Investors Flock to Bonds Following Bank Runs

Investors Flock to Bonds Following Bank Runs

U.S. fixed income ETFs picked up $24 billion last week.

ShubhamSaharan_white_bg
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Reviewed by: Shubham Saharan
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Edited by: Shubham Saharan

Investors flocked to Treasury-bill-linked exchange-traded funds amid mounting concerns about U.S. banking fragility spiking on several failures. 

 

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

 

Top Gainers (March 2023)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMYTD 2023 Net Flows($,M)
QUALiShares MSCI USA Quality Factor ETFBlackrock7,164.7225,992.4527.56%7,115.85
IEFiShares 7-10 Year Treasury Bond ETFBlackrock6,056.2329,636.4520.44%6,191.68
BILSPDR Bloomberg 1-3 Month T-Bill ETFState Street Global Advisors3,782.6230,125.8012.56%3,536.09
GOVTiShares U.S. Treasury Bond ETFBlackrock3,658.9425,367.3314.42%2,722.03
SGOViShares 0-3 Month Treasury Bond ETFBlackrock2,342.7410,365.1522.60%3,942.10
VOOVanguard S&P 500 ETFVanguard2,341.47279,649.780.84%4,479.67
TLTiShares 20+ Year Treasury Bond ETFBlackrock2,271.6233,357.616.81%5,293.36
SCHISchwab 5-10 Year Corporate Bond ETFCharles Schwab1,995.532,344.2885.12%2,011.11
SPTISPDR Portfolio Intermediate Term Treasury ETFState Street Global Advisors1,920.045,605.1234.26%1,920.47
SPYSPDR S&P 500 ETF TrustState Street Global Advisors1,629.70365,489.030.45%-8,864.75

 

Top Gainers (Year-to-Date)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMMarch 2023 Net Flows($,M)
QUALiShares MSCI USA Quality Factor ETFBlackrock7,115.8525,992.4527.38%7,164.72
IEFiShares 7-10 Year Treasury Bond ETFBlackrock6,191.6829,636.4520.89%6,056.23
JEPIJPMorgan Equity Premium Income ETFJPMorgan Chase5,789.1322,983.1325.19%1,593.02
BBEUJPMorgan BetaBuilders Europe ETFJPMorgan Chase5,707.649,082.4862.84%37.06
TLTiShares 20+ Year Treasury Bond ETFBlackrock5,293.3633,357.6115.87%2,271.62
VOOVanguard S&P 500 ETFVanguard4,479.67279,649.781.60%2,341.47
IEMGiShares Core MSCI Emerging Markets ETFBlackrock3,948.5069,280.565.70%0.00
SGOViShares 0-3 Month Treasury Bond ETFBlackrock3,942.1010,365.1538.03%2,342.74
BILSPDR Bloomberg 1-3 Month T-Bill ETFState Street Global Advisors3,536.0930,125.8011.74%3,782.62
SCHDSchwab U.S. Dividend Equity ETFCharles Schwab3,421.5145,844.787.46%640.48

 

Biggest Losers (March 2023)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMYTD 2023 Net Flows($,M)
ESGUiShares ESG Aware MSCI USA ETFBlackrock-5,375.8313,979.36-38.46%-6,376.97
VCSHVanguard Short-Term Corporate Bond ETFVanguard-3,340.7737,274.35-8.96%-3,690.97
MTUMiShares MSCI USA Momentum Factor ETFBlackrock-1,568.429,797.21-16.01%-1,512.55
SPYVSPDR Portfolio S&P 500 Value ETFState Street Global Advisors-1,526.9414,307.31-10.67%-1,246.14
VCITVanguard Intermediate-Term Corporate Bond ETFVanguard-1,468.8339,039.52-3.76%-1,507.45
IWMiShares Russell 2000 ETFBlackrock-1,000.5149,520.23-2.02%-3,267.98
CWBSPDR Bloomberg Convertible Securities ETFState Street Global Advisors-970.453,508.37-27.66%-732.83
IGSBiShares 1-5 Year Investment Grade Corporate Bond ETFBlackrock-934.1423,454.80-3.98%144.48
XLVHealth Care Select Sector SPDR FundState Street Global Advisors-919.7138,020.61-2.42%-1,442.93
SHYGiShares 0-5 Year High Yield Corporate Bond ETFBlackrock-908.425,153.16-17.63%-1,983.50

