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2019 ETF Inflows Near $50B After Solid March

Sumit Roy

After a slow start to the year, ETF inflows picked up a bit of steam in March. On net, $27 billion flowed into U.S.-listed ETFs during the month, adding to the $22.3 billion of inflows for February.

Interestingly, March’s inflows came in a sudden burst. ETFs actually had outflows in three of the past four weeks, but a big pile of cash entered the space midmonth, lifting flows into the green.

With the first quarter over, year-to-date ETF inflows now stand at $47.8 billion, a respectable sum, but behind where they were at this time last year ($61.3 billion) and in 2017 ($134.7 billion).

Low Cost, Big Inflows

Of March’s inflows, $17.6 billion went into U.S. equity ETFs and $9.2 billion headed to U.S. fixed-income ETFs. Equities and bonds rallied during the month, as growth, trade and Brexit concerns hung over the markets.

Broad, low-cost equity ETFs remained in vogue during March. The iShares Core S&P 500 ETF (IVV), the Vanguard S&P 500 ETF (VOO) and the iShares Core MSCI EAFE ETF (IEFA) took the top three spots on the monthly inflows list.

Short-Term Bond ETFs Favored

Meanwhile, the iShares 1-3 Year Treasury Bond ETF (SHY), the SPDR Bloomberg Barclays High Yield Bond ETF (JNK) and the Vanguard Short-Term Bond ETF (BSV) were the biggest fixed-income winners.

As in 2018, investors are favoring short-term bond ETFs over their longer-term counterparts, with each yielding similar amounts. That’s especially the case with the recent yield curve inversion, where shorter maturities are yielding more than longer maturities in some cases.

The iShares 20+ Year Treasury Bond ETF (TLT), one of the longest maturity bond ETFs on the market, had outflows of $1.8 billion in March, even as prices for the fund rallied. The iShares 7-10 Year Treasury Bond ETF (IEF) also shed assets.

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

 

Top Gainers (March 2019)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM YTD 2019 Net Flows($,M)
IVV iShares Core S&P 500 ETF BlackRock 7,248.01 168,363.21 4.30% 752.22
VOO Vanguard S&P 500 ETF Vanguard 3,433.64 106,945.35 3.21% 5,232.62
IEFA iShares Core MSCI EAFE ETF BlackRock 2,670.50 59,879.11 4.46% 2,626.38
SHY iShares 1-3 Year Treasury Bond ETF BlackRock 1,330.04 20,545.18 6.47% -233.43
JNK SPDR Bloomberg Barclays High Yield Bond ETF State Street Global Advisors 1,116.45 9,317.33 11.98% 2,073.44
VTI Vanguard Total Stock Market ETF Vanguard 948.01 109,135.92 0.87% 2,519.02
BSV Vanguard Short-Term Bond ETF Vanguard 944.88 23,782.49 3.97% -4,473.62
USMV iShares Edge MSCI Min Vol U.S.A. ETF BlackRock 917.50 24,781.57 3.70% 3,544.10
XLC Communication Services Select Sector SPDR Fund State Street Global Advisors 866.31 5,295.76 16.36% 2,108.11
USSG Xtrackers MSCI U.S.A. ESG Leaders Equity ETF Deutsche Bank 843.47 865.90 97.41% 843.47

 

Top Gainers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM March 2019 Net Flows($,M)
VOO Vanguard S&P 500 ETF Vanguard 5,232.62 106,945.35 4.89% 3,433.64
IEMG iShares Core MSCI Emerging Markets ETF BlackRock 5,161.94 58,581.28 8.81% 156.59
VCIT Vanguard Intermediate-Term Corporate Bond ETF Vanguard 3,626.07 22,836.23 15.88% 555.86
USMV iShares Edge MSCI Min Vol U.S.A. ETF BlackRock 3,544.10 24,781.57 14.30% 917.50
VCSH Vanguard Short-Term Corporate Bond ETF Vanguard 3,381.02 24,123.99 14.02% 190.25
MBB iShares MBS ETF BlackRock 3,368.97 15,914.30 21.17% 128.16
BNDX Vanguard Total International Bond ETF Vanguard 3,096.16 16,336.39 18.95% 204.94
IEFA iShares Core MSCI EAFE ETF BlackRock 2,626.38 59,879.11 4.39% 2,670.50
VTI Vanguard Total Stock Market ETF Vanguard 2,519.02 109,135.92 2.31% 948.01
EEM iShares MSCI Emerging Markets ETF BlackRock 2,474.51 34,283.82 7.22% 0.00

