After a slow start to the year, ETF inflows picked up a bit of steam in March. On net, $27 billion flowed into U.S.-listed ETFs during the month, adding to the $22.3 billion of inflows for February.
Interestingly, March’s inflows came in a sudden burst. ETFs actually had outflows in three of the past four weeks, but a big pile of cash entered the space midmonth, lifting flows into the green.
With the first quarter over, year-to-date ETF inflows now stand at $47.8 billion, a respectable sum, but behind where they were at this time last year ($61.3 billion) and in 2017 ($134.7 billion).
Low Cost, Big Inflows
Of March’s inflows, $17.6 billion went into U.S. equity ETFs and $9.2 billion headed to U.S. fixed-income ETFs. Equities and bonds rallied during the month, as growth, trade and Brexit concerns hung over the markets.
Broad, low-cost equity ETFs remained in vogue during March. The iShares Core S&P 500 ETF (IVV), the Vanguard S&P 500 ETF (VOO) and the iShares Core MSCI EAFE ETF (IEFA) took the top three spots on the monthly inflows list.
Short-Term Bond ETFs Favored
Meanwhile, the iShares 1-3 Year Treasury Bond ETF (SHY), the SPDR Bloomberg Barclays High Yield Bond ETF (JNK) and the Vanguard Short-Term Bond ETF (BSV) were the biggest fixed-income winners.
As in 2018, investors are favoring short-term bond ETFs over their longer-term counterparts, with each yielding similar amounts. That’s especially the case with the recent yield curve inversion, where shorter maturities are yielding more than longer maturities in some cases.
The iShares 20+ Year Treasury Bond ETF (TLT), one of the longest maturity bond ETFs on the market, had outflows of $1.8 billion in March, even as prices for the fund rallied. The iShares 7-10 Year Treasury Bond ETF (IEF) also shed assets.
For a full list of the top inflows and outflows for March, see the tables below:
Top Gainers (March 2019)
| Ticker | Name | Issuer | Net Flows ($,mm) | AUM ($M) | % of AUM | YTD 2019 Net Flows($,M) |
| IVV | iShares Core S&P 500 ETF | BlackRock | 7,248.01 | 168,363.21 | 4.30% | 752.22 |
| VOO | Vanguard S&P 500 ETF | Vanguard | 3,433.64 | 106,945.35 | 3.21% | 5,232.62 |
| IEFA | iShares Core MSCI EAFE ETF | BlackRock | 2,670.50 | 59,879.11 | 4.46% | 2,626.38 |
| SHY | iShares 1-3 Year Treasury Bond ETF | BlackRock | 1,330.04 | 20,545.18 | 6.47% | -233.43 |
| JNK | SPDR Bloomberg Barclays High Yield Bond ETF | State Street Global Advisors | 1,116.45 | 9,317.33 | 11.98% | 2,073.44 |
| VTI | Vanguard Total Stock Market ETF | Vanguard | 948.01 | 109,135.92 | 0.87% | 2,519.02 |
| BSV | Vanguard Short-Term Bond ETF | Vanguard | 944.88 | 23,782.49 | 3.97% | -4,473.62 |
| USMV | iShares Edge MSCI Min Vol U.S.A. ETF | BlackRock | 917.50 | 24,781.57 | 3.70% | 3,544.10 |