 

Biggest Losers (Year-to-Date)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMMarch 2023 Net Flows($,M)
SPYSPDR S&P 500 ETF TrustState Street Global Advisors-8,864.75365,489.03-2.43%1,629.70
ESGUiShares ESG Aware MSCI USA ETFBlackrock-6,376.9713,979.36-45.62%-5,375.83
IWDiShares Russell 1000 Value ETFBlackrock-4,001.5649,719.36-8.05%-596.12
IWFiShares Russell 1000 Growth ETFBlackrock-3,839.4262,014.78-6.19%773.47
EEMViShares MSCI Emerging Markets Min Vol Factor ETFBlackrock-3,726.304,671.70-79.76%-528.33
VCSHVanguard Short-Term Corporate Bond ETFVanguard-3,690.9737,274.35-9.90%-3,340.77
HYGiShares iBoxx USD High Yield Corporate Bond ETFBlackrock-3,473.0612,194.34-28.48%-469.16
IWMiShares Russell 2000 ETFBlackrock-3,267.9849,520.23-6.60%-1,000.51
JNKSPDR Bloomberg High Yield Bond ETFState Street Global Advisors-2,865.556,699.39-42.77%-524.44
TQQQProShares UltraPro QQQProShares-2,527.2212,875.06-19.63%-584.28

 

Asset Classes (March 2023)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity3,294.943,967,836.340.08%
International Equity940.291,230,424.800.08%
U.S. Fixed Income24,432.911,216,982.192.01%
International Fixed Income174.01145,695.020.12%
Commodities-238.65135,803.07-0.18%
Currency-122.533,597.38-3.41%
Leveraged2,387.9255,373.984.31%
Inverse-1,593.5921,784.00-7.32%
Asset Allocation-221.5715,865.59-1.40%
Alternatives-228.217,189.14-3.17%
Total:28,825.526,800,551.510.42%

 

Asset Classes (Year-to-Date)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity-2,855.373,967,836.34-0.07%
International Equity28,785.371,230,424.802.34%
U.S. Fixed Income43,756.481,216,982.193.60%
International Fixed Income5,400.18145,695.023.71%
Commodities-295.30135,803.07-0.22%
Currency-517.253,597.38-14.38%
Leveraged1,955.0655,373.983.53%
Inverse2,859.0621,784.0013.12%
Asset Allocation-2,045.2815,865.59-12.89%
Alternatives-161.067,189.14-2.24%
Total:76,881.906,800,551.511.13%

 

