July ETF Inflows Slow 2021’s Pace
The U.S. ETF industry crossed the $500 billion mark, but with shivers due to inflation and the delta variant.
Flows into U.S.-based ETFs reached their lowest monthly level since last October, as dual fears of inflation and the COVID-19 Delta variant sending scores of unvaccinated Americans to the hospital tamped the industry’s animal spirits through the first half of 2021.
While not exactly a slouch of a month, figures from ETF.com data provider FactSet show the industry had net inflows of $48.4 billion in July, enough to pierce the $500 billion inflow mark at the very end of the month. Investors have now put a net $520.3 billion into exchange-traded products year-to-date, a figure almost 70% higher than the net flows posted in July of last year.
Major Asset Classes Slow
The drop was most clear in U.S. equities, which fell from $37.7 billion in June to roughly $19 billion in July as investors sought risk-off positions, considered long-term macroeconomic growth rates and readjusted portfolios for the back half of the year.
While less pronounced, international equity inflows slowed from June by just under $7 billion during the two months to $12.9 billion in July, and U.S. fixed income fund flows declined by $2.7 billion from June for a net gain of $12.7 billion in the same time period.
The Vanguard S&P 500 ETF (VOO) was No. 1 on our July inflows chart, ending the month with more than $5 billion flows, further solidifying its status as the largest fund by inflows this year. Closely following VOO was the Vanguard Short-Term Bond ETF (BSV), with inflows of $4.9 billion.
Commodities extended its outflow streak from June, driven in part by the slip in oil prices midway through July connected to worries that the Delta variant’s spread would curb demand for travel.
Quality, Safety Cycles In
The slowdown in aggressive equities was paired with flows into a handful of more defensive positions. The iShares TIPS Bond ETF (TIP) gained $2.6 billion in the month after the headline inflation prints left some inflation hawks shaken.
The iShares MSCI USA Quality Factor ETF (QUAL) also made an appearance in the top 10 gainers of the month, adding just under $1.6 billion in assets after it was shunned by traders with animal spirits. QUAL had net outflows of approximately $1.2 billion year-to-date at the end of July.
Real Estate Funds Struggle
The iShares U.S. Real Estate ETF (IYR) was by far the biggest loser in the month after investors pulled nearly $2.2 billion from the fund. Half of that amount was pulled in the first week of July alone as fears of a broader price bubble emerged among traders and took the fund to a net outflow of almost $1 billion year-to-date.
In comparison, the Vanguard Real Estate Fund (VNQ) recorded a slight gain with $316 million in inflows for the month. However, it has posted net inflows of $4.4 billion year-to-date and likely took some market share from IYR due to it having similar exposures but being cheaper to the tune of 29 basis points.
