May Sees ETFs Add $65B Amid Volatility

June 01, 2022

During a month that saw some intense market volatility and a near bear market, U.S.-listed ETFs still managed to add $64.5 billion, coming roaring back from a $6.1 billion loss in April.  

The industry now has assets under management of $6.67 trillion, which is nonetheless down from the $6.7 trillion managed by U.S.-listed ETFs at the end of the prior month, largely due to market performance. 

Year to date, the U.S. ETF industry has added $257 billion, while last year at this time, year-to-date inflows stood at roughly $395 billion.  

Taking Risk Off The Table 

Investors seem to have been taking a little risk off the table, as fully half of the top 10 ETFs for inflows during the month were in the U.S. fixed income category. That asset class also pulled in more than any other, for a gain of $33.7 billion. For comparison, U.S. equities, usually the asset class dominating flows. gained just $29.1 billion during May.  

The iShares National Muni Bond ETF (MUB) added a total of $3.9 billion during the month, claiming the No. 3 spot on the top performers list. The Vanguard Short-Term Bond ETF (BSV) had the second-largest inflows of any fixed income ETF in May, pulling in $3.3 billion, while the SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) and the iShares iBoxx USD High Yield Corporate Bond ETF (HYG) gained $2.7 billion and $2.6 billion, respectively. And the iShares 20+ Year Treasury Bond ETF (TLT) added $2.3 billion.  

The three S&P 500 ETFs represented the top gainers in May for equities, with the iShares Core S&P 500 ETF (IVV) gaining more than any other ETF, at $7.5 billion. The SPDR S&P 500 ETF Trust (SPY) claimed the No. 2 spot, with an addition of $6 billion, while the Vanguard S&P 500 ETF (VOO) pulled in $3.8 billion. 

Also among the top-gaining ETFs for the month, the iShares Core High Dividend ETF (HDV) gained $2.9 billion, and the iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) added $2.3 billion. The presence of those two funds in the top 10 suggests investors are looking for income and diversification at a time when the broad U.S. equity space is flirting with a bear market.  

Stepping Away From Sectors  

Three sector ETF were among the 10 ETFs that saw the most outflows during the month of May. The Financial Select Sector SPDR Fund (XLF) lost more than any other ETF, bleeding $3.9 billion. Meanwhile, the Vanguard Health Care ETF (VHT) and the iShares U.S. Energy ETF (IYE) claimed the Nos. nine and 10 spots, with losses of $903 million and $821 million, respectively.  

Interestingly, despite U.S. fixed income seeing strong inflows, the No. 2 fund for outflows in May was the Schwab U.S. TIPS ETF (SCHP), which saw a drain of $2.2 billion. It was followed by the iShares MSCI USA Value Factor ETF (VLUE), which lost $1.9 billion during the month. And even though HDV was one of the top funds for inflows in May, the SPDR S&P Dividend ETF (SDY) saw outflows of $1.9 billion during the same period.  

Meanwhile, the SPDR Gold Trust (GLD) and the iShares GSCI Commodity Dynamic Roll Strategy ETF (COMT) came in sixth and seventh for redemptions in May, with losses of $1.5 billion and $1.4 billion, respectively. With inflation expected to remain high for some time, the move out of two key commodity ETFs suggests investors don’t necessarily see them as the best hedges against it in the current environment. 

 

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

 

Top Gainers (May 2022)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM YTD 2022 Net Flows($,M)
IVV iShares Core S&P 500 ETF Blackrock 7,551.94 302,879.54 2.49% 9,953.99
SPY SPDR S&P 500 ETF Trust State Street Global Advisors 6,002.97 380,525.45 1.58% -19,770.44
MUB iShares National Muni Bond ETF Blackrock 3,931.05 29,097.11 13.51% 5,663.80
VOO Vanguard S&P 500 ETF Vanguard 3,826.99 262,209.67 1.46% 18,269.19
BSV Vanguard Short-Term Bond ETF Vanguard 3,389.28 40,102.03 8.45% -378.47
HDV iShares Core High Dividend ETF Blackrock 2,956.77 13,236.50 22.34% 4,918.00
BIL SPDR Bloomberg 1-3 Month T-Bill ETF State Street Global Advisors 2,756.63 19,035.87 14.48% 5,444.43
HYG iShares iBoxx USD High Yield Corporate Bond ETF Blackrock 2,672.40 15,345.15 17.42% -4,529.60
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF Blackrock 2,350.73 5,897.21 39.86% 2,416.15
TLT iShares 20+ Year Treasury Bond ETF Blackrock 2,297.44 21,026.37 10.93% 5,261.18

