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2019 ETF Inflows Near $50B After Solid March

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Sumit Roy
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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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