For a full list of this week’s top inflows and outflows, see the tables below:
Top Gainers (July 2021)
Ticker | Name | Issuer | Net Flows ($,mm) | AUM ($M) | % of AUM | YTD 2021 Net Flows($,M) |
VOO | Vanguard S&P 500 ETF | Vanguard | 5,040.77 | 243,523.21 | 2.07% | 31,638.06 |
BSV | Vanguard Short-Term Bond ETF | Vanguard | 4,921.28 | 39,513.24 | 12.45% | 10,106.66 |
VTI | Vanguard Total Stock Market ETF | Vanguard | 3,245.52 | 260,603.97 | 1.25% | 23,405.99 |
XLV | Health Care Select Sector SPDR Fund | State Street Global Advisors | 2,964.42 | 32,192.22 | 9.21% | 2,497.36 |
TIP | iShares TIPS Bond ETF | Blackrock | 2,624.10 | 31,509.21 | 8.33% | 4,462.65 |
IEFA | iShares Core MSCI EAFE ETF | Blackrock | 2,354.13 | 99,199.10 | 2.37% | 7,720.46 |
VEA | Vanguard FTSE Developed Markets ETF | Vanguard | 1,945.40 | 103,504.83 | 1.88% | 7,673.67 |
ESGU | iShares ESG Aware MSCI USA ETF | Blackrock | 1,933.56 | 20,745.46 | 9.32% | 4,809.62 |
VT | Vanguard Total World Stock ETF | Vanguard | 1,901.06 | 23,886.01 | 7.96% | 4,694.63 |
QUAL | iShares MSCI USA Quality Factor ETF | Blackrock | 1,581.40 | 23,883.00 | 6.62% | -1,165.01 |
Top Gainers (Year-to-Date)
Ticker | Name | Issuer | Net Flows ($,mm) | AUM ($M) | % of AUM | July 2021 Net Flows($,M) |
VOO | Vanguard S&P 500 ETF | Vanguard | 31,638.06 | 243,523.21 | 12.99% | 5,040.77 |
VTI | Vanguard Total Stock Market ETF | Vanguard | 23,405.99 | 260,603.97 | 8.98% | 3,245.52 |
IVV | iShares Core S&P 500 ETF | Blackrock | 14,030.66 | 295,651.90 | 4.75% | 1,517.47 |
BND | Vanguard Total Bond Market ETF | Vanguard | 13,146.84 | 80,374.10 | 16.36% | 1,017.80 |
VTV | Vanguard Value ETF | Vanguard | 10,705.70 | 82,782.05 | 12.93% | 505.46 |
BSV | Vanguard Short-Term Bond ETF | Vanguard | 10,106.66 | 39,513.24 | 25.58% | 4,921.28 |
IEMG | iShares Core MSCI Emerging Markets ETF | Blackrock | 9,733.04 | 79,225.41 | 12.29% | 506.76 |
IUSB | iShares Core Total USD Bond Market ETF | Blackrock | 9,168.14 | 15,177.03 | 60.41% | 558.80 |
XLF | Financial Select Sector SPDR Fund | State Street Global Advisors | 8,171.53 | 39,747.11 | 20.56% | -703.50 |
BNDX | Vanguard Total International Bond ETF | Vanguard | 7,827.72 | 44,697.08 | 17.51% | 1,323.44 |
Biggest Losers (July 2021)
Ticker | Name | Issuer | Net Flows ($,mm) | AUM ($M) | % of AUM | YTD 2021 Net Flows($,M) |
IYR | iShares U.S. Real Estate ETF | Blackrock | -2,181.59 | 5,513.25 | -39.57% | -989.61 |
IWM | iShares Russell 2000 ETF | Blackrock | -1,795.51 | 65,458.72 | -2.74% | -619.54 |
GOVT | iShares U.S. Treasury Bond ETF | Blackrock | -1,765.53 | 15,511.07 | -11.38% | 1,139.92 |
IGSB | iShares 1-5 Year Investment Grade Corporate Bond ETF | Blackrock | -1,466.54 | 25,216.31 | -5.82% | 3,010.60 |
IJR | iShares Core S&P Small-Cap ETF | Blackrock | -1,132.44 | 68,024.70 | -1.66% | 1,263.65 |