 

Biggest Losers (March 2019)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM YTD 2019 Net Flows($,M)
EFA iShares MSCI EAFE ETF BlackRock -2,185.06 63,196.02 -3.46% -4,843.54
EWJ iShares MSCI Japan ETF BlackRock -1,991.36 13,548.61 -14.70% -2,666.21
TLT iShares 20+ Year Treasury Bond ETF BlackRock -1,762.90 9,985.43 -17.65% 1,078.30
XLF Financial Select Sector SPDR Fund State Street Global Advisors -1,048.94 22,063.00 -4.75% -2,524.93
IEF iShares 7-10 Year Treasury Bond ETF BlackRock -890.20 12,757.83 -6.98% 2,236.30
DIA SPDR Dow Jones Industrial Average ETF Trust State Street Global Advisors -630.83 20,701.67 -3.05% -1,261.80
XLK Technology Select Sector SPDR Fund State Street Global Advisors -626.26 19,245.94 -3.25% -1,194.17
BBJP JPMorgan BetaBuilders Japan ETF JPMorgan -611.95 3,326.21 -18.40% -182.88
VGSH Vanguard Short-Term Treasury Index ETF Vanguard -596.74 4,914.57 -12.14% -651.98
XLY Consumer Discretionary Select Sector SPDR Fund State Street Global Advisors -494.81 12,621.53 -3.92% -825.37

 

Biggest Losers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM March 2019 Net Flows($,M)
SPY SPDR S&P 500 ETF Trust State Street Global Advisors -9,934.92 262,286.72 -3.79% -457.41
EFA iShares MSCI EAFE ETF BlackRock -4,843.54 63,196.02 -7.66% -2,185.06
BSV Vanguard Short-Term Bond ETF Vanguard -4,473.62 23,782.49 -18.81% 944.88
IWD iShares Russell 1000 Value ETF BlackRock -3,814.36 37,674.98 -10.12% -239.46
IWM iShares Russell 2000 ETF BlackRock -3,134.71 43,131.88 -7.27% 642.98
EWJ iShares MSCI Japan ETF BlackRock -2,666.21 13,548.61 -19.68% -1,991.36
XLF Financial Select Sector SPDR Fund State Street Global Advisors -2,524.93 22,063.00 -11.44% -1,048.94
IWF iShares Russell 1000 Growth ETF BlackRock -1,780.04 42,368.00 -4.20% -353.17
ACWI iShares MSCI ACWI ETF BlackRock -1,679.09 10,074.90 -16.67% 0.00
XLE Energy Select Sector SPDR Fund State Street Global Advisors -1,642.35 13,840.19 -11.87% 198.93

 

Asset Classes (March 2019)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 17,611.21 2,134,610.70 0.83%
International Equity 575.82 811,566.65 0.07%
U.S. Fixed Income 9,151.07 634,808.38 1.44%
International Fixed Income -107.70 74,439.40 -0.14%
Commodities  -207.21 64,644.73 -0.32%
Currency -222.02 1,468.18 -15.12%
Leveraged -500.07 36,755.07 -1.36%
Inverse 542.67 12,029.22 4.51%
Asset Allocation -63.10 9,364.43 -0.67%
Alternatives 205.24 4,742.11 4.33%
Total: 26,985.91 3,784,428.87 0.71%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 6,400.32 2,134,610.70 0.30%
International Equity 6,654.19 811,566.65 0.82%
U.S. Fixed Income 27,115.75 634,808.38 4.27%
International Fixed Income 6,846.55 74,439.40 9.20%
Commodities  116.45 64,644.73 0.18%
Currency -320.40 1,468.18 -21.82%
Leveraged -1,917.06 36,755.07 -5.22%
Inverse 2,927.52 12,029.22 24.34%
Asset Allocation -611.01 9,364.43 -6.52%
Alternatives 627.76 4,742.11 13.24%
Total: 47,840.07 3,784,428.87 1.26%

