Monthly ETF Inflows Total $50B, Strongest Since Jan.

December 03, 2018

ETF inflows rebounded from a slow October to post their strongest month since January. A net $49.6 billion of new money entered U.S.-listed ETFs during November, pushing year-to-date inflows to $264.7 billion, according to the latest data from FactSet.

It was the largest monthly inflow since January’s $68.1 billion haul, and positions 2018 ETF inflows to finish solidly, despite a few hairy months. While it’s unfathomable that annual inflows will surpass 2017’s all-time-best $476.1 billion, they could certainly challenge or exceed 2016’s $287.5 billion, which was a record at the time.

An Up & Down Month

Going back to November’s figures, the month’s inflows were relatively evenly divided by segment. U.S. equity ETFs picked up $22.3 billion; international equity ETFs took in $11.1 billion; and U.S. fixed-income ETFs received $13.8 billion.

After plunging in October, stock markets whipsawed up, down and up again as concerns about interest rates and trade waxed and waned.

Ultimately, stocks finished the month up, as dovish comments from Fed chairman Powell gave investors hope that the central bank wouldn’t overtighten and derail the economy. A three-month truce in the U.S.-China trade war also lent support to investors’ appetite for risk in November.

The S&P 500 rose 1.8% during the period, while the benchmark 10-year Treasury yield slipped from 3.16% to around 3%.

Most & Least Popular

Among the most popular equity ETFs during November were the SPDR S&P 500 ETF Trust (SPY), the iShares Core MSCI Emerging Markets ETF (IEMG) and the iShares Edge MSCI Min Vol U.S.A. ETF (USMV).

On the other hand, the Invesco QQQ Trust (QQQ), the SPDR S&P Dividend ETF (SDY) and the Communication Services Select Sector SPDR Fund (XLC) were shunned.

Meanwhile, one theme that’s been dominant in 2018 and continued in November was the popularity of short-term bond ETFs. Funds like the iShares 1-3 Year Treasury Bond ETF (SHY), the SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (BIL), the iShares Short Treasury Bond ETF (SHV), the JPMorgan Ultra-Short Income ETF (JPST) and the Vanguard Short-Term Treasury Index ETF (VGSH) all made the top 10 monthly inflows list.

Investors weren’t as kind to corporate debt ETFs. The iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD) and the Invesco Senior Loan ETF (BKLN) both saw sizable outflows during the month.

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

 

Top Gainers (November 2018)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM YTD 2018 Net Flows($,M)
SPY SPDR S&P 500 ETF Trust State Street Global Advisors 5,813.93 267,022.09 2.18% -15,309.82
IEMG iShares Core MSCI Emerging Markets ETF BlackRock 3,258.88 50,105.54 6.50% 14,349.30
SHY iShares 1-3 Year Treasury Bond ETF BlackRock 2,449.62 17,169.73 14.27% 5,934.41
USMV iShares Edge MSCI Min Vol U.S.A. ETF BlackRock 1,900.20 19,188.26 9.90% 3,138.58
BIL SPDR Bloomberg Barclays 1-3 Month T-Bill ETF State Street Global Advisors 1,738.71 7,042.24 24.69% 5,087.32
SHV iShares Short Treasury Bond ETF BlackRock 1,721.70 17,315.55 9.94% 9,298.32
IWD iShares Russell 1000 Value ETF BlackRock 1,556.23 38,825.86 4.01% -2,022.42
VEA Vanguard FTSE Developed Markets ETF Vanguard 1,154.38 67,596.61 1.71% 7,471.52
JPST JPMorgan Ultra-Short Income ETF JPMorgan 1,053.72 4,370.78 24.11% 4,255.44
VGSH Vanguard Short-Term Treasury Index ETF Vanguard 1,048.67 4,643.40 22.58% 2,738.16

 

