July ETF Flows Total Massive $53B

August 01, 2016

The "Brexit" panic didn't last long. After two short days of selling, stock markets bounced back hard in the month after the vote, hitting record highs in the U.S. and multimonth highs elsewhere. Keying off those stock market moves and confident that Brexit wasn't the event that would derail the global economy, investors rushed back into ETFs in a big way in July.

U.S.-listed exchange-traded funds saw net inflows of $52.5 billion in the latest month, almost as much money as had flowed into ETFs in the first six months of the year, according to FactSet.

That put the year-to-date haul for ETFs at $117.2 billion, and the total amount of assets under management in U.S.-listed ETFs at $2.37 trillion.

Equities AND Bonds Garner Inflows

Most of the money in July went into U.S. equity ETFs, which took in $30.1 billion. But even as investors' risk tolerance increased, they continued to favor safe-haven bond products as well, as evidenced by the $11.6 billion that flowed into fixed-income ETFs.

International equity ETFs saw a smaller $3.1 billion net inflow, while international fixed-income products had a net inflow of $2.7 billion. The only other asset classes to see more than $1 billion come in were commodities, with $2 billion; and alternatives, with $1.9 billion.

Emerging Market ETFs In Favor

In terms of individual ETFs, the SPDR S&P 500 ETF (SPY | A-97), the world's largest ETF, took the No. 1 spot, with inflows of $14.7 billion. SPY now has a whopping $198.6 billion in total AUM.

Two other S&P 500 products made the top 10, including the iShares Core S&P 500 ETF (IVV | A-96) and the Vanguard S&P 500 Index Fund (VOO | A-96), with inflows of $2.1 billion and $1.2 billion, respectively.

Also in favor was the iShares MSCI Emerging Markets ETF (EEM | B-100), which had $4 billion in inflows, and the cheaper iShares Core MSCI Emerging Markets ETF (IEMG | A-99), which had $1.3 billion in inflows. The interest in these ETFs suggests that some investors sought value in the beaten-down emerging markets equities space during the month.

Another emerging markets ETF to make the list was the iShares JP Morgan USD Emerging Markets Bond ETF (EMB | B-58), a dollar-denominated fixed-income product that strives for higher yields. It had $1.8 billion worth of inflows in July.

Rounding out the top 10 were two ETF bond products: the iShares iBoxx $ High Yield Corporate Bond ETF (HYG | B-68) and the iShares Core U.S. Aggregate Bond ETF (AGG | A-98). HYG had inflows of $1.7 billion, while AGG garnered inflows of $1.5 billion.

Europe ETFs Shed Assets

On the other side of the ledger, international equity ETFs―and in particular, Europe ETFs―fell out of favor in July, as they couldn't shake off the Brexit-fueled uncertainty. The iShares MSCI Eurozone ETF (EZU | A-83) topped the list, with outflows of $1.7 billion.

Other Europe ETFs to see substantial outflows were the Vanguard FTSE Europe ETF (VGK | A-97), the WisdomTree Europe Hedged Equity Fund (HEDJ | B-47) and the iShares MSCI Germany ETF (EWG | A-95). VGK had outflows of $1.4 billion; HEDJ lost $1.3 billion; and EWG saw $588 million come out of the fund.

Outside of Europe ETFs, the iShares MSCI Japan ETF (EWJ | B-93) and the Deutsche X-trackers MSCI EAFE Hedged Equity ETF (DBEF | B-75) were two other international equity ETFs with notable outflows in the month. EWJ had outflows of $1.5 billion, while DBEF had outflows of almost $1 billion.

Meanwhile, four U.S. stock market sector funds also made the top 10 outflows list: The Financial Select Sector SPDR Fund (XLF | A-93), the Technology Select Sector SPDR Fund (XLK | A-92), the Energy Select Sector SPDR Fund (XLE | A-92) and the Consumer Staples Select Sector SPDR Fund (XLP | A-92).

For a full list of fund flows for the month of July, see the tables below:

Top Gainers, July 2016

Ticker Fund Issuer July 2016 Net Flows ($M) July 2016 AUM ($M) % of AUM YTD 2016 Net Flows ($M)
SPY SPDR S&P 500 ETF Trust SPDR 14,735.38 198,610.64 7.42% 5,248.98
EEM iShares MSCI Emerging Markets ETF iShares 4,019.36 28,068.90 14.32% 4,486.73
IVV iShares Core S&P 500 ETF iShares 2,070.73 77,455.62 2.67% 2,619.19
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF iShares 2,019.12 31,609.98 6.39% 5,445.64
EMB iShares JP Morgan USD Emerging Markets Bond ETF iShares 1,764.73 8,867.40 19.90% 3,721.83
HYG iShares iBoxx $ High Yield Corporate Bond ETF iShares 1,700.25 16,673.84 10.20% 1,162.05
AGG iShares Core U.S. Aggregate Bond ETF iShares 1,531.34 40,316.97 3.80% 8,249.22
IWM iShares Russell 2000 ETF iShares 1,299.73 27,747.65 4.68% -1,527.79
IEMG iShares Core MSCI Emerging Markets ETF iShares 1,257.28 14,531.45 8.65% 3,650.23
VOO Vanguard S&P 500 Index Fund Vanguard 1,223.16 49,289.90 2.48% 6,050.30

 