 

Top Gainers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM May 2022 Net Flows($,M)
VOO Vanguard S&P 500 ETF Vanguard 18,269.19 262,209.67 6.97% 3,826.99
VTV Vanguard Value ETF Vanguard 11,512.93 103,037.40 11.17% 1,497.44
VTI Vanguard Total Stock Market ETF Vanguard 10,495.32 267,604.10 3.92% 405.15
IVV iShares Core S&P 500 ETF Blackrock 9,953.99 302,879.54 3.29% 7,551.94
TQQQ ProShares UltraPro QQQ ProShares 8,297.31 13,914.24 59.63% 1,659.01
SHV iShares Short Treasury Bond ETF Blackrock 6,757.91 19,827.52 34.08% 2,093.43
SCHD Schwab U.S. Dividend Equity ETF Charles Schwab 6,335.33 36,952.28 17.14% 1,156.24
XLV Health Care Select Sector SPDR Fund State Street Global Advisors 5,977.50 40,024.40 14.93% 2,022.91
GLD SPDR Gold Trust State Street Global Advisors 5,762.37 63,588.51 9.06% -1,563.02
MUB iShares National Muni Bond ETF Blackrock 5,663.80 29,097.11 19.47% 3,931.05

 

Biggest Losers (May 2022)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM YTD 2022 Net Flows($,M)
XLF Financial Select Sector SPDR Fund State Street Global Advisors -3,935.53 34,735.66 -11.33% -5,732.12
SCHP Schwab U.S. TIPS ETF Charles Schwab -2,267.29 16,226.34 -13.97% -3,579.05
VLUE iShares MSCI USA Value Factor ETF Blackrock -1,993.65 10,407.08 -19.16% -4,731.75
SDY SPDR S&P Dividend ETF State Street Global Advisors -1,989.38 21,797.16 -9.13% 1,095.15
IJR iShares Core S&P Small-Cap ETF Blackrock -1,802.30 66,153.16 -2.72% -1,231.59
GLD SPDR Gold Trust State Street Global Advisors -1,563.02 63,588.51 -2.46% 5,762.37
COMT iShares GSCI Commodity Dynamic Roll Strategy ETF Blackrock -1,435.15 2,929.28 -48.99% -679.12
ESGE iShares ESG Aware MSCI EM ETF Blackrock -1,135.23 4,805.97 -23.62% -357.73
VHT Vanguard Health Care ETF Vanguard -903.07 16,091.14 -5.61% -113.73
IYE iShares U.S. Energy ETF Blackrock -821.52 3,260.55 -25.20% -555.46

 

Biggest Losers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM May 2022 Net Flows($,M)
SPY SPDR S&P 500 ETF Trust State Street Global Advisors -19,770.44 380,525.45 -5.20% 6,002.97
XLF Financial Select Sector SPDR Fund State Street Global Advisors -5,732.12 34,735.66 -16.50% -3,935.53
VLUE iShares MSCI USA Value Factor ETF Blackrock -4,731.75 10,407.08 -45.47% -1,993.65
HYG iShares iBoxx USD High Yield Corporate Bond ETF Blackrock -4,529.60 15,345.15 -29.52% 2,672.40
TIP iShares TIPS Bond ETF Blackrock -4,001.80 32,018.39 -12.50% 475.73
IWM iShares Russell 2000 ETF Blackrock -3,627.96 55,157.37 -6.58% -432.96
SCHP Schwab U.S. TIPS ETF Charles Schwab -3,579.05 16,226.34 -22.06% -2,267.29
MBB iShares MBS ETF Blackrock -2,263.41 21,548.20 -10.50% -442.94
EFG iShares MSCI EAFE Growth ETF Blackrock -2,205.17 8,815.00 -25.02% 0.00
FDN First Trust Dow Jones Internet Index Fund First Trust -2,181.30 4,582.01 -47.61% -35.65

