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April Best Month For 2019 ETF Inflows

Sumit Roy

Record highs in the U.S. stock market fueled the strongest monthly ETF inflows of the year so far. On net, investors added $31.8 billion to U.S.-listed ETFs during April, the biggest monthly haul of 2019 year-to-date. That brought 2019 inflows so far up to $79.7 billion, not far from last year’s $89.7 billion.

Unsurprisingly, U.S. equities were the place to be in April, as the S&P 500 notched an all-time high, eclipsing the previous one set in October. U.S. equity ETFs picked up $19.9 billion in new money, led by the SPDR S&P 500 ETF Trust (SPY), the iShares Core S&P 500 ETF (IVV) and the Invesco QQQ Trust (QQQ).

Fading Economic Concerns

Fading concerns about the health of the U.S. economy, especially after the release of much-better-than-expected first quarter GDP figures, bolstered confidence in U.S. stocks.

However, that confidence about the economy didn’t extend to the bond market.

Treasury yields hung near their lows of the year during April—supporting prices for bonds—thanks to tepid inflation and weak growth overseas. Investors plowed $8.8 billion into U.S. fixed income ETFs, including a whopping $3.3 billion into the iShares 20+ Year Treasury Bond ETF (TLT).

TLT stands to benefit if interest rates continue lower, as many bond traders expect. The iShares U.S. Treasury Bond ETF (GOVT) was another popular fixed income fund during April, with inflows of $1.2 billion.

Short Term Bond ETFs Shunned

On the other hand, short term bond ETFs, which were so popular last year amid expectations of rate hikes, continued to shed assets in 2019 as the rate outlook shifts. The iShares 1-3 Year Treasury Bond ETF (SHY) and the Vanguard Short-Term Bond ETF (BSV) found themselves on the top of the outflows list.

Also falling out of favor in April were the iShares MSCI EAFE ETF (EFA), the iShares JPMorgan USD Emerging Markets Bond ETF (EMB), the SPDR Gold Trust (GLD) and the iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD).

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

 

Top Gainers (April 2019)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM YTD 2019 Net Flows($,M)
SPY SPDR S&P 500 ETF Trust State Street Global Advisors 3,552.28 278,191.21 1.28% -6,382.64
TLT iShares 20+ Year Treasury Bond ETF BlackRock 3,297.19 13,007.57 25.35% 4,375.50
IVV iShares Core S&P 500 ETF BlackRock 2,614.81 178,864.03 1.46% 3,367.03
IEFA iShares Core MSCI EAFE ETF BlackRock 2,212.88 64,014.39 3.46% 4,839.26
QQQ Invesco QQQ Trust Invesco 1,907.32 76,634.74 2.49% 1,124.87
XLF Financial Select Sector SPDR Fund State Street Global Advisors 1,660.30 25,803.59 6.43% -864.63
BBCA JPMorgan BetaBuilders Canada ETF JPMorgan 1,306.05 3,735.99 34.96% 1,368.83
GOVT iShares U.S. Treasury Bond ETF BlackRock 1,242.15 9,839.04 12.62% 2,858.22
VOO Vanguard S&P 500 ETF Vanguard 1,225.34 113,164.05 1.08% 6,457.96
SDY SPDR S&P Dividend ETF State Street Global Advisors 1,041.15 19,687.72 5.29% 1,229.47

 

Top Gainers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM April 2019 Net Flows($,M)
VOO Vanguard S&P 500 ETF Vanguard 6,457.96 113,164.05 5.71% 1,225.34
IEMG iShares Core MSCI Emerging Markets ETF BlackRock 5,289.67 60,724.54 8.71% 127.73
IEFA iShares Core MSCI EAFE ETF BlackRock 4,839.26 64,014.39 7.56% 2,212.88
TLT iShares 20+ Year Treasury Bond ETF BlackRock 4,375.50 13,007.57 33.64% 3,297.19
VCIT Vanguard Intermediate-Term Corporate Bond ETF Vanguard 4,161.76 23,371.38 17.81% 535.68
USMV iShares Edge MSCI Min Vol U.S.A. ETF BlackRock 3,762.82 25,463.50 14.78% 218.72
MBB iShares MBS ETF BlackRock 3,739.63 16,212.08 23.07% 370.66
VTI Vanguard Total Stock Market ETF Vanguard 3,524.45 115,169.96 3.06% 1,005.43
IVV iShares Core S&P 500 ETF BlackRock 3,367.03 178,864.03 1.88% 2,614.81
BNDX Vanguard Total International Bond ETF Vanguard 3,301.98 16,533.98 19.97% 205.81

