Bonds Were Investors’ November Favorite

December 01, 2022

Exchange-traded fund inflows slowed in November compared with October, as investors pulled back amid oscillating stock and bond markets. 

November’s inflows dropped 30%, to $63 billion, from the record $92 billion recorded the month prior. They also slumped from the $74 billion added last November, as opacity around the Federal Reserve’s future path of rate hikes fueled investors’ worries for the majority of the month.  

Still, stocks moved decisively higher after the central bank’s head, Jerome Powell, signaled on Wednesday a smaller interest rate hike as early as December. The S&P 500 edged up 3.1%, while the Nasdaq jumped 4.4% following Powell’s remarks. The indices recorded their second back-to-back monthly gains, with the S&P 500 soaring 5.7%, while the Nasdaq climbed 5.3%.  

U.S. equity-related ETFs brought in $27 billion, nearly half of the $53 billion generated last month. Among the funds with the largest outflows were the SPDR S&P 500 ETF Trust (SPY), the Vanguard S&P 500 EETF (VOO) and the iShares Russell 1000 Value ETF (IWD), which collectively shed almost $3.1 billion, according to ETF.com data.  

Some Experts Optimistic  

“When everybody is on the same side saying the market is going down, they're usually wrong,” said Robert Tull, co-founder and president of ProcureAM in an interview with ETF.com, pointing to continued activity in the stock market and an increase in consumer consumption as indicators of a possible market rebound.  

Meanwhile, U.S. fixed income funds gained investor attention, as the asset class saw almost $22 billion in the last month. Investor favorites included the Vanguard Short-Term Corporate Bond ETF (VCSH) and the iShares iBoxx USD High Yield Corporate Bond ETF (HYG). Still, the additions were less than the $31 billion that U.S. fixed income ETFs generated in October.  

According to experts, the interest in bonds may continue into the next year, with investment-grade credit taking the spotlight.  

“The case for investment-grade credit has brightened, in our view, and we raise our overweight tactically and strategically,” BlackRock heads said in their 2023 global outlook. “We think it can hold up in a recession, with companies having fortified their balance sheets by refinancing debt at lower yields.” 

 

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

 

Top Gainers (November 2022)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM YTD 2022 Net Flows($,M)
QQQ Invesco QQQ Trust Invesco 4,028.85 157,108.57 2.56% 4,328.72
HYG iShares iBoxx USD High Yield Corporate Bond ETF Blackrock 3,634.45 18,014.77 20.17% -1,116.10
VCSH Vanguard Short-Term Corporate Bond ETF Vanguard 2,409.13 41,417.43 5.82% 3,096.86
VTEB Vanguard Tax-Exempt Bond ETF Vanguard 2,049.15 23,756.54 8.63% 10,112.15
IWM iShares Russell 2000 ETF Blackrock 1,772.92 54,606.48 3.25% -2,647.88
SCHD Schwab U.S. Dividend Equity ETF Charles Schwab 1,634.44 44,149.46 3.70% 13,829.06
ACWI iShares MSCI ACWI ETF Blackrock 1,604.95 18,017.39 8.91% 3,876.13
JEPI JPMorgan Equity Premium Income ETF JPMorgan Chase 1,592.82 16,475.30 9.67% 11,414.84
AGG iShares Core U.S. Aggregate Bond ETF Blackrock 1,491.56 80,047.70 1.86% 1,329.64
MUB iShares National Muni Bond ETF Blackrock 1,382.91 31,501.28 4.39% 8,538.24

 

