ETFs Lose $6B In April

A swirl of economic head winds led to the first monthly outflow since August 2019.

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Reviewed by: Dan Mika
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Edited by: Dan Mika

The U.S. ETF industry lost just over $6.1 billion in net assets during April as a combination of rising rates, inflation, war in Ukraine and faltering tech giants sent dollars flowing out of equity funds. 

The loss is the first monthly net outflow since August 2019. U.S.-listed funds even managed to produce a relatively small net inflow of approximately $175 million in March 2020 after the introduction of COVID-19-forced lockdowns. 

U.S.-listed ETFs have garnered $191.8 billion in net new assets year-to-date and manage more than $6.69 trillion in assets as of close of trading Friday. 

Flight From Broad Equity 

Capital fled en masse from ETFs focused on U.S. equities, with ETF.com data provider FactSet estimating investors pulled just under $28 billion from the asset class in April. That outflow dwarfs the $8.2 billion and $5.6 billion worth of inflows into international equity and U.S. fixed income ETFs, respectively. 

The three largest ETFs in the industry took the brunt of the outflows on the month when the S&P 500 tumbled 9.3%. The iShares Core S&P 500 ETF (IVV) had the largest outflow on the month, with $11.6 billion in losses, followed by the Vanguard S&P 500 ETF (VOO), with $10.4 billion in outflows. The SPDR S&P 500 ETF Trust (SPY) lost $10.2 billion in the month. 

The top Russell index-tracking ETFs also struggled, with the iShares Russell 1000 Growth ETF (IWF) and the iShares Russell 2000 ETF (IWM) losing $1.4 billion and $1.3 billion, respectively. 

Fears over sky-high inflation and slowing economic growth led to $4.3 billion in outflows from the Financial Select Sector SPDR Fund (XLF), far outpacing any theoretical gains that banks would reap from a Fed turned hawkish. 

One bright spot for broad equities in the month was the SPDR S&P Dividend ETF (SDY), which led all equity ETFs, with $2.4 billion in inflows. 

Bond Funds Top Inflows 

Investors sent several bond ETFs to the top of the inflows list as they sought safety from volatile moves in equities. 

The Schwab Intermediate-Term U.S. Treasury ETF (SCHR) added more than $2.5 billion to lead all ETFs, while the SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) saw $2.3 billion in inflows, marking a significant move into a fund offering an effectively risk-free place to park money. 

The iShares National Muni Bond ETF (MUB) added $1.5 billion to round out U.S.-domiciled government bond funds in the top 10, while the SPDR Bloomberg Emerging Markets Local Bond ETF (EBND) took in $1.3 billion. 

Investment-grade corporate debt also appeared on the top of the inflows chart as a key AAA-rated yield index added 60 basis points over the month. The iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD) gained $1.6 billion during April, while the SPDR Bloomberg High Yield Bond ETF (JNK) saw outflows of $1.2 billion. 

Leverage Abound 

The month’s bearish sentiment didn’t stop billions of dollars from being dropped into triple-leveraged bull bets on semiconductors and the Nasdaq-100. 

The Direxion Daily Semiconductor Bull 3X Shares (SOXL) added $2.2 billion as traders bet on the industry to pop on positive earnings, while the ProShares UltraPro QQQ (TQQQ) added $1.8 billion in a contrarian play to names like Netflix and Tesla stumbling throughout the month. 

 

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While both funds lost more than 37% in the month, there were a few days when well-timed investors could have gotten in and out of quick trades with sharp gains. 

 

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

 

Top Gainers (April 2022)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMYTD 2022 Net Flows($,M)
SCHRSchwab Intermediate-Term U.S. Treasury ETFCharles Schwab2,511.396,985.9335.95%3,772.11
SDYSPDR S&P Dividend ETFState Street Global Advisors2,431.4723,807.7710.21%3,084.53
BILSPDR Bloomberg 1-3 Month T-Bill ETFState Street Global Advisors2,322.0616,273.5614.27%2,687.80
SOXLDirexion Daily Semiconductor Bull 3X SharesDirexion2,280.185,463.2541.74%4,633.20
TQQQProShares UltraPro QQQProShares1,873.6213,816.9313.56%6,420.03
XLVHealth Care Select Sector SPDR FundState Street Global Advisors1,655.1637,841.594.37%3,954.58
LQDiShares iBoxx USD Investment Grade Corporate Bond ETFBlackrock1,616.6533,217.064.87%-453.76
MUBiShares National Muni Bond ETFBlackrock1,501.8724,766.476.06%1,732.75
VTIVanguard Total Stock Market ETFVanguard1,427.78275,641.070.52%10,090.17
EBNDSPDR Bloomberg Emerging Markets Local Bond ETFState Street Global Advisors1,317.612,367.4455.66%1,352.65