 

Biggest Losers (April 2019)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM YTD 2019 Net Flows($,M)
EFA iShares MSCI EAFE ETF BlackRock -1,984.52 63,176.45 -3.14% -6,828.07
EMB iShares JP Morgan USD Emerging Markets Bond ETF BlackRock -1,555.15 15,586.42 -9.98% 539.30
GLD SPDR Gold Trust State Street Global Advisors -1,547.84 30,706.85 -5.04% -1,697.68
LQD iShares iBoxx USD Investment Grade Corporate Bond ETF BlackRock -1,474.24 32,152.06 -4.59% 734.31
IWM iShares Russell 2000 ETF BlackRock -1,297.14 43,604.82 -2.97% -4,431.85
BSV Vanguard Short-Term Bond ETF Vanguard -1,291.93 22,448.45 -5.76% -5,765.56
TIP iShares TIPS Bond ETF BlackRock -1,184.14 20,630.83 -5.74% -1,431.85
SHY iShares 1-3 Year Treasury Bond ETF BlackRock -897.21 19,622.15 -4.57% -1,130.64
XLV Health Care Select Sector SPDR Fund State Street Global Advisors -795.50 18,186.76 -4.37% -347.30
FXH First Trust Health Care AlphaDEX Fund First Trust -639.23 1,419.23 -45.04% -686.83

 

Biggest Losers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM April 2019 Net Flows($,M)
EFA iShares MSCI EAFE ETF BlackRock -6,828.07 63,176.45 -10.81% -1,984.52
SPY SPDR S&P 500 ETF Trust State Street Global Advisors -6,382.64 278,191.21 -2.29% 3,552.28
BSV Vanguard Short-Term Bond ETF Vanguard -5,765.56 22,448.45 -25.68% -1,291.93
IWM iShares Russell 2000 ETF BlackRock -4,431.85 43,604.82 -10.16% -1,297.14
IWD iShares Russell 1000 Value ETF BlackRock -3,879.84 38,918.10 -9.97% -65.48
EWJ iShares MSCI Japan ETF BlackRock -2,189.55 14,217.40 -15.40% 476.66
XLE Energy Select Sector SPDR Fund State Street Global Advisors -1,907.02 13,566.07 -14.06% -264.67
IWF iShares Russell 1000 Growth ETF BlackRock -1,882.94 44,704.16 -4.21% -102.89
GLD SPDR Gold Trust State Street Global Advisors -1,697.68 30,706.85 -5.53% -1,547.84
ACWX iShares MSCI ACWI ex U.S. ETF BlackRock -1,543.01 3,758.12 -41.06% 0.00

 

Asset Classes (April 2019)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 19,940.33 2,242,722.92 0.89%
International Equity 5,294.11 841,008.09 0.63%
U.S. Fixed Income 8,801.47 643,097.57 1.37%
International Fixed Income -320.25 74,149.01 -0.43%
Commodities  -2,078.72 62,119.34 -3.35%
Currency 15.08 1,477.43 1.02%
Leveraged 65.62 39,425.43 0.17%
Inverse -241.69 11,432.33 -2.11%
Asset Allocation 91.79 9,619.13 0.95%
Alternatives 258.42 4,809.54 5.37%
Total: 31,826.16 3,929,860.79 0.81%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 26,343.42 2,242,722.92 1.17%
International Equity 11,953.44 841,008.09 1.42%
U.S. Fixed Income 35,919.73 643,097.57 5.59%
International Fixed Income 6,526.29 74,149.01 8.80%
Commodities  -1,962.70 62,119.34 -3.16%
Currency -305.32 1,477.43 -20.67%
Leveraged -1,855.13 39,425.43 -4.71%
Inverse 2,686.37 11,432.33 23.50%
Asset Allocation -519.22 9,619.13 -5.40%
Alternatives 887.35 4,809.54 18.45%
Total: 79,674.24 3,929,860.79 2.03%