Top Gainers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM November 2022 Net Flows($,M)
VOO Vanguard S&P 500 ETF Vanguard 39,020.39 270,238.19 14.44% -1,054.16
IVV iShares Core S&P 500 ETF Blackrock 24,535.47 302,525.61 8.11% 849.34
VTI Vanguard Total Stock Market ETF Vanguard 23,571.92 267,820.32 8.80% 1,137.11
TLT iShares 20+ Year Treasury Bond ETF Blackrock 14,982.35 27,087.28 55.31% 1,116.27
SCHD Schwab U.S. Dividend Equity ETF Charles Schwab 13,829.06 44,149.46 31.32% 1,634.44
BIL SPDR Bloomberg 1-3 Month T-Bill ETF State Street Global Advisors 12,527.41 26,169.24 47.87% -229.70
BND Vanguard Total Bond Market ETF Vanguard 12,044.18 83,014.53 14.51% 1,113.54
JEPI JPMorgan Equity Premium Income ETF JPMorgan Chase 11,414.84 16,475.30 69.28% 1,592.82
TQQQ ProShares UltraPro QQQ ProShares 10,535.88 11,010.74 95.69% -429.42
USFR WisdomTree Floating Rate Treasury Fund WisdomTree 10,529.42 12,359.80 85.19% 475.60

 

Biggest Losers (November 2022)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM YTD 2022 Net Flows($,M)
VTV Vanguard Value ETF Vanguard -6,005.68 100,133.45 -6.00% 9,631.57
SHV iShares Short Treasury Bond ETF Blackrock -4,291.86 20,101.18 -21.35% 7,070.08
SDY SPDR S&P Dividend ETF State Street Global Advisors -1,541.67 23,834.07 -6.47% 2,802.15
SPY SPDR S&P 500 ETF Trust State Street Global Advisors -1,175.92 374,422.47 -0.31% -8,977.04
VOO Vanguard S&P 500 ETF Vanguard -1,054.16 270,238.19 -0.39% 39,020.39
VTIP Vanguard Short-Term Inflation-Protected Securities ETF Vanguard -857.64 17,304.05 -4.96% -869.06
SHY iShares 1-3 Year Treasury Bond ETF Blackrock -789.33 28,637.55 -2.76% 9,246.13
IWD iShares Russell 1000 Value ETF Blackrock -750.06 54,591.58 -1.37% -1,249.18
MINT PIMCO Enhanced Short Maturity Active ETF PIMCO -737.60 9,633.05 -7.66% -3,680.06
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF Goldman Sachs -731.76 10,658.01 -6.87% -1,643.52

 

Biggest Losers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM November 2022 Net Flows($,M)
SPY SPDR S&P 500 ETF Trust State Street Global Advisors -8,977.04 374,422.47 -2.40% -1,175.92
TIP iShares TIPS Bond ETF Blackrock -8,095.25 24,573.29 -32.94% -573.45
XLF Financial Select Sector SPDR Fund State Street Global Advisors -6,938.51 33,130.82 -20.94% 385.70
VLUE iShares MSCI USA Value Factor ETF Blackrock -6,184.84 8,157.10 -75.82% -10.33
BBEU JPMorgan BetaBuilders Europe ETF JPMorgan Chase -4,581.69 3,526.89 -129.91% -370.06
SCHP Schwab U.S. TIPS ETF Charles Schwab -4,036.94 14,040.40 -28.75% -244.98
MINT PIMCO Enhanced Short Maturity Active ETF PIMCO -3,680.06 9,633.05 -38.20% -737.60
VGK Vanguard FTSE Europe ETF Vanguard -3,101.04 15,092.93 -20.55% 522.20
GLD SPDR Gold Trust State Street Global Advisors -3,045.48 51,155.69 -5.95% -646.89
PFF iShares Preferred and Income Securities ETF Blackrock -2,955.85 13,774.81 -21.46% -300.58

 

Asset Classes (November 2022)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 27,487.08 3,962,913.81 0.69%
International Equity 14,005.93 1,150,883.36 1.22%
U.S. Fixed Income 21,782.56 1,148,753.08 1.90%
International Fixed Income 1,514.77 137,799.29 1.10%
Commodities -1,369.42 130,050.32 -1.05%
Currency -327.32 4,122.62 -7.94%
Leveraged -75.21 48,407.20 -0.16%
Inverse 1,171.27 22,899.68 5.11%
Asset Allocation 136.14 16,564.44 0.82%
Alternatives -190.34 8,705.44 -2.19%
Total: 64,135.46 6,631,099.25 0.97%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 267,751.45 3,962,913.81 6.76%
International Equity 89,134.77 1,150,883.36 7.74%
U.S. Fixed Income 170,946.37 1,148,753.08 14.88%
International Fixed Income 6,247.46 137,799.29 4.53%
Commodities -3,641.52 130,050.32 -2.80%
Currency 1,788.22 4,122.62 43.38%
Leveraged 19,877.46 48,407.20 41.06%
Inverse 8,376.57 22,899.68 36.58%
Asset Allocation 505.67 16,564.44 3.05%
Alternatives 2,338.55 8,705.44 26.86%
Total: 563,325.01 6,631,099.25 8.50%

