$26B Pours Out Of US Equity ETFs In January

February 01, 2019

U.S. stocks had their best January performance since 1987, but ETF investors didn’t chase the rally. When all was said and done, they pulled $2.2 billion from U.S.-listed ETFs, the first January outflow since 2015.

It was a far cry from January 2018, when stocks also surged and investors plowed an eye-popping $68.1 billion into ETFs, the most ever for a single month.

As the latest data show, markets and flows aren’t always correlated. Indeed, back in December, when stocks were falling precipitously, investors added nearly $50 billion to ETFs, taking advantage of cheaper share prices.

In other words, investors bought aggressively at the market low and sold as the market spiked higher.

2 ETFs Drive Outflows

The relatively modest $2.2 billion outflow for January isn’t indicative of the big moves that took place beneath the surface. A whopping $25.5 billion came out of U.S.-listed equity ETFs, largely due to outflows from two funds.

The SPDR S&P 500 ETF Trust (SPY) and the iShares Core S&P 500 ETF (IVV) had outflows of a combined $19 billion.

Outflows from those funds offset strong inflows for other asset classes, including international equity ETFs (+$5 billion), U.S. fixed-income ETFs (+$13.5 billion), international fixed-income ETFs (+$2.2 billion) and commodity ETFs (+$1.9 billion).

ETFs that were in vogue included the iShares Core MSCI Emerging Markets ETF (IEMG), the Vanguard Short-Term Corporate Bond ETF (VCSH), the iShares 20+ Year Treasury Bond ETF (TLT) and the SPDR Gold Trust (GLD).

A sudden dovish shift in the Federal Reserve’s outlook for interest rates bolstered returns for fixed income, and the asset class was the favorite among ETF investors in January.

For a full list of the top inflows and outflows for January, see the tables below:

 

Top Gainers (January 2019)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM YTD 2019 Net Flows($,M)
IEMG iShares Core MSCI Emerging Markets ETF BlackRock 4,236.21 57,015.41 7.43% 4,236.21
VCSH Vanguard Short-Term Corporate Bond ETF Vanguard 3,033.17 23,463.10 12.93% 3,033.17
VCIT Vanguard Intermediate-Term Corporate Bond ETF Vanguard 2,621.47 21,206.60 12.36% 2,621.47
QUAL iShares Edge MSCI U.S.A. Quality Factor ETF BlackRock 1,764.15 9,000.24 19.60% 1,764.15
TLT iShares 20+ Year Treasury Bond ETF BlackRock 1,755.32 10,199.94 17.21% 1,755.32
VOO Vanguard S&P 500 ETF Vanguard 1,589.37 98,536.46 1.61% 1,589.37
MBB iShares MBS ETF BlackRock 1,528.67 13,888.80 11.01% 1,528.67
GLD SPDR Gold Trust State Street Global Advisors 1,514.98 34,707.25 4.37% 1,514.98
EEM iShares MSCI Emerging Markets ETF BlackRock 1,499.22 32,994.80 4.54% 1,499.22
IEF iShares 7-10 Year Treasury Bond ETF BlackRock 1,464.93 11,689.47 12.53% 1,464.93

 

Top Gainers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM January 2019 Net Flows($,M)
IEMG iShares Core MSCI Emerging Markets ETF BlackRock 4,236.21 57,015.41 7.43% 4,236.21
VCSH Vanguard Short-Term Corporate Bond ETF Vanguard 3,033.17 23,463.10 12.93% 3,033.17
VCIT Vanguard Intermediate-Term Corporate Bond ETF Vanguard 2,621.47 21,206.60 12.36% 2,621.47
QUAL iShares Edge MSCI U.S.A. Quality Factor ETF BlackRock 1,764.15 9,000.24 19.60% 1,764.15
TLT iShares 20+ Year Treasury Bond ETF BlackRock 1,755.32 10,199.94 17.21% 1,755.32
VOO Vanguard S&P 500 ETF Vanguard 1,589.37 98,536.46 1.61% 1,589.37
MBB iShares MBS ETF BlackRock 1,528.67 13,888.80 11.01% 1,528.67
GLD SPDR Gold Trust State Street Global Advisors 1,514.98 34,707.25 4.37% 1,514.98
EEM iShares MSCI Emerging Markets ETF BlackRock 1,499.22 32,994.80 4.54% 1,499.22
IEF iShares 7-10 Year Treasury Bond ETF BlackRock 1,464.93 11,689.47 12.53% 1,464.93

 

