2021 ETF Inflows Hit $900B

The U.S. ETF industry closed a record year with a record month.

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Reviewed by: Dan Mika
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Edited by: Dan Mika

U.S.-listed ETFs took a net inflow of just under $99.4 billion in December, shattering the previous one-month record of $91.2 billion set in November 2020 and capping off a record-breaking year for the industry as it breached the $900 billion inflow mark for 2021.

That figure is well above the $507.4 billion generated in 2020, and nearly double the $476.1 billion that flowed into the industry in 2017.

According to ETF.com data provider FactSet, the U.S. ETF industry ended 2021 with $7.21 trillion in assets under management. The December figures are inclusive of the mid-December rebalances of the Nasdaq-100 and major indexes from S&P Dow Jones and CRSP that underlie popular broad-market ETFs issued by Vanguard, BlackRock and Invesco.

Those index rebalances caused nearly $38 billion in inflows on Dec. 16 alone, most of which were later withdrawn once the funds were realigned with the indexes they tracked.

 

Net Flows ($M) 2020 Net Flows ($M) 2021 Net Flows ($M) Change ($M) Change (%)
U.S. Equity 165,377.22 461,921.12 296,543.90 179.31%
International Equity 72,407.92 210,700.74 138,292.82 190.99%
U.S. Fixed Income 186,387.38 175,287.83 -11,099.55 -5.96%
International Fixed Income 25,515.58 34,402.36 8,886.78 34.83%
Commodities 40,016.74 -4,207.33 -44,224.07 -110.51%
Currency 562.29 1,760.53 1,198.24 213.10%
Leveraged 394.29 5,414.20 5,019.91 1273.15%
Inverse 13,510.84 5,571.92 -7,938.92 -58.76%
Asset Allocation 2,911.88 6,023.95 3,112.07 106.87%
Alternatives 359.55 3,140.46 2,780.91 773.44%
Total 507,443.68 900,015.77 392,572.09 77.36%

 

While U.S. equities easily led among the asset classes, almost every asset class saw at least a doubling in their ETF asset size. The only ETF classes with net outflows were more U.S. fixed income, commodities and leveraged funds, suggesting that those somewhat bearish strategies lost their sheen.

Broad Market Ends Dominant Year

With the S&P 500 gaining nearly 28% in the year and notching a near record of 70 all-time high closes, it’s no wonder broad equity ETFs ended December squarely on top of the inflows list.

The SPDR S&P 500 ETF Trust (SPY) utterly dominated inflows for the month, with just shy of $20.9 billion in new assets flowing into the oldest ETF in the U.S. Far behind were the Invesco QQQ Trust (QQQ) and the Vanguard Total Stock Market ETF (VTI), with $6 billion and just short of $4.5 billion, respectively.

On the fixed income side, the iShares 20+ Year Treasury Bond ETF (TLT) added $2.1 billion in new assets as bond investors reacted to the Federal Reserve pivoting toward a tighter monetary policy in 2022 to wrangle inflation down. The iShares iBoxx USD High Yield Corporate Bond ETF (HYG) added just shy of $3.3 billion in assets.

The ProShares UltraPro QQQ (TQQQ) also added $1.8 billion in new assets during the month, making it the only leveraged fund to appear in the top 10.

Factors, Inflation Hedges Sell Off

Three of BlackRock’s largest factor-driven index funds suffered deep outflows during the month, likely due to the relative appeal of broader-market ETFs. The iShares MSCI USA Quality Factor ETF (QUAL) saw just over $3 billion in outflows on the month, while the iShares MSCI USA Momentum Factor ETF (MTUM) and the iShares MSCI USA Min Vol Factor ETF (USMV) lost $1.9 billion and $1.4 billion, respectively.

The Vanguard S&P 500 ETF (VOO) suffered a rare outflow of $1.8 billion in the month, which is likely attributable to year-end profit-taking.

Three common inflation-protection ETFs also suffered outflows, despite the Consumer Price Index hitting an annualized 6.8% in November after months of prolonged inflation. The inflation-adjusted Treasury-holding Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) lost $913.2 million on the month, while the Schwab U.S. TIPS ETF (SCHP) lost $718.3 million. The SPDR Gold Trust (GLD) decreased by $967.8 million, extending its yearlong slide.

