July ETF Inflows Slow 2021’s Pace

August 03, 2021

Flows into U.S.-based ETFs reached their lowest monthly level since last October, as dual fears of inflation and the COVID-19 Delta variant sending scores of unvaccinated Americans to the hospital tamped the industry’s animal spirits through the first half of 2021.

While not exactly a slouch of a month, figures from ETF.com data provider FactSet show the industry had net inflows of $48.4 billion in July, enough to pierce the $500 billion inflow mark at the very end of the month. Investors have now put a net $520.3 billion into exchange-traded products year-to-date, a figure almost 70% higher than the net flows posted in July of last year.

Major Asset Classes Slow

The drop was most clear in U.S. equities, which fell from $37.7 billion in June to roughly $19 billion in July as investors sought risk-off positions, considered long-term macroeconomic growth rates and readjusted portfolios for the back half of the year.

While less pronounced, international equity inflows slowed from June by just under $7 billion during the two months to $12.9 billion in July, and U.S. fixed income fund flows declined by $2.7 billion from June for a net gain of $12.7 billion in the same time period.

The Vanguard S&P 500 ETF (VOO) was No. 1 on our July inflows chart, ending the month with more than $5 billion flows, further solidifying its status as the largest fund by inflows this year. Closely following VOO was the Vanguard Short-Term Bond ETF (BSV), with inflows of $4.9 billion.

Commodities extended its outflow streak from June, driven in part by the slip in oil prices midway through July connected to worries that the Delta variant’s spread would curb demand for travel.

Quality, Safety Cycles In

The slowdown in aggressive equities was paired with flows into a handful of more defensive positions. The iShares TIPS Bond ETF (TIP) gained $2.6 billion in the month after the headline inflation prints left some inflation hawks shaken.

The iShares MSCI USA Quality Factor ETF (QUAL) also made an appearance in the top 10 gainers of the month, adding just under $1.6 billion in assets after it was shunned by traders with animal spirits. QUAL had net outflows of approximately $1.2 billion year-to-date at the end of July.

Real Estate Funds Struggle

The iShares U.S. Real Estate ETF (IYR) was by far the biggest loser in the month after investors pulled nearly $2.2 billion from the fund. Half of that amount was pulled in the first week of July alone as fears of a broader price bubble emerged among traders and took the fund to a net outflow of almost $1 billion year-to-date.

In comparison, the Vanguard Real Estate Fund (VNQ) recorded a slight gain with $316 million in inflows for the month. However, it has posted net inflows of $4.4 billion year-to-date and likely took some market share from IYR due to it having similar exposures but being cheaper to the tune of 29 basis points.

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

 

Top Gainers (July 2021)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM YTD 2021 Net Flows($,M)
VOO Vanguard S&P 500 ETF Vanguard 5,040.77 243,523.21 2.07% 31,638.06
BSV Vanguard Short-Term Bond ETF Vanguard 4,921.28 39,513.24 12.45% 10,106.66
VTI Vanguard Total Stock Market ETF Vanguard 3,245.52 260,603.97 1.25% 23,405.99
XLV Health Care Select Sector SPDR Fund State Street Global Advisors 2,964.42 32,192.22 9.21% 2,497.36
TIP iShares TIPS Bond ETF Blackrock 2,624.10 31,509.21 8.33% 4,462.65
IEFA iShares Core MSCI EAFE ETF Blackrock 2,354.13 99,199.10 2.37% 7,720.46
VEA Vanguard FTSE Developed Markets ETF Vanguard 1,945.40 103,504.83 1.88% 7,673.67
ESGU iShares ESG Aware MSCI USA ETF Blackrock 1,933.56 20,745.46 9.32% 4,809.62
VT Vanguard Total World Stock ETF Vanguard 1,901.06 23,886.01 7.96% 4,694.63
QUAL iShares MSCI USA Quality Factor ETF Blackrock 1,581.40 23,883.00 6.62% -1,165.01

 