 

Asset Classes (May 2022)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 29,143.57 3,964,409.45 0.74%
International Equity 3,458.27 1,200,439.93 0.29%
U.S. Fixed Income 33,736.94 1,093,881.30 3.08%
International Fixed Income -46.13 144,757.18 -0.03%
Commodities -4,094.55 163,781.10 -2.50%
Currency 403.99 3,816.78 10.58%
Leveraged 1,791.28 55,869.79 3.21%
Inverse -39.42 17,447.39 -0.23%
Asset Allocation -74.53 18,264.69 -0.41%
Alternatives 266.99 7,645.16 3.49%
Total: 64,546.40 6,670,312.78 0.97%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 100,737.50 3,964,409.45 2.54%
International Equity 57,421.42 1,200,439.93 4.78%
U.S. Fixed Income 56,761.11 1,093,881.30 5.19%
International Fixed Income 6,558.18 144,757.18 4.53%
Commodities 16,957.33 163,781.10 10.35%
Currency 1,136.18 3,816.78 29.77%
Leveraged 12,849.49 55,869.79 23.00%
Inverse 3,058.66 17,447.39 17.53%
Asset Allocation 772.83 18,264.69 4.23%
Alternatives 637.56 7,645.16 8.34%
Total: 256,890.27 6,670,312.78 3.85%

 