 

Top Gainers (Year-to-Date)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMApril 2022 Net Flows($,M)
VOOVanguard 500 Index FundVanguard14,442.20265,808.025.43%-10,499.52
VTIVanguard Total Stock Market ETFVanguard10,090.17275,641.073.66%1,427.78
VTVVanguard Value ETFVanguard10,015.49101,317.979.89%630.25
GLDSPDR Gold TrustState Street Global Advisors7,325.3966,437.1011.03%233.68
TQQQProShares UltraPro QQQProShares6,420.0313,816.9346.46%1,873.62
BNDVanguard Total Bond Market ETFVanguard5,522.2381,424.106.78%1,126.22
SCHDSchwab U.S. Dividend Equity ETFCharles Schwab5,179.0835,148.7814.73%1,170.84
SHViShares Short Treasury Bond ETFBlackrock4,664.4717,723.1126.32%504.78
SOXLDirexion Daily Semiconductor Bull 3X SharesDirexion4,633.205,463.2584.81%2,280.18
VEAVanguard FTSE Developed Markets ETFVanguard4,276.50101,304.294.22%744.15

 

Biggest Losers (April 2022)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMYTD 2022 Net Flows($,M)
IVViShares Core S&P 500 ETFBlackrock-11,681.73303,771.03-3.85%2,402.04
VOOVanguard 500 Index FundVanguard-10,499.52265,808.02-3.95%14,442.20
SPYSPDR S&P 500 ETF TrustState Street Global Advisors-10,213.00384,950.50-2.65%-25,773.41
XLFFinancial Select Sector SPDR FundState Street Global Advisors-4,324.4739,013.93-11.08%-1,796.59
HYGiShares iBoxx USD High Yield Corporate Bond ETFBlackrock-1,957.4912,635.65-15.49%-7,202.00
TIPiShares TIPS Bond ETFBlackrock-1,616.8132,197.86-5.02%-4,477.52
SCHXSchwab U.S. Large-Cap ETFCharles Schwab-1,523.9930,587.62-4.98%-837.58
IWFiShares Russell 1000 Growth ETFBlackrock-1,414.8664,177.09-2.20%-1,989.75
IWMiShares Russell 2000 ETFBlackrock-1,339.9056,343.12-2.38%-3,195.01
JNKSPDR Bloomberg High Yield Bond ETFState Street Global Advisors-1,232.706,090.58-20.24%-2,799.78

 

Biggest Losers (Year-to-Date)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMApril 2022 Net Flows($,M)
SPYSPDR S&P 500 ETF TrustState Street Global Advisors-25,773.41384,950.50-6.70%-10,213.00
HYGiShares iBoxx USD High Yield Corporate Bond ETFBlackrock-7,202.0012,635.65-57.00%-1,957.49
TIPiShares TIPS Bond ETFBlackrock-4,477.5232,197.86-13.91%-1,616.81
BSVVanguard Short-Term Bond ETFVanguard-3,767.7536,490.82-10.33%-449.96
IWMiShares Russell 2000 ETFBlackrock-3,195.0156,343.12-5.67%-1,339.90
JNKSPDR Bloomberg High Yield Bond ETFState Street Global Advisors-2,799.786,090.58-45.97%-1,232.70
VLUEiShares MSCI USA Value Factor ETFBlackrock-2,738.1012,351.90-22.17%-201.85
IWDiShares Russell 1000 Value ETFBlackrock-2,338.2755,322.54-4.23%-991.45
EFGiShares MSCI EAFE Growth ETFBlackrock-2,205.178,892.07-24.80%0.00
FDNFirst Trust Dow Jones Internet Index FundFirst Trust-2,145.655,317.93-40.35%-857.53

 

Asset Classes (April 2022)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity-27,999.664,023,750.04-0.70%
International Equity8,289.411,196,680.820.69%
U.S. Fixed Income5,613.731,047,873.060.54%
International Fixed Income1,875.47155,281.461.21%
Commodities2,279.65169,279.541.35%
Currency388.513,791.8410.25%
Leveraged4,726.2656,817.078.32%
Inverse-1,524.6117,829.94-8.55%
Asset Allocation99.1418,480.350.54%
Alternatives146.647,553.461.94%
Total:-6,105.456,697,337.58-0.09%

