Financial markets recovered for a second-straight month in May, paving the way for investors to add money into ETFs. On net, $23.1 billion flowed into U.S.-listed ETFs during the month, pushing year-to-date inflows up to $143.7 billion. That's more than double the $68.1 billion of inflows seen at the end of May 2019.
Fed Begins Purchases
Interestingly, even though equities were among the biggers winners in terms of price performance during May, fixed income was the big winner in terms of ETF inflows. An impressive $27.7 billion entered U.S. fixed income ETFs in the month as the Federal Reserve began purchases of several large corporate bond funds.
A few of the funds that the central bank purchased, including the iShares iBoxx USD High Yield Corporate Bond ETF (HYG), the iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD), the Vanguard Short-Term Corporate Bond ETF (VCSH) and the SPDR Bloomberg Barclays High Yield Bond ETF (JNK), made the top inflows list for May. In total, the Fed has purchased nearly $3 billion of corporate bond ETFs so far.
Tech Funds In Favor
Meanwhile, ETF investors were a bit more tepid when it came to equity funds, even as prices for stocks rallied sharply, hitting their best levels since early March. U.S. equity ETFs eked out net inflows of $391 million during the month, while international equity ETFs registered net outflows of $9.7 billion.
The tech-heavy Invesco QQQ Trust (QQQ) and the Vanguard Information Technology ETF (VGT) were favorites as investors focused their purchases on beneficiaries of the COVID-19 and post-COVID-19 environment, including tech megacaps, smaller software firms and video game makers.
On the other hand, international equity ETFs like the iShares Core MSCI Emerging Markets ETF (IEMG) and the iShares China Large-Cap ETF (FXI) were shunned. Renewed tensions between the U.S. and China soured the sentiment on international, and particularly, emerging market, stocks.
'GLD' Quietly Ascending
Even as stocks and bonds get all the headlines, the asset quietly making progress has been gold. Prices for the safe-haven metal remained near seven-year highs during May, while the SPDR Gold Trust (GLD) gathered $3.7 billion of fresh assets. That brings year-to-date inflows for the fund up to $12.4 billion.
For a full list of the top inflows and outflows for May and the year as a whole, see the tables below:
Top Gainers (May 2020)
| Ticker | Name | Issuer | Net Flows ($,mm) | AUM ($M) | % of AUM | YTD 2020 Net Flows($,M) |
| HYG | iShares iBoxx USD High Yield Corporate Bond ETF | Blackrock | 4,383.99 | 24,535.71 | 17.87% | 6,129.19 |
| QQQ | Invesco QQQ Trust | Invesco | 3,709.24 | 107,899.74 | 3.44% | 11,936.43 |
| GLD | SPDR Gold Trust | State Street Global Advisors | 3,678.11 | 61,995.26 | 5.93% | 12,354.72 |
| LQD | iShares iBoxx USD Investment Grade Corporate Bond ETF | Blackrock | 2,535.07 | 49,221.54 | 5.15% | 11,993.97 |
| BND | Vanguard Total Bond Market ETF | Vanguard | 2,206.51 | 53,536.28 | 4.12% | 2,957.78 |