 

April 2019 League Table

Issuer Net Flows ($,M) AUM ($,M) % of AUM YTD 2019 Net Flows($,M)
BlackRock 7,815.62 1,535,851.91 0.51% 24,840.88
Vanguard 5,393.85 996,693.68 0.54% 22,991.07
State Street Global Advisors 6,984.19 648,825.95 1.08% -3,642.09
Invesco 2,737.42 200,517.76 1.37% 4,322.38
Charles Schwab 1,305.77 139,587.43 0.94% 8,302.02
First Trust 1,621.61 75,147.55 2.16% 4,321.11
WisdomTree 18.86 39,888.06 0.05% 111.87
VanEck -339.50 34,781.81 -0.98% -1,207.40
ProShares -81.77 32,513.32 -0.25% 1,711.65
JPMorgan 2,949.57 27,284.03 10.81% 5,049.03
Allianz 190.92 18,947.39 1.01% 293.95
Northern Trust 80.00 15,807.60 0.51% 6.90
Deutsche Bank -145.59 14,493.57 -1.00% 2,021.97
Fidelity 255.39 13,686.22 1.87% 1,089.37
Rafferty Asset Management -156.30 12,925.22 -1.21% -1,155.34
SS&C -185.78 12,805.81 -1.45% -596.32
Goldman Sachs 130.16 12,067.98 1.08% 808.72
Mirae Asset Global Investments 337.68 10,107.92 3.34% 875.58
UBS 69.24 7,235.97 0.96% 90.79
OppenheimerFunds 566.09 5,314.32 10.65% 1,526.57
Barclays Bank PLC 207.48 5,236.38 3.96% 896.04
Exchange Traded Concepts 109.60 4,818.62 2.27% 120.93
Credit Suisse 431.34 4,799.27 8.99% 1,319.19
Pacer Financial 170.90 4,317.49 3.96% 848.83
John Hancock 43.74 4,080.48 1.07% 786.61
ETF Managers Group 72.75 3,892.33 1.87% 381.37
The Principal Financial Group 363.96 3,816.21 9.54% 383.41
New York Life -77.02 3,776.49 -2.04% -523.59
Hartford 130.62 3,275.87 3.99% 668.19
Victory Capital Management 12.29 3,226.51 0.38% -43.72
ARK 66.42 2,940.80 2.26% 431.05
KraneShares 30.12 2,914.59 1.03% 364.22
Franklin Templeton Investments 259.91 2,580.09 10.07% 773.17
Aberdeen Asset Management -51.66 2,508.71 -2.06% -18.10
US Commodity Funds -82.24 2,494.03 -3.30% -507.89
Northern Lights 38.11 1,398.47 2.73% 177.94
USAA Asset Management 33.88 1,350.84 2.51% 126.36
Innovator Capital Management 222.46 1,269.75 17.52% 412.42
Virtus 32.11 1,123.26 2.86% 377.16
Legg Mason 111.80 1,122.31 9.96% 240.47
Janus Henderson -16.84 1,114.52 -1.51% 99.82
CitiGroup -18.72 842.78 -2.22% -216.49
Transamerica 11.49 803.79 1.43% -7.95
Nuveen 100.90 779.97 12.94% 173.59
Millington Securities Inc -21.74 723.95 -3.00% -95.15
Cambria 35.53 702.78 5.06% 45.84
Davis 7.66 696.30 1.10% 36.92
BMO -124.73 686.62 -18.17% -17.72
Columbia 9.44 680.34 1.39% 9.67
O’Shares Investment Advisers -0.80 644.28 -0.12% -3.07
AdvisorShares 7.54 618.85 1.22% -2.51
Amplify 9.38 531.20 1.77% -41.76
GraniteShares -7.07 526.42 -1.34% 143.14