 

November 2022 ETF Issuer League Table

Issuer Net Flows ($,M) AUM ($,M) % of AUM YTD 2022 Net Flows($,M)
Blackrock 20,151.06 2,231,790.61 0.90% 151,268.69
Vanguard 10,984.34 1,918,251.22 0.57% 176,207.59
State Street Global Advisors 7,293.91 1,010,428.76 0.72% 35,852.97
Invesco 7,674.03 347,305.10 2.21% 25,017.44
Charles Schwab 2,625.89 262,980.31 1.00% 31,671.97
First Trust 1,107.04 125,877.23 0.88% 9,038.74
JPMorgan Chase 1,608.51 88,728.63 1.81% 16,728.98
Dimensional Holdings 3,232.83 70,214.86 4.60% 22,373.62
ProShares 785.98 58,898.98 1.33% 16,922.65
VanEck 411.43 52,130.31 0.79% 1,820.61
WisdomTree 1,001.58 49,723.19 2.01% 13,696.68
Mirae Asset Global Investments Co., Ltd. 236.30 37,171.29 0.64% 3,793.87
Fidelity 466.05 31,046.77 1.50% 2,596.34
Goldman Sachs -452.58 25,154.74 -1.80% 2,676.46
Direxion 492.21 23,923.64 2.06% 10,957.16
PIMCO -447.18 22,080.29 -2.03% -2,669.98
Northern Trust 120.50 21,107.21 0.57% 2,245.12
DWS 353.45 19,577.23 1.81% -1,111.87
Pacer Advisors 1,152.37 19,331.22 5.96% 10,427.07
American Century Investments 1,751.02 18,308.63 9.56% 9,416.16
ARK -37.78 12,337.44 -0.31% -392.83
SS&C 14.44 11,287.23 0.13% 517.17
AJM Ventures LLC 123.94 10,898.42 1.14% -138.06
Innovator 1,073.02 10,829.17 9.91% 5,342.58
Franklin Templeton 175.58 9,759.17 1.80% 992.66
CICC -96.97 9,058.12 -1.07% 79.03
Victory Capital 15.77 7,989.25 0.20% 1,473.09
Nuveen Securities 209.22 7,618.51 2.75% 988.15
WisdomTree Investments, Inc. 62.66 6,122.75 1.02% -219.79
Abrdn Plc -77.41 5,832.66 -1.33% 519.87
Janus Henderson 22.65 5,544.90 0.41% 1,412.55
John Hancock 113.43 5,047.96 2.25% 629.33
The Capital Group Companies 827.14 4,915.75 16.83% 4,833.22
Exchange Traded Concepts -49.31 4,808.53 -1.03% -617.12
New York Life -64.27 4,010.00 -1.60% -246.58
ETFMG -38.23 3,972.56 -0.96% -401.38
The Hartford 77.22 3,817.68 2.02% 226.31
Amplify Investments 143.48 3,784.32 3.79% 786.54
BMO 157.71 3,747.70 4.21% 1,468.79
Marygold Cos, Inc. 215.59 3,722.73 5.79% -1,083.30
Prudential 377.27 3,548.36 10.63% 1,435.92
Toroso Investments -299.54 2,524.51 -11.87% 223.73
US Global Investors -12.04 2,304.30 -0.52% -417.43
Principal 19.73 2,236.78 0.88% -2,047.43
Barclays Capital Inc. 28.53 2,082.05 1.37% -1,007.16
Alpha Architect 110.81 2,022.92 5.48% 711.33
Aptus Capital Advisors -93.07 1,976.79 -4.71% 314.85
Cambria 61.34 1,829.27 3.35% 787.46
AdvisorShares 50.42 1,618.81 3.11% 180.71
Simplify Asset Management Inc. -76.21 1,512.13 -5.04% 635.27
BNY Mellon 16.80 1,395.95 1.20% 330.13
Vident 4.91 1,327.59 0.37% 62.07
Columbia Management Investment Advisers, LLC -5.56 1,325.85 -0.42% -238.99