March 2023 ETF Issuer League Table

IssuerNet Flows ($,M)AUM ($,M)% of AUMYTD 2023 Net Flows($,M)
Blackrock10,245.372,270,283.060.45%-2,872.88
Vanguard2,683.161,973,914.300.14%24,393.59
State Street Global Advisors2,594.041,000,087.050.26%-7,924.37
Invesco-592.67354,043.00-0.17%863.11
Charles Schwab2,298.98274,878.120.84%9,507.24
First Trust-60.18136,030.84-0.04%1,958.34
JPMorgan Chase2,387.65106,789.172.24%15,851.49
Dimensional2,432.8881,242.602.99%7,107.98
ProShares-691.4360,948.28-1.13%1,951.79
VanEck867.3757,008.471.52%571.41
WisdomTree1,839.8052,904.683.48%2,546.77
Mirae Asset Global Investments Co., Ltd.339.8937,970.080.90%603.67
Fidelity-113.7432,312.89-0.35%697.76
Goldman Sachs503.9427,113.451.86%1,410.20
Direxion1,309.0526,269.754.98%1,771.46
Pacer Advisors752.2722,964.243.28%3,431.48
American Century Investments1,071.3522,373.884.79%3,025.74
PIMCO-554.8820,863.50-2.66%-782.72
Northern Trust-103.1120,646.50-0.50%-5.33
DWS-195.8919,210.02-1.02%320.17
ARK69.4112,817.260.54%-206.81
Innovator216.7012,474.321.74%1,025.31
Franklin Templeton275.3711,129.862.47%934.98
SS&C-36.8810,420.42-0.35%-45.18
CICC-446.439,173.73-4.87%-635.76
Capital Group487.817,919.286.16%1,664.30
Victory Capital-29.797,897.77-0.38%-33.71
WisdomTree Investments, Inc.85.607,615.811.12%363.42
Nuveen Securities-246.287,534.74-3.27%199.70
Janus Henderson274.006,357.104.31%774.42
Abrdn Plc94.716,139.011.54%53.41
John Hancock-0.855,149.16-0.02%77.49
Exchange Traded Concepts-21.124,693.12-0.45%-109.66
Prudential79.994,644.701.72%455.67
Amplify Investments48.714,217.801.15%298.59
The Hartford-50.703,955.08-1.28%63.21
New York Life-25.843,931.62-0.66%-107.64
BMO129.163,921.103.29%295.27
ETFMG-1.873,775.48-0.05%-22.05
Marygold188.393,679.205.12%847.35
BNY Mellon-28.653,614.95-0.79%2,229.96
Alpha Architect183.843,391.725.42%435.09
Tidal58.593,258.911.80%370.15
Principal71.142,135.093.33%-122.09
Cambria-13.801,867.91-0.74%96.51
US Global Investors-85.311,864.20-4.58%-339.95
Barclays Capital Inc.18.781,858.011.01%39.44
Aptus Capital Advisors9.891,837.360.54%-16.93
Power Corporation of Canada1.721,506.310.11%1,343.59
Main Management17.601,418.611.24%106.17
Renaissance Health Service Corp.756.131,389.2954.43%977.67
Vident4.311,334.350.32%-54.70
Simplify-120.741,331.73-9.07%-109.93
GraniteShares-22.861,314.61-1.74%-16.12
Columbia Management Investment Advisers, LLC4.471,299.210.34%-19.33
Virtus Investment Partners-34.341,291.14-2.66%41.35
Sprott, Inc.35.471,254.262.83%71.47
UBS0.001,228.060.00%4.27
Horizon Kinetics-74.721,187.69-6.29%-48.76
Inspire Investing LLC16.301,154.641.41%55.50
Strategy Shares-16.281,149.99-1.42%-53.72
The Motley Fool-9.381,113.10-0.84%-28.33
AdvisorShares-13.231,112.62-1.19%-31.97
Distillate Capital9.951,023.790.97%71.85
T. Rowe Price Group, Inc.8.84941.280.94%60.23
AXS Investments-234.64927.44-25.30%315.26
Defiance ETFs-18.23895.68-2.04%-53.82
Davis Advisers8.03890.130.90%23.06
Bondbloxx Investment Management LLC104.89839.2612.50%287.88
ORIX14.42808.181.78%163.67
Litman Gregory Capital Partners LLC-77.83791.07-9.84%-78.34