| VCSH | Vanguard Short-Term Corporate Bond ETF | Vanguard | 1,783.76 | 26,288.41 | 6.79% | 387.06 |
| JNK | SPDR Bloomberg Barclays High Yield Bond ETF | State Street Global Advisors | 1,730.12 | 11,965.41 | 14.46% | 722.53 |
| VGT | Vanguard Information Technology ETF | Vanguard | 1,351.01 | 29,691.97 | 4.55% | 2,788.65 |
| JPST | JPMorgan Ultra-Short Income ETF | JPMorgan Chase | 1,330.76 | 11,339.50 | 11.74% | 1,115.44 |
| AGG | iShares Core U.S. Aggregate Bond ETF | Blackrock | 1,322.54 | 72,419.43 | 1.83% | 337.06 |
Top Gainers (Year-to-Date)
| Ticker | Name | Issuer | Net Flows ($,mm) | AUM ($M) | % of AUM | May 2020 Net Flows($,M) |
| VOO | Vanguard S&P 500 ETF | Vanguard | 15,618.79 | 138,333.01 | 11.29% | 199.96 |
| GLD | SPDR Gold Trust | State Street Global Advisors | 12,354.72 | 61,995.26 | 19.93% | 3,678.11 |
| LQD | iShares iBoxx USD Investment Grade Corporate Bond ETF | Blackrock | 11,993.97 | 49,221.54 | 24.37% | 2,535.07 |
| QQQ | Invesco QQQ Trust | Invesco | 11,936.43 | 107,899.74 | 11.06% | 3,709.24 |
| VTI | Vanguard Total Stock Market ETF | Vanguard | 10,102.40 | 139,387.42 | 7.25% | 284.41 |
| BIL | SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | State Street Global Advisors | 9,675.75 | 18,516.49 | 52.25% | -686.54 |
| USO | United States Oil Fund LP | US Commodity Funds | 6,530.08 | 4,594.29 | 142.13% | -2.84 |
| HYG | iShares iBoxx USD High Yield Corporate Bond ETF | Blackrock | 6,129.19 | 24,535.71 | 24.98% | 4,383.99 |
| XLV | Health Care Select Sector SPDR Fund | State Street Global Advisors | 5,889.52 | 26,225.75 | 22.46% | 1,056.46 |
| ESGU | iShares ESG MSCI U.S.A. ETF | Blackrock | 5,631.67 | 7,238.39 | 77.80% | 242.91 |
Biggest Losers (May 2020)
| Ticker | Name | Issuer | Net Flows ($,mm) | AUM ($M) | % of AUM | YTD 2020 Net Flows($,M) |
| SPY | SPDR S&P 500 ETF Trust | State Street Global Advisors | -3,262.10 | 269,294.04 | -1.21% | -21,970.17 |
| EFA | iShares MSCI EAFE ETF | Blackrock | -2,715.59 | 45,498.88 | -5.97% | -9,524.26 |
| SDY | SPDR S&P Dividend ETF | State Street Global Advisors | -1,880.52 | 15,493.34 | -12.14% | -1,402.99 |
| FLGE | Credit Suisse FI Large Cap Growth Enhanced ETN | Credit Suisse | -1,487.65 | 338.73 | -439.18% | -1,531.20 |
| XLU | Utilities Select Sector SPDR Fund | State Street Global Advisors | -1,363.55 | 10,799.69 | -12.63% | 1,021.14 |
| FRLG | Large Cap Growth Index-Linked ETN | Goldman Sachs | -1,252.08 | 162.72 | -769.46% | -1,120.95 |
| FIHD | UBS AG FI Enhanced Global High Yield ETN | UBS | -1,219.08 | 50.43 | -2,417.35% | -1,116.43 |
| IVV | iShares Core S&P 500 ETF | Blackrock | -1,177.19 | 189,590.75 | -0.62% | 2,688.16 |
| FBGX | UBS AG FI Enhanced Large Cap Growth ETN | UBS | -1,093.84 | 246.85 | -443.13% | -1,140.30 |
| FXI | iShares China Large-Cap ETF | Blackrock | -1,057.81 | 3,030.69 | -34.90% | -1,100.06 |
Biggest Losers (Year-to-Date)
| Ticker | Name | Issuer | Net Flows ($,mm) | AUM ($M) | % of AUM | May 2020 Net Flows($,M) |
| SPY | SPDR S&P 500 ETF Trust | State Street Global Advisors | -21,970.17 | 269,294.04 | -8.16% | -3,262.10 |