| XLC | Communication Services Select Sector SPDR Fund | State Street Global Advisors | 866.31 | 5,295.76 | 16.36% | 2,108.11 |
| USSG | Xtrackers MSCI U.S.A. ESG Leaders Equity ETF | Deutsche Bank | 843.47 | 865.90 | 97.41% | 843.47 |
Top Gainers (Year-to-Date)
| Ticker | Name | Issuer | Net Flows ($,mm) | AUM ($M) | % of AUM | March 2019 Net Flows($,M) |
| VOO | Vanguard S&P 500 ETF | Vanguard | 5,232.62 | 106,945.35 | 4.89% | 3,433.64 |
| IEMG | iShares Core MSCI Emerging Markets ETF | BlackRock | 5,161.94 | 58,581.28 | 8.81% | 156.59 |
| VCIT | Vanguard Intermediate-Term Corporate Bond ETF | Vanguard | 3,626.07 | 22,836.23 | 15.88% | 555.86 |
| USMV | iShares Edge MSCI Min Vol U.S.A. ETF | BlackRock | 3,544.10 | 24,781.57 | 14.30% | 917.50 |
| VCSH | Vanguard Short-Term Corporate Bond ETF | Vanguard | 3,381.02 | 24,123.99 | 14.02% | 190.25 |
| MBB | iShares MBS ETF | BlackRock | 3,368.97 | 15,914.30 | 21.17% | 128.16 |
| BNDX | Vanguard Total International Bond ETF | Vanguard | 3,096.16 | 16,336.39 | 18.95% | 204.94 |
| IEFA | iShares Core MSCI EAFE ETF | BlackRock | 2,626.38 | 59,879.11 | 4.39% | 2,670.50 |
| VTI | Vanguard Total Stock Market ETF | Vanguard | 2,519.02 | 109,135.92 | 2.31% | 948.01 |
| EEM | iShares MSCI Emerging Markets ETF | BlackRock | 2,474.51 | 34,283.82 | 7.22% | 0.00 |
Biggest Losers (March 2019)
| Ticker | Name | Issuer | Net Flows ($,mm) | AUM ($M) | % of AUM | YTD 2019 Net Flows($,M) |
| EFA | iShares MSCI EAFE ETF | BlackRock | -2,185.06 | 63,196.02 | -3.46% | -4,843.54 |
| EWJ | iShares MSCI Japan ETF | BlackRock | -1,991.36 | 13,548.61 | -14.70% | -2,666.21 |
| TLT | iShares 20+ Year Treasury Bond ETF | BlackRock | -1,762.90 | 9,985.43 | -17.65% | 1,078.30 |
| XLF | Financial Select Sector SPDR Fund | State Street Global Advisors | -1,048.94 | 22,063.00 | -4.75% | -2,524.93 |
| IEF | iShares 7-10 Year Treasury Bond ETF | BlackRock | -890.20 | 12,757.83 | -6.98% | 2,236.30 |
| DIA | SPDR Dow Jones Industrial Average ETF Trust | State Street Global Advisors | -630.83 | 20,701.67 | -3.05% | -1,261.80 |
| XLK | Technology Select Sector SPDR Fund | State Street Global Advisors | -626.26 | 19,245.94 | -3.25% | -1,194.17 |
| BBJP | JPMorgan BetaBuilders Japan ETF | JPMorgan | -611.95 | 3,326.21 | -18.40% | -182.88 |
| VGSH | Vanguard Short-Term Treasury Index ETF | Vanguard | -596.74 | 4,914.57 | -12.14% | -651.98 |
| XLY | Consumer Discretionary Select Sector SPDR Fund | State Street Global Advisors | -494.81 | 12,621.53 | -3.92% | -825.37 |
Biggest Losers (Year-to-Date)
| Ticker | Name | Issuer | Net Flows ($,mm) | AUM ($M) | % of AUM | March 2019 Net Flows($,M) |
| SPY | SPDR S&P 500 ETF Trust | State Street Global Advisors | -9,934.92 | 262,286.72 | -3.79% | -457.41 |