May 2022 ETF Issuer League Table

Issuer Net Flows ($,M) AUM ($,M) % of AUM YTD 2022 Net Flows($,M)
Blackrock 34,060.71 2,259,116.63 1.51% 56,654.58
Vanguard 12,499.69 1,927,908.80 0.65% 87,389.25
State Street Global Advisors 4,144.37 1,024,232.15 0.40% 9,481.80
Invesco 1,989.67 361,982.70 0.55% 14,316.44
Charles Schwab 2,147.25 258,099.69 0.83% 14,212.82
First Trust 1,055.90 140,093.74 0.75% 6,014.98
JPMorgan Chase 149.11 80,766.96 0.18% 7,344.91
ProShares 1,660.69 60,738.91 2.73% 9,822.41
VanEck -1,448.50 59,756.81 -2.42% 4,046.75
WisdomTree 1,407.16 49,275.55 2.86% 5,151.45
Dimensional Holdings 2,162.42 48,323.03 4.47% 7,259.36
Mirae Asset Global Investments Co., Ltd. 119.63 40,240.75 0.30% 3,196.47
Fidelity 170.67 31,789.35 0.54% 1,490.41
Goldman Sachs -194.91 25,293.04 -0.77% 1,609.82
PIMCO -184.94 24,365.53 -0.76% -1,245.11
Direxion -92.49 24,163.89 -0.38% 6,027.38
Northern Trust 529.62 23,078.64 2.29% 2,589.47
DWS -463.24 19,358.99 -2.39% -2,193.86
ARK 579.16 16,200.61 3.57% 235.27
Pacer Advisors 1,632.29 15,046.29 10.85% 5,521.18
American Century Investments 1,053.16 12,713.85 8.28% 3,607.60
CICC 290.15 10,628.77 2.73% 644.00
SS&C 114.62 10,296.00 1.11% 647.69
Franklin Templeton -124.94 9,105.23 -1.37% 23.21
Nuveen Securities 276.66 7,994.54 3.46% 929.52
Victory Capital 196.46 7,959.89 2.47% 955.58
Abrdn Plc -75.43 7,944.29 -0.95% 1,082.52
Innovator 530.20 7,341.97 7.22% 1,844.17
Exchange Traded Concepts -307.93 5,502.25 -5.60% -221.15
Janus Henderson 8.37 5,295.08 0.16% 1,060.79
John Hancock 34.91 5,144.47 0.68% 248.00
ETFMG -144.20 4,817.61 -2.99% -99.75
US Commodity Funds -299.53 4,672.35 -6.41% -995.29
New York Life 72.74 4,161.87 1.75% -161.63
BMO 220.63 4,049.05 5.45% 737.35
The Hartford -146.56 3,897.52 -3.76% 3.81
Principal -140.09 3,632.60 -3.86% -837.29
Amplify Investments 27.66 3,530.94 0.78% 233.94
Barclays Capital Inc. -196.82 3,395.02 -5.80% -635.74
US Global Investors -158.01 3,271.83 -4.83% 116.12
Toroso Investments 85.43 3,135.51 2.72% 492.25
Prudential 143.67 3,018.53 4.76% 910.83
Aptus Capital Advisors 0.57 2,038.18 0.03% 279.99
AdvisorShares -24.09 1,681.68 -1.43% 67.77
GraniteShares -24.61 1,634.46 -1.51% 163.73
Cambria 83.49 1,542.44 5.41% 432.03
Strategy Shares -45.88 1,533.80 -2.99% 201.37
Virtus Investment Partners 14.23 1,467.28 0.97% 29.41
Columbia Management Investment Advisers, LLC -39.62 1,455.48 -2.72% -174.60
Horizon Kinetics LLC 32.12 1,442.96 2.23% 548.88
Simplify Asset Management Inc. 129.13 1,406.01 9.18% 466.69
UBS 0.00 1,394.81 0.00% 4.71
Vident -20.04 1,392.28 -1.44% 22.37
The Capital Group Companies 518.81 1,374.74 37.74% 1,404.92
BNY Mellon 73.80 1,339.44 5.51% 212.39
Defiance ETFs -23.52 1,281.37 -1.84% -144.02
The Motley Fool -26.89 1,250.65 -2.15% -60.75
Sprott, Inc. -9.27 1,239.51 -0.75% 288.07
O’Shares Investments -24.22 1,216.42 -1.99% -19.08
Teucrium 173.53 1,164.62 14.90% 735.03
Alpha Architect -38.05 1,151.38 -3.30% 142.54
Main Management 9.06 1,063.51 0.85% 34.54
Inspire -0.45 1,061.89 -0.04% 76.73
Davis Advisers -2.97 961.67 -0.31% -121.39
Distillate Capital 55.43 786.37 7.05% 224.17
Nationwide -28.04 777.47 -3.61% 17.95
Roundhill Investments -47.38 737.36 -6.43% -57.64
Credit Suisse Group AG 50.59 712.23 7.10% 165.78