ARKK | ARK Innovation ETF | ARK | -1,029.22 | 22,669.85 | -4.54% | 6,612.71 |
IJS | iShares S&P Small-Cap 600 Value ETF | Blackrock | -979.94 | 8,697.57 | -11.27% | 817.45 |
SPY | SPDR S&P 500 ETF Trust | State Street Global Advisors | -977.15 | 382,335.06 | -0.26% | -2,692.18 |
XLB | Materials Select Sector SPDR Fund | State Street Global Advisors | -949.91 | 8,691.27 | -10.93% | 2,749.03 |
XLY | Consumer Discretionary Select Sector SPDR Fund | State Street Global Advisors | -934.69 | 19,674.12 | -4.75% | -1,102.92 |
Biggest Losers (Year-to-Date)
Ticker | Name | Issuer | Net Flows ($,mm) | AUM ($M) | % of AUM | July 2021 Net Flows($,M) |
LQD | iShares iBoxx USD Investment Grade Corporate Bond ETF | Blackrock | -13,423.02 | 40,774.25 | -32.92% | 14.83 |
USMV | iShares MSCI USA Min Vol Factor ETF | Blackrock | -8,177.90 | 28,413.64 | -28.78% | -82.01 |
GLD | SPDR Gold Trust | State Street Global Advisors | -7,717.89 | 59,561.02 | -12.96% | -812.80 |
HYG | iShares iBoxx USD High Yield Corporate Bond ETF | Blackrock | -5,950.66 | 19,969.43 | -29.80% | -340.78 |
JNK | SPDR Bloomberg Barclays High Yield Bond ETF | State Street Global Advisors | -3,538.37 | 9,059.60 | -39.06% | -701.86 |
SHV | iShares Short Treasury Bond ETF | Blackrock | -3,379.45 | 14,447.21 | -23.39% | -195.56 |
SPY | SPDR S&P 500 ETF Trust | State Street Global Advisors | -2,692.18 | 382,335.06 | -0.70% | -977.15 |
EFAV | iShares MSCI EAFE Min Vol Factor ETF | Blackrock | -2,432.44 | 8,647.20 | -28.13% | -182.48 |
IWF | iShares Russell 1000 Growth ETF | Blackrock | -2,421.48 | 72,587.88 | -3.34% | 729.85 |
IHI | iShares U.S. Medical Devices ETF | Blackrock | -2,216.11 | 8,130.01 | -27.26% | 44.09 |
Asset Classes (July 2021)
Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
U.S. Equity | 18,972.73 | 3,883,960.89 | 0.49% |
International Equity | 12,871.87 | 1,273,529.72 | 1.01% |
U.S. Fixed Income | 12,689.17 | 1,063,219.68 | 1.19% |
International Fixed Income | 3,467.34 | 146,880.26 | 2.36% |
Commodities | -875.68 | 140,943.68 | -0.62% |
Currency | 30.31 | 1,967.99 | 1.54% |
Leveraged | 165.58 | 61,754.48 | 0.27% |
Inverse | 302.55 | 11,538.99 | 2.62% |
Asset Allocation | 815.09 | 17,293.89 | 4.71% |
Alternatives | -30.40 | 6,435.59 | -0.47% |
Total: | 48,408.56 | 6,607,525.17 | 0.73% |
Asset Classes (Year-to-Date)
Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
U.S. Equity | 238,259.66 | 3,883,960.89 | 6.13% |
International Equity | 150,983.96 | 1,273,529.72 | 11.86% |
U.S. Fixed Income | 97,439.79 | 1,063,219.68 | 9.16% |
International Fixed Income | 24,760.86 | 146,880.26 | 16.86% |
Commodities | -1,387.46 | 140,943.68 | -0.98% |
Currency | 85.81 | 1,967.99 | 4.36% |
Leveraged | 923.74 | 61,754.48 | 1.50% |
Inverse | 4,253.67 | 11,538.99 | 36.86% |
Asset Allocation | 2,884.27 | 17,293.89 | 16.68% |
Alternatives | 2,081.35 | 6,435.59 | 32.34% |
Total: | 520,285.65 | 6,607,525.17 | 7.87% |