Alpha Architect -6.50 428.31 -1.52% 1.45
Highland Capital Management -6.05 385.29 -1.57% -3.31
PGIM Investments 36.30 373.20 9.73% 95.89
Nationwide Fund Advisors -8.46 357.27 -2.37% -3.93
Montage Managers -1.20 354.90 -0.34% 15.29
Strategy Shares -4.25 270.43 -1.57% -17.53
The RBB Fund 3.47 260.08 1.34% 39.22
Aptus Capital Advisors -1.81 259.64 -0.70% 33.36
Reality Shares -8.36 207.61 -4.03% -22.67
Teucrium 10.39 150.58 6.90% 13.69
Arrow Investment Advisors 0.00 146.55 0.00% -18.77
Merk -4.89 144.03 -3.39% 0.90
ClearShares 0.00 140.43 0.00% 3.70
TrimTabs Asset Management -9.91 136.84 -7.24% -4.75
Aware Asset Management 30.18 119.53 25.25% 119.18
American Century 7.52 103.00 7.30% 16.46
US Global Investors 4.47 93.52 4.78% -13.54
EntrepreneurShares, LLC 5.14 93.10 5.52% 11.75
Defiance ETFs 60.90 90.92 66.99% 84.01
Exponential ETFs -0.02 79.88 -0.03% 6.03
Redwood Investment Management 0.61 62.59 0.98% 5.77
FQF Trust -4.26 57.73 -7.39% 11.81
Natixis 0.00 53.01 0.00% 2.01
Syntax -1.17 48.39 -2.42% -1.17
Tidal ETF Services 46.78 47.39 98.71% 46.78
RYZZ Capital Management 0.63 47.32 1.33% 46.25
Gadsden 1.26 45.24 2.78% 23.64
OBP Capital LLC 0.00 44.67 0.00% 1.22
Renaissance Capital 7.63 42.97 17.75% 21.23
Advisors Asset Management 1.33 40.19 3.30% 14.79
Premise Capital 0.00 39.95 0.01% 4.43
Distillate Capital Partners 0.64 34.68 1.85% 13.71
Cboe Vest Financial 3.21 33.26 9.65% 8.45
Pacific Global ETF -0.01 32.05 -0.02% 30.64
Validea Capital Management 0.00 24.89 0.00% 0.00
AlphaMark Advisors 0.00 24.18 0.00% 0.00
Morgan Stanley -0.01 21.55 -0.03% -2.28
Metaurus Advisors -0.00 19.26 -0.00% -0.60
Active Weighting Advisors 0.00 18.32 0.00% -1.56
Point Bridge Capital 0.00 17.24 0.00% -18.52
Salt Financial 1.92 15.93 12.08% 4.98
Sage Advisory Services 0.00 14.89 0.00% 0.00
CSOP 0.00 12.97 0.00% -1.61
SL Advisors -7.50 11.14 -67.32% 0.91
Cushing 0.00 10.35 0.00% 0.00
TigerShares 0.00 9.12 0.00% 1.32
StrongVest 0.00 7.64 0.00% -1.25
Impact Shares -1.02 7.41 -13.80% 0.95
USCF Advisers 0.00 6.94 0.00% -0.88
Change Finance 0.00 6.37 0.00% 1.02
Little Harbor Advisors 0.00 6.04 0.00% -0.56
Hoya Capital Real Estate 0.65 4.59 14.27% 4.41
Regents Park Funds 0.00 4.57 0.00% -1.13
TriLine Index Solutions 0.00 4.05 0.00% -0.56
EquBot 0.00 3.67 0.00% 0.00
ProcureAM 2.50 2.60 96.21% 2.50
Whitford Asset Management 0.00 0.73 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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