Biggest Losers (January 2019)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM YTD 2019 Net Flows($,M)
SPY SPDR S&P 500 ETF Trust State Street Global Advisors -12,022.20 248,038.11 -4.85% -12,022.20
IVV iShares Core S&P 500 ETF BlackRock -7,007.85 152,895.37 -4.58% -7,007.85
BSV Vanguard Short-Term Bond ETF Vanguard -3,873.39 24,166.76 -16.03% -3,873.39
IWD iShares Russell 1000 Value ETF BlackRock -2,612.01 37,605.14 -6.95% -2,612.01
IWM iShares Russell 2000 ETF BlackRock -2,428.99 42,476.94 -5.72% -2,428.99
XLE Energy Select Sector SPDR Fund State Street Global Advisors -1,704.24 13,189.26 -12.92% -1,704.24
VEA Vanguard FTSE Developed Markets ETF Vanguard -1,430.89 68,383.46 -2.09% -1,430.89
QQQ Invesco QQQ Trust Invesco -1,306.13 62,686.30 -2.08% -1,306.13
BIV Vanguard Intermediate-Term Bond ETF Vanguard -1,293.74 11,631.21 -11.12% -1,293.74
IWF iShares Russell 1000 Growth ETF BlackRock -1,236.40 40,318.84 -3.07% -1,236.40

 

Biggest Losers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM January 2019 Net Flows($,M)
SPY SPDR S&P 500 ETF Trust State Street Global Advisors -12,022.20 248,038.11 -4.85% -12,022.20
IVV iShares Core S&P 500 ETF BlackRock -7,007.85 152,895.37 -4.58% -7,007.85
BSV Vanguard Short-Term Bond ETF Vanguard -3,873.39 24,166.76 -16.03% -3,873.39
IWD iShares Russell 1000 Value ETF BlackRock -2,612.01 37,605.14 -6.95% -2,612.01
IWM iShares Russell 2000 ETF BlackRock -2,428.99 42,476.94 -5.72% -2,428.99
XLE Energy Select Sector SPDR Fund State Street Global Advisors -1,704.24 13,189.26 -12.92% -1,704.24
VEA Vanguard FTSE Developed Markets ETF Vanguard -1,430.89 68,383.46 -2.09% -1,430.89
QQQ Invesco QQQ Trust Invesco -1,306.13 62,686.30 -2.08% -1,306.13
BIV Vanguard Intermediate-Term Bond ETF Vanguard -1,293.74 11,631.21 -11.12% -1,293.74
IWF iShares Russell 1000 Growth ETF BlackRock -1,236.40 40,318.84 -3.07% -1,236.40

 

Asset Classes (January 2019)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity -25,525.11 1,983,696.61 -1.27%
International Equity 4,977.30 783,376.51 0.63%
U.S. Fixed Income 13,538.44 608,436.06 2.22%
International Fixed Income 2,235.92 68,873.84 3.25%
Commodities  1,946.02 66,999.93 2.90%
Currency -27.74 1,779.07 -1.56%
Leveraged -1,144.30 34,413.50 -3.33%
Inverse 2,045.97 12,132.00 16.86%
Asset Allocation -526.26 9,246.47 -5.69%
Alternatives 260.65 4,490.90 5.80%
Total: -2,219.10 3,572,699.51 -0.06%

 