Top Gainers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM November 2018 Net Flows($,M)
IEFA iShares Core MSCI EAFE ETF BlackRock 19,944.30 55,246.81 36.10% -294.47
IVV iShares Core S&P 500 ETF BlackRock 16,241.72 161,378.37 10.06% 852.79
VOO Vanguard S&P 500 ETF Vanguard 15,978.99 101,575.63 15.73% 1,028.70
IEMG iShares Core MSCI Emerging Markets ETF BlackRock 14,349.30 50,105.54 28.64% 3,258.88
SHV iShares Short Treasury Bond ETF BlackRock 9,298.32 17,315.55 53.70% 1,721.70
VTI Vanguard Total Stock Market ETF Vanguard 7,819.96 101,768.98 7.68% 1,029.46
VEA Vanguard FTSE Developed Markets ETF Vanguard 7,471.52 67,596.61 11.05% 1,154.38
VTV Vanguard Value ETF Vanguard 7,314.47 44,454.42 16.45% 844.65
SHY iShares 1-3 Year Treasury Bond ETF BlackRock 5,934.41 17,169.73 34.56% 2,449.62
IJR iShares Core S&P Small Cap ETF BlackRock 5,843.89 42,688.10 13.69% 287.97

 

Biggest Losers (November 2018)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM YTD 2018 Net Flows($,M)
QQQ Invesco QQQ Trust Invesco -1,616.58 65,430.12 -2.47% 3,126.88
LQD iShares iBoxx USD Investment Grade Corporate Bond ETF BlackRock -1,074.50 29,917.15 -3.59% -6,278.84
FXR First Trust Industrials/Producer Durables AlphaDEX Fund First Trust -1,062.60 459.31 -231.35% -1,127.20
SDY SPDR S&P Dividend ETF State Street Global Advisors -825.72 16,305.28 -5.06% -460.69
XLC Communication Services Select Sector SPDR Fund State Street Global Advisors -546.54 3,110.31 -17.57% 3,330.52
TIP iShares TIPS Bond ETF BlackRock -477.23 21,799.72 -2.19% -1,145.61
VGK Vanguard FTSE Europe ETF Vanguard -468.90 14,321.61 -3.27% -1,845.87
KRE SPDR S&P Regional Banking ETF State Street Global Advisors -438.96 3,918.42 -11.20% 35.34
VGT Vanguard Information Technology ETF Vanguard -418.16 19,560.89 -2.14% 575.59
BKLN Invesco Senior Loan ETF Invesco -417.44 6,124.23 -6.82% -1,676.24

 

Biggest Losers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM November 2018 Net Flows($,M)
SPY SPDR S&P 500 ETF Trust State Street Global Advisors -15,309.82 267,022.09 -5.73% 5,813.93
EFA iShares MSCI EAFE ETF BlackRock -12,047.28 65,033.02 -18.52% 299.59
LQD iShares iBoxx USD Investment Grade Corporate Bond ETF BlackRock -6,278.84 29,917.15 -20.99% -1,074.50
EZU iShares MSCI Eurozone ETF BlackRock -6,248.55 7,629.37 -81.90% -176.78
JNK SPDR Bloomberg Barclays High Yield Bond ETF State Street Global Advisors -4,897.34 7,232.42 -67.71% -104.44
EEM iShares MSCI Emerging Markets ETF BlackRock -4,714.33 29,940.26 -15.75% 440.78
DXJ WisdomTree Japan Hedged Equity Fund WisdomTree -3,983.76 4,683.49 -85.06% -349.59
IWB iShares Russell 1000 ETF BlackRock -3,700.87 17,262.84 -21.44% 156.13
GLD SPDR Gold Trust State Street Global Advisors -2,857.25 30,022.30 -9.52% 307.32
HYG iShares iBoxx USD High Yield Corporate Bond ETF BlackRock -2,848.37 14,209.99 -20.04% 185.83

 