Top Gainers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM July 2021 Net Flows($,M)
VOO Vanguard S&P 500 ETF Vanguard 31,638.06 243,523.21 12.99% 5,040.77
VTI Vanguard Total Stock Market ETF Vanguard 23,405.99 260,603.97 8.98% 3,245.52
IVV iShares Core S&P 500 ETF Blackrock 14,030.66 295,651.90 4.75% 1,517.47
BND Vanguard Total Bond Market ETF Vanguard 13,146.84 80,374.10 16.36% 1,017.80
VTV Vanguard Value ETF Vanguard 10,705.70 82,782.05 12.93% 505.46
BSV Vanguard Short-Term Bond ETF Vanguard 10,106.66 39,513.24 25.58% 4,921.28
IEMG iShares Core MSCI Emerging Markets ETF Blackrock 9,733.04 79,225.41 12.29% 506.76
IUSB iShares Core Total USD Bond Market ETF Blackrock 9,168.14 15,177.03 60.41% 558.80
XLF Financial Select Sector SPDR Fund State Street Global Advisors 8,171.53 39,747.11 20.56% -703.50
BNDX Vanguard Total International Bond ETF Vanguard 7,827.72 44,697.08 17.51% 1,323.44

 

Biggest Losers (July 2021)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM YTD 2021 Net Flows($,M)
IYR iShares U.S. Real Estate ETF Blackrock -2,181.59 5,513.25 -39.57% -989.61
IWM iShares Russell 2000 ETF Blackrock -1,795.51 65,458.72 -2.74% -619.54
GOVT iShares U.S. Treasury Bond ETF Blackrock -1,765.53 15,511.07 -11.38% 1,139.92
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF Blackrock -1,466.54 25,216.31 -5.82% 3,010.60
IJR iShares Core S&P Small-Cap ETF Blackrock -1,132.44 68,024.70 -1.66% 1,263.65
ARKK ARK Innovation ETF ARK -1,029.22 22,669.85 -4.54% 6,612.71
IJS iShares S&P Small-Cap 600 Value ETF Blackrock -979.94 8,697.57 -11.27% 817.45
SPY SPDR S&P 500 ETF Trust State Street Global Advisors -977.15 382,335.06 -0.26% -2,692.18
XLB Materials Select Sector SPDR Fund State Street Global Advisors -949.91 8,691.27 -10.93% 2,749.03
XLY Consumer Discretionary Select Sector SPDR Fund State Street Global Advisors -934.69 19,674.12 -4.75% -1,102.92

 

Biggest Losers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM July 2021 Net Flows($,M)
LQD iShares iBoxx USD Investment Grade Corporate Bond ETF Blackrock -13,423.02 40,774.25 -32.92% 14.83
USMV iShares MSCI USA Min Vol Factor ETF Blackrock -8,177.90 28,413.64 -28.78% -82.01
GLD SPDR Gold Trust State Street Global Advisors -7,717.89 59,561.02 -12.96% -812.80
HYG iShares iBoxx USD High Yield Corporate Bond ETF Blackrock -5,950.66 19,969.43 -29.80% -340.78
JNK SPDR Bloomberg Barclays High Yield Bond ETF State Street Global Advisors -3,538.37 9,059.60 -39.06% -701.86
SHV iShares Short Treasury Bond ETF Blackrock -3,379.45 14,447.21 -23.39% -195.56
SPY SPDR S&P 500 ETF Trust State Street Global Advisors -2,692.18 382,335.06 -0.70% -977.15
EFAV iShares MSCI EAFE Min Vol Factor ETF Blackrock -2,432.44 8,647.20 -28.13% -182.48
IWF iShares Russell 1000 Growth ETF Blackrock -2,421.48 72,587.88 -3.34% 729.85
IHI iShares U.S. Medical Devices ETF Blackrock -2,216.11 8,130.01 -27.26% 44.09

 