Horizon Kinetics LLC -20.10 1,325.21 -1.52% 435.22
Virtus Investment Partners 44.88 1,323.51 3.39% 11.88
GraniteShares -38.03 1,319.31 -2.88% -27.91
UBS 0.00 1,286.05 0.00% 8.49
Strategy Shares -22.99 1,265.53 -1.82% 87.02
Main Management 18.24 1,213.09 1.50% 51.56
Sprott, Inc. 8.27 1,185.24 0.70% 332.28
The Motley Fool -14.47 1,106.82 -1.31% -130.62
Inspire Investing LLC -12.99 1,076.38 -1.21% 184.30
Litman Gregory Capital Partners LLC 57.02 1,075.16 5.30% 1,010.73
Defiance ETFs -18.49 956.30 -1.93% -278.33
Distillate Capital 31.45 904.33 3.48% 365.54
Davis Advisers -25.73 864.09 -2.98% -183.73
T. Rowe Price Group, Inc. 39.06 807.63 4.84% 313.22
AXS Investments -3.78 751.70 -0.50% 247.00
Teucrium -45.03 701.80 -6.42% 504.38
Timothy Plan 29.10 651.40 4.47% 156.10
Redwood Investment Management 13.66 624.79 2.19% -49.00
ORIX Corp. 11.33 624.59 1.81% 394.82
Credit Suisse Group AG 7.28 624.26 1.17% -905.12
Tortoise -1.78 612.80 -0.29% 49.88
Nationwide -15.32 575.99 -2.66% -69.86
Merk 4.22 572.65 0.74% 16.82
Core Alternative Capital 7.96 562.17 1.42% 280.40
Roundhill Investments -11.42 544.33 -2.10% -132.69
Bondbloxx Investment Management LLC 13.22 523.06 2.53% 501.23
Regents Park Funds -15.44 510.89 -3.02% 197.21
ClearShares LLC -2.28 503.40 -0.45% 132.87
Day Hagan Asset Management -14.71 493.26 -2.98% 165.87
Howard Capital Management -3.46 486.09 -0.71% -19.71
Engine No. 1 LLC 31.22 460.50 6.78% 235.19
Liquid Strategies 0.67 417.35 0.16% 33.95
Advisors Asset Management 19.34 404.00 4.79% 226.45
AGF 24.78 393.78 6.29% 258.39
Renaissance Health Service Corp. 72.40 330.78 21.89% 333.19
Cavalier16 8.02 326.46 2.46% -41.95
TrimTabs -7.34 324.38 -2.26% -113.97
Retireful LLC -13.90 261.01 -5.32% 281.30
Doubleline ETF Adviser LP 7.34 253.39 2.90% 56.77
Little Harbor Advisors -5.11 244.20 -2.09% -59.07
WBI 0.00 236.36 0.00% 38.65
Oneascent Holdings LLC -1.41 234.05 -0.60% 168.01
Wahed Invest LLC 5.31 220.43 2.41% 75.76
Truemark Group -1.99 203.25 -0.98% 25.52
Western & Southern Mutual Holding Co. -0.01 202.06 -0.01% 72.58
Wainwright, Inc. 5.32 198.69 2.68% 43.99
Syntax Advisors -5.92 188.50 -3.14% -14.20
Cary Street Partners Financial LLC /VA/ 3.13 178.23 1.76% 183.76
Impact Shares 3.19 174.69 1.83% 20.00
Volatility Shares LLC 65.95 173.20 38.08% 212.66
Kingsview Partners LLC 2.37 173.11 1.37% 71.06
Al Marketing LLC -6.07 170.15 -3.57% -100.35
Power Corporation of Canada 2.33 165.53 1.41% 118.70
Stf Management LP -1.18 158.68 -0.74% 180.43
FundX Investment Group, LLC -0.15 154.31 -0.09% -0.15
SRN Advisors -13.96 152.23 -9.17% -90.66
