Record ETF Assets Growth In 2020

Jan 04, 2021

Reviewed by: Sumit Roy

Edited by: Sumit Roy

It's official: Investors added the largest sum ever to ETFs during 2020. After all was said and done, a whopping $507.4 billion flowed into U.S.-listed ETFs during the year, topping the previous record of $476.1 billion from 2017. Annual inflows for 2020 were also 55% greater than the $326.3 billion registered in 2019.

Strong performance for asset classes across the board was the fuel that drove investors to plow money into exchange-traded funds at an unprecedented clip. By many measures, investor enthusiasm at the end of 2020 was unlike anything seen in years, and marked a sharp turnaround from the pessimism and despair seen at the start of the coronavirus pandemic in March.

The S&P 500 surged 18.4% on the year, while the Bloomberg Barclays US Aggregate Bond Index jumped 7.5%.

Certain pockets of the market, from software to biotech to alternative energy, easily outperformed the broader benchmarks, delivering eye-popping gains. The Nasdaq-100 Index rallied 48.9% on the year.

Fixed Income Leads For Second Year

Despite the surge in stocks, somehow U.S. fixed income ETFs managed to attract more buying from ETF investors. U.S. fixed income ETFs as a group picked up $186.4 billion of new money during 2020, outpacing the $165.4 billion picked up by U.S. equity ETFs.

It was the second year in a row in which U.S. fixed income ETF flows beat U.S. equity ETFs flows, and reflects investors' growing use of exchange-traded funds for fixed income exposure. 2020 also marked the first time that the Federal Reserve bought corporate bonds, with the central bank initially using ETFs to stabilize the markets during the panic in March.

The Vanguard Total Bond Market ETF (BND), the iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD) and the Vanguard Intermediate-Term Corporate Bond ETF (VCIT) each had inflows of more than $14.7 billion during 2020.

Vanguard Reigns Supreme

While U.S. fixed income took the flows crown at the asset class level, it was an equity ETF that topped the flows list for individual ETFs. The Vanguard Total Stock Market ETF (VTI) registered inflows of $32.6 billion, pushing its assets under management to more than $200 billion.

The Vanguard S&P 500 ETF (VOO) and the Invesco QQQ Trust (QQQ) followed behind, each with inflows of more than $16.7 billion.

Meanwhile, the Vanguard Total International Stock ETF (VXUS) and the SPDR Gold Trust (GLD) were the most popular international equity ETF and commodity ETF of 2020, respectively, each with inflows of more than $15 billion.

'SPY' Sheds $22 Billion

Though 2020 was an ebullient year, not every ETF attracted inflows. Some high-profile duds included the SPDR S&P 500 ETF Trust (SPY), the iShares MSCI EAFE ETF (EFA) and the iShares MSCI Emerging Markets ETF (EEM), with outflows of $24.6 billion, $11.8 billion and $4.6 billion, respectively.

Investors also shunned low-vol funds like the iShares MSCI USA Min Vol Factor ETF (USMV) and the Invesco S&P 500 Low Volatility ETF (SPLV), both of which found themselves on the top outflows list for the year.

For a full list of 2020's top inflows and outflows, see the tables below:

Top Gainers (December 2020)

Ticker	Name	Issuer	Net Flows ($,mm)	AUM ($M)	% of AUM	YTD 2020 Net Flows($,M)
VTI	Vanguard Total Stock Market ETF	Vanguard	5,424.29	200,920.71	2.70%	32,623.27
IEMG	iShares Core MSCI Emerging Markets ETF	Blackrock	3,598.98	68,609.30	5.25%	-563.20
IWM	iShares Russell 2000 ETF	Blackrock	3,296.57	58,757.37	5.61%	2,748.02
ARKK	ARK Innovation ETF	ARK	3,253.47	18,048.41	18.03%	9,492.03
ARKG	ARK Genomic Revolution ETF	ARK	3,192.49	7,885.87	40.48%	5,245.17
BND	Vanguard Total Bond Market ETF	Vanguard	2,437.14	68,065.47	3.58%	17,217.83
VXUS	Vanguard Total International Stock ETF	Vanguard	2,203.37	38,568.24	5.71%	16,002.66
BNDX	Vanguard Total International Bond ETF	Vanguard	1,989.41	37,194.53	5.35%	11,929.66
AGG	iShares Core U.S. Aggregate Bond ETF	Blackrock	1,908.76	85,132.94	2.24%	12,475.29
TIP	iShares TIPS Bond ETF	Blackrock	1,654.90	26,307.94	6.29%	3,770.89