Asset Classes (November 2018)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 22,267.47 2,064,920.15 1.08%
International Equity 11,061.33 762,533.10 1.45%
U.S. Fixed Income 13,848.19 572,756.82 2.42%
International Fixed Income 1,343.14 66,632.60 2.02%
Commodities ETFs 59.88 59,919.68 0.10%
Currency 26.45 1,138.62 2.32%
Leveraged 756.87 35,794.37 2.11%
Inverse -25.08 12,481.45 -0.20%
Asset Allocation 182.84 9,079.62 2.01%
Alternatives 104.51 4,809.71 2.17%
Total: 49,625.58 3,590,066.13 1.38%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 120,360.97 2,064,920.15 5.83%
International Equity 53,006.63 762,533.10 6.95%
U.S. Fixed Income 69,819.83 572,756.82 12.19%
International Fixed Income 11,603.42 66,632.60 17.41%
Commodities ETFs -557.75 59,919.68 -0.93%
Currency -33.85 1,138.62 -2.97%
Leveraged 7,267.05 35,794.37 20.30%
Inverse 1,919.43 12,481.45 15.38%
Asset Allocation 847.49 9,079.62 9.33%
Alternatives 437.27 4,809.71 9.09%
Total: 264,670.49 3,590,066.13 7.37%

 