Focus Financial Partners1.23773.070.16%153.99
Timothy Plan-3.72724.24-0.51%80.13
Redwood6.57661.410.99%-45.13
Roundhill Investments-4.09603.07-0.68%-24.90
Credit Suisse Group AG-66.67569.28-11.71%-18.41
Tortoise-1.82563.18-0.32%-59.28
Engine No. 118.95534.613.54%54.58
ClearShares LLC25.09516.084.86%26.52
Core Alternative Capital-21.00513.26-4.09%-42.82
Advisors Asset Management25.99507.795.12%84.25
Equitable120.32504.4923.85%200.23
Howard Capital Management-7.36501.72-1.47%-3.25
Nationwide-22.18497.53-4.46%-52.97
Teucrium-25.76480.22-5.36%-91.57
Day Hagan Asset Management-22.81466.96-4.88%-29.50
Anfield Group-1.95457.27-0.43%-7.08
AGF-19.04395.93-4.81%12.17
Doubleline ETF Adviser LP42.27370.4611.41%76.74
Liquid Strategies-2.37367.89-0.64%-44.41
FCF Advisors25.13366.156.86%44.61
Neuberger Berman8.47330.812.56%96.88
Aptus Holdings LLC32.56295.8811.01%59.42
Retireful LLC5.34295.681.81%-17.07
Adaptive Investments4.46272.431.64%12.74
Wahed Invest LLC8.77259.763.38%20.99
Oneascent Holdings LLC9.42251.083.75%2.05
Cary Street Partners Financial LLC /VA/-2.22221.13-1.00%27.13
WBI-3.59209.10-1.72%-4.76
AmeriLife-6.03207.16-2.91%-14.99
Matthews International Capital Management5.12205.922.49%89.42
Western & Southern Mutual Holding Co.0.00203.670.00%0.00
Little Harbor Advisors-6.31190.72-3.31%-37.13
Syntax6.39189.543.37%2.54
Truemark Group-11.37186.25-6.11%-11.71
Impact Shares0.50179.700.28%5.73
Volatility Shares LLC35.23171.1720.58%37.07
CI Financial-0.89162.29-0.55%2.62
Kingsview Partners LLC-28.17150.20-18.75%-27.42
CornerCap Investment Counsel, Inc.-4.13150.01-2.75%8.49
Truist0.56147.510.38%0.66
Stf Management LP-4.53144.61-3.13%-17.63
Renaissance Capital-10.71137.80-7.77%-13.70
Rayliant-4.27137.35-3.11%6.75
SRN Advisors-0.46133.04-0.35%-12.26
Intangible Capital-0.01128.080.00%-3.89
Humankind USA LLC-2.73123.97-2.20%-1.42
Neil Azous Revocable Trust0.01122.560.01%2.98
Thor Trading Advisors LLC0.48121.780.39%34.29
Swan Global Investments2.41120.532.00%-9.51
Thrivent Financial for Lutherans15.57118.0213.19%43.53
OBP Capital LLC-0.83115.84-0.72%5.05
Arrow Funds-4.27109.52-3.90%-6.56
IronHorse Holdings1.94109.141.77%6.25
Paralel Technologies LLC0.00102.820.00%2.84
Baird Financial Group-3.50102.19-3.42%8.06
Soundwatch Capital LLC-1.10100.75-1.09%-0.05
Federated Hermes, Inc.5.78100.585.75%28.01
Absolute Investment Advisers LLC2.0990.162.31%3.53
Toews Corp.6.5286.957.50%2.97
Angel Oak Capital Advisors, LLC1.0080.961.24%5.04
First Manhattan Co.0.0072.000.00%-0.07
Natixis4.4670.966.29%5.47
Inverdale Capital Management LLC-1.5967.79-2.34%0.10
Exponential ETFs0.0067.550.00%0.00
Panagram Structured Asset Management, LLC0.0067.450.00%68.11
Beyond Investing0.0065.860.00%0.00
SEI Investments-0.6265.82-0.94%1.90
Cohanzick Management-1.6865.40-2.57%2.47
Water Island Capital-11.8364.47-18.34%-22.56
The Leuthold Group LLC0.0063.850.00%2.98
Pettee Investors1.3363.112.11%5.79
Alexis Investment Partners LLC0.6862.461.10%8.93
Formidable Asset Management1.7555.243.16%1.14
EntrepreneurShares, LLC-0.3854.19-0.71%-0.49
Clockwise Capital LLC5.9654.1211.02%13.03