 

March 2019 League Table

Issuer Net Flows ($,M) AUM ($,M) % of AUM YTD 2019 Net Flows($,M)
BlackRock 11,797.28 1,486,470.25 0.79% 17,025.26
Vanguard 8,527.75 961,665.87 0.89% 17,597.22
State Street Global Advisors -393.25 620,292.01 -0.06% -10,625.65
Invesco 533.10 189,963.35 0.28% 1,584.96
Charles Schwab 1,492.58 134,114.34 1.11% 6,996.25
First Trust 1,445.99 71,272.03 2.03% 2,699.49
WisdomTree 208.19 38,718.88 0.54% 93.01
VanEck -639.96 35,968.06 -1.78% -868.74
ProShares 83.52 31,254.56 0.27% 1,793.41
JPMorgan 329.39 23,947.82 1.38% 2,099.46
Allianz 62.33 18,729.14 0.33% 103.03
Northern Trust 7.42 15,481.22 0.05% -73.10
Deutsche Bank 1,839.45 14,245.99 12.91% 2,161.67
Fidelity 152.99 12,939.61 1.18% 833.97
SS&C -95.41 12,913.78 -0.74% -412.35
Rafferty Asset Management -6.58 12,777.09 -0.05% -992.12
Goldman Sachs 108.61 11,581.35 0.94% 677.29
Mirae Asset Global Investments 136.28 9,601.79 1.42% 537.90
UBS 11.17 6,952.07 0.16% -25.96
Barclays Bank PLC 122.97 5,051.93 2.43% 688.56
OppenheimerFunds 145.79 4,593.44 3.17% 960.48
Exchange Traded Concepts 8.92 4,522.08 0.20% 58.84
Credit Suisse 187.80 4,460.93 4.21% 887.86
Pacer Financial 153.82 3,976.67 3.87% 677.93
John Hancock 77.00 3,881.42 1.98% 742.87
New York Life -27.22 3,814.46 -0.71% -446.58
ETF Managers Group 137.74 3,708.93 3.71% 308.62
The Principal Financial Group 10.03 3,357.00 0.30% 19.45
Hartford 96.87 3,111.72 3.11% 537.57
Victory Capital Management -49.07 3,106.09 -1.58% -56.01
ARK 140.24 2,774.18 5.06% 364.63
KraneShares 194.04 2,721.67 7.13% 334.11
Aberdeen Asset Management -34.60 2,525.69 -1.37% 33.56
US Commodity Funds -236.53 2,470.74 -9.57% -425.65
Franklin Templeton Investments 389.55 2,267.00 17.18% 513.26
Northern Lights 99.63 1,326.56 7.51% 139.83
USAA Asset Management 38.90 1,294.55 3.01% 92.47
Janus Henderson -23.63 1,126.93 -2.10% 116.66
Virtus 20.63 1,098.72 1.88% 342.55
Innovator Capital Management -0.62 1,013.66 -0.06% 189.96
Legg Mason 10.78 989.05 1.09% 128.67
CitiGroup -77.05 803.08 -9.59% -197.77
Transamerica -31.69 763.62 -4.15% -19.44
Millington Securities Inc -30.58 728.32 -4.20% -73.41
Nuveen 11.66 660.98 1.76% 72.69
Columbia -11.77 659.74 -1.78% 0.24
Cambria 7.43 659.45 1.13% 10.32
Davis 7.79 635.96 1.23% 29.25
O’Shares Investment Advisers -7.52 631.53 -1.19% -2.27
AdvisorShares -1.60 611.95 -0.26% -10.05
GraniteShares 9.88 539.05 1.83% 150.21
Amplify 2.63 499.63 0.53% -51.14
Alpha Architect 2.92 418.68 0.70% 7.95