Merk 3.94 659.60 0.60% 63.64
Tortoise 12.01 646.11 1.86% 37.34
T. Rowe Price Group, Inc. 18.20 619.68 2.94% 127.16
Timothy Plan 7.71 589.19 1.31% 73.50
Redwood Investment Management 10.23 583.35 1.75% -114.93
Howard Capital Management -28.08 569.61 -4.93% 14.56
Regents Park Funds 160.25 552.70 28.99% 205.21
Day Hagan Asset Management -0.38 492.05 -0.08% 146.62
ClearShares LLC 32.36 461.34 7.01% 82.09
Liquid Strategies -7.88 458.51 -1.72% 43.38
TrimTabs -7.34 449.33 -1.63% -12.99
Tuttle Tactical Management, LLC -40.52 447.23 -9.06% 122.20
Engine No. 1 LLC 33.99 438.29 7.75% 197.25
Cavalier16 -13.71 408.03 -3.36% 12.88
Advisors Asset Management 23.92 321.53 7.44% 123.75
Core Alternative Capital 8.95 315.28 2.84% 57.19
Little Harbor Advisors -31.95 286.40 -11.15% -32.38
WBI -2.45 262.00 -0.94% -16.37
SRN Advisors -6.69 230.64 -2.90% -47.64
Al Marketing LLC -19.13 228.04 -8.39% -55.91
Litman Gregory Capital Partners LLC 56.97 216.58 26.30% 120.12
AXS Investments 24.79 208.42 11.89% 102.42
Renaissance Capital 20.41 205.57 9.93% -43.59
Wahed Invest LLC 6.68 200.77 3.33% 44.51
TrueMark Investments 3.02 199.31 1.51% 15.56
Syntax Advisors 1.73 180.62 0.96% -9.32
Wainwright, Inc. 1.76 177.51 0.99% 18.33
Retireful LLC 80.15 176.92 45.30% 179.22
Impact Shares 0.58 174.53 0.33% 7.52
Stf Management LP 171.24 174.12 98.34% 171.24
Swan Global Investments -9.41 169.63 -5.54% 26.58
Oneascent Holdings LLC 0.00 166.19 0.00% 97.49
AGF 36.95 163.67 22.57% 34.08
Rayliant Investment Research 56.06 158.49 35.37% 118.34
Truist 0.60 155.39 0.39% 10.56
OBP Capital LLC 1.63 155.24 1.05% 16.09
Intangible Capital -9.68 153.90 -6.29% -9.68
ORIX 0.33 150.75 0.22% 0.33
Kingsview Partners LLC 14.27 141.07 10.11% 31.67
CornerCap Investment Counsel, Inc. 10.38 135.03 7.69% 26.44
Gadsden 1.62 130.93 1.24% 8.00
Arrow Funds -2.07 120.58 -1.72% -5.31
Harbor 35.06 115.45 30.37% 54.06
Humankind USA LLC 0.01 111.87 0.01% 7.19
Milliman, Inc. 70.23 106.26 66.10% 114.15
Cary Street Partners Financial LLC /VA/ 30.18 102.00 29.59% 102.08
Neil Azous Revocable Trust 4.15 91.23 4.55% 19.06
Water Island Capital Partners LP 0.01 81.19 0.01% 58.74
ProcureAM -2.74 80.21 -3.42% -8.31
First Manhattan Co. 0.71 74.63 0.96% 0.75
Exponential ETFs 0.00 71.84 0.00% 0.03
GeaSphere LLC 0.53 71.22 0.74% 5.78
Absolute Investment Advisers LLC 3.53 70.59 5.01% 13.84
Pettee Investors -0.35 69.93 -0.51% -15.58
Toews Corp. 3.26 69.77 4.68% 16.08
Pacific Life -9.32 69.18 -13.47% 39.19
Beyond Investing 0.00 66.38 0.00% 5.09
Natixis -3.26 64.54 -5.06% -3.24
Emles Advisors LLC -0.72 64.50 -1.12% 3.74
Inverdale Capital Management LLC 4.10 64.37 6.38% 22.03
ORIX Corp. 6.48 64.11 10.10% 55.25
Cohanzick Management 1.02 59.25 1.72% 16.38
Federated Hermes, Inc. 0.00 58.96 0.00% 12.69
EntrepreneurShares, LLC 0.00 56.79 0.00% -20.00
Alexis Investment Partners LLC 1.18 53.15 2.23% 6.81
Baird Financial Group 20.70 51.50 40.20% 52.04
Formidable Asset Management 4.01 50.85 7.88% 8.41
Power Corporation of Canada 0.64 49.15 1.31% 10.29
Guinness Atkinson Asset Management 0.00 46.30 0.00% 0.00
Chadds Ford Investment Management LLC 0.00 45.83 0.00% 9.93
ETF Series Solutions 0.01 44.24 0.03% 1.35
VectorShares LLC -0.86 44.15 -1.94% 27.71