Q3 Asset Management Corp.-2.9253.51-5.46%4.59
ProcureAM-3.4049.69-6.84%-3.93
Logan Capital Management Inc.0.0147.310.01%0.82
GeaSphere LLC-0.4547.13-0.96%-5.86
Client First Investment Management LLC7.3846.4115.91%31.67
Cambiar Holdings-0.0145.69-0.02%0.22
2nd Vote Value Investments, Inc2.5045.195.53%1.65
Hennessy Advisors0.0043.870.00%0.54
Guinness Atkinson Asset Management0.0042.920.00%-0.93
Alger3.1441.237.62%0.95
Ridgeline Research LLC0.0038.560.00%3.10
ETF Series Solutions0.3136.680.86%-5.56
Neos Investments LLC11.3136.0931.34%28.19
Goose Hollow Capital Management LLC-1.3535.09-3.84%9.71
Valkyrie Funds LLC-0.9935.03-2.81%0.87
First Pacific Advisors LP1.1032.693.38%2.80
Zacks1.7231.495.48%13.58
Advocate Capital Management LLC0.4130.921.32%3.48
GAMCO Investors, Inc.0.2628.570.90%1.29
Sheaff Brock Capital Management LLC-0.4827.39-1.75%0.48
Highland Capital Management-0.0126.39-0.02%-0.01
ASYMmetric ETFs-0.7626.24-2.88%0.79
Cultivar Capital, Inc.0.6025.102.40%1.21
PMV Capital Advisers LLC1.7324.886.95%-3.07
Alphatrai Funds, Inc.0.7624.563.11%12.14
Convergence Investment Partners, LLC0.2924.331.17%0.01
AlphaMark Advisors0.0022.930.00%-0.06
Reflection Asset Management, LLC0.6022.502.66%1.22
Faith Investor Services, LLC0.6721.883.07%0.90
Mairs & Power, Inc.0.0018.670.00%0.88
Knights of Columbus0.0018.600.00%0.00
Point Bridge Capital0.9118.534.93%0.89
Applied Finance Group0.0017.990.00%1.81
Build Asset Management LLC0.0017.140.00%-14.36
Subversive Capital Advisor LLC0.6013.694.38%11.18
Tuttle Tactical Management, LLC6.4413.2848.54%6.44
Lifegoal Investments LLC0.4312.553.39%3.03
Changebridge Capital LLC0.6611.785.60%0.66
Democracy Investment Management LLC0.0011.440.02%6.40
WealthTrust Asset Management LLC0.0011.140.00%0.00
The BAD Investment Company0.028.950.22%0.02
MCCM Group LLC0.008.360.00%0.00
Counterpoint Mutual Funds LLC0.007.820.00%0.52
Future Fund Advisors-1.337.00-19.05%-2.03
Rcube SAS0.006.120.00%0.59
Lyrical Partners-8.805.64-155.98%-13.57
VegTech LLC0.004.990.00%0.00
Digital Currency Group, Inc.-0.244.35-5.59%-0.24
V-Square Quantitative Management LLC0.003.590.00%0.00
Kelly Intelligence LLC0.003.400.00%0.27
Cboe Vest Financial LLC2.003.2761.21%2.65
Emerge Capital Management, Inc.0.003.020.00%0.00
Dynamic Shares LLC0.002.920.00%0.00
Spear Advisors LLC0.002.870.00%0.36
Jacob Asset Management0.012.840.45%0.01
Element ETFs LLC0.002.800.00%-1.89
Penserra Capital Management LLC0.002.090.00%0.00
Hypatia Capital Advisors LLC0.772.0337.99%1.84
Convexityshares, LLC0.371.8419.99%0.37
Dalton Capital0.001.740.00%0.42
Merk0.001.570.00%0.00
Inherent Wealth Fund LLC0.001.380.00%0.00
Bitwise Asset Management, Inc.0.001.320.00%-1.13
Kingsbarn Capital Management LLC0.561.1250.25%0.01
Grizzle Investment Management LLC0.001.070.00%0.00
Tradelegs LLC0.000.530.00%0.00
Calamos Family Partners0.000.000.00%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.

Shubham Saharan is a markets reporter at etf.com. Before joining the company, she reported for Bloomberg and the Financial Times. Saharan is a graduate of Barnard College of Columbia University.