However, the iShares TIPS Bond ETF (TIP) gained more than $1.1 billion in the period, suggesting that some investors aren’t completely ready to move assets out of some of the safest securities on the market.

2021’s Biggest Winners & Losers

Vanguard once again dominated among ETFs with the 10 largest net inflows on the year, holding six places on the list. VOO led, with $46.6 billion in new assets, while VTI took in just over $44 billion. SPY was a distant third, at $35.2 billion in net new assets.

The only fixed income entrants among the top 10 were the Vanguard Total Bond Market ETF (BND) and the Vanguard Short-Term ETF (BSV), with $18.7 billion and $13.4 billion in new assets, respectively.

On the bottom end of the flows list, the iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD) saw the largest outflows, with $14.2 billion pulled by investors, followed by GLD, at just shy of $10.8 billion.

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

 

Top Gainers (December 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 20,868.61 455,030.93 4.59% 35,209.53
QQQ Invesco QQQ Trust Invesco 6,020.48 217,207.59 2.77% 21,606.98
VTI Vanguard Total Stock Market ETF Vanguard 4,486.34 299,986.78 1.50% 44,087.72
VEA Vanguard FTSE Developed Markets ETF Vanguard 3,358.89 110,084.01 3.05% 15,328.37
TLT iShares 20+ Year Treasury Bond ETF Blackrock 3,315.53 19,560.68 16.95% 2,091.11
IVV iShares Core S&P 500 ETF Blackrock 2,676.32 335,954.48 0.80% 27,980.22
VWO Vanguard FTSE Emerging Markets ETF Vanguard 2,322.18 80,068.58 2.90% 11,308.39
HYG iShares iBoxx USD High Yield Corporate Bond ETF Blackrock 2,297.93 20,965.66 10.96% -4,779.70
TQQQ ProShares UltraPro QQQ ProShares 1,859.57 20,848.89 8.92% 2,715.30
IJR iShares Core S&P Small-Cap ETF Blackrock 1,736.08 75,841.04 2.29% 5,386.19

 

Top Gainers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM December 2021 Net Flows($,M)
VOO Vanguard S&P 500 ETF Vanguard 46,559.92 281,038.26 16.57% -1,800.40
VTI Vanguard Total Stock Market ETF Vanguard 44,087.72 299,986.78 14.70% 4,486.34
SPY SPDR S&P 500 ETF Trust State Street Global Advisors 35,209.53 455,030.93 7.74% 20,868.61
IVV iShares Core S&P 500 ETF Blackrock 27,980.22 335,954.48 8.33% 2,676.32
QQQ Invesco QQQ Trust Invesco 21,606.98 217,207.59 9.95% 6,020.48
BND Vanguard Total Bond Market ETF Vanguard 18,678.12 83,806.45 22.29% 1,276.94
VEA Vanguard FTSE Developed Markets ETF Vanguard 15,328.37 110,084.01 13.92% 3,358.89
VTV Vanguard Value ETF Vanguard 15,223.49 92,710.78 16.42% 440.32
IEFA iShares Core MSCI EAFE ETF Blackrock 13,773.91 104,557.27 13.17% 1,614.77
BSV Vanguard Short-Term Bond ETF Vanguard 13,410.96 42,001.58 31.93% -16.37

 

Biggest Losers (December 2021)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM YTD 2021 Net Flows($,M)
QUAL iShares MSCI USA Quality Factor ETF Blackrock -3,037.94 25,554.92 -11.89% -1,038.90
MTUM iShares MSCI USA Momentum Factor ETF Blackrock -1,936.97 14,900.63 -13.00% -106.64
VOO Vanguard S&P 500 ETF Vanguard -1,800.40 281,038.26 -0.64% 46,559.92
USMV iShares MSCI USA Min Vol Factor ETF Blackrock -1,407.91 30,519.89 -4.61% -7,907.72
VLUE iShares MSCI USA Value Factor ETF Blackrock -1,064.50 16,150.07 -6.59% 3,987.33
GLD SPDR Gold Trust State Street Global Advisors -967.77 56,265.34 -1.72% -10,776.62
IVOL Quadratic Interest Rate Volatility and Inflation Hedge ETF CICC -913.22 2,474.63 -36.90% 1,689.62
FXL First Trust Technology AlphaDEX Fund First Trust -838.70 2,009.39 -41.74% -1,059.28
LDEM iShares ESG MSCI EM Leaders ETF Blackrock -737.55 74.53 -989.65% -732.42
SCHP Schwab U.S. TIPS ETF Charles Schwab -718.32 21,114.74 -3.40% 6,876.24