| EFA | iShares MSCI EAFE ETF | BlackRock | -4,843.54 | 63,196.02 | -7.66% | -2,185.06 |
| BSV | Vanguard Short-Term Bond ETF | Vanguard | -4,473.62 | 23,782.49 | -18.81% | 944.88 |
| IWD | iShares Russell 1000 Value ETF | BlackRock | -3,814.36 | 37,674.98 | -10.12% | -239.46 |
| IWM | iShares Russell 2000 ETF | BlackRock | -3,134.71 | 43,131.88 | -7.27% | 642.98 |
| EWJ | iShares MSCI Japan ETF | BlackRock | -2,666.21 | 13,548.61 | -19.68% | -1,991.36 |
| XLF | Financial Select Sector SPDR Fund | State Street Global Advisors | -2,524.93 | 22,063.00 | -11.44% | -1,048.94 |
| IWF | iShares Russell 1000 Growth ETF | BlackRock | -1,780.04 | 42,368.00 | -4.20% | -353.17 |
| ACWI | iShares MSCI ACWI ETF | BlackRock | -1,679.09 | 10,074.90 | -16.67% | 0.00 |
| XLE | Energy Select Sector SPDR Fund | State Street Global Advisors | -1,642.35 | 13,840.19 | -11.87% | 198.93 |
Asset Classes (March 2019)
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| U.S. Equity | 17,611.21 | 2,134,610.70 | 0.83% |
| International Equity | 575.82 | 811,566.65 | 0.07% |
| U.S. Fixed Income | 9,151.07 | 634,808.38 | 1.44% |
| International Fixed Income | -107.70 | 74,439.40 | -0.14% |
| Commodities | -207.21 | 64,644.73 | -0.32% |
| Currency | -222.02 | 1,468.18 | -15.12% |
| Leveraged | -500.07 | 36,755.07 | -1.36% |
| Inverse | 542.67 | 12,029.22 | 4.51% |
| Asset Allocation | -63.10 | 9,364.43 | -0.67% |
| Alternatives | 205.24 | 4,742.11 | 4.33% |
| Total: | 26,985.91 | 3,784,428.87 | 0.71% |
Asset Classes (Year-to-Date)
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| U.S. Equity | 6,400.32 | 2,134,610.70 | 0.30% |
| International Equity | 6,654.19 | 811,566.65 | 0.82% |
| U.S. Fixed Income | 27,115.75 | 634,808.38 | 4.27% |
| International Fixed Income | 6,846.55 | 74,439.40 | 9.20% |
| Commodities | 116.45 | 64,644.73 | 0.18% |
| Currency | -320.40 | 1,468.18 | -21.82% |
| Leveraged | -1,917.06 | 36,755.07 | -5.22% |
| Inverse | 2,927.52 | 12,029.22 | 24.34% |
| Asset Allocation | -611.01 | 9,364.43 | -6.52% |
| Alternatives | 627.76 | 4,742.11 | 13.24% |
| Total: | 47,840.07 | 3,784,428.87 | 1.26% |
March 2019 League Table
| Issuer | Net Flows ($,M) | AUM ($,M) | % of AUM | YTD 2019 Net Flows($,M) |
| BlackRock | 11,797.28 | 1,486,470.25 | 0.79% | 17,025.26 |
| Vanguard | 8,527.75 | 961,665.87 | 0.89% | 17,597.22 |
| State Street Global Advisors | -393.25 | 620,292.01 | -0.06% | -10,625.65 |
| Invesco | 533.10 | 189,963.35 | 0.28% | 1,584.96 |
| Charles Schwab | 1,492.58 | 134,114.34 | 1.11% | 6,996.25 |
| First Trust | 1,445.99 | 71,272.03 | 2.03% | 2,699.49 |
| WisdomTree | 208.19 | 38,718.88 | 0.54% | 93.01 |
| VanEck | -639.96 | 35,968.06 | -1.78% | -868.74 |
| ProShares | 83.52 | 31,254.56 | 0.27% | 1,793.41 |
