May Sees ETFs Add $65B Amid Volatility

U.S. fixed income gained more than any other asset class.

HeatherBell_green_bg
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Reviewed by: Heather Bell
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Edited by: Heather Bell

During a month that saw some intense market volatility and a near bear market, U.S.-listed ETFs still managed to add $64.5 billion, coming roaring back from a $6.1 billion loss in April.  

The industry now has assets under management of $6.67 trillion, which is nonetheless down from the $6.7 trillion managed by U.S.-listed ETFs at the end of the prior month, largely due to market performance. 

Year to date, the U.S. ETF industry has added $257 billion, while last year at this time, year-to-date inflows stood at roughly $395 billion.  

Taking Risk Off The Table 

Investors seem to have been taking a little risk off the table, as fully half of the top 10 ETFs for inflows during the month were in the U.S. fixed income category. That asset class also pulled in more than any other, for a gain of $33.7 billion. For comparison, U.S. equities, usually the asset class dominating flows. gained just $29.1 billion during May.  

The iShares National Muni Bond ETF (MUB) added a total of $3.9 billion during the month, claiming the No. 3 spot on the top performers list. The Vanguard Short-Term Bond ETF (BSV) had the second-largest inflows of any fixed income ETF in May, pulling in $3.3 billion, while the SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) and the iShares iBoxx USD High Yield Corporate Bond ETF (HYG) gained $2.7 billion and $2.6 billion, respectively. And the iShares 20+ Year Treasury Bond ETF (TLT) added $2.3 billion.  

The three S&P 500 ETFs represented the top gainers in May for equities, with the iShares Core S&P 500 ETF (IVV) gaining more than any other ETF, at $7.5 billion. The SPDR S&P 500 ETF Trust (SPY) claimed the No. 2 spot, with an addition of $6 billion, while the Vanguard S&P 500 ETF (VOO) pulled in $3.8 billion. 

Also among the top-gaining ETFs for the month, the iShares Core High Dividend ETF (HDV) gained $2.9 billion, and the iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) added $2.3 billion. The presence of those two funds in the top 10 suggests investors are looking for income and diversification at a time when the broad U.S. equity space is flirting with a bear market.  

Stepping Away From Sectors  

Three sector ETF were among the 10 ETFs that saw the most outflows during the month of May. The Financial Select Sector SPDR Fund (XLF) lost more than any other ETF, bleeding $3.9 billion. Meanwhile, the Vanguard Health Care ETF (VHT) and the iShares U.S. Energy ETF (IYE) claimed the Nos. nine and 10 spots, with losses of $903 million and $821 million, respectively.  

Interestingly, despite U.S. fixed income seeing strong inflows, the No. 2 fund for outflows in May was the Schwab U.S. TIPS ETF (SCHP), which saw a drain of $2.2 billion. It was followed by the iShares MSCI USA Value Factor ETF (VLUE), which lost $1.9 billion during the month. And even though HDV was one of the top funds for inflows in May, the SPDR S&P Dividend ETF (SDY) saw outflows of $1.9 billion during the same period.  

Meanwhile, the SPDR Gold Trust (GLD) and the iShares GSCI Commodity Dynamic Roll Strategy ETF (COMT) came in sixth and seventh for redemptions in May, with losses of $1.5 billion and $1.4 billion, respectively. With inflation expected to remain high for some time, the move out of two key commodity ETFs suggests investors don’t necessarily see them as the best hedges against it in the current environment. 

 

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

 

Top Gainers (May 2022)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMYTD 2022 Net Flows($,M)
IVViShares Core S&P 500 ETFBlackrock7,551.94302,879.542.49%9,953.99
SPYSPDR S&P 500 ETF TrustState Street Global Advisors6,002.97380,525.451.58%-19,770.44
MUBiShares National Muni Bond ETFBlackrock3,931.0529,097.1113.51%5,663.80
VOOVanguard S&P 500 ETFVanguard3,826.99262,209.671.46%18,269.19
BSVVanguard Short-Term Bond ETFVanguard3,389.2840,102.038.45%-378.47
HDViShares Core High Dividend ETFBlackrock2,956.7713,236.5022.34%4,918.00
BILSPDR Bloomberg 1-3 Month T-Bill ETFState Street Global Advisors2,756.6319,035.8714.48%5,444.43
HYGiShares iBoxx USD High Yield Corporate Bond ETFBlackrock2,672.4015,345.1517.42%-4,529.60
EEMViShares MSCI Emerging Markets Min Vol Factor ETFBlackrock2,350.735,897.2139.86%2,416.15
TLTiShares 20+ Year Treasury Bond ETFBlackrock2,297.4421,026.3710.93%5,261.18