Top Gainers (Year-to-Date)

Ticker	Name	Issuer	Net Flows ($,mm)	AUM ($M)	% of AUM	December 2020 Net Flows($,M)
VTI	Vanguard Total Stock Market ETF	Vanguard	32,623.27	200,920.71	16.24%	5,424.29
VOO	Vanguard S&P 500 ETF	Vanguard	21,431.58	176,967.89	12.11%	-5,135.00
BND	Vanguard Total Bond Market ETF	Vanguard	17,217.83	68,065.47	25.30%	2,437.14
QQQ	Invesco QQQ Trust	Invesco	16,733.95	151,436.31	11.05%	312.92
VXUS	Vanguard Total International Stock ETF	Vanguard	16,002.66	38,568.24	41.49%	2,203.37
GLD	SPDR Gold Trust	State Street	15,129.71	71,026.84	21.30%	-1,385.31
LQD	iShares iBoxx USD Investment Grade Corporate Bond ETF	Blackrock	15,020.10	55,074.49	27.27%	-3,177.06
VCIT	Vanguard Intermediate-Term Corporate Bond ETF	Vanguard	14,790.27	42,470.51	34.82%	938.78
AGG	iShares Core U.S. Aggregate Bond ETF	Blackrock	12,475.29	85,132.94	14.65%	1,908.76
BNDX	Vanguard Total International Bond ETF	Vanguard	11,929.66	37,194.53	32.07%	1,989.41

Biggest Losers (December 2020)

Ticker	Name	Issuer	Net Flows ($,mm)	AUM ($M)	% of AUM	YTD 2020 Net Flows($,M)
VOO	Vanguard S&P 500 ETF	Vanguard	-5,135.00	176,967.89	-2.90%	21,431.58
SPY	SPDR S&P 500 ETF Trust	State Street	-4,298.34	326,894.62	-1.31%	-24,580.85
IVV	iShares Core S&P 500 ETF	Blackrock	-3,778.41	237,299.61	-1.59%	6,350.44
QUAL	iShares MSCI USA Quality Factor ETF	Blackrock	-3,467.86	21,481.15	-16.14%	2,191.34
LQD	iShares iBoxx USD Investment Grade Corporate Bond ETF	Blackrock	-3,177.06	55,074.49	-5.77%	15,020.10
HYG	iShares iBoxx USD High Yield Corporate Bond ETF	Blackrock	-1,845.05	25,719.29	-7.17%	5,794.13
DIA	SPDR Dow Jones Industrial Average ETF Trust	State Street	-1,815.97	24,089.56	-7.54%	-109.75
IEF	iShares 7-10 Year Treasury Bond ETF	Blackrock	-1,448.43	14,833.75	-9.76%	-4,466.61
GLD	SPDR Gold Trust	State Street	-1,385.31	71,026.84	-1.95%	15,129.71
BBEU	JPMorgan BetaBuilders Europe ETF	JPMorgan Chase	-1,110.98	3,407.90	-32.60%	-456.78

Biggest Losers (Year-to-Date)