November 2018 League Table

Issuer Net Flows ($,M) AUM ($,M) % of AUM YTD 2018 Net Flows($,M)
BlackRock 25,333.48 1,395,626.98 1.82% 98,012.13
Vanguard 10,100.20 904,954.03 1.12% 73,734.12
State Street Global Advisors 8,533.74 620,305.12 1.38% 999.90
Invesco -1,797.60 182,252.72 -0.99% 4,272.38
Charles Schwab 2,156.22 121,924.50 1.77% 25,901.22
First Trust 175.75 66,984.65 0.26% 10,912.13
WisdomTree -470.82 38,530.61 -1.22% -4,852.46
VanEck -160.83 33,634.99 -0.48% 3,619.88
ProShares 154.10 30,121.96 0.51% 3,716.17
PIMCO 958.47 18,524.28 5.17% 4,028.98
JPMorgan 1,930.66 18,268.30 10.57% 12,826.11
Northern Trust -58.49 15,513.12 -0.38% 403.72
ALPS -129.24 12,792.67 -1.01% -475.96
Fidelity 318.33 12,446.29 2.56% 3,497.14
Rafferty Asset Management 56.29 12,231.68 0.46% 1,953.17
Deutsche Bank 89.63 12,098.48 0.74% -519.50
Goldman Sachs 346.27 10,406.84 3.33% 4,224.21
Mirae Asset Global Investments 29.96 9,204.74 0.33% 1,991.08
UBS 21.83 6,764.36 0.32% 84.76
Barclays Bank PLC -78.74 5,267.95 -1.49% 1,598.23
Exchange Traded Concepts -80.67 4,566.29 -1.77% 106.65
Credit Suisse 323.20 4,307.30 7.50% 953.26
New York Life 8.47 4,062.31 0.21% 706.82
OppenheimerFunds -63.53 3,504.29 -1.81% 1,056.41
Victory Capital Management 87.89 3,315.57 2.65% 1,120.59
The Principal Financial Group -188.18 3,261.27 -5.77% 1,081.81
ETF Managers Group -49.96 3,149.44 -1.59% 1,428.33
Pacer Financial 56.44 3,045.00 1.85% 1,535.87
US Commodity Funds 199.01 2,666.83 7.46% -889.13
John Hancock 355.01 2,573.84 13.79% 1,510.46
ARK 37.71 2,364.00 1.60% 1,427.78
Aberdeen Asset Management 55.14 2,304.40 2.39% -147.94
KraneShares 296.66 2,197.87 13.50% 1,259.49
Hartford 425.71 2,166.55 19.65% 1,904.06
Franklin Templeton Investments 51.87 1,656.68 3.13% 712.88
USAA Asset Management 44.15 1,165.20 3.79% 897.78
Northern Lights 32.15 1,034.32 3.11% 515.19
Janus Henderson 80.35 949.09 8.47% 674.10
Legg Mason 19.15 837.84 2.29% 149.39
Millington Securities Inc -9.84 836.90 -1.18% -95.02
O’Shares Investment Advisers 188.73 820.52 23.00% 114.21
Virtus -46.82 788.36 -5.94% -26.42
CitiGroup 208.63 768.41 27.15% 318.43
Transamerica -5.35 760.89 -0.70% -66.49
AdvisorShares -31.18 723.43 -4.31% -97.98
Innovator Capital Management 28.50 722.98 3.94% 280.38
Columbia -48.99 707.61 -6.92% -431.45
Cambria -2.73 645.84 -0.42% 4.26
Davis 23.43 585.15 4.00% 284.88
Amplify 12.66 570.94 2.22% 426.41
Nuveen 18.66 564.84 3.30% 165.67
Highland Capital Management -53.28 487.29 -10.93% -64.29
Alpha Architect -15.94 417.21 -3.82% 146.16
GraniteShares 11.82 369.93 3.19% 354.96
Nationwide Fund Advisors -0.70 353.88 -0.20% 1.48
BMO 0.00 313.64 0.00% 76.84
Strategy Shares -6.89 294.67 -2.34% 240.58
Reality Shares -1.68 225.92 -0.74% 139.83
Aptus Capital Advisors -0.62 214.23 -0.29% 159.70
The RBB Fund 51.18 195.19 26.22% 190.17
Montage Managers 29.95 191.84 15.61% 78.99
PGIM Investments 22.43 181.64 12.35% 102.21
TrimTabs Asset Management 1.49 139.55 1.07% 96.89
Merk 0.00 135.01 0.00% 6.75
ClearShares 0.00 133.29 0.00% 23.65
US Global Investors -4.17 105.25 -3.96% -5.01
American Century 17.00 78.22 21.74% 52.21
Exponential ETFs 1.61 70.88 2.27% 17.27
EntrepreneurShares, LLC 0.00 70.42 0.00% 15.44
Redwood Investment Management 0.00 51.49 0.00% 50.87
OBP Capital LLC 1.36 51.17 2.66% 2.61
Natixis 0.00 48.43 0.00% 11.84
Point Bridge Capital 0.00 35.13 0.00% 3.06
Premise Capital -0.01 33.22 -0.02% 15.09
FQF Trust 2.10 32.60 6.43% 5.27
Validea Capital Management 0.00 24.88 0.00% 0.03
Diamond Hill 1.60 24.22 6.60% 4.86
AlphaMark Advisors 0.00 23.68 0.00% -1.35
Morgan Stanley 0.01 22.78 0.04% -8.49
Arrow Investment Advisors 0.00 22.45 0.00% -0.16
Advisors Asset Management 0.00 21.92 0.00% 17.31
Cboe Vest Financial 0.00 19.86 0.00% 19.45
Active Weighting Advisors 1.03 19.14 5.39% 4.49
Metaurus Advisors -0.00 18.70 -0.01% 13.45
Renaissance Capital 0.00 17.79 0.00% -1.21
Distillate Capital Partners 9.47 17.02 55.66% 16.88
Sage Advisory Services 0.00 14.42 0.00% 4.84
Gadsden 12.51 12.54 99.77% 12.51
CSOP 1.45 11.01 13.18% 4.94
USCF Advisers 0.00 10.59 0.00% 0.14
SL Advisors 0.00 9.29 0.00% 6.50
Salt Financial 1.16 8.61 13.46% 8.91
StrongVest 0.00 8.55 0.00% 0.00
Little Harbor Advisors 0.00 6.72 0.00% 6.90
TigerShares 6.13 6.17 99.34% 6.13
Impact Shares 0.00 5.95 0.00% 6.10
Regents Park Funds 0.00 5.57 0.00% 3.82
Defiance ETFs 1.08 5.41 19.87% 6.08
TriLine Index Solutions 0.00 4.59 0.00% 4.91
SerenityShares 0.00 4.27 0.00% 0.00
Change Finance 0.00 3.94 0.00% 0.96
EquBot 0.00 3.50 0.00% 3.74
Whitford Asset Management 0.00 0.58 0.00% -1.91
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.

 

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