July 2021 ETF Issuer League Table
Issuer | Net Flows ($,M) | AUM ($,M) | % of AUM | YTD 2021 Net Flows($,M) |
Blackrock | 6,226.63 | 2,311,537.39 | 0.27% | 100,476.86 |
Vanguard | 32,166.21 | 1,892,021.93 | 1.70% | 205,997.90 |
State Street Global Advisors | -333.11 | 992,240.64 | -0.03% | 39,385.64 |
Invesco | -1,388.21 | 364,916.19 | -0.38% | 29,995.72 |
Charles Schwab | 3,459.17 | 249,814.70 | 1.38% | 26,021.18 |
First Trust | 1,103.02 | 137,020.15 | 0.81% | 15,285.00 |
JPMorgan Chase | 1,537.97 | 67,074.55 | 2.29% | 18,380.65 |
VanEck | 173.92 | 62,088.29 | 0.28% | 7,728.31 |
ProShares | 273.89 | 58,783.84 | 0.47% | 4,695.21 |
ARK | -1,742.18 | 45,225.15 | -3.85% | 14,675.32 |
WisdomTree | 456.07 | 45,170.02 | 1.01% | 2,907.06 |
Mirae Asset Global Investments Co., Ltd. | 1,325.98 | 35,712.31 | 3.71% | 13,295.95 |
Dimensional Holdings | 359.67 | 30,832.04 | 1.17% | 1,723.98 |
Fidelity | 380.21 | 30,672.03 | 1.24% | 3,406.61 |
Allianz | 64.96 | 26,954.47 | 0.24% | 913.02 |
Direxion | 238.31 | 25,357.68 | 0.94% | 1,714.55 |
Goldman Sachs | 409.24 | 24,596.11 | 1.66% | 64.33 |
Deutsche Bank | -137.98 | 22,172.51 | -0.62% | 740.43 |
Northern Trust | 204.66 | 18,558.31 | 1.10% | 2,645.15 |
CICC | 1,222.35 | 10,631.25 | 11.50% | 6,470.69 |
Franklin Templeton | -216.64 | 9,294.66 | -2.33% | 140.36 |
SS&C | 40.40 | 9,181.03 | 0.44% | 283.70 |
Pacer Advisors | 497.75 | 8,086.02 | 6.16% | 1,491.66 |
American Century Investments | 360.38 | 7,494.30 | 4.81% | 3,005.38 |
ETFMG | -47.21 | 7,363.93 | -0.64% | 1,353.78 |
Exchange Traded Concepts | 381.70 | 7,150.02 | 5.34% | 1,616.40 |
Standard Life Aberdeen | 59.70 | 7,022.09 | 0.85% | 763.70 |
Crestview | 31.61 | 6,576.85 | 0.48% | 238.85 |
Innovator | 249.23 | 5,493.56 | 4.54% | 1,152.90 |
Principal | 55.07 | 5,331.52 | 1.03% | 961.07 |
Manulife | 71.29 | 5,024.93 | 1.42% | -609.90 |
Amplify Investments | 48.59 | 4,593.90 | 1.06% | 1,263.16 |
New York Life | 33.24 | 4,437.59 | 0.75% | 339.57 |
Nuveen Securities | 207.17 | 4,338.83 | 4.77% | 1,314.63 |
Concierge Technologies | -307.15 | 4,266.81 | -7.20% | -2,416.05 |
The Hartford | 169.50 | 4,238.51 | 4.00% | 314.67 |
Janus Henderson | 53.57 | 4,148.60 | 1.29% | 209.55 |
US Global Investors | -91.50 | 3,525.43 | -2.60% | 407.66 |
Barclays | -135.17 | 3,002.15 | -4.50% | 1,153.53 |
BMO | 24.16 | 2,983.92 | 0.81% | 369.50 |
Toroso Investments | 116.97 | 2,433.23 | 4.81% | 756.53 |
AdvisorShares | 91.99 | 2,166.85 | 4.25% | 1,325.89 |
Prudential | 98.38 | 1,860.72 | 5.29% | 482.23 |
Ameriprise Financial | 17.42 | 1,614.67 | 1.08% | 342.02 |
O’Shares Investments | -1.09 | 1,586.65 | -0.07% | 9.87 |
Defiance ETFs | 13.48 | 1,500.85 | 0.90% | 390.02 |
GraniteShares | 16.14 | 1,499.39 | 1.08% | 156.34 |
Vident | -10.90 | 1,474.28 | -0.74% | -33.40 |
Aptus Capital Advisors | 60.99 | 1,394.44 | 4.37% | 334.74 |
Virtus Investment Partners | 54.99 | 1,287.78 | 4.27% | 304.14 |