Equitable Holdings 0.00 149.78 0.00% 0.00
Renaissance Capital -5.31 147.65 -3.60% -68.77
Truist -1.06 146.81 -0.72% 11.18
Gadsden 1.55 145.96 1.06% 30.16
CornerCap Investment Counsel, Inc. -4.92 144.42 -3.41% 37.50
Victory Asset Management SA 40.77 144.03 28.31% 133.80
OBP Capital LLC -0.10 140.31 -0.07% 23.79
Rayliant Investment Research 0.08 137.26 0.06% 110.23
Swan Global Investments -2.31 135.88 -1.70% -6.97
Humankind USA LLC 2.63 129.50 2.03% 26.54
Intangible Capital -5.16 127.17 -4.05% -29.69
Neil Azous Revocable Trust 14.32 114.23 12.54% 46.42
Arrow Funds -1.00 108.97 -0.92% -12.61
Aptus Holdings LLC 107.58 107.81 99.79% 107.58
Paralel Technologies LLC 0.00 100.22 0.00% 92.16
Soundwatch Capital LLC 0.00 97.90 0.00% 0.00
Baird Financial Group 4.69 95.66 4.90% 98.64
IronHorse Holdings 22.70 92.67 24.49% 26.57
Water Island Capital Partners LP 4.26 90.41 4.72% 66.53
Thor Trading Advisors LLC 60.69 88.09 68.89% 84.86
Absolute Investment Advisers LLC -2.69 80.74 -3.33% 26.71
Toews Corp. 12.64 78.96 16.01% 29.50
First Manhattan Co. 1.03 72.06 1.43% 1.52
Pacific Life -5.27 70.57 -7.47% 42.09
Exponential ETFs 0.00 68.77 0.00% -1.16
Inverdale Capital Management LLC -0.78 67.23 -1.16% 28.44
Beyond Investing 0.00 63.32 0.00% 6.79
Cohanzick Management -0.83 62.93 -1.32% 19.02
Pettee Investors 0.98 62.37 1.57% -14.62
Natixis 0.63 62.36 1.00% -3.52
GeaSphere LLC -0.92 62.29 -1.47% 4.88
SEI Investments 3.11 61.82 5.03% 60.23
Angel Oak Capital Advisors, LLC 25.05 60.32 41.53% 60.07
ProcureAM -1.04 59.11 -1.76% -19.77
Federated Hermes, Inc. 2.57 57.99 4.43% 11.40
The Leuthold Group LLC 4.31 56.60 7.62% 39.66
Alexis Investment Partners LLC 0.46 53.88 0.86% 9.37
Formidable Asset Management 0.61 53.54 1.13% 11.30
EntrepreneurShares, LLC -0.25 49.31 -0.50% -21.40
Advocate Capital Management LLC 0.18 46.80 0.38% 19.94
Logan Capital Management Inc. 0.03 44.70 0.06% 0.03
Red Gate Advisers LLC -1.54 44.23 -3.48% 8.64
AllianceBernstein Holding 16.03 43.70 36.68% 18.50
2nd Vote Value Investments, Inc 0.00 43.66 0.00% 0.48
Guinness Atkinson Asset Management -0.74 42.94 -1.72% -1.80
ETF Series Solutions 0.66 40.39 1.64% -0.39
Alger Group Holdings LLC 0.46 38.99 1.17% 7.85
Matthews International Capital Management 7.89 36.86 21.42% 30.80
Ridgeline Research LLC 0.00 33.62 0.00% 3.87
Highland Capital Management -2.97 32.38 -9.16% -11.01
Build Asset Management LLC 1.14 31.43 3.62% 34.01
Metaurus Advisors 0.35 29.98 1.15% 6.09
Sheaff Brock Capital Management LLC 0.34 29.78 1.14% 4.42
CI Financial Corp. -0.02 27.99 -0.07% -0.02
ASYMmetric ETFs 0.01 26.69 0.04% 5.37