 

Asset Classes (Year-to-Date)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity71,234.344,023,750.041.77%
International Equity53,955.661,196,680.824.51%
U.S. Fixed Income20,632.511,047,873.061.97%
International Fixed Income9,072.55155,281.465.84%
Commodities21,118.71169,279.5412.48%
Currency768.343,791.8420.26%
Leveraged10,862.0256,817.0719.12%
Inverse3,067.7317,829.9417.21%
Asset Allocation769.0318,480.354.16%
Alternatives386.197,553.465.11%
Total:191,867.096,697,337.582.86%

 

April 2022 ETF Issuer League Table

IssuerNet Flows ($,M)AUM ($,M)% of AUMYTD 2022 Net Flows($,M)
Blackrock-9,839.512,247,065.68-0.44%22,593.87
Vanguard-2,823.261,948,110.94-0.14%74,376.84
State Street Global Advisors-6,839.991,033,999.09-0.66%5,333.59
Invesco974.06370,438.550.26%12,293.69
Charles Schwab2,350.21258,549.570.91%12,065.57
First Trust-254.82140,704.88-0.18%4,672.34
JPMorgan Chase-1,007.2377,409.50-1.30%7,688.91
VanEck1,977.8062,444.963.17%5,495.25
ProShares382.0662,401.770.61%8,017.06
WisdomTree1,595.2348,422.843.29%3,833.46
Dimensional Holdings991.8046,092.552.15%5,016.44
Mirae Asset Global Investments Co., Ltd.850.3541,225.712.06%3,171.70
Fidelity370.4232,300.801.15%1,317.58
Goldman Sachs423.2727,561.461.54%1,804.73
Direxion2,606.3125,135.8610.37%6,119.87
PIMCO-436.0124,642.85-1.77%-1,060.18
Northern Trust526.4522,325.872.36%2,059.85
DWS-543.3519,923.83-2.73%-1,730.62
ARK-69.1116,976.67-0.41%-343.89
Pacer Advisors917.5313,272.056.91%3,888.89
American Century Investments549.7911,539.054.76%2,554.44
CICC-452.0910,034.82-4.51%343.85
SS&C-6.309,893.39-0.06%533.06
Franklin Templeton-7.549,215.40-0.08%148.15
Abrdn Plc222.638,096.792.75%1,157.96
Nuveen Securities70.657,987.940.88%652.86
Victory Capital188.567,764.282.43%759.13
Innovator311.996,905.754.52%1,313.97
Exchange Traded Concepts-53.435,948.10-0.90%86.78
ETFMG33.065,361.330.62%44.45
Janus Henderson110.095,309.832.07%1,052.42
John Hancock26.855,152.540.52%213.09
US Commodity Funds-556.494,538.52-12.26%-695.75
New York Life15.434,102.400.38%-233.28
The Hartford-13.504,037.55-0.33%150.37
Principal-34.993,827.47-0.91%-697.20
Amplify Investments66.373,746.441.77%206.25
US Global Investors45.653,662.771.25%274.12
Barclays Capital Inc.-48.623,608.63-1.35%-438.92
BMO138.763,203.124.33%516.72
Toroso Investments125.153,114.994.02%406.82
Prudential83.092,878.392.89%767.16
Aptus Capital Advisors63.992,055.263.11%279.42
AdvisorShares-10.571,839.92-0.57%91.23
GraniteShares32.241,675.331.92%188.34
Strategy Shares10.621,603.800.66%247.25
Columbia Management Investment Advisers, LLC-57.031,491.16-3.82%-134.98
Virtus Investment Partners25.651,448.581.77%15.18
Cambria49.501,441.373.43%348.55
Vident6.451,413.120.46%42.41
Horizon Kinetics LLC137.371,408.369.75%516.76
UBS0.001,390.700.00%4.71
Sprott, Inc.31.531,377.292.29%297.34
The Motley Fool-9.911,367.81-0.72%-33.86
Simplify Asset Management Inc.45.161,325.513.41%332.35
Defiance ETFs-32.451,301.87-2.49%-119.50
O’Shares Investments-20.261,283.85-1.58%5.14
BNY Mellon-16.331,282.56-1.27%138.58
Alpha Architect20.051,176.471.70%180.59
Nationwide-43.311,157.86-3.74%39.04