UBS | -8.21 | 1,252.80 | -0.66% | -57.74 |
Davis Advisers | 12.68 | 1,251.11 | 1.01% | 121.27 |
Cambria | -5.66 | 1,078.79 | -0.52% | 202.22 |
Credit Suisse Group AG | 54.48 | 1,064.47 | 5.12% | 293.68 |
Inspire | 9.71 | 1,011.25 | 0.96% | 178.11 |
Main Management | 19.95 | 996.50 | 2.00% | 231.34 |
EMPIRICAL FINANCE LLC | 10.88 | 968.07 | 1.12% | 247.22 |
Rational Capital LLC | 130.25 | 876.11 | 14.87% | 634.20 |
The Bank of New York Mellon Corp. | 29.12 | 875.95 | 3.32% | 311.26 |
Nationwide | 80.54 | 854.62 | 9.42% | 310.98 |
Aegon | -7.47 | 798.53 | -0.94% | -38.59 |
The Motley Fool | 10.17 | 694.66 | 1.46% | 70.22 |
Horizon Kinetics LLC | -2.90 | 623.34 | -0.47% | 594.26 |
Simplify Asset Management Inc. | 49.68 | 578.83 | 8.58% | 423.65 |
Renaissance Capital | -62.77 | 576.01 | -10.90% | -153.87 |
Tortoise | 1.14 | 550.33 | 0.21% | 44.22 |
Roundhill Investments | 13.05 | 529.51 | 2.46% | 269.03 |
Merk | 19.41 | 494.11 | 3.93% | 76.68 |
Timothy Plan | 4.78 | 482.93 | 0.99% | 34.33 |
TrimTabs | -1.46 | 437.65 | -0.33% | 24.44 |
Redwood Investment Management | 11.98 | 433.20 | 2.77% | -24.70 |
Howard Capital Management | 9.06 | 429.91 | 2.11% | 68.87 |
Liquid Strategies | 17.54 | 403.10 | 4.35% | 84.05 |
T. Rowe Price Group, Inc. | 34.62 | 392.34 | 8.82% | 184.46 |
Distillate Capital | -0.45 | 383.16 | -0.12% | 118.65 |
SRN Advisors | -10.57 | 371.85 | -2.84% | 60.37 |
Sprott | 0.00 | 366.05 | 0.00% | 18.15 |
Al Marketing LLC | -4.20 | 351.15 | -1.20% | -42.99 |
Regents Park Funds | 3.67 | 344.92 | 1.06% | 68.03 |
ClearShares LLC | 3.26 | 340.70 | 0.96% | 89.49 |
Teucrium | -50.75 | 304.76 | -16.65% | -81.44 |
ProFund Advisors LLC | 6.18 | 293.12 | 2.11% | 258.68 |
WBI | -3.43 | 291.27 | -1.18% | -3.98 |
Government of Sweden | -5.54 | 291.17 | -1.90% | 3.39 |
Donald L. Hagan LLC | 6.67 | 267.22 | 2.50% | 97.39 |
Tuttle Tactical Management, LLC | -28.64 | 228.75 | -12.52% | 64.80 |
Mcivy Co. LLC | -2.20 | 217.41 | -1.01% | 114.67 |
Intangible Capital | 0.00 | 195.29 | 0.00% | 2.46 |
Core Alternative Capital | 2.96 | 193.03 | 1.53% | 43.56 |
Syntax Advisors | 0.00 | 190.96 | 0.00% | 48.05 |
Little Harbor Advisors | 12.45 | 187.52 | 6.64% | 116.54 |
Capital Impact Advisors | -0.66 | 178.27 | -0.37% | -5.19 |
TrueMark Investments | 4.34 | 153.91 | 2.82% | 74.25 |
Arrow Funds | 0.00 | 134.21 | 0.00% | 3.22 |
ProcureAM | -0.88 | 129.74 | -0.68% | 77.25 |
Wahed | 6.67 | 125.52 | 5.32% | 45.83 |
Gadsden | 0.00 | 117.08 | 0.00% | 16.55 |
AGF | 0.91 | 109.20 | 0.84% | -15.01 |
Advisors Asset Management | 13.28 | 108.69 | 12.21% | 59.90 |
Kingsview Partners LLC | -1.98 | 107.38 | -1.85% | 98.59 |
CornerCap Investment Counsel, Inc. | 1.52 | 105.05 | 1.45% | 30.12 |
Wainwright, Inc. | 0.00 | 104.74 | 0.00% | 90.25 |
Emles Advisors LLC | -12.80 | 94.38 | -13.56% | 30.26 |
Humankind USA LLC | -1.30 | 85.57 | -1.52% | 76.27 |
Swan Global Investments | 21.93 | 81.95 | 26.76% | 76.49 |