First Pacific Advisors LP 2.95 25.34 11.62% 26.69
GAMCO Investors, Inc. 0.00 25.32 0.00% 3.57
Cultivar Capital, Inc. -0.01 24.56 -0.05% 16.19
Convergence Investment Partners, LLC -0.15 24.13 -0.62% -2.09
AlphaMark Advisors 0.00 23.54 0.00% 2.43
Faith Investor Services, LLC 0.86 21.29 4.04% 23.56
Reflection Asset Management, LLC -0.05 21.13 -0.23% 9.83
Valkyrie Funds LLC 0.84 20.66 4.08% -19.40
Knights of Columbus 0.00 18.44 0.00% -1.88
Point Bridge Capital 1.89 17.97 10.54% 3.84
Mairs & Power, Inc. 0.00 17.34 0.00% 1.33
Esoterica 0.00 16.72 0.00% -9.77
Zacks Investment Management 0.59 16.09 3.68% 5.38
Lyrical Partners 0.00 15.69 0.00% 11.61
Applied Finance Group 2.41 15.22 15.82% 6.97
Goose Hollow Capital Management LLC 1.22 14.90 8.21% 12.88
Clockwise Capital LLC -1.17 12.95 -9.04% 12.55
Changebridge Capital LLC 0.00 11.31 0.00% -3.02
WealthTrust Asset Management LLC 0.00 10.79 0.00% 10.60
Swedish Export Credit -1.01 10.62 -9.46% 2.13
Client First Investment Management LLC 10.26 10.27 99.93% 10.26
Lifegoal Investments LLC 1.37 9.57 14.36% 6.56
Future Fund Advisors -0.65 9.06 -7.23% -2.03
Alphatrai Funds, Inc. 0.77 8.39 9.13% 0.81
MCCM Group LLC -0.63 8.19 -7.69% 8.17
Counterpoint Mutual Funds LLC 0.00 7.43 0.00% -1.59
Harbor 0.00 7.10 0.00% 7.04
Tuttle Tactical Management, LLC 0.00 6.65 0.00% 0.32
Rcube SAS 0.00 5.58 0.00% 5.27
Nuveen Investments, Inc. 0.00 5.33 0.00% 0.00
Democracy Investment Management LLC 0.00 4.98 0.03% 2.40
VegTech LLC 0.00 4.97 0.00% 4.15
Kelly Strategic Management LLC -0.83 4.82 -17.19% 6.01
Neos Investments LLC 0.96 4.81 19.94% 4.88
Convexityshares, LLC 0.00 4.58 0.00% 5.00
Digital Currency Group, Inc. 0.00 3.94 0.00% 12.54
V-Square Quantitative Management LLC 0.00 3.42 0.00% 2.47
Emerge Capital Management, Inc. 0.52 3.09 16.70% 0.52
Jacob Asset Management 0.00 2.93 0.00% -0.04
Spear Advisors LLC 0.00 2.90 0.00% 0.30
Dynamic Shares LLC 0.00 2.61 0.00% 1.00
Big Data Federation, Inc. 0.44 2.29 19.33% 1.55
Volt Equity LLC 0.00 1.98 0.00% 0.48
Amberwave Partners Research & Management LLC 0.00 1.62 0.00% 1.28
Dalton Capital 0.00 1.20 0.00% 0.26
Inherent Wealth Fund LLC 0.00 1.12 0.00% 0.97
Kingsbarn Capital Management LLC 0.00 1.08 0.00% -0.42
Grizzle Investment Management LLC 0.00 1.07 0.00% 0.41
Subversive Capital Advisor LLC 0.00 0.89 0.00% 1.25
Tradelegs LLC 0.00 0.52 0.00% 0.50
Neuberger Berman 0.00 0.00 0.00% -0.52
Cabot ETF Partners LLC 0.00 0.00 0.00% -0.29
Eaton Vance Corp. 0.00 0.00 0.00% 0.00
Penserra Capital Management LLC 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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