 

Top Gainers (Year-to-Date)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMMay 2022 Net Flows($,M)
VOOVanguard S&P 500 ETFVanguard18,269.19262,209.676.97%3,826.99
VTVVanguard Value ETFVanguard11,512.93103,037.4011.17%1,497.44
VTIVanguard Total Stock Market ETFVanguard10,495.32267,604.103.92%405.15
IVViShares Core S&P 500 ETFBlackrock9,953.99302,879.543.29%7,551.94
TQQQProShares UltraPro QQQProShares8,297.3113,914.2459.63%1,659.01
SHViShares Short Treasury Bond ETFBlackrock6,757.9119,827.5234.08%2,093.43
SCHDSchwab U.S. Dividend Equity ETFCharles Schwab6,335.3336,952.2817.14%1,156.24
XLVHealth Care Select Sector SPDR FundState Street Global Advisors5,977.5040,024.4014.93%2,022.91
GLDSPDR Gold TrustState Street Global Advisors5,762.3763,588.519.06%-1,563.02
MUBiShares National Muni Bond ETFBlackrock5,663.8029,097.1119.47%3,931.05

 

Biggest Losers (May 2022)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMYTD 2022 Net Flows($,M)
XLFFinancial Select Sector SPDR FundState Street Global Advisors-3,935.5334,735.66-11.33%-5,732.12
SCHPSchwab U.S. TIPS ETFCharles Schwab-2,267.2916,226.34-13.97%-3,579.05
VLUEiShares MSCI USA Value Factor ETFBlackrock-1,993.6510,407.08-19.16%-4,731.75
SDYSPDR S&P Dividend ETFState Street Global Advisors-1,989.3821,797.16-9.13%1,095.15
IJRiShares Core S&P Small-Cap ETFBlackrock-1,802.3066,153.16-2.72%-1,231.59
GLDSPDR Gold TrustState Street Global Advisors-1,563.0263,588.51-2.46%5,762.37
COMTiShares GSCI Commodity Dynamic Roll Strategy ETFBlackrock-1,435.152,929.28-48.99%-679.12
ESGEiShares ESG Aware MSCI EM ETFBlackrock-1,135.234,805.97-23.62%-357.73
VHTVanguard Health Care ETFVanguard-903.0716,091.14-5.61%-113.73
IYEiShares U.S. Energy ETFBlackrock-821.523,260.55-25.20%-555.46

 

Biggest Losers (Year-to-Date)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMMay 2022 Net Flows($,M)
SPYSPDR S&P 500 ETF TrustState Street Global Advisors-19,770.44380,525.45-5.20%6,002.97
XLFFinancial Select Sector SPDR FundState Street Global Advisors-5,732.1234,735.66-16.50%-3,935.53
VLUEiShares MSCI USA Value Factor ETFBlackrock-4,731.7510,407.08-45.47%-1,993.65
HYGiShares iBoxx USD High Yield Corporate Bond ETFBlackrock-4,529.6015,345.15-29.52%2,672.40
TIPiShares TIPS Bond ETFBlackrock-4,001.8032,018.39-12.50%475.73
IWMiShares Russell 2000 ETFBlackrock-3,627.9655,157.37-6.58%-432.96
SCHPSchwab U.S. TIPS ETFCharles Schwab-3,579.0516,226.34-22.06%-2,267.29
MBBiShares MBS ETFBlackrock-2,263.4121,548.20-10.50%-442.94
EFGiShares MSCI EAFE Growth ETFBlackrock-2,205.178,815.00-25.02%0.00
FDNFirst Trust Dow Jones Internet Index FundFirst Trust-2,181.304,582.01-47.61%-35.65

 

Asset Classes (May 2022)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity29,143.573,964,409.450.74%
International Equity3,458.271,200,439.930.29%
U.S. Fixed Income33,736.941,093,881.303.08%
International Fixed Income-46.13144,757.18-0.03%
Commodities-4,094.55163,781.10-2.50%
Currency403.993,816.7810.58%
Leveraged1,791.2855,869.793.21%
Inverse-39.4217,447.39-0.23%
Asset Allocation-74.5318,264.69-0.41%
Alternatives266.997,645.163.49%
Total:64,546.406,670,312.780.97%

 