SEI Investments 42.02 44.12 95.23% 42.02
Highland Capital Management 2.94 42.28 6.95% -1.85
2nd Vote Value Investments, Inc -0.79 40.23 -1.96% -2.44
Red Gate Advisers LLC 2.18 39.07 5.58% 4.52
Alger Group Holdings LLC 0.00 38.57 0.00% 0.68
New Age Alpha Advisors LLC 5.05 37.68 13.40% 6.60
Premise Capital -0.75 36.30 -2.06% 0.19
Build Asset Management LLC 0.59 32.88 1.81% 34.02
Ridgeline Research LLC 0.00 32.23 0.00% 1.65
Advocate Capital Management LLC 2.65 31.97 8.29% 11.35
Metaurus Advisors 0.40 31.09 1.30% 3.89
Uncommon Investment Advisors LLC -2.51 30.56 -8.22% 1.31
Sheaff Brock Capital Management LLC 1.11 30.55 3.64% 2.02
ASYMmetric ETFs -1.61 30.07 -5.35% 8.54
Valkyrie Funds LLC -6.86 29.87 -22.98% -23.94
Convergence Investment Partners, LLC 0.29 25.76 1.11% -1.16
Cultivar Capital, Inc. 0.00 25.75 0.00% 15.64
GAMCO Investors, Inc. 0.14 25.73 0.53% 3.70
Faith Investor Services, LLC 0.46 24.58 1.87% 25.71
Esoterica -1.93 24.17 -7.98% -7.07
The Leuthold Group LLC 2.17 23.86 9.10% 7.56
AlphaMark Advisors 0.00 22.43 0.00% 0.00
Mairs & Power, Inc. 3.35 20.88 16.04% 4.31
Knights of Columbus 0.85 20.84 4.08% -0.80
MCCM Group LLC 0.00 19.98 0.00% 10.36
First Pacific Advisors LP 2.14 19.18 11.17% 19.56
Reflection Asset Management, LLC 1.25 18.90 6.60% 7.46
Point Bridge Capital 0.99 16.19 6.09% 2.01
Infusive Asset Management -3.70 14.92 -24.83% -18.38
Global Beta Advisors 2.99 14.09 21.20% 8.51
Zacks Investment Management 1.18 13.34 8.81% 2.45
Changebridge Capital LLC -0.88 12.10 -7.27% -2.28
Applied Finance Group 0.62 12.04 5.11% 3.37
GCI Investors, Inc. 1.03 10.61 9.70% 6.40
Future Fund Advisors -0.66 9.91 -6.67% -2.00
Alternative Access Funds LLC 0.00 9.80 0.00% 0.00
Counterpoint Mutual Funds LLC 0.00 9.49 0.00% 0.00
Digital Currency Group, Inc. -1.74 6.63 -26.30% 12.54
WealthTrust Asset Management LLC 0.54 5.51 9.81% 4.83
Lifegoal Investments LLC 0.00 5.46 -0.06% 2.16
EquBot -1.36 5.39 -25.29% -4.47
Democracy Investment Management LLC 0.00 5.31 0.02% 2.40
Lyrical Partners 0.64 4.85 13.24% 1.31
Whitford Asset Management -2.67 4.68 -57.03% -2.67
VegTech LLC 0.76 4.58 16.66% 3.35
Clockwise Capital LLC 0.00 4.39 0.00% 3.11
Spear Advisors LLC 0.00 4.37 0.00% 1.00
Kingsbarn Capital Management LLC 1.15 4.09 28.10% 2.31
Dinerbao SL 0.57 3.96 14.29% 3.47
Kelly Strategic Management LLC 0.00 3.73 0.00% 4.45
Jacob Asset Management 0.00 3.52 0.00% -0.14
Truemark Group 0.00 3.50 0.00% 3.71
Volt Equity LLC 0.00 2.56 0.00% 0.33
Goose Hollow Capital Management LLC 0.00 2.33 0.00% 1.24
Dynamic Shares LLC 0.00 2.31 0.00% 1.00
Amberwave Partners Research & Management LLC 0.39 1.67 23.36% 1.28
Big Data Federation, Inc. 0.00 1.55 0.00% 0.62
Dalton Capital 0.00 1.27 0.00% 0.26
Grizzle Investment Management LLC 0.00 1.27 0.00% 0.46
WisdomTree Investments, Inc. 0.00 1.17 0.00% 0.08
V-Square Quantitative Management LLC 0.00 1.12 0.00% 0.00
Subversive Capital Advisor LLC 0.00 0.99 0.00% 1.25
Inherent Wealth Fund LLC 0.54 0.98 54.68% 0.77
Wilshire Phoenix Funds LLC 0.00 0.52 0.00% -1.23
Swedish Export Credit -468.25 0.03 -1,666,009.21% -383.33
Neuberger Berman 0.00 0.00 0.00% 0.00
Eaton Vance Corp. 0.00 0.00 0.00% 0.00
Cabot ETF Partners LLC 0.00 0.00 0.00% -0.29

 

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