Exponential ETFs | 1.28 | 81.60 | 1.57% | 1.20 |
Change Finance | 3.36 | 79.59 | 4.22% | 36.71 |
iM Square SAS | 2.14 | 78.04 | 2.74% | 18.36 |
Pettee Investors | 0.00 | 75.27 | 0.00% | 21.78 |
Impact Shares | 0.00 | 68.32 | 0.01% | 25.54 |
Groupe BPCE | 0.34 | 67.90 | 0.50% | 13.01 |
Metaurus Advisors | -0.02 | 66.77 | -0.03% | 5.91 |
Beyond Investing | 1.00 | 59.23 | 1.69% | 15.62 |
Pacific Life | 0.00 | 57.11 | 0.00% | -0.11 |
Guinness Atkinson Asset Management | 0.00 | 54.10 | 0.00% | 15.08 |
Neil Azous Revocable Trust | 1.48 | 53.60 | 2.77% | 31.57 |
Absolute Investment Advisers LLC | 0.68 | 50.69 | 1.34% | 9.84 |
Esoterica | 0.00 | 50.22 | 0.00% | 27.83 |
Infusive Asset Management | 0.00 | 46.02 | 0.00% | 8.53 |
Toews Corp. | 2.05 | 45.85 | 4.47% | -3.57 |
Alger Group Holdings LLC | 3.92 | 42.64 | 9.19% | 34.32 |
Highland Capital Management | -1.60 | 41.77 | -3.83% | -11.38 |
Premise Capital | -0.83 | 39.85 | -2.08% | -14.10 |
Alexis Investment Partners LLC | 19.91 | 37.44 | 53.18% | 19.91 |
Red Gate Advisers LLC | 0.21 | 35.79 | 0.58% | 5.60 |
Cabot ETF Partners LLC | -0.55 | 35.54 | -1.55% | 33.41 |
Rayliant Investment Research | 2.74 | 35.04 | 7.83% | 36.21 |
Inverdale Capital Management LLC | 3.57 | 34.02 | 10.49% | 27.94 |
ETF Series Solutions | 0.00 | 33.16 | 0.00% | 4.58 |
2nd Vote Value Investments, Inc | 2.38 | 32.21 | 7.39% | 24.56 |
AlphaMark Advisors | 0.00 | 26.03 | 0.00% | -1.41 |
Formidable Asset Management | 1.24 | 24.34 | 5.11% | 23.24 |
Truist | 0.01 | 24.14 | 0.03% | 0.84 |
Whitford Asset Management | 0.00 | 24.10 | 0.00% | 20.07 |
Uncommon Investment Advisors LLC | 2.85 | 23.12 | 12.33% | 22.06 |
MCCM Group LLC | -1.44 | 21.40 | -6.75% | 33.06 |
Changebridge Capital LLC | -0.22 | 17.23 | -1.27% | 10.66 |
The Leuthold Group LLC | 0.00 | 15.20 | 0.00% | 1.43 |
Ridgeline Research LLC | 0.00 | 13.91 | 0.00% | 9.93 |
GAMCO Investors, Inc. | 0.00 | 13.89 | 0.00% | 7.27 |
Knights of Columbus | 13.18 | 13.13 | 100.33% | 13.18 |
Mairs & Power, Inc. | 0.25 | 12.98 | 1.96% | 12.78 |
Point Bridge Capital | 0.00 | 12.59 | 0.00% | 1.00 |
Counterpoint Mutual Funds LLC | -0.61 | 11.50 | -5.29% | -1.20 |
EquBot | 0.00 | 11.41 | 0.00% | 4.82 |
Alternative Access Funds LLC | 0.00 | 10.03 | 0.00% | 0.00 |
ASYMmetric ETFs | 6.63 | 9.99 | 66.36% | 9.73 |
New Age Alpha Advisors LLC | 0.75 | 8.40 | 8.93% | 6.24 |
Water Island Capital Partners LP | 1.28 | 7.79 | 16.50% | 1.29 |
Jacob Asset Management | 5.47 | 5.65 | 96.70% | 5.47 |
Global Beta Advisors | 0.00 | 5.07 | 0.00% | -2.99 |
Reflection Asset Management, LLC | 0.00 | 4.19 | 0.01% | 1.29 |
Applied Finance Group | 0.00 | 3.97 | 0.00% | 2.49 |
Democracy Investment Management LLC | 1.30 | 3.28 | 39.57% | 2.61 |
Wilshire Phoenix Funds LLC | 0.00 | 1.80 | 0.00% | 0.00 |
Eaton Vance Corp. | 0.00 | 0.00 | 0.00% | 0.00 |
Cavalier16 | 0.00 | 0.00 | 0.00% | 3.19 |
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.