| JPMorgan | 329.39 | 23,947.82 | 1.38% | 2,099.46 |
| Allianz | 62.33 | 18,729.14 | 0.33% | 103.03 |
| Northern Trust | 7.42 | 15,481.22 | 0.05% | -73.10 |
| Deutsche Bank | 1,839.45 | 14,245.99 | 12.91% | 2,161.67 |
| Fidelity | 152.99 | 12,939.61 | 1.18% | 833.97 |
| SS&C | -95.41 | 12,913.78 | -0.74% | -412.35 |
| Rafferty Asset Management | -6.58 | 12,777.09 | -0.05% | -992.12 |
| Goldman Sachs | 108.61 | 11,581.35 | 0.94% | 677.29 |
| Mirae Asset Global Investments | 136.28 | 9,601.79 | 1.42% | 537.90 |
| UBS | 11.17 | 6,952.07 | 0.16% | -25.96 |
| Barclays Bank PLC | 122.97 | 5,051.93 | 2.43% | 688.56 |
| OppenheimerFunds | 145.79 | 4,593.44 | 3.17% | 960.48 |
| Exchange Traded Concepts | 8.92 | 4,522.08 | 0.20% | 58.84 |
| Credit Suisse | 187.80 | 4,460.93 | 4.21% | 887.86 |
| Pacer Financial | 153.82 | 3,976.67 | 3.87% | 677.93 |
| John Hancock | 77.00 | 3,881.42 | 1.98% | 742.87 |
| New York Life | -27.22 | 3,814.46 | -0.71% | -446.58 |
| ETF Managers Group | 137.74 | 3,708.93 | 3.71% | 308.62 |
| The Principal Financial Group | 10.03 | 3,357.00 | 0.30% | 19.45 |
| Hartford | 96.87 | 3,111.72 | 3.11% | 537.57 |
| Victory Capital Management | -49.07 | 3,106.09 | -1.58% | -56.01 |
| ARK | 140.24 | 2,774.18 | 5.06% | 364.63 |
| KraneShares | 194.04 | 2,721.67 | 7.13% | 334.11 |
| Aberdeen Asset Management | -34.60 | 2,525.69 | -1.37% | 33.56 |
| US Commodity Funds | -236.53 | 2,470.74 | -9.57% | -425.65 |
| Franklin Templeton Investments | 389.55 | 2,267.00 | 17.18% | 513.26 |
| Northern Lights | 99.63 | 1,326.56 | 7.51% | 139.83 |
| USAA Asset Management | 38.90 | 1,294.55 | 3.01% | 92.47 |
| Janus Henderson | -23.63 | 1,126.93 | -2.10% | 116.66 |
| Virtus | 20.63 | 1,098.72 | 1.88% | 342.55 |
| Innovator Capital Management | -0.62 | 1,013.66 | -0.06% | 189.96 |
| Legg Mason | 10.78 | 989.05 | 1.09% | 128.67 |
| CitiGroup | -77.05 | 803.08 | -9.59% | -197.77 |
| Transamerica | -31.69 | 763.62 | -4.15% | -19.44 |
| Millington Securities Inc | -30.58 | 728.32 | -4.20% | -73.41 |
| Nuveen | 11.66 | 660.98 | 1.76% | 72.69 |
| Columbia | -11.77 | 659.74 | -1.78% | 0.24 |
| Cambria | 7.43 | 659.45 | 1.13% | 10.32 |
| Davis | 7.79 | 635.96 | 1.23% | 29.25 |
| O’Shares Investment Advisers | -7.52 | 631.53 | -1.19% | -2.27 |
| AdvisorShares | -1.60 | 611.95 | -0.26% | -10.05 |
| GraniteShares | 9.88 | 539.05 | 1.83% | 150.21 |
| Amplify | 2.63 | 499.63 | 0.53% | -51.14 |
| Alpha Architect | 2.92 | 418.68 | 0.70% | 7.95 |
| Highland Capital Management | -137.37 | 384.95 | -35.69% | 2.74 |
| Nationwide Fund Advisors | -0.01 | 359.27 | -0.00% | 4.53 |
| Montage Managers | 7.38 | 354.80 | 2.08% | 16.49 |
| PGIM Investments | 7.33 | 334.69 | 2.19% | 59.59 |
| BMO | 0.00 | 295.90 | 0.00% | 107.01 |