Asset Classes (July 2021)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 18,972.73 3,883,960.89 0.49%
International Equity 12,871.87 1,273,529.72 1.01%
U.S. Fixed Income 12,689.17 1,063,219.68 1.19%
International Fixed Income 3,467.34 146,880.26 2.36%
Commodities -875.68 140,943.68 -0.62%
Currency 30.31 1,967.99 1.54%
Leveraged 165.58 61,754.48 0.27%
Inverse 302.55 11,538.99 2.62%
Asset Allocation 815.09 17,293.89 4.71%
Alternatives -30.40 6,435.59 -0.47%
Total: 48,408.56 6,607,525.17 0.73%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 238,259.66 3,883,960.89 6.13%
International Equity 150,983.96 1,273,529.72 11.86%
U.S. Fixed Income 97,439.79 1,063,219.68 9.16%
International Fixed Income 24,760.86 146,880.26 16.86%
Commodities -1,387.46 140,943.68 -0.98%
Currency 85.81 1,967.99 4.36%
Leveraged 923.74 61,754.48 1.50%
Inverse 4,253.67 11,538.99 36.86%
Asset Allocation 2,884.27 17,293.89 16.68%
Alternatives 2,081.35 6,435.59 32.34%
Total: 520,285.65 6,607,525.17 7.87%

 

