investments, Inc 3.31 37.57 8.82% 28.71
Red Gate Advisers LLC 0.27 37.26 0.73% 5.87
ETF Series Solutions 1.42 36.45 3.89% 6.00
Inverdale Capital Management LLC 0.88 35.47 2.48% 28.82
Cabot ETF Partners LLC -0.26 34.75 -0.75% 33.15
Pacific Life 0.00 31.73 0.00% 2.44
AlphaMark Advisors 0.00 26.57 0.00% -1.41
Truist 1.54 26.34 5.85% 2.38
Uncommon Investment Advisors LLC 0.78 24.71 3.16% 22.84
Ridgeline Research LLC 9.01 23.43 38.46% 18.94
Knights of Columbus 8.18 21.64 37.81% 21.36
MCCM Group LLC -0.87 20.11 -4.30% 32.20
Changebridge Capital LLC -0.26 17.27 -1.49% 10.40
The Leuthold Group LLC 0.00 15.49 0.00% 1.43
Applied Finance Group 6.02 15.00 40.11% 13.16
GAMCO Investors, Inc. 0.29 14.73 1.94% 7.55
Mairs & Power, Inc. 1.52 14.41 10.56% 14.31
ASYMmetric ETFs 3.35 13.49 24.83% 13.08
Point Bridge Capital 0.00 12.97 0.00% 1.00
EquBot 0.00 12.02 0.00% 4.82
New Age Alpha Advisors LLC 2.30 10.93 21.06% 8.54
Alternative Access Funds LLC 0.00 10.03 0.00% 0.00
Whitford Asset Management -14.22 9.96 -142.75% 5.85
Counterpoint Mutual Funds LLC -2.40 9.09 -26.40% -3.60
Water Island Capital Partners LP 0.00 7.81 -0.02% 1.28
Jacob Asset Management 1.60 7.41 21.52% 7.06
Global Beta Advisors 0.00 5.15 0.00% -2.99
Future Fund Advisors 4.53 4.61 98.45% 4.53
Reflection Asset Management, LLC 0.00 4.36 -0.02% 1.29
Democracy Investment Management LLC 0.67 3.99 16.70% 3.28
Spear Advisors LLC 2.02 2.12 95.30% 2.02
Wilshire Phoenix Funds LLC 0.00 1.80 0.00% 0.00
Chadds Ford Investment Management LLC 0.00 0.75 0.00% 0.75
Zacks Investment Management 0.72 0.73 99.24% 0.72
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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