January 2019 League Table

Issuer Net Flows ($,M) AUM ($,M) % of AUM YTD 2019 Net Flows($,M)
BlackRock -630.82 1,424,145.79 -0.04% -630.82
Vanguard 4,557.44 915,076.19 0.50% 4,557.44
State Street Global Advisors -12,033.49 597,042.33 -2.02% -12,033.49
Invesco PowerShares -1,273.59 179,863.72 -0.71% -1,273.59
Charles Schwab 2,898.78 125,578.29 2.31% 2,898.78
First Trust -8.89 66,053.45 -0.01% -8.89
WisdomTree 128.59 37,789.69 0.34% 128.59
VanEck -270.63 36,155.42 -0.75% -270.63
ProShares 1,433.14 29,763.19 4.82% 1,433.14
JPMorgan 1,131.81 22,632.93 5.00% 1,131.81
PIMCO -55.24 18,439.79 -0.30% -55.24
Northern Trust 29.17 15,129.76 0.19% 29.17
ALPS -316.12 12,921.58 -2.45% -316.12
Rafferty Asset Management -608.59 12,501.60 -4.87% -608.59
Fidelity 305.34 11,802.89 2.59% 305.34
Deutsche Bank 204.54 11,678.94 1.75% 204.54
Goldman Sachs 287.39 10,933.75 2.63% 287.39
Mirae Asset Global Investments 113.76 8,925.02 1.27% 113.76
UBS -33.46 6,504.34 -0.51% -33.46
Barclays Capital 209.02 4,453.49 4.69% 209.02
Exchange Traded Concepts 10.87 4,346.06 0.25% 10.87
New York Life -207.49 4,027.66 -5.15% -207.49
Credit Suisse 324.11 3,921.61 8.26% 324.11
Pacer Financial 231.01 3,499.49 6.60% 231.01
ETF Managers Group 58.63 3,250.37 1.80% 58.63
John Hancock 227.61 3,242.63 7.02% 227.61
The Principal Financial Group 4.27 3,210.30 0.13% 4.27
Victory Capital Management -50.09 3,016.67 -1.66% -50.09
Hartford 251.07 2,765.42 9.08% 251.07
US Commodity Funds -88.94 2,666.10 -3.34% -88.94
Aberdeen Asset Management 68.20 2,572.29 2.65% 68.20
KraneShares 151.66 2,351.22 6.45% 151.66
ARK 126.43 2,327.90 5.43% 126.43
Franklin Templeton Investments 28.43 1,724.88 1.65% 28.43
USAA Asset Management 21.52 1,203.40 1.79% 21.52
Northern Lights 7.34 1,157.33 0.63% 7.34
Janus Henderson 126.39 1,124.25 11.24% 126.39
Innovator Capital Management 159.47 926.32 17.22% 159.47
CitiGroup -65.12 875.01 -7.44% -65.12
Legg Mason 8.59 833.14 1.03% 8.59
Millington Securities Inc -18.07 773.01 -2.34% -18.07
Transamerica 12.25 770.85 1.59% 12.25
Virtus -8.75 737.52 -1.19% -8.75
Cambria 2.98 649.84 0.46% 2.98
AdvisorShares -15.64 647.74 -2.41% -15.64
Columbia -24.74 619.20 -3.99% -24.74
O’Shares Investment Advisers 11.28 606.13 1.86% 11.28
Nuveen 40.09 604.31 6.63% 40.09
Davis 9.11 602.01 1.51% 9.11
GraniteShares 120.55 514.37 23.44% 120.55
Amplify -24.35 501.00 -4.86% -24.35
Highland Capital Management 36.21 415.97 8.70% 36.21
Alpha Architect -4.70 403.43 -1.16% -4.70
Swedish Export Credit 0.00 348.39 0.00% 0.00
Nationwide Fund Advisors 6.57 347.24 1.89% 6.57
Montage Managers 4.09 328.03 1.25% 4.09
BMO 107.05 286.88 37.31% 107.05
PGIM Investments 13.73 286.56 4.79% 13.73
Strategy Shares 1.02 280.70 0.36% 1.02
Aptus Capital Advisors -2.07 213.33 -0.97% -2.07
Reality Shares -5.54 209.97 -2.64% -5.54
The RBB Fund 14.59 206.19 7.08% 14.59
Merk 5.77 152.72 3.78% 5.77
Teucrium -3.20 151.84 -2.10% -3.20
Arrow Investment Advisors -16.16 149.22 -10.83% -16.16
ClearShares 5.00 135.95 3.68% 5.00
TrimTabs Asset Management 0.10 129.10 0.08% 0.10
US Global Investors -8.27 98.13 -8.43% -8.27
American Century 2.66 84.90 3.14% 2.66
ACSI Funds 3.68 71.30 5.16% 3.68
EntrepreneurShares, LLC 0.00 68.46 0.00% 0.00
Redwood Investment Management 1.59 53.91 2.95% 1.59
FQF Trust 6.79 53.06 12.79% 6.79
Natixis 2.01 52.00 3.87% 2.01
Gadsden 27.35 49.28 55.49% 27.35
OBP Capital LLC 0.00 42.66 0.00% 0.00
Advisors Asset Management 13.45 37.67 35.71% 13.45
Premise Capital 1.44 34.97 4.13% 1.44
Point Bridge Capital 0.00 33.97 0.00% 0.00
Diamond Hill 0.00 24.81 0.00% 0.00
Validea Capital Management 0.00 24.08 0.00% 0.00
Cboe Vest Financial 0.00 23.00 0.00% 0.00
AlphaMark Advisors 0.00 22.90 0.00% 0.00
Distillate Capital Partners 4.68 22.78 20.55% 4.68
Morgan Stanley -2.27 20.80 -10.91% -2.27
Active Weighting Advisors -0.49 18.49 -2.66% -0.49
Renaissance Capital 0.00 18.20 0.00% 0.00
Metaurus Advisors -1.20 17.04 -7.02% -1.20
Sage Advisory Services 0.00 14.65 0.00% 0.00
CSOP 0.00 12.11 0.00% 0.00
Salt Financial 0.57 10.18 5.64% 0.57
Cushing 0.00 9.97 0.00% 0.00
SL Advisors 0.00 9.61 0.00% 0.00
StrongVest 0.00 8.63 0.00% 0.00
USCF Advisers -0.88 6.92 -12.77% -0.88
Defiance ETFs 1.03 6.60 15.64% 1.03
TigerShares 0.00 6.48 0.00% 0.00
Impact Shares 0.00 5.83 0.00% 0.00
Little Harbor Advisors -0.56 5.74 -9.80% -0.56
Regents Park Funds 0.00 5.48 0.00% 0.00
Change Finance 0.00 4.78 0.00% 0.00
TriLine Index Solutions 0.00 4.36 0.00% 0.00
SerenityShares 0.00 4.13 0.00% 0.00
EquBot 0.00 3.41 0.00% 0.00
Whitford Asset Management 0.00 0.62 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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