Highland Capital Management -137.37 384.95 -35.69% 2.74
Nationwide Fund Advisors -0.01 359.27 -0.00% 4.53
Montage Managers 7.38 354.80 2.08% 16.49
PGIM Investments 7.33 334.69 2.19% 59.59
BMO 0.00 295.90 0.00% 107.01
Strategy Shares -5.21 267.21 -1.95% -13.28
Aptus Capital Advisors 23.84 254.65 9.36% 35.17
The RBB Fund 2.23 242.05 0.92% 35.75
Reality Shares -3.94 208.72 -1.89% -14.30
Merk 0.05 150.82 0.03% 5.79
Teucrium 4.09 148.71 2.75% 3.30
Arrow Investment Advisors -1.35 146.83 -0.92% -18.77
TrimTabs Asset Management 6.78 140.73 4.82% 5.16
ClearShares -1.30 137.88 -0.94% 3.70
American Century 5.33 94.01 5.66% 8.94
Aware Asset Management 30.12 89.34 33.72% 89.00
US Global Investors 2.77 83.72 3.31% -18.01
EntrepreneurShares, LLC 5.83 81.76 7.14% 6.61
Exponential ETFs 0.78 76.74 1.01% 6.05
FQF Trust -1.30 63.21 -2.06% 16.08
Redwood Investment Management 2.36 59.20 3.99% 5.16
Natixis 0.00 52.95 0.00% 2.01
Syntax 0.00 47.82 0.00% 0.00
RYZZ Capital Management 45.62 45.60 100.04% 45.62
OBP Capital LLC 0.00 44.63 0.00% 1.22
Gadsden 0.00 44.62 0.00% 22.38
Premise Capital 1.51 38.75 3.90% 4.43
Advisors Asset Management 2.57 38.21 6.73% 13.46
Renaissance Capital 12.11 33.84 35.77% 13.61
Distillate Capital Partners 3.22 32.26 9.98% 13.07
Pacific Global ETF 12.72 30.64 41.50% 30.64
Cboe Vest Financial 3.17 29.52 10.73% 5.24
Defiance ETFs 19.74 28.75 68.68% 23.10
Validea Capital Management 0.00 23.81 0.00% 0.00
AlphaMark Advisors 0.00 23.37 0.00% 0.00
Diamond Hill -3.25 22.72 -14.28% -3.25
Morgan Stanley -0.00 21.41 -0.01% -2.27
SL Advisors 5.94 18.57 31.99% 8.41
Metaurus Advisors 0.60 18.50 3.23% -0.60
Active Weighting Advisors -1.07 17.82 -5.99% -1.56
Point Bridge Capital -17.88 16.57 -107.90% -18.52
Sage Advisory Services 0.00 14.90 0.00% 0.00
Salt Financial 2.48 13.15 18.89% 3.06
CSOP -1.61 12.02 -13.41% -1.61
Cushing 0.00 10.23 0.00% 0.00
TigerShares 0.00 8.36 0.00% 1.32
Impact Shares 1.97 8.08 24.43% 1.98
StrongVest 0.00 7.68 0.00% -1.25
USCF Advisers 0.00 6.89 0.00% -0.88
Change Finance 1.02 6.11 16.66% 1.02
Little Harbor Advisors 0.00 5.85 0.00% -0.56
Regents Park Funds -1.13 4.45 -25.39% -1.13
TriLine Index Solutions 0.00 3.89 0.00% -0.56
Hoya Capital Real Estate 3.75 3.81 98.51% 3.75
EquBot 0.00 3.59 0.00% 0.00
Whitford Asset Management 0.00 0.69 0.00% 0.00
Swedish Export Credit 0.00 0.00 0.00% 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.

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