Asset Classes (Year-to-Date)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity100,737.503,964,409.452.54%
International Equity57,421.421,200,439.934.78%
U.S. Fixed Income56,761.111,093,881.305.19%
International Fixed Income6,558.18144,757.184.53%
Commodities16,957.33163,781.1010.35%
Currency1,136.183,816.7829.77%
Leveraged12,849.4955,869.7923.00%
Inverse3,058.6617,447.3917.53%
Asset Allocation772.8318,264.694.23%
Alternatives637.567,645.168.34%
Total:256,890.276,670,312.783.85%

 

May 2022 ETF Issuer League Table

IssuerNet Flows ($,M)AUM ($,M)% of AUMYTD 2022 Net Flows($,M)
Blackrock34,060.712,259,116.631.51%56,654.58
Vanguard12,499.691,927,908.800.65%87,389.25
State Street Global Advisors4,144.371,024,232.150.40%9,481.80
Invesco1,989.67361,982.700.55%14,316.44
Charles Schwab2,147.25258,099.690.83%14,212.82
First Trust1,055.90140,093.740.75%6,014.98
JPMorgan Chase149.1180,766.960.18%7,344.91
ProShares1,660.6960,738.912.73%9,822.41
VanEck-1,448.5059,756.81-2.42%4,046.75
WisdomTree1,407.1649,275.552.86%5,151.45
Dimensional Holdings2,162.4248,323.034.47%7,259.36
Mirae Asset Global Investments Co., Ltd.119.6340,240.750.30%3,196.47
Fidelity170.6731,789.350.54%1,490.41
Goldman Sachs-194.9125,293.04-0.77%1,609.82
PIMCO-184.9424,365.53-0.76%-1,245.11
Direxion-92.4924,163.89-0.38%6,027.38
Northern Trust529.6223,078.642.29%2,589.47
DWS-463.2419,358.99-2.39%-2,193.86
ARK579.1616,200.613.57%235.27
Pacer Advisors1,632.2915,046.2910.85%5,521.18
American Century Investments1,053.1612,713.858.28%3,607.60
CICC290.1510,628.772.73%644.00
SS&C114.6210,296.001.11%647.69
Franklin Templeton-124.949,105.23-1.37%23.21
Nuveen Securities276.667,994.543.46%929.52
Victory Capital196.467,959.892.47%955.58
Abrdn Plc-75.437,944.29-0.95%1,082.52
Innovator530.207,341.977.22%1,844.17
Exchange Traded Concepts-307.935,502.25-5.60%-221.15
Janus Henderson8.375,295.080.16%1,060.79
John Hancock34.915,144.470.68%248.00
ETFMG-144.204,817.61-2.99%-99.75
US Commodity Funds-299.534,672.35-6.41%-995.29
New York Life72.744,161.871.75%-161.63
BMO220.634,049.055.45%737.35
The Hartford-146.563,897.52-3.76%3.81
Principal-140.093,632.60-3.86%-837.29
Amplify Investments27.663,530.940.78%233.94
Barclays Capital Inc.-196.823,395.02-5.80%-635.74
US Global Investors-158.013,271.83-4.83%116.12
Toroso Investments85.433,135.512.72%492.25
Prudential143.673,018.534.76%910.83
Aptus Capital Advisors0.572,038.180.03%279.99
AdvisorShares-24.091,681.68-1.43%67.77
GraniteShares-24.611,634.46-1.51%163.73
Cambria83.491,542.445.41%432.03
Strategy Shares-45.881,533.80-2.99%201.37
Virtus Investment Partners14.231,467.280.97%29.41
Columbia Management Investment Advisers, LLC-39.621,455.48-2.72%-174.60
Horizon Kinetics LLC32.121,442.962.23%548.88
Simplify Asset Management Inc.129.131,406.019.18%466.69
UBS0.001,394.810.00%4.71
Vident-20.041,392.28-1.44%22.37
The Capital Group Companies518.811,374.7437.74%1,404.92
BNY Mellon73.801,339.445.51%212.39
Defiance ETFs-23.521,281.37-1.84%-144.02
The Motley Fool-26.891,250.65-2.15%-60.75
Sprott, Inc.-9.271,239.51-0.75%288.07
O’Shares Investments-24.221,216.42-1.99%-19.08
Teucrium173.531,164.6214.90%735.03
Alpha Architect-38.051,151.38-3.30%142.54