| EFA | iShares MSCI EAFE ETF | Blackrock | -9,524.26 | 45,498.88 | -20.93% | -2,715.59 |
| IEMG | iShares Core MSCI Emerging Markets ETF | Blackrock | -4,901.63 | 46,300.63 | -10.59% | -1,013.62 |
| EEM | iShares MSCI Emerging Markets ETF | Blackrock | -4,871.74 | 20,207.16 | -24.11% | -898.39 |
| IWM | iShares Russell 2000 ETF | Blackrock | -4,083.16 | 36,657.63 | -11.14% | -1,034.22 |
| VWO | Vanguard FTSE Emerging Markets ETF | Vanguard | -3,811.16 | 51,653.11 | -7.38% | -813.05 |
| EWJ | iShares MSCI Japan ETF | Blackrock | -3,549.42 | 9,633.80 | -36.84% | -289.51 |
| FLOT | iShares Floating Rate Bond ETF | Blackrock | -3,519.70 | 6,085.03 | -57.84% | -374.84 |
| VNQ | Vanguard Real Estate ETF | Vanguard | -3,122.20 | 27,608.03 | -11.31% | -1,010.53 |
| IJH | iShares Core S&P Mid-Cap ETF | Blackrock | -3,044.51 | 42,720.32 | -7.13% | -575.88 |
Asset Classes (May 2020)
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| U.S. Equity | 391.19 | 2,380,840.89 | 0.02% |
| International Equity | -9,717.69 | 746,782.21 | -1.30% |
| U.S. Fixed Income | 27,737.84 | 835,100.40 | 3.32% |
| International Fixed Income | 1,990.83 | 88,415.76 | 2.25% |
| Commodities ETFs | 6,213.79 | 114,489.63 | 5.43% |
| Currency | -314.68 | 1,997.34 | -15.75% |
| Leveraged | -5,266.85 | 31,803.53 | -16.56% |
| Inverse | 1,569.14 | 17,051.00 | 9.20% |
| Asset Allocation | 169.99 | 9,462.00 | 1.80% |
| Alternatives | 293.26 | 4,477.39 | 6.55% |
| Total: | 23,066.82 | 4,230,420.17 | 0.55% |
Asset Classes (Year-to-Date)
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| U.S. Equity | 57,181.73 | 2,380,840.89 | 2.40% |
| International Equity | -18,133.81 | 746,782.21 | -2.43% |
| U.S. Fixed Income | 61,166.87 | 835,100.40 | 7.32% |
| International Fixed Income | 1,297.83 | 88,415.76 | 1.47% |
| Commodities ETFs | 28,278.94 | 114,489.63 | 24.70% |
| Currency | 690.30 | 1,997.34 | 34.56% |
| Leveraged | 2,888.32 | 31,803.53 | 9.08% |
| Inverse | 11,469.10 | 17,051.00 | 67.26% |
| Asset Allocation | 229.95 | 9,462.00 | 2.43% |
| Alternatives | -1,382.39 | 4,477.39 | -30.87% |
| Total: | 143,686.84 | 4,230,420.17 | 3.40% |
May 2020 ETF Issuer League Table
| Issuer | Net Flows ($,M) | AUM ($,M) | % of AUM | YTD 2020 Net Flows($,M) |
| Blackrock | 1,506.84 | 1,603,383.81 | 0.09% | 20,738.81 |
| Vanguard | 10,377.45 | 1,126,158.26 | 0.92% | 63,726.35 |
| State Street Global Advisors | 3,590.36 | 698,017.53 | 0.51% | 23,520.55 |
| Invesco | 2,940.52 | 218,497.38 | 1.35% | 1,941.56 |
| Charles Schwab | 522.67 | 154,863.51 | 0.34% | 5,714.41 |
| First Trust | 1,235.78 | 82,837.56 | 1.49% | 2,362.56 |
| VanEck | 828.06 | 41,073.65 | 2.02% | -1,092.27 |
| ProShares | 980.16 | 38,964.65 | 2.52% | 13,105.11 |
| WisdomTree | -691.04 | 30,910.31 | -2.24% | -2,587.90 |
| JPMorgan Chase | 1,397.88 | 28,459.45 | 4.91% | -445.60 |
| Allianz | 795.89 | 21,362.53 | 3.73% | -282.41 |
| FMR LLC | 388.87 | 16,796.94 | 2.32% | 1,296.18 |
| Goldman Sachs | -957.06 | 16,292.91 | -5.87% | 77.51 |
| Deutsche Bank | 410.22 | 14,826.18 | 2.77% | -259.66 |
