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Equity and Fixed Income ETFs Fuel Healthy Sept. Flows

Cinthia Murphy

Investors poured just over $15 billion into U.S.-listed ETFs in September, bringing year-to-date ETF net creations to $156.3 billion—a 7.3% growth rate from year-end 2015 asset under management (AUM) levels.

U.S. equity and U.S. fixed-income ETFs were almost equally popular last month, with each asset class raking in roughly half of the month’s total asset haul and betraying what appears to be a strong domestic bias among ETF investors.

The Real Estate Select Sector SPDR Fund (XLRE) saw September’s largest net creation—about $3.2 billion—an unsurprising and largely expected result as real estate became its own sector under GICS. The bulk of these fresh net dollars came from the Financial Select Sector SPDR Fund (XLF), as financials divested their real-estate-linked assets.

No Common Theme Among Most Popular ETFs

The list of top gainers last month also included demand for myriad asset exposures. For instance, developed as well as emerging market equity funds were also found among the top 10 creations for September. Also present was $1.14 billion in inflows into the VanEck Vectors Gold Miners ETF (GDX), amounting to an 11% jump in the fund’s AUM in one month. GDX has had a stellar run so far in 2016, rallying nearly 88% year-to-date while attracting nearly $3 billion in new assets.

On the fixed-income side, the Vanguard Short-Term Bond Index Fund (BSV) landed on the month’s top 10 list. Some of the strong demand for shorter-dated exposure has to do with forecasts for a rate hike still this year.

What was missing from the top gainers list was the SPDR Gold Trust (GLD). Commodities attracted a meager $182 million in net inflows last month, but GLD is still managing to hold on to 2016’s top spot, with net creations of $12.1 billion year-to-date.

Currency-Hedged ETFs Continue To Struggle

On the flip side, September was again a difficult month for currency-hedged strategies, particularly those focused on European securities. These funds have continued to struggle in the face of a softening U.S. dollar, which is down nearly 4% year-to-date, as well as mounting concerns centered on the eurozone’s financial sector.

The growing number of negative Deutsche Bank headlines and fears of the systemic risk associated with the bank’s financial woes are partly to blame for investors’ aversion for Europe-focused exposure.

The Deutsche X-trackers MSCI EAFE Hedged Equity ETF (DBEF) bled $2 billion last month—a 20% drop in AUM—bringing the fund’s year-to-date asset outflows to $4.7 billion. As an issuer of 50-plus exchange-traded products including 20 ETNs, Deutsche Bank has now seen net outflows of $6.13 billion year-to-date, putting the troubled bank’s total ETP-linked asset at about $14 billion.

The WisdomTree Europe Hedged Equity Fund (HEDJ), again among the month’s 10 biggest redemptions, has now bled more than $7.3 billion in 2016. HEDJ is the year’s largest ETF asset outflow. Its issuer, WisdomTree, has now faced a massive $12.8 billion in ETF asset redemptions so far this year, largely due to the losses in currency-hedged strategies.

Top Gainers (September 2016)

Ticker

Name

Issuer

Net Flows ($M)

AUM ($M)

% of AUM

YTD 2016 Net Flows ($M)

XLRE

Real Estate Select Sector SPDR Fund

State Street Global Advisors

3,213.98

3,232.18

17,660.62%

3,325.79

IVV

iShares Core S&P 500 ETF

BlackRock

1,412.32

78,958.10

1.82%

4,933.55

IWD

iShares Russell 1000 Value ETF

BlackRock

1,243.75

30,866.57

4.20%

1,795.24

GDX

VanEck Vectors Gold Miners ETF

Van Eck

1,138.66

11,200.63

11.32%

2,920.46

VWO

Vanguard FTSE Emerging Markets ETF

Vanguard

982.42

43,093.51

2.33%

3,975.24

XOP

SPDR S&P Oil & Gas Exploration & Production ETF

State Street Global Advisors

748.95

2,340.04

47.07%

231.98

VEA

Vanguard FTSE Developed Markets ETF

Vanguard

711.21

37,126.42

1.95%

7,132.47

IEMG

iShares Core MSCI Emerging Markets ETF

BlackRock

709.62

17,093.91

4.33%

5,510.88

VOO

Vanguard S&P 500 Index Fund

Vanguard

665.14

51,160.95

1.32%

8,392.57

BSV

Vanguard Short-Term Bond Index Fund

Vanguard

653.50

18,934.80

3.57%

1,257.66

Top Gainers (Year-to-Date)