Main Management9.061,063.510.85%34.54
Inspire-0.451,061.89-0.04%76.73
Davis Advisers-2.97961.67-0.31%-121.39
Distillate Capital55.43786.377.05%224.17
Nationwide-28.04777.47-3.61%17.95
Roundhill Investments-47.38737.36-6.43%-57.64
Credit Suisse Group AG50.59712.237.10%165.78
Merk3.94659.600.60%63.64
Tortoise12.01646.111.86%37.34
T. Rowe Price Group, Inc.18.20619.682.94%127.16
Timothy Plan7.71589.191.31%73.50
Redwood Investment Management10.23583.351.75%-114.93
Howard Capital Management-28.08569.61-4.93%14.56
Regents Park Funds160.25552.7028.99%205.21
Day Hagan Asset Management-0.38492.05-0.08%146.62
ClearShares LLC32.36461.347.01%82.09
Liquid Strategies-7.88458.51-1.72%43.38
TrimTabs-7.34449.33-1.63%-12.99
Tuttle Tactical Management, LLC-40.52447.23-9.06%122.20
Engine No. 1 LLC33.99438.297.75%197.25
Cavalier16-13.71408.03-3.36%12.88
Advisors Asset Management23.92321.537.44%123.75
Core Alternative Capital8.95315.282.84%57.19
Little Harbor Advisors-31.95286.40-11.15%-32.38
WBI-2.45262.00-0.94%-16.37
SRN Advisors-6.69230.64-2.90%-47.64
Al Marketing LLC-19.13228.04-8.39%-55.91
Litman Gregory Capital Partners LLC56.97216.5826.30%120.12
AXS Investments24.79208.4211.89%102.42
Renaissance Capital20.41205.579.93%-43.59
Wahed Invest LLC6.68200.773.33%44.51
TrueMark Investments3.02199.311.51%15.56
Syntax Advisors1.73180.620.96%-9.32
Wainwright, Inc.1.76177.510.99%18.33
Retireful LLC80.15176.9245.30%179.22
Impact Shares0.58174.530.33%7.52
Stf Management LP171.24174.1298.34%171.24
Swan Global Investments-9.41169.63-5.54%26.58
Oneascent Holdings LLC0.00166.190.00%97.49
AGF36.95163.6722.57%34.08
Rayliant Investment Research56.06158.4935.37%118.34
Truist0.60155.390.39%10.56
OBP Capital LLC1.63155.241.05%16.09
Intangible Capital-9.68153.90-6.29%-9.68
ORIX0.33150.750.22%0.33
Kingsview Partners LLC14.27141.0710.11%31.67
CornerCap Investment Counsel, Inc.10.38135.037.69%26.44
Gadsden1.62130.931.24%8.00
Arrow Funds-2.07120.58-1.72%-5.31
Harbor35.06115.4530.37%54.06
Humankind USA LLC0.01111.870.01%7.19
Milliman, Inc.70.23106.2666.10%114.15
Cary Street Partners Financial LLC /VA/30.18102.0029.59%102.08
Neil Azous Revocable Trust4.1591.234.55%19.06
Water Island Capital Partners LP0.0181.190.01%58.74
ProcureAM-2.7480.21-3.42%-8.31
First Manhattan Co.0.7174.630.96%0.75
Exponential ETFs0.0071.840.00%0.03
GeaSphere LLC0.5371.220.74%5.78
Absolute Investment Advisers LLC3.5370.595.01%13.84
Pettee Investors-0.3569.93-0.51%-15.58
Toews Corp.3.2669.774.68%16.08
Pacific Life-9.3269.18-13.47%39.19
Beyond Investing0.0066.380.00%5.09
Natixis-3.2664.54-5.06%-3.24
Emles Advisors LLC-0.7264.50-1.12%3.74
Inverdale Capital Management LLC4.1064.376.38%22.03
ORIX Corp.6.4864.1110.10%55.25
Cohanzick Management1.0259.251.72%16.38
Federated Hermes, Inc.0.0058.960.00%12.69
EntrepreneurShares, LLC0.0056.790.00%-20.00
Alexis Investment Partners LLC1.1853.152.23%6.81
Baird Financial Group20.7051.5040.20%52.04
Formidable Asset Management4.0150.857.88%8.41
Power Corporation of Canada0.6449.151.31%10.29
Guinness Atkinson Asset Management0.0046.300.00%0.00
Chadds Ford Investment Management LLC0.0045.830.00%9.93
ETF Series Solutions0.0144.240.03%1.35
VectorShares LLC-0.8644.15-1.94%27.71