Top Gainers, YTD 2016

Ticker Fund Issuer YTD 2016 Net Flows ($M) YTD 2016 AUM ($M) % of AUM July 2016 Net Flows ($M)
GLD SPDR Gold Trust SPDR 12,530.11 41,318.29 30.33% 352.49
AGG iShares Core U.S. Aggregate Bond ETF iShares 8,249.22 40,316.97 20.46% 1,531.34
USMV iShares Edge MSCI Min Vol USA ETF iShares 6,669.07 15,279.22 43.65% 533.42
VOO Vanguard S&P 500 Index Fund Vanguard 6,050.30 49,289.90 12.27% 1,223.16
VEA Vanguard FTSE Developed Markets ETF Vanguard 5,697.36 34,788.95 16.38% 892.81
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF iShares 5,445.64 31,609.98 17.23% 2,019.12
SPY SPDR S&P 500 ETF Trust SPDR 5,248.98 198,610.64 2.64% 14,735.38
EEM iShares MSCI Emerging Markets ETF iShares 4,486.73 28,068.90 15.98% 4,019.36
VNQ Vanguard REIT Index Fund Vanguard 4,251.27 36,014.74 11.80% 573.03
EMB iShares JP Morgan USD Emerging Markets Bond ETF iShares 3,721.83 8,867.40 41.97% 1,764.73

 

Biggest Losers, July 2016

Ticker Fund Issuer July 2016 Net Flows ($M) July 2016 AUM ($M) % of AUM YTD 2016 Net Flows ($M)
 EZU  iShares MSCI Eurozone ETF iShares -1,695.08 8,600.92 -19.71% -4,975.54
 EWJ  iShares MSCI Japan ETF iShares -1,503.91 13,463.06 -11.17% -5,535.50
 VGK  Vanguard FTSE Europe ETF Vanguard -1,438.77 11,624.74 -12.38% -2,613.76
HEDJ WisdomTree Europe Hedged Equity Fund WisdomTree -1,329.38 9,934.55 -13.38% -6,314.48
DBEF Deutsche X-trackers MSCI EAFE Hedged Equity ETF Deutsche X-trackers -979.65 10,304.82 -9.51% -2,238.49
XLF Financial Select Sector SPDR Fund SPDR -805.90 15,301.11 -5.27% -3,685.07
 EWG  iShares MSCI Germany ETF iShares -588.28 3,746.13 -15.70% -1,948.75
 XLK  Technology Select Sector SPDR Fund SPDR -550.33 12,484.31 -4.41% -2,033.89
 XLE  Energy Select Sector SPDR Fund SPDR -545.11 13,546.63 -4.02% 683.61
XLP Consumer Staples Select Sector SPDR Fund SPDR -521.76 9,339.44 -5.59% 449.32

 

Biggest Losers, YTD 2016

Ticker Fund Issuer YTD 2016 Net Flows ($M) YTD 2016 AUM ($M) % of AUM July 2016 Net Flows ($M)
HEDJ WisdomTree Europe Hedged Equity Fund WisdomTree -6,314.48 9,934.55 -63.56% -1,329.38
EWJ iShares MSCI Japan ETF iShares -5,535.50 13,463.06 -41.12% -1,503.91
QQQ PowerShares QQQ Trust PowerShares -5,094.11 38,229.32 -13.33% 928.15
EZU iShares MSCI Eurozone ETF iShares -4,975.54 8,600.92 -57.85% -1,695.08
DXJ WisdomTree Japan Hedged Equity Fund WisdomTree -4,575.48 7,715.88 -59.30% 502.45
XLF Financial Select Sector SPDR Fund SPDR -3,685.07 15,301.11 -24.08% -805.90
IWF iShares Russell 1000 Growth ETF iShares -2,627.97 30,305.56 -8.67% -374.05
VGK Vanguard FTSE Europe ETF Vanguard -2,613.76 11,624.74 -22.48% -1,438.77
DBEF Deutsche X-trackers MSCI EAFE Hedged Equity ETF Deutsche X-trackers -2,238.49 10,304.82 -21.72% -979.65
FXH First Trust Health Care AlphaDEX Fund First Trust -2,083.99 1,139.94 -182.82% -35.95

 

Asset Class Data, July 2016

  Net Flows ($M) AUM ($M) % of AUM
U.S. Equity 30,137.73 1,312,531.57 2.30%
International Equity 3,148.81 492,752.53 0.64%
U.S. Fixed Income 11,606.73 396,166.79 2.93%
International Fixed Income 2,694.90 39,167.12 6.88%
Commodities 1,974.89 74,797.90 2.64%
Currency 103.79 1,509.68 6.87%
Leveraged 33.27 24,936.92 0.13%
Inverse 853.85 19,465.34 4.39%
Asset Allocation 90.03 6,276.24 1.43%
Alternatives 1,918.78 4,385.09 43.76%
Total: 52,562.77 2,371,989.19 2.22%

 

Asset Class Data, YTD 2016

  Net Flows ($M) AUM ($M) % of AUM
U.S. Equity 35,437.72 1,312,531.57 2.70%
International Equity -6,212.70 492,752.53 -1.26%
U.S. Fixed Income 52,253.15 396,166.79 13.19%
International Fixed Income 8,280.11 39,167.12 21.14%
Commodities 17,684.27 74,797.90 23.64%
Currency 90.77 1,509.68 6.01%
Leveraged -194.56 24,936.92 -0.78%
Inverse 7,218.56 19,465.34 37.08%
Asset Allocation -164.41 6,276.24 -2.62%
Alternatives 2,792.62 4,385.09 63.68%
Total: 117,185.53 2,371,989.19 4.94%

 

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