 

Biggest Losers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM December 2021 Net Flows($,M)
LQD iShares iBoxx USD Investment Grade Corporate Bond ETF Blackrock -14,209.24 38,802.29 -36.62% 1,350.62
GLD SPDR Gold Trust State Street Global Advisors -10,776.62 56,265.34 -19.15% -967.77
USMV iShares MSCI USA Min Vol Factor ETF Blackrock -7,907.72 30,519.89 -25.91% -1,407.91
HYG iShares iBoxx USD High Yield Corporate Bond ETF Blackrock -4,779.70 20,965.66 -22.80% 2,297.93
SHV iShares Short Treasury Bond ETF Blackrock -4,760.09 13,057.64 -36.45% -20.98
EFAV iShares MSCI EAFE Min Vol Factor ETF Blackrock -2,874.52 8,187.60 -35.11% -15.42
USO United States Oil Fund LP US Commodity Funds -2,853.33 2,415.34 -118.13% -283.61
JNK SPDR Bloomberg High Yield Bond ETF State Street Global Advisors -2,625.17 9,884.11 -26.56% 801.58
EWY iShares MSCI South Korea ETF Blackrock -2,274.16 4,586.83 -49.58% -192.05
IWF iShares Russell 1000 Growth ETF Blackrock -2,087.62 79,684.13 -2.62% 1,067.31

 

Asset Classes (December 2021)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 58,068.53 4,393,360.92 1.32%
International Equity 17,770.96 1,295,840.03 1.37%
U.S. Fixed Income 18,933.60 1,115,866.08 1.70%
International Fixed Income 3,336.88 151,706.40 2.20%
Commodities -2,320.84 135,116.93 -1.72%
Currency 146.29 3,311.06 4.42%
Leveraged 3,218.12 77,086.29 4.17%
Inverse -622.92 11,374.22 -5.48%
Asset Allocation 851.66 20,888.76 4.08%
Alternatives -10.95 6,908.75 -0.16%
Total: 99,371.33 7,211,459.45 1.38%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 461,921.12 4,393,360.92 10.51%
International Equity 210,700.74 1,295,840.03 16.26%
U.S. Fixed Income 175,287.83 1,115,866.08 15.71%
International Fixed Income 34,402.36 151,706.40 22.68%
Commodities -4,207.33 135,116.93 -3.11%
Currency 1,760.53 3,311.06 53.17%
Leveraged 5,414.20 77,086.29 7.02%
Inverse 5,571.92 11,374.22 48.99%
Asset Allocation 6,023.95 20,888.76 28.84%
Alternatives 3,140.46 6,908.75 45.46%
Total: 900,015.77 7,211,459.45 12.48%

 