SEI Investments42.0244.1295.23%42.02
Highland Capital Management2.9442.286.95%-1.85
2nd Vote Value Investments, Inc-0.7940.23-1.96%-2.44
Red Gate Advisers LLC2.1839.075.58%4.52
Alger Group Holdings LLC0.0038.570.00%0.68
New Age Alpha Advisors LLC5.0537.6813.40%6.60
Premise Capital-0.7536.30-2.06%0.19
Build Asset Management LLC0.5932.881.81%34.02
Ridgeline Research LLC0.0032.230.00%1.65
Advocate Capital Management LLC2.6531.978.29%11.35
Metaurus Advisors0.4031.091.30%3.89
Uncommon Investment Advisors LLC-2.5130.56-8.22%1.31
Sheaff Brock Capital Management LLC1.1130.553.64%2.02
ASYMmetric ETFs-1.6130.07-5.35%8.54
Valkyrie Funds LLC-6.8629.87-22.98%-23.94
Convergence Investment Partners, LLC0.2925.761.11%-1.16
Cultivar Capital, Inc.0.0025.750.00%15.64
GAMCO Investors, Inc.0.1425.730.53%3.70
Faith Investor Services, LLC0.4624.581.87%25.71
Esoterica-1.9324.17-7.98%-7.07
The Leuthold Group LLC2.1723.869.10%7.56
AlphaMark Advisors0.0022.430.00%0.00
Mairs & Power, Inc.3.3520.8816.04%4.31
Knights of Columbus0.8520.844.08%-0.80
MCCM Group LLC0.0019.980.00%10.36
First Pacific Advisors LP2.1419.1811.17%19.56
Reflection Asset Management, LLC1.2518.906.60%7.46
Point Bridge Capital0.9916.196.09%2.01
Infusive Asset Management-3.7014.92-24.83%-18.38
Global Beta Advisors2.9914.0921.20%8.51
Zacks Investment Management1.1813.348.81%2.45
Changebridge Capital LLC-0.8812.10-7.27%-2.28
Applied Finance Group0.6212.045.11%3.37
GCI Investors, Inc.1.0310.619.70%6.40
Future Fund Advisors-0.669.91-6.67%-2.00
Alternative Access Funds LLC0.009.800.00%0.00
Counterpoint Mutual Funds LLC0.009.490.00%0.00
Digital Currency Group, Inc.-1.746.63-26.30%12.54
WealthTrust Asset Management LLC0.545.519.81%4.83
Lifegoal Investments LLC0.005.46-0.06%2.16
EquBot-1.365.39-25.29%-4.47
Democracy Investment Management LLC0.005.310.02%2.40
Lyrical Partners0.644.8513.24%1.31
Whitford Asset Management-2.674.68-57.03%-2.67
VegTech LLC0.764.5816.66%3.35
Clockwise Capital LLC0.004.390.00%3.11
Spear Advisors LLC0.004.370.00%1.00
Kingsbarn Capital Management LLC1.154.0928.10%2.31
Dinerbao SL0.573.9614.29%3.47
Kelly Strategic Management LLC0.003.730.00%4.45
Jacob Asset Management0.003.520.00%-0.14
Truemark Group0.003.500.00%3.71
Volt Equity LLC0.002.560.00%0.33
Goose Hollow Capital Management LLC0.002.330.00%1.24
Dynamic Shares LLC0.002.310.00%1.00
Amberwave Partners Research & Management LLC0.391.6723.36%1.28
Big Data Federation, Inc.0.001.550.00%0.62
Dalton Capital0.001.270.00%0.26
Grizzle Investment Management LLC0.001.270.00%0.46
WisdomTree Investments, Inc.0.001.170.00%0.08
V-Square Quantitative Management LLC0.001.120.00%0.00
Subversive Capital Advisor LLC0.000.990.00%1.25
Inherent Wealth Fund LLC0.540.9854.68%0.77
Wilshire Phoenix Funds LLC0.000.520.00%-1.23
Swedish Export Credit-468.250.03-1,666,009.21%-383.33
Neuberger Berman0.000.000.00%0.00
Eaton Vance Corp.0.000.000.00%0.00
Cabot ETF Partners LLC0.000.000.00%-0.29

 

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.

Heather Bell is a former managing editor of etf.com. She has also held editorial positions at Dow Jones Indexes and Lehman Brothers. Bell is a graduate of Dartmouth college and resides in the Denver area with her two dogs.