Inspire11.641,072.921.09%77.17
Main Management7.061,057.870.67%25.47
Teucrium53.66969.555.53%561.50
Davis Advisers-5.25963.96-0.54%-118.42
The Capital Group Companies300.60855.3235.14%886.11
Roundhill Investments-6.13843.80-0.73%-11.03
Distillate Capital27.87734.743.79%168.74
Merk16.26668.642.43%59.70
Credit Suisse Group AG62.32658.279.47%114.31
Howard Capital Management6.45631.891.02%42.64
T. Rowe Price Group, Inc.20.59626.743.29%108.96
Tortoise-1.38613.69-0.22%25.33
Timothy Plan2.90581.680.50%65.80
Redwood Investment Management-50.95571.36-8.92%-125.16
Day Hagan Asset Management46.78508.269.20%147.00
Tuttle Tactical Management, LLC-54.08493.49-10.96%165.53
Liquid Strategies-51.30475.31-10.79%51.26
TrimTabs-8.51460.57-1.85%-5.64
Swedish Export Credit12.21459.222.66%84.92
ClearShares LLC-25.03430.02-5.82%49.74
Cavalier16-2.67425.37-0.63%26.58
Engine No. 1 LLC13.65410.653.32%163.26
Regents Park Funds14.84388.423.82%45.20
Little Harbor Advisors-1.61332.83-0.48%-0.43
Core Alternative Capital8.40306.392.74%48.23
Advisors Asset Management15.50295.605.24%99.83
WBI-3.25263.35-1.23%-13.92
SRN Advisors-4.41252.66-1.75%-40.95
Al Marketing LLC-21.20248.93-8.52%-36.78
Renaissance Capital5.52214.292.58%-64.00
TrueMark Investments5.55199.042.79%12.54
Wahed Invest LLC4.33196.952.20%37.83
Swan Global Investments2.80182.771.53%35.98
Syntax Advisors0.00180.360.00%-11.05
Impact Shares1.59175.130.91%6.93
AXS Investments9.23172.885.33%79.01
Wainwright, Inc.4.12172.182.39%16.58
Oneascent Holdings LLC95.18166.6557.11%97.49
Litman Gregory Capital Partners LLC24.96163.9215.22%63.15
Truist0.62159.480.39%9.96
Gadsden-1.94130.53-1.48%6.38
Kingsview Partners LLC0.73127.820.57%17.40
AGF-25.03124.79-20.06%-2.87
Arrow Funds1.17122.900.95%-3.24
CornerCap Investment Counsel, Inc.1.03122.730.84%16.05
Humankind USA LLC0.00112.870.00%7.17
Rayliant Investment Research0.76101.680.75%62.28
Retireful LLC50.6898.6151.39%98.51
OBP Capital LLC1.1089.681.22%13.30
Neil Azous Revocable Trust0.6287.430.71%14.91
ProcureAM0.0084.710.00%-5.57
Water Island Capital Partners LP-0.0881.93-0.10%58.73
Pacific Life22.1581.8427.06%48.51
Harbor3.5980.804.44%19.00
GeaSphere LLC0.5975.900.77%5.26
Exponential ETFs0.0074.590.00%0.03
Pettee Investors-7.9272.67-10.90%-15.23
Emles Advisors LLC1.9472.022.69%4.46
Beyond Investing0.9869.201.41%5.09
Natixis0.8967.851.31%0.02
Absolute Investment Advisers LLC4.4866.636.73%10.31
Toews Corp.-0.6065.74-0.92%12.81
Federated Hermes, Inc.7.9759.6413.36%12.69
EntrepreneurShares, LLC-0.7359.01-1.24%-20.00
Inverdale Capital Management LLC-0.0258.68-0.04%17.93
Cohanzick Management4.3058.437.37%15.36
ORIX Corp.6.5058.0811.19%48.77
Alexis Investment Partners LLC0.7652.601.44%5.63
Power Corporation of Canada2.1349.504.31%9.65
Valkyrie Funds LLC0.0047.620.00%-17.08
Formidable Asset Management2.6146.805.58%4.41
Chadds Ford Investment Management LLC0.0046.790.00%9.93
Guinness Atkinson Asset Management0.0046.490.00%0.00
VectorShares LLC-0.8845.44-1.94%28.57
ETF Series Solutions0.0043.140.00%1.33
Milliman, Inc.37.9042.2389.74%43.92
2nd Vote Value Investments, Inc-0.8041.00-1.95%-1.65