Ticker	Name	Issuer	Net Flows ($,mm)	AUM ($M)	% of AUM	December 2020 Net Flows($,M)
SPY	SPDR S&P 500 ETF Trust	State Street	-24,580.85	326,894.62	-7.52%	-4,298.34
EFA	iShares MSCI EAFE ETF	Blackrock	-11,839.15	53,053.45	-22.32%	171.84
EEM	iShares MSCI Emerging Markets ETF	Blackrock	-4,624.09	28,254.31	-16.37%	293.03
USMV	iShares MSCI USA Min Vol Factor ETF	Blackrock	-4,495.34	33,111.17	-13.58%	-738.05
IEF	iShares 7-10 Year Treasury Bond ETF	Blackrock	-4,466.61	14,833.75	-30.11%	-1,448.43
IJH	iShares Core S&P Mid-Cap ETF	Blackrock	-4,295.26	53,682.06	-8.00%	86.11
FLOT	iShares Floating Rate Bond ETF	Blackrock	-4,283.26	5,376.60	-79.66%	-162.29
IWF	iShares Russell 1000 Growth ETF	Blackrock	-3,224.78	64,299.95	-5.02%	-287.14
SHV	iShares Short Treasury Bond ETF	Blackrock	-2,942.29	17,832.01	-16.50%	-1,077.43
SPLV	Invesco S&P 500 Low Volatility ETF	Invesco	-2,911.14	8,118.26	-35.86%	-471.73

Asset Classes (December 2020)

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
U.S. Equity	13,462.65	3,085,507.44	0.44%
International Equity	29,955.00	1,062,379.37	2.82%
U.S. Fixed Income	14,412.20	968,811.08	1.49%
International Fixed Income	4,752.31	123,724.66	3.84%
Commodities	-789.86	143,985.38	-0.55%
Currency	57.13	1,918.11	2.98%
Leveraged	-1,151.08	45,314.10	-2.54%
Inverse	39.43	10,880.72	0.36%
Asset Allocation	313.27	13,265.64	2.36%
Alternatives	151.33	5,291.75	2.86%
Total:	61,202.38	5,461,078.25	1.12%

Asset Classes (Year-to-Date)

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
U.S. Equity	165,377.22	3,085,507.44	5.36%
International Equity	72,407.92	1,062,379.37	6.82%
U.S. Fixed Income	186,387.38	968,811.08	19.24%
International Fixed Income	25,515.58	123,724.66	20.62%
Commodities	40,016.74	143,985.38	27.79%
Currency	562.29	1,918.11	29.31%
Leveraged	394.29	45,314.10	0.87%
Inverse	13,510.84	10,880.72	124.17%
Asset Allocation	2,911.88	13,265.64	21.95%
Alternatives	359.55	5,291.75	6.79%
Total:	507,443.68	5,461,078.25	9.29%