| Strategy Shares | -5.21 | 267.21 | -1.95% | -13.28 |
| Aptus Capital Advisors | 23.84 | 254.65 | 9.36% | 35.17 |
| The RBB Fund | 2.23 | 242.05 | 0.92% | 35.75 |
| Reality Shares | -3.94 | 208.72 | -1.89% | -14.30 |
| Merk | 0.05 | 150.82 | 0.03% | 5.79 |
| Teucrium | 4.09 | 148.71 | 2.75% | 3.30 |
| Arrow Investment Advisors | -1.35 | 146.83 | -0.92% | -18.77 |
| TrimTabs Asset Management | 6.78 | 140.73 | 4.82% | 5.16 |
| ClearShares | -1.30 | 137.88 | -0.94% | 3.70 |
| American Century | 5.33 | 94.01 | 5.66% | 8.94 |
| Aware Asset Management | 30.12 | 89.34 | 33.72% | 89.00 |
| US Global Investors | 2.77 | 83.72 | 3.31% | -18.01 |
| EntrepreneurShares, LLC | 5.83 | 81.76 | 7.14% | 6.61 |
| Exponential ETFs | 0.78 | 76.74 | 1.01% | 6.05 |
| FQF Trust | -1.30 | 63.21 | -2.06% | 16.08 |
| Redwood Investment Management | 2.36 | 59.20 | 3.99% | 5.16 |
| Natixis | 0.00 | 52.95 | 0.00% | 2.01 |
| Syntax | 0.00 | 47.82 | 0.00% | 0.00 |
| RYZZ Capital Management | 45.62 | 45.60 | 100.04% | 45.62 |
| OBP Capital LLC | 0.00 | 44.63 | 0.00% | 1.22 |
| Gadsden | 0.00 | 44.62 | 0.00% | 22.38 |
| Premise Capital | 1.51 | 38.75 | 3.90% | 4.43 |
| Advisors Asset Management | 2.57 | 38.21 | 6.73% | 13.46 |
| Renaissance Capital | 12.11 | 33.84 | 35.77% | 13.61 |
| Distillate Capital Partners | 3.22 | 32.26 | 9.98% | 13.07 |
| Pacific Global ETF | 12.72 | 30.64 | 41.50% | 30.64 |
| Cboe Vest Financial | 3.17 | 29.52 | 10.73% | 5.24 |
| Defiance ETFs | 19.74 | 28.75 | 68.68% | 23.10 |
| Validea Capital Management | 0.00 | 23.81 | 0.00% | 0.00 |
| AlphaMark Advisors | 0.00 | 23.37 | 0.00% | 0.00 |
| Diamond Hill | -3.25 | 22.72 | -14.28% | -3.25 |
| Morgan Stanley | -0.00 | 21.41 | -0.01% | -2.27 |
| SL Advisors | 5.94 | 18.57 | 31.99% | 8.41 |
| Metaurus Advisors | 0.60 | 18.50 | 3.23% | -0.60 |
| Active Weighting Advisors | -1.07 | 17.82 | -5.99% | -1.56 |
| Point Bridge Capital | -17.88 | 16.57 | -107.90% | -18.52 |
| Sage Advisory Services | 0.00 | 14.90 | 0.00% | 0.00 |
| Salt Financial | 2.48 | 13.15 | 18.89% | 3.06 |
| CSOP | -1.61 | 12.02 | -13.41% | -1.61 |
| Cushing | 0.00 | 10.23 | 0.00% | 0.00 |
| TigerShares | 0.00 | 8.36 | 0.00% | 1.32 |
| Impact Shares | 1.97 | 8.08 | 24.43% | 1.98 |
| StrongVest | 0.00 | 7.68 | 0.00% | -1.25 |
| USCF Advisers | 0.00 | 6.89 | 0.00% | -0.88 |
| Change Finance | 1.02 | 6.11 | 16.66% | 1.02 |
| Little Harbor Advisors | 0.00 | 5.85 | 0.00% | -0.56 |
| Regents Park Funds | -1.13 | 4.45 | -25.39% | -1.13 |
| TriLine Index Solutions | 0.00 | 3.89 | 0.00% | -0.56 |
| Hoya Capital Real Estate | 3.75 | 3.81 | 98.51% | 3.75 |
| EquBot | 0.00 | 3.59 | 0.00% | 0.00 |
| Whitford Asset Management | 0.00 | 0.69 | 0.00% | 0.00 |
| Swedish Export Credit | 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.