Alger Group Holdings LLC5.5840.9713.62%0.68
Highland Capital Management0.0040.55-0.01%-4.79
Red Gate Advisers LLC0.0038.160.00%2.34
Premise Capital-0.7837.07-2.10%0.94
New Age Alpha Advisors LLC0.0034.060.00%1.55
Uncommon Investment Advisors LLC0.5033.491.51%3.82
Ridgeline Research LLC0.0032.990.00%1.65
Build Asset Management LLC5.4432.3216.82%33.42
ASYMmetric ETFs-0.1232.24-0.37%10.15
Metaurus Advisors0.8231.332.62%3.49
Advocate Capital Management LLC6.8331.2221.87%8.71
Baird Financial Group13.8731.0244.70%31.34
Sheaff Brock Capital Management LLC0.2730.050.91%0.91
Esoterica0.0028.100.00%-5.15
Convergence Investment Partners, LLC-1.1225.63-4.37%-1.44
RBS Securities0.0025.580.00%26.50
Cultivar Capital, Inc.0.0025.250.00%15.64
AlphaMark Advisors0.0022.770.00%0.00
The Leuthold Group LLC1.5121.596.99%5.39
GAMCO Investors, Inc.0.0020.710.00%3.56
MCCM Group LLC6.2720.3230.84%10.36
Infusive Asset Management-6.6820.20-33.05%-13.38
Knights of Columbus0.0020.080.00%-1.64
Reflection Asset Management, LLC-0.0118.05-0.03%6.22
Mairs & Power, Inc.0.0017.160.00%0.96
First Pacific Advisors LP1.2016.767.17%17.42
Point Bridge Capital0.0015.020.00%1.03
Changebridge Capital LLC-0.2512.93-1.93%-1.40
Zacks Investment Management0.6412.435.15%1.28
Applied Finance Group0.0011.720.02%2.76
Future Fund Advisors0.0011.380.00%-1.34
Digital Currency Group, Inc.-0.6711.25-5.91%14.29
Global Beta Advisors1.2910.8011.94%5.52
Alternative Access Funds LLC0.009.930.00%0.00
GCI Investors, Inc.0.009.860.00%5.37
Counterpoint Mutual Funds LLC0.009.420.00%0.00
Whitford Asset Management0.007.430.00%0.00
EquBot0.006.940.00%-3.11
Lifegoal Investments LLC0.495.508.89%2.17
Democracy Investment Management LLC1.155.2421.94%2.39
Clockwise Capital LLC1.775.1234.53%3.11
WealthTrust Asset Management LLC0.005.090.00%4.29
Spear Advisors LLC0.004.790.00%1.00
Jacob Asset Management0.004.180.00%-0.14
Kelly Strategic Management LLC0.004.010.00%4.45
Lyrical Partners0.674.0016.77%0.67
VegTech LLC0.003.950.00%2.58
Truemark Group0.003.530.00%3.71
Dinerbao SL1.703.3950.05%2.91
Volt Equity LLC0.003.250.00%0.33
Kingsbarn Capital Management LLC-0.592.83-20.68%1.16
Dynamic Shares LLC0.002.410.00%1.00
Goose Hollow Capital Management LLC0.002.320.00%1.24
Big Data Federation, Inc.0.571.6334.68%0.62
Dalton Capital0.001.330.00%0.26
Amberwave Partners Research & Management LLC0.001.280.00%0.88
WisdomTree Investments, Inc.0.081.236.47%0.08
Grizzle Investment Management LLC0.241.2120.00%0.46
V-Square Quantitative Management LLC0.001.150.00%0.00
Wilshire Phoenix Funds LLC0.000.530.00%-1.23
Inherent Wealth Fund LLC0.000.400.00%0.24
Cabot ETF Partners LLC0.000.000.00%-0.29
Cary Street Partners Financial LLC /VA/0.000.000.00%0.00
First Manhattan Co.0.040.000.00%0.04
Intangible Capital0.030.000.00%0.03
Eaton Vance Corp.0.000.000.00%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.

Dan Mika is a reporter for etf.com. He has previously covered business for the Ames Tribune and Cedar Rapids Gazette in Iowa, and BizWest Media in Fort Collins, Colorado. Dan holds a bachelor's degree in journalism from Truman State University.