| Direxion | 370.98 | 14,559.05 | 2.55% | 7,022.52 |
| Northern Trust | 178.09 | 12,580.92 | 1.42% | -1,497.69 |
| Mirae Asset | 338.43 | 10,844.73 | 3.12% | 586.88 |
| SS&C | -114.51 | 6,853.84 | -1.67% | -1,131.03 |
| ARK | 646.53 | 5,975.02 | 10.82% | 1,779.60 |
| US Commodity Funds | 1.00 | 5,925.94 | 0.02% | 7,205.02 |
| Franklin Templeton | 132.77 | 5,728.75 | 2.32% | 1,719.84 |
| Pacer Advisors | -0.11 | 5,296.87 | -0.00% | 488.52 |
| Victory Capital | -41.01 | 4,535.97 | -0.90% | -221.05 |
| Aberdeen Standard Investments | 295.24 | 4,202.74 | 7.02% | 843.11 |
| John Hancock | -53.93 | 4,118.86 | -1.31% | 29.73 |
| The Hartford | -51.23 | 3,429.11 | -1.49% | -253.49 |
| ETFMG | 138.16 | 3,406.04 | 4.06% | 11.40 |
| Innovator | 159.20 | 3,238.55 | 4.92% | 1,059.01 |
| Principal | 69.65 | 3,211.74 | 2.17% | 166.21 |
| Credit Suisse | -843.33 | 3,133.17 | -26.92% | -2,401.56 |
| New York Life | 142.19 | 3,124.86 | 4.55% | -47.28 |
| Exchange Traded Concepts | 443.34 | 2,928.83 | 15.14% | 260.49 |
| CICC | -618.92 | 2,739.07 | -22.60% | -56.59 |
| Janus Henderson | 209.43 | 2,122.99 | 9.86% | 684.20 |
| Barclays Capital Inc. | -523.61 | 2,004.68 | -26.12% | -2,189.36 |
| American Century Investments | 150.77 | 1,782.43 | 8.46% | 761.89 |
| Precidian Investments LLC | -0.22 | 1,615.19 | -0.01% | -0.22 |
| Nuveen Securities | 136.24 | 1,400.63 | 9.73% | 469.45 |
| Vident | -78.32 | 1,276.02 | -6.14% | -153.78 |
| Legg Mason | -173.71 | 1,152.02 | -15.08% | -171.61 |
| Amplify | 110.48 | 1,058.81 | 10.43% | 255.58 |
| GraniteShares | 98.07 | 1,045.31 | 9.38% | 283.98 |
| UBS | -2,412.53 | 1,040.93 | -231.77% | -2,507.51 |
| US Global Investors | 299.95 | 1,020.54 | 29.39% | 905.12 |
| Toroso Investments | 56.34 | 1,014.34 | 5.55% | 530.07 |
| Prudential | 6.16 | 1,004.90 | 0.61% | 133.17 |
| Davis Advisers | 20.28 | 798.33 | 2.54% | 144.55 |
| AdvisorShares | 84.28 | 750.60 | 11.23% | 146.35 |
| O’Shares Investments | 85.35 | 737.76 | 11.57% | 38.76 |
| BMO | -19.48 | 726.89 | -2.68% | 41.93 |
| Transamerica Funds | -17.79 | 704.65 | -2.52% | -26.55 |
| Columbia Management Investment Advisers, LLC | 31.47 | 688.35 | 4.57% | 70.50 |
| Cambria | 40.42 | 597.46 | 6.77% | 32.36 |
| Aptus Capital Advisors | 32.61 | 597.00 | 5.46% | 140.55 |
| Virtus Investment Partners | -67.23 | 562.37 | -11.95% | -204.85 |
| Main Management | 7.96 | 529.34 | 1.50% | 26.01 |
| Inspire | 15.45 | 453.51 | 3.41% | 21.90 |
| FormulaFolios | 24.84 | 401.40 | 6.19% | 6.89 |
| WBI | -6.23 | 393.81 | -1.58% | -36.67 |
| EMPIRICAL FINANCE LLC | -12.61 | 393.21 | -3.21% | 1.92 |
| Nationwide | 18.35 | 377.12 | 4.87% | 6.60 |
| Tortoise | 32.34 | 343.17 | 9.42% | -50.92 |
| The Motley Fool | 14.64 | 322.73 | 4.53% | 27.21 |
| Defiance ETFs | 16.92 | 321.09 | 5.27% | 140.84 |
| Timothy Plan | 7.87 | 304.26 | 2.59% | 83.79 |
| Sprott, Inc. | 15.44 | 290.81 | 5.31% | 7.25 |
| Merk | 20.60 | 276.88 | 7.44% | 59.86 |
| Regents Park Funds | 16.84 | 250.65 | 6.72% | 164.57 |
| The Bank of New York Mellon | 17.80 | 250.05 | 7.12% | 28.25 |