December 2021 ETF Issuer League Table

Issuer Net Flows ($,M) AUM ($,M) % of AUM YTD 2021 Net Flows($,M)
Blackrock 29,292.03 2,474,779.27 1.18% 208,799.23
Vanguard 25,531.84 2,084,417.92 1.22% 325,713.99
State Street Global Advisors 26,486.53 1,108,645.11 2.39% 93,285.23
Invesco 6,096.67 409,543.94 1.49% 54,021.00
Charles Schwab 1,772.52 271,843.28 0.65% 39,661.50
First Trust 1,545.83 149,590.87 1.03% 24,840.90
JPMorgan Chase 1,745.74 72,080.98 2.42% 23,043.70
ProShares 1,448.32 70,951.56 2.04% 12,120.47
VanEck -405.69 61,701.10 -0.66% 8,321.71
WisdomTree 534.80 48,064.66 1.11% 4,931.91
Mirae Asset Global Investments Co., Ltd. 1,436.85 42,308.59 3.40% 21,014.72
Dimensional Holdings 1,319.57 36,705.92 3.59% 5,134.42
Fidelity 565.66 34,551.15 1.64% 5,141.19
Direxion 1,121.22 30,351.64 3.69% 1,747.46
ARK -1,235.69 30,245.67 -4.09% 8,765.48
Goldman Sachs 227.77 27,383.94 0.83% 1,698.20
PIMCO -50.28 26,978.17 -0.19% 1,108.76
DWS 465.71 24,140.41 1.93% 2,316.96
Northern Trust 187.58 20,217.47 0.93% 3,662.80
CICC -1,100.37 12,166.37 -9.04% 10,955.29
Pacer Advisors 423.44 10,145.32 4.17% 3,095.94
Franklin Templeton 185.11 9,919.90 1.87% 833.41
American Century Investments 640.95 9,853.71 6.50% 5,087.62
Nuveen Securities 231.12 8,608.86 2.68% 5,548.02
SS&C -172.46 8,539.55 -2.02% 88.05
Exchange Traded Concepts 94.89 8,075.01 1.18% 2,573.19
Victory Capital 33.51 7,273.34 0.46% 1,471.20
Abrdn Plc -90.34 6,561.07 -1.38% 789.67
ETFMG -114.58 6,138.57 -1.87% 1,150.41
Innovator 65.26 5,945.95 1.10% 1,447.63
John Hancock 100.95 5,474.96 1.84% -395.75
Principal -356.41 4,964.96 -7.18% 466.00
  112.46 4,807.12 2.34% 314.75
New York Life 21.60 4,654.95 0.46% 449.47
Janus Henderson -97.92 4,431.83 -2.21% 470.76
Amplify Investments -45.21 4,400.32 -1.03% 1,627.98
The Hartford 6.70 4,218.99 0.16% 355.98
US Commodity Funds -427.00 3,735.26 -11.43% -3,174.07
BMO 73.04 3,560.19 2.05% 783.70
Barclays Capital Inc. 29.23 3,342.22 0.87% 1,709.42
US Global Investors -142.92 3,311.78 -4.32% 631.54
Toroso Investments 204.84 3,057.71 6.70% 1,324.53
AdvisorShares 57.11 2,357.94 2.42% 1,956.23
Prudential -2.15 2,146.77 -0.10% 801.11
Aptus Capital Advisors 167.01 1,924.81 8.68% 843.93
Columbia Management Investment Advisers, LLC 68.14 1,764.37 3.86% 531.66
Defiance ETFs 17.05 1,710.67 1.00% 470.13
The Motley Fool 4.58 1,687.00 0.27% 88.40
Strategy Shares 145.20 1,559.05 9.31% 1,299.26
O’Shares Investments 6.37 1,515.41 0.42% -52.88
Vident -11.27 1,478.31 -0.76% -51.52
Virtus Investment Partners 9.64 1,415.92 0.68% 446.42
GraniteShares -0.77 1,407.03 -0.05% 50.00
UBS 0.00 1,390.80 0.00% -40.25
Nationwide 119.06 1,323.70 8.99% 792.62
Roundhill Investments 157.14 1,302.15 12.07% 1,140.72
BNY Mellon 60.28 1,228.07 4.91% 573.45
Davis Advisers -6.25 1,198.30 -0.52% 99.28
Cambria 26.72 1,173.84 2.28% 318.21
Main Management 12.38 1,168.96 1.06% 320.02
Inspire 75.73 1,132.09 6.69% 348.43