July 2021 ETF Issuer League Table

Issuer Net Flows ($,M) AUM ($,M) % of AUM YTD 2021 Net Flows($,M)
Blackrock 6,226.63 2,311,537.39 0.27% 100,476.86
Vanguard 32,166.21 1,892,021.93 1.70% 205,997.90
State Street Global Advisors -333.11 992,240.64 -0.03% 39,385.64
Invesco -1,388.21 364,916.19 -0.38% 29,995.72
Charles Schwab 3,459.17 249,814.70 1.38% 26,021.18
First Trust 1,103.02 137,020.15 0.81% 15,285.00
JPMorgan Chase 1,537.97 67,074.55 2.29% 18,380.65
VanEck 173.92 62,088.29 0.28% 7,728.31
ProShares 273.89 58,783.84 0.47% 4,695.21
ARK -1,742.18 45,225.15 -3.85% 14,675.32
WisdomTree 456.07 45,170.02 1.01% 2,907.06
Mirae Asset Global Investments Co., Ltd. 1,325.98 35,712.31 3.71% 13,295.95
Dimensional Holdings 359.67 30,832.04 1.17% 1,723.98
Fidelity 380.21 30,672.03 1.24% 3,406.61
Allianz 64.96 26,954.47 0.24% 913.02
Direxion 238.31 25,357.68 0.94% 1,714.55
Goldman Sachs 409.24 24,596.11 1.66% 64.33
Deutsche Bank -137.98 22,172.51 -0.62% 740.43
Northern Trust 204.66 18,558.31 1.10% 2,645.15
CICC 1,222.35 10,631.25 11.50% 6,470.69
Franklin Templeton -216.64 9,294.66 -2.33% 140.36
SS&C 40.40 9,181.03 0.44% 283.70
Pacer Advisors 497.75 8,086.02 6.16% 1,491.66
American Century Investments 360.38 7,494.30 4.81% 3,005.38
ETFMG -47.21 7,363.93 -0.64% 1,353.78
Exchange Traded Concepts 381.70 7,150.02 5.34% 1,616.40
Standard Life Aberdeen 59.70 7,022.09 0.85% 763.70
Crestview 31.61 6,576.85 0.48% 238.85
Innovator 249.23 5,493.56 4.54% 1,152.90
Principal 55.07 5,331.52 1.03% 961.07
Manulife 71.29 5,024.93 1.42% -609.90
Amplify Investments 48.59 4,593.90 1.06% 1,263.16
New York Life 33.24 4,437.59 0.75% 339.57
Nuveen Securities 207.17 4,338.83 4.77% 1,314.63
Concierge Technologies -307.15 4,266.81 -7.20% -2,416.05
The Hartford 169.50 4,238.51 4.00% 314.67
Janus Henderson 53.57 4,148.60 1.29% 209.55
US Global Investors -91.50 3,525.43 -2.60% 407.66
Barclays -135.17 3,002.15 -4.50% 1,153.53
BMO 24.16 2,983.92 0.81% 369.50
Toroso Investments 116.97 2,433.23 4.81% 756.53
AdvisorShares 91.99 2,166.85 4.25% 1,325.89
Prudential 98.38 1,860.72 5.29% 482.23
Ameriprise Financial 17.42 1,614.67 1.08% 342.02
O’Shares Investments -1.09 1,586.65 -0.07% 9.87
Defiance ETFs 13.48 1,500.85 0.90% 390.02
GraniteShares 16.14 1,499.39 1.08% 156.34
Vident -10.90 1,474.28 -0.74% -33.40
Aptus Capital Advisors 60.99 1,394.44 4.37% 334.74
Virtus Investment Partners 54.99 1,287.78 4.27% 304.14
UBS -8.21 1,252.80 -0.66% -57.74
Davis Advisers 12.68 1,251.11 1.01% 121.27
Cambria -5.66 1,078.79 -0.52% 202.22
Credit Suisse Group AG 54.48 1,064.47 5.12% 293.68
Inspire 9.71 1,011.25 0.96% 178.11
Main Management 19.95 996.50 2.00% 231.34
EMPIRICAL FINANCE LLC 10.88 968.07 1.12% 247.22
Rational Capital LLC 130.25 876.11 14.87% 634.20
The Bank of New York Mellon Corp. 29.12 875.95 3.32% 311.26
Nationwide 80.54 854.62 9.42% 310.98
Aegon -7.47 798.53 -0.94% -38.59
The Motley Fool 10.17 694.66 1.46% 70.22
Horizon Kinetics LLC -2.90 623.34 -0.47% 594.26
Simplify Asset Management Inc. 49.68 578.83 8.58% 423.65
Renaissance Capital -62.77 576.01 -10.90% -153.87
Tortoise 1.14 550.33 0.21% 44.22
Roundhill Investments 13.05 529.51 2.46% 269.03
Merk 19.41 494.11 3.93% 76.68
Timothy Plan 4.78 482.93 0.99% 34.33
TrimTabs -1.46 437.65 -0.33% 24.44
Redwood Investment Management 11.98 433.20 2.77% -24.70
Howard Capital Management 9.06 429.91 2.11% 68.87
Liquid Strategies 17.54 403.10 4.35% 84.05
T. Rowe Price Group, Inc. 34.62 392.34 8.82% 184.46
Distillate Capital -0.45 383.16 -0.12% 118.65
SRN Advisors -10.57 371.85 -2.84% 60.37
Sprott 0.00 366.05 0.00% 18.15
Al Marketing LLC -4.20 351.15 -1.20% -42.99