December 2020 ETF Issuer League Table

Issuer	Net Flows ($,M)	AUM ($,M)	% of AUM	YTD 2020 Net Flows($,M)
Blackrock	11,664.71	2,021,101.37	0.58%	121,293.85
Vanguard	25,181.46	1,504,109.92	1.67%	199,917.58
State Street Global Advisors	-3,530.24	841,150.01	-0.42%	35,083.09
Invesco	4,429.18	294,440.09	1.50%	20,017.43
Charles Schwab	3,070.21	198,390.09	1.55%	15,703.60
First Trust	2,007.23	110,469.37	1.82%	12,867.84
VanEck	2,016.00	53,705.88	3.75%	5,014.42
ProShares	-750.62	46,921.79	-1.60%	14,352.92
JPMorgan Chase	888.00	44,981.63	1.97%	12,090.72
WisdomTree	579.62	38,435.95	1.51%	-1,227.85
ARK	8,455.53	35,121.95	24.07%	20,446.42
PIMCO	319.28	25,872.75	1.23%	3,502.41
Fidelity	704.74	23,606.93	2.99%	4,045.44
Mirae Asset	1,697.52	20,857.71	8.14%	6,599.60
Deutsche Bank	448.65	20,235.17	2.22%	2,740.80
Direxion	-32.64	18,710.10	-0.17%	5,197.46
Goldman Sachs	354.21	17,567.82	2.02%	2,161.88
Northern Trust	-139.08	14,349.03	-0.97%	-1,721.97
Franklin Templeton	83.91	8,739.22	0.96%	2,664.76
SS&C	269.19	7,356.76	3.66%	-1,157.91
Aberdeen Standard Investments	71.97	6,383.15	1.13%	2,057.19
CICC	-145.00	6,180.53	-2.35%	1,985.52
Pacer Advisors	84.38	5,757.13	1.47%	76.73
Victory Capital	-9.68	5,588.99	-0.17%	-8.86
ETFMG	394.58	5,578.19	7.07%	1,054.36
Exchange Traded Concepts	262.47	5,516.29	4.76%	2,092.33
John Hancock	9.04	5,006.53	0.18%	-205.38
US Commodity Funds	-261.25	4,822.58	-5.42%	4,696.49
Goldman Sachs Group, Inc.	-251.54	4,397.39	-5.72%	-194.37
Innovator	116.75	3,994.39	2.92%	1,418.56
Principal	2.91	3,987.19	0.07%	277.25
Janus Henderson	174.76	3,928.48	4.45%	2,402.92
New York Life	160.58	3,864.62	4.16%	365.41
American Century Investments	265.86	3,815.39	6.97%	2,039.49
The Hartford	36.98	3,716.01	1.00%	-327.17
Amplify Investments	370.83	3,129.33	11.85%	1,642.74
US Global Investors	199.99	3,046.57	6.56%	2,302.86
Nuveen Securities	152.69	2,621.00	5.83%	1,271.33
Barclays Capital Inc.	2.27	2,321.38	0.10%	-414.62
BMO	0.00	1,982.76	0.00%	647.62
Toroso Investments	107.40	1,536.79	6.99%	901.56
O’Shares Investments	98.73	1,469.35	6.72%	476.37
Prudential	105.14	1,344.54	7.82%	451.83
Vident	-12.11	1,343.33	-0.90%	-296.35
GraniteShares	-13.77	1,329.17	-1.04%	435.22
Columbia Management Investment Advisers, LLC	217.71	1,269.50	17.15%	530.54
Davis Advisers	9.43	1,079.91	0.87%	165.09
AdvisorShares	111.48	1,053.64	10.58%	382.85
Defiance ETFs	165.57	1,000.49	16.55%	667.21
Aptus Capital Advisors	44.48	980.41	4.54%	487.63
UBS	-18.89	900.28	-2.10%	-2,138.06
Cambria	-24.14	840.74	-2.87%	207.04
Virtus Investment Partners	58.38	833.94	7.00%	-3.56
Renaissance Capital	268.62	782.32	34.34%	608.36
Transamerica Funds	-4.48	752.69	-0.60%	-63.63
Inspire	1.36	687.77	0.20%	154.31
Credit Suisse Group AG	35.12	670.67	5.24%	-1,497.01
EMPIRICAL FINANCE LLC	10.62	655.06	1.62%	133.70
Main Management	6.87	649.06	1.06%	6.94
The Motley Fool	32.36	550.30	5.88%	132.79
Nationwide	19.87	497.61	3.99%	80.31
BNY Mellon	65.14	496.81	13.11%	213.72
Merk	14.01	441.00	3.18%	198.71
Redwood Investment Management	133.23	407.26	32.71%	255.21
Tortoise	15.89	397.35	4.00%	-1.49
Timothy Plan	6.88	388.33	1.77%	97.51
Sprott, Inc.	7.38	386.61	1.91%	60.45