Alpha Architect 45.56 1,117.14 4.08% 374.98
Simplify Asset Management Inc. 98.24 1,054.56 9.32% 852.33
Horizon Kinetics LLC -49.25 864.35 -5.70% 809.31
Transamerica Funds 0.94 827.06 0.11% -46.20
Howard Capital Management 58.14 770.40 7.55% 328.65
Distillate Capital 79.59 617.42 12.89% 307.43
T. Rowe Price Group, Inc. 31.46 608.51 5.17% 324.03
Merk -8.65 580.57 -1.49% 163.41
Timothy Plan 11.14 556.03 2.00% 69.93
TrimTabs 63.52 543.92 11.68% 101.66
Credit Suisse Group AG -1.67 539.04 -0.31% 410.45
Redwood Investment Management 13.04 535.04 2.44% 74.53
Tortoise 3.26 518.81 0.63% 7.73
Liquid Strategies 25.41 485.92 5.23% 156.73
Cavalier16 1.21 460.96 0.26% 135.42
Renaissance Capital -18.88 412.56 -4.58% -273.11
Day Hagan Asset Management 15.68 406.00 3.86% 206.53
ClearShares LLC 29.53 401.11 7.36% 145.61
Regents Park Funds 3.50 375.31 0.93% 100.42
Little Harbor Advisors 22.29 371.46 6.00% 291.37
SRN Advisors 5.51 363.18 1.52% 65.80
Sprott, Inc. 9.27 348.95 2.66% 24.03
Al Marketing LLC -7.42 314.27 -2.36% -82.12
Swedish Export Credit -19.58 292.20 -6.70% -24.44
Teucrium -10.96 283.72 -3.86% -121.14
Engine No. 1 LLC 16.50 283.30 5.82% 256.47
WBI -4.58 282.80 -1.62% -14.29
Core Alternative Capital 3.68 257.59 1.43% 101.00
Advisors Asset Management 25.04 207.12 12.09% 157.84
Syntax Advisors 0.07 203.13 0.03% 51.59
Intangible Capital -0.01 201.21 -0.01% 4.99
TrueMark Investments -6.04 199.39 -3.03% 114.15
Tuttle Tactical Management, LLC 40.23 187.04 21.51% 44.99
Impact Shares 1.59 186.27 0.85% 141.65
OBP Capital LLC 1.01 180.33 0.56% 129.24
Wahed Invest LLC 4.17 180.06 2.32% 80.75
Truist 102.29 167.80 60.96% 139.75
Swan Global Investments 9.04 158.07 5.72% 145.12
Arrow Funds 0.00 131.60 0.00% -0.13
Wainwright, Inc. 2.85 125.03 2.28% 110.97
Gadsden -1.92 122.56 -1.56% 20.08
Kingsview Partners LLC 4.88 119.90 4.07% 109.18
AGF 6.12 116.76 5.24% -10.82
Change Finance 5.25 115.90 4.53% 69.25
Humankind USA LLC 1.46 111.76 1.30% 96.01
CornerCap Investment Counsel, Inc. 1.03 110.13 0.94% 30.69
ProcureAM -5.44 108.62 -5.01% 67.09
EntrepreneurShares, LLC -0.62 105.50 -0.59% -18.53
Pettee Investors 4.25 102.17 4.16% 40.79
Exponential ETFs 0.00 84.04 0.00% -0.27
Neil Azous Revocable Trust -0.87 83.24 -1.04% 65.41
Emles Advisors LLC -0.42 80.66 -0.52% 28.39
Beyond Investing 2.20 76.29 2.89% 27.12
Natixis 6.93 71.73 9.66% 18.15
GeaSphere LLC 5.40 68.52 7.87% 70.72
Oneascent Holdings LLC 8.47 60.55 13.98% 58.90
Absolute Investment Advisers LLC 0.00 55.52 0.00% 12.62
Toews Corp. 0.12 55.34 0.21% 8.13
Guinness Atkinson Asset Management -1.56 53.96 -2.89% 13.39
Valkyrie Funds LLC 5.79 53.32 10.85% 68.86
Alger Group Holdings LLC -1.86 52.33 -3.55% 47.97
Alexis Investment Partners LLC 1.34 51.46 2.60% 30.83
Federated Hermes, Inc. 50.00 50.25 99.50% 50.00
Rayliant Investment Research 8.15 50.12 16.25% 50.73
Inverdale Capital Management LLC 3.63 46.74 7.76% 38.99