Regents Park Funds 3.67 344.92 1.06% 68.03
ClearShares LLC 3.26 340.70 0.96% 89.49
Teucrium -50.75 304.76 -16.65% -81.44
ProFund Advisors LLC 6.18 293.12 2.11% 258.68
WBI -3.43 291.27 -1.18% -3.98
Government of Sweden -5.54 291.17 -1.90% 3.39
Donald L. Hagan LLC 6.67 267.22 2.50% 97.39
Tuttle Tactical Management, LLC -28.64 228.75 -12.52% 64.80
Mcivy Co. LLC -2.20 217.41 -1.01% 114.67
Intangible Capital 0.00 195.29 0.00% 2.46
Core Alternative Capital 2.96 193.03 1.53% 43.56
Syntax Advisors 0.00 190.96 0.00% 48.05
Little Harbor Advisors 12.45 187.52 6.64% 116.54
Capital Impact Advisors -0.66 178.27 -0.37% -5.19
TrueMark Investments 4.34 153.91 2.82% 74.25
Arrow Funds 0.00 134.21 0.00% 3.22
ProcureAM -0.88 129.74 -0.68% 77.25
Wahed 6.67 125.52 5.32% 45.83
Gadsden 0.00 117.08 0.00% 16.55
AGF 0.91 109.20 0.84% -15.01
Advisors Asset Management 13.28 108.69 12.21% 59.90
Kingsview Partners LLC -1.98 107.38 -1.85% 98.59
CornerCap Investment Counsel, Inc. 1.52 105.05 1.45% 30.12
Wainwright, Inc. 0.00 104.74 0.00% 90.25
Emles Advisors LLC -12.80 94.38 -13.56% 30.26
Humankind USA LLC -1.30 85.57 -1.52% 76.27
Swan Global Investments 21.93 81.95 26.76% 76.49
Exponential ETFs 1.28 81.60 1.57% 1.20
Change Finance 3.36 79.59 4.22% 36.71
iM Square SAS 2.14 78.04 2.74% 18.36
Pettee Investors 0.00 75.27 0.00% 21.78
Impact Shares 0.00 68.32 0.01% 25.54
Groupe BPCE 0.34 67.90 0.50% 13.01
Metaurus Advisors -0.02 66.77 -0.03% 5.91
Beyond Investing 1.00 59.23 1.69% 15.62
Pacific Life 0.00 57.11 0.00% -0.11
Guinness Atkinson Asset Management 0.00 54.10 0.00% 15.08
Neil Azous Revocable Trust 1.48 53.60 2.77% 31.57
Absolute Investment Advisers LLC 0.68 50.69 1.34% 9.84
Esoterica 0.00 50.22 0.00% 27.83
Infusive Asset Management 0.00 46.02 0.00% 8.53
Toews Corp. 2.05 45.85 4.47% -3.57
Alger Group Holdings LLC 3.92 42.64 9.19% 34.32
Highland Capital Management -1.60 41.77 -3.83% -11.38
Premise Capital -0.83 39.85 -2.08% -14.10
Alexis Investment Partners LLC 19.91 37.44 53.18% 19.91
Red Gate Advisers LLC 0.21 35.79 0.58% 5.60
Cabot ETF Partners LLC -0.55 35.54 -1.55% 33.41
Rayliant Investment Research 2.74 35.04 7.83% 36.21
Inverdale Capital Management LLC 3.57 34.02 10.49% 27.94
ETF Series Solutions 0.00 33.16 0.00% 4.58
2nd Vote Value Investments, Inc 2.38 32.21 7.39% 24.56
AlphaMark Advisors 0.00 26.03 0.00% -1.41
Formidable Asset Management 1.24 24.34 5.11% 23.24
Truist 0.01 24.14 0.03% 0.84
Whitford Asset Management 0.00 24.10 0.00% 20.07
Uncommon Investment Advisors LLC 2.85 23.12 12.33% 22.06
MCCM Group LLC -1.44 21.40 -6.75% 33.06
Changebridge Capital LLC -0.22 17.23 -1.27% 10.66
The Leuthold Group LLC 0.00 15.20 0.00% 1.43
Ridgeline Research LLC 0.00 13.91 0.00% 9.93
GAMCO Investors, Inc. 0.00 13.89 0.00% 7.27
Knights of Columbus 13.18 13.13 100.33% 13.18
Mairs & Power, Inc. 0.25 12.98 1.96% 12.78
Point Bridge Capital 0.00 12.59 0.00% 1.00
Counterpoint Mutual Funds LLC -0.61 11.50 -5.29% -1.20
EquBot 0.00 11.41 0.00% 4.82
Alternative Access Funds LLC 0.00 10.03 0.00% 0.00
ASYMmetric ETFs 6.63 9.99 66.36% 9.73
New Age Alpha Advisors LLC 0.75 8.40 8.93% 6.24
Water Island Capital Partners LP 1.28 7.79 16.50% 1.29
Jacob Asset Management 5.47 5.65 96.70% 5.47
Global Beta Advisors 0.00 5.07 0.00% -2.99
Reflection Asset Management, LLC 0.00 4.19 0.01% 1.29
Applied Finance Group 0.00 3.97 0.00% 2.49
Democracy Investment Management LLC 1.30 3.28 39.57% 2.61
Wilshire Phoenix Funds LLC 0.00 1.80 0.00% 0.00
Eaton Vance Corp. 0.00 0.00 0.00% 0.00
Cavalier16 0.00 0.00 0.00% 3.19

 

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.

Find your next ETF

Reset All