Al Marketing LLC	-2.68	376.34	-0.71%	-53.35
TrimTabs	161.13	364.09	44.26%	197.15
WBI	-12.89	319.41	-4.04%	-137.43
Teucrium	-25.61	313.08	-8.18%	90.17
Liquid Strategies	4.05	290.29	1.40%	156.09
Howard Capital Management	5.51	283.46	1.94%	99.14
Roundhill Investments	49.09	283.17	17.34%	193.06
SRN Advisors	23.34	278.45	8.38%	118.69
ClearShares LLC	-5.01	273.68	-1.83%	62.78
Regents Park Funds	14.56	255.51	5.70%	142.90
Swedish Export Credit	12.75	233.83	5.45%	-20.31
Strategy Shares	75.28	220.12	34.20%	183.39
Distillate Capital	5.38	207.94	2.59%	116.71
EntrepreneurShares, LLC	2.53	191.69	1.32%	27.02
Intangible Capital	0.03	174.06	0.02%	1.34
T. Rowe Price Group, Inc.	24.79	149.99	16.53%	76.98
Tuttle Tactical Management, LLC	17.23	148.72	11.58%	128.78
AGF	-18.33	145.67	-12.58%	53.68
Core Alternative Capital	0.00	138.28	0.00%	25.70
Donald L. Hagan LLC	4.33	137.12	3.16%	113.92
OBP Capital LLC	10.23	126.93	8.06%	53.95
Arrow Funds	0.00	105.91	0.00%	-12.50
Simplify Asset Management Inc.	6.56	99.46	6.59%	91.11
Gadsden	4.95	98.19	5.04%	34.42
Cboe Vest Financial LLC	4.75	86.27	5.50%	30.56
Exponential ETFs	0.96	83.77	1.15%	1.31
Wahed Invest LLC	5.81	67.45	8.61%	32.76
Emles Advisors LLC	4.41	66.41	6.64%	48.28
TrueMark Investments	5.88	65.55	8.97%	54.55
Syntax Advisors	1.39	62.29	2.23%	-26.12
CornerCap Investment Counsel, Inc.	4.63	59.64	7.76%	54.05
Pacific Life	0.00	57.07	0.00%	0.00
iM Global Partner	-9.69	55.09	-17.58%	17.58
Metaurus Advisors	0.46	53.02	0.86%	0.46
Highland Capital Management	-3.18	52.88	-6.01%	-213.70
Natixis	-9.29	49.81	-18.64%	-4.38
Premise Capital	-2.25	49.35	-4.55%	6.07
Toews Corp.	-1.26	48.85	-2.58%	42.35
ProcureAM	8.30	43.12	19.24%	27.51
Advisors Asset Management	1.16	42.87	2.71%	-0.21
Pettee Investors	0.83	40.40	2.06%	26.24
Absolute Investment Advisers LLC	1.90	37.41	5.08%	33.65
Beyond Investing	1.71	36.02	4.74%	18.23
Impact Shares	0.74	35.39	2.08%	18.15
Change Finance	2.85	32.79	8.70%	14.81
AlphaMark Advisors	0.00	23.68	0.00%	0.00
ETF Series Solutions	0.58	23.42	2.49%	8.72
Truist	4.55	20.48	22.24%	17.93
Esoterica	2.51	20.18	12.42%	12.90
Neil Azous Revocable Trust	0.67	19.23	3.48%	-1.78
Little Harbor Advisors	-5.49	17.73	-30.97%	19.22
The Leuthold Group LLC	0.00	12.68	0.00%	11.42
Counterpoint Mutual Funds LLC	0.00	12.62	0.00%	12.90
Alternative Access Funds LLC	0.00	10.00	0.00%	9.98
Point Bridge Capital	0.00	9.59	0.00%	-4.78
Guinness Atkinson Asset Management	2.49	8.01	31.06%	3.53
Global Beta Advisors	0.01	7.24	0.17%	-0.29
Water Island Capital Partners LP	0.00	6.43	0.00%	3.75
EquBot	0.00	6.18	0.00%	1.56
Inverdale Capital Management LLC	1.97	3.31	59.64%	1.97
Grace Partners of Dupage LP	0.00	3.11	0.00%	0.00
Whitford Asset Management	0.00	2.75	0.00%	-1.07
Reflection Asset Management, LLC	0.00	2.29	-0.02%	2.02

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's worked for 12 years. Before joining the company, Roy was the managing editor and commodities analyst for Hard Assets Investor. He lives in the San Francisco Bay Area, where he enjoys climbing the city’s steep hills, playing pickleball and snowboarding.

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