ETF Series Solutions 0.12 46.58 0.25% 12.78
2nd Vote Value Investments, Inc 4.25 46.12 9.21% 35.54
Highland Capital Management 7.93 46.11 17.20% -6.67
Esoterica 0.00 45.99 0.00% 17.78
Power Corporation of Canada 6.71 45.75 14.68% 13.50
Formidable Asset Management 0.63 43.60 1.44% 42.19
Cohanzick Management 19.64 42.35 46.37% 42.08
Premise Capital 0.00 41.70 0.00% -14.10
Chadds Ford Investment Management LLC 39.97 40.75 98.07% 40.72
Infusive Asset Management 0.00 40.15 0.00% 6.84
Red Gate Advisers LLC 0.00 39.83 0.00% 6.38
New Age Alpha Advisors LLC -2.27 38.09 -5.97% 33.67
Ridgeline Research LLC 0.87 34.88 2.50% 28.20
Pacific Life 0.00 34.61 0.00% 5.37
Metaurus Advisors 0.03 34.27 0.08% 14.36
Uncommon Investment Advisors LLC 1.07 33.38 3.20% 31.04
AlphaMark Advisors 0.00 26.18 0.00% -1.41
Knights of Columbus 0.99 25.01 3.96% 24.12
ASYMmetric ETFs 1.76 24.22 7.28% 22.46
Water Island Capital Partners LP 10.38 22.59 45.93% 12.55
VectorShares LLC -0.10 19.81 -0.51% 19.82
Mairs & Power, Inc. 0.00 18.62 0.00% 18.55
EquBot 6.44 17.70 36.36% 11.26
The Leuthold Group LLC 0.00 17.38 0.00% 2.96
Changebridge Capital LLC 0.00 16.51 0.00% 10.96
Future Fund Advisors -0.47 16.10 -2.95% 17.00
GAMCO Investors, Inc. 0.29 15.47 1.90% 8.28
Reflection Asset Management, LLC 4.51 14.15 31.87% 10.88
Point Bridge Capital 0.00 13.75 0.00% 0.97
MCCM Group LLC -2.02 12.62 -15.97% 26.56
Zacks Investment Management 7.05 12.27 57.47% 11.60
Counterpoint Mutual Funds LLC 0.00 10.14 0.00% -2.41
Alternative Access Funds LLC 0.00 10.01 0.00% 0.00
Applied Finance Group 0.00 9.97 0.00% 8.03
Cultivar Capital, Inc. 8.80 9.51 92.53% 8.80
Cabot ETF Partners LLC -11.86 9.31 -127.45% 19.85
Whitford Asset Management -1.10 8.37 -13.20% 4.74
Jacob Asset Management 0.20 6.97 2.83% 7.67
GCI Investors, Inc. 5.32 5.83 91.28% 5.32
RBS Securities 3.32 5.65 58.83% 3.32
Retireful LLC 0.62 5.64 11.01% 3.78
Global Beta Advisors 0.01 5.22 0.14% -2.97
Volt Equity LLC -0.77 5.10 -15.15% -0.77
Spear Advisors LLC 0.00 4.91 0.00% 4.62
Lifegoal Investments LLC 0.73 4.68 15.58% 3.46
Banhazl 0.22 4.14 5.35% 1.80
Lyrical Partners 0.00 3.34 0.00% 2.57
Democracy Investment Management LLC 0.00 3.25 -0.02% 2.61
Wilshire Phoenix Funds LLC 0.00 1.77 0.00% 0.00
Dalton Capital 1.25 1.30 95.98% 1.25
WealthTrust Asset Management LLC 0.65 1.30 50.00% 0.65
First Pacific Advisors LP 0.00 1.28 0.00% 0.00
Grizzle Investment Management LLC 0.75 0.75 99.07% 0.75
Inherent Wealth Fund LLC 0.00 0.26 0.00% 0.30
Eaton Vance Corp. 0.00 0.00 0.00% 0.00
Litman Gregory Capital Partners LLC 0.00 0.00 0.00% 20.26

 

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.

Dan Mika is a reporter for etf.com. He has previously covered business for the Ames Tribune and Cedar Rapids Gazette in Iowa, and BizWest Media in Fort Collins, Colorado. Dan holds a bachelor's degree in journalism from Truman State University.