| ClearShares | 10.01 | 219.34 | 4.56% | 22.82 |
| Liquid Strategies | -0.55 | 216.17 | -0.25% | 108.30 |
| Citigroup Inc | 0.35 | 186.19 | 0.19% | 0.70 |
| AGF | 10.24 | 177.43 | 5.77% | 33.21 |
| Howard Capital Management | 6.11 | 174.87 | 3.49% | 67.53 |
| Swedish Export Credit | -4.46 | 153.63 | -2.90% | -49.58 |
| Teucrium | -1.42 | 142.86 | -1.00% | -3.34 |
| Reality Shares | -7.36 | 137.27 | -5.36% | -16.58 |
| EntrepreneurShares, LLC | 0.00 | 136.92 | 0.00% | 19.37 |
| Core Alternative Capital | 2.83 | 134.17 | 2.11% | 21.44 |
| Redwood Investment Management | 46.66 | 129.30 | 36.09% | 32.55 |
| Tuttle Tactical Management, LLC | 113.10 | 123.36 | 91.68% | 113.10 |
| TrimTabs | 2.70 | 116.34 | 2.32% | -11.57 |
| Distillate Capital | 16.40 | 112.98 | 14.52% | 52.30 |
| Arrow Funds | 3.47 | 106.11 | 3.27% | -7.05 |
| Pacific Life | 0.00 | 101.53 | 0.00% | 1.27 |
| Highland Capital Management | 7.85 | 96.71 | 8.12% | -169.03 |
| OBP Capital LLC | 5.17 | 80.99 | 6.39% | 15.76 |
| Exponential ETFs | 6.57 | 79.53 | 8.26% | 1.33 |
| Premise Capital | 0.00 | 61.03 | 0.00% | 25.22 |
| Donald L. Hagan LLC | 10.66 | 58.98 | 18.07% | 56.20 |
| Gadsden | 0.00 | 54.18 | 0.00% | 5.66 |
| Cboe Vest Financial LLC | 0.00 | 53.64 | 0.00% | 7.76 |
| Renaissance Capital | 6.24 | 52.04 | 11.99% | 4.89 |
| Strategy Shares | 9.08 | 49.74 | 18.25% | 22.68 |
| Natixis | 0.00 | 47.88 | 0.00% | 2.09 |
| Metaurus Advisors | -0.00 | 44.69 | -0.00% | 0.01 |
| Little Harbor Advisors | 31.38 | 35.71 | 87.89% | 30.83 |
| Syntax Advisors | 3.19 | 35.33 | 9.02% | -27.65 |
| Belpointe Asset Management, LLC | 0.01 | 32.64 | 0.02% | -15.40 |
| Wahed Invest LLC | 0.61 | 32.26 | 1.89% | 10.12 |
| Absolute Investment Advisers LLC | 2.19 | 28.51 | 7.68% | 28.83 |
| AAM Holdings Inc. | -0.53 | 28.01 | -1.88% | -9.71 |
| iM Global Partner | 1.25 | 24.70 | 5.05% | -7.91 |
| Salt Financial | -0.09 | 24.33 | -0.37% | 2.49 |
| EventShares | 0.00 | 22.34 | 0.00% | 4.14 |
| Beyond Investing | 0.00 | 19.30 | 0.00% | 8.12 |
| AlphaMark Advisors | 0.00 | 18.09 | 0.00% | 0.00 |
| Sage | 0.00 | 18.04 | 0.00% | 0.00 |
| Change Finance | 1.03 | 17.78 | 5.79% | 5.47 |
| ProcureAM | 0.00 | 16.87 | 0.00% | 8.03 |
| ETF Series Solutions | 0.00 | 16.53 | 0.00% | 3.13 |
| Roundhill Investments | 2.52 | 16.28 | 15.48% | 4.30 |
| Pettee Investors | -0.55 | 14.18 | -3.90% | 7.09 |
| Impact Shares | 0.00 | 13.66 | 0.00% | 2.17 |
| UP Fintech Holding | 0.00 | 12.88 | 0.00% | 3.00 |
| Counterpoint Mutual Funds LLC | -0.59 | 12.37 | -4.76% | 12.90 |
| Point Bridge Capital | -1.10 | 8.38 | -13.06% | -4.13 |
| TrueMark Investments, LLC | 3.70 | 7.90 | 46.89% | 7.77 |
| The Leuthold Group LLC | 0.60 | 4.95 | 12.17% | 4.92 |
| Water Island Capital Partners LP | 1.24 | 3.79 | 32.68% | 1.24 |
| EquBot | 0.00 | 3.67 | 0.00% | 0.25 |
| Whitford Asset Management | 0.00 | 3.02 | 0.00% | -0.22 |
| Guinness Atkinson Asset Management | 0.00 | 1.89 | 0.00% | -0.60 |
| Global Beta Advisors | 0.00 | 1.45 | 0.00% | -0.31 |
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.