Ticker

Name

Issuer

Net Flows ($M)

AUM ($M)

% of AUM

September 2016 Net Flows ($M)

GLD

SPDR Gold Trust

State Street Global Advisors

12,100.45

40,159.76

43.12%

204.73

AGG

iShares Core U.S. Aggregate Bond ETF

BlackRock

9,773.93

41,733.78

30.58%

448.50

VOO

Vanguard S&P 500 Index Fund

Vanguard

8,392.57

51,160.95

19.62%

665.14

LQD

iShares iBoxx $ Investment Grade Corporate Bond ETF

BlackRock

7,187.19

33,236.72

27.59%

271.40

VEA

Vanguard FTSE Developed Markets ETF

Vanguard

7,132.47

37,126.42

23.78%

711.21

EEM

iShares MSCI Emerging Markets ETF

BlackRock

6,720.12

31,606.31

27.00%

33.19

USMV

iShares Edge MSCI Min Vol USA ETF

BlackRock

6,317.25

14,442.30

77.75%

75.65

IEMG

iShares Core MSCI Emerging Markets ETF

BlackRock

5,510.88

17,093.91

47.58%

709.62

VNQ

Vanguard REIT Index Fund

Vanguard

5,025.54

35,143.68

16.69%

474.10

IVV

iShares Core S&P 500 ETF

BlackRock

4,933.55

78,958.10

6.66%

1,412.32

Biggest Losers (September 2016)

Ticker

Name

Issuer

Net Flows ($M)

AUM ($M)

% of AUM

YTD 2016 Net Flows ($M)

SPY

SPDR S&P 500 ETF Trust

State Street Global Advisors

-3,887.86

195,653.63

-1.95%

-357.87

DBEF

Deutsche X-trackers MSCI EAFE Hedged Equity ETF

Deutsche Bank

-2,067.95

7,985.80

-20.57%

-4,737.49

XLF

Financial Select Sector SPDR Fund

State Street Global Advisors

-1,313.08

11,861.54

-9.97%

-4,473.78

VFH

Vanguard Financials Index Fund

Vanguard

-896.08

3,189.03

-21.94%

-286.34

EZU

iShares MSCI Eurozone ETF

BlackRock

-766.19

7,554.89

-9.21%

-6,289.02

EFA

iShares MSCI EAFE ETF

BlackRock

-672.28

59,648.60

-1.11%

-512.44

VGK

Vanguard FTSE Europe ETF

Vanguard

-647.76

11,027.15

-5.55%

-3,341.10

SPLV

Powershares S&P 500 Low Volatility Portfolio

Invesco PowerShares

-483.88

7,066.36

-6.41%

876.25

HEFA

iShares Currency Hedged MSCI EAFE ETF

BlackRock

-476.91

3,107.85

-13.30%

-387.79

HEDJ

WisdomTree Europe Hedged Equity Fund

WisdomTree

-467.69

9,109.14

-4.88%

-7,339.02

Biggest Losers (Year-to-Date)

Ticker

Name

Issuer

Net Flows ($M)

AUM ($M)

% of AUM

September 2016 Net Flows ($M)

HEDJ

WisdomTree Europe Hedged Equity Fund

WisdomTree

-7,339.02

9,109.14

-44.62%

-467.69

EZU

iShares MSCI Eurozone ETF

BlackRock

-6,289.02

7,554.89

-45.43%

-766.19

DXJ

WisdomTree Japan Hedged Equity Fund

WisdomTree

-5,795.20

6,876.40

-45.73%

-110.79

EWJ

iShares MSCI Japan ETF

BlackRock

-5,701.33

14,193.74

-28.66%

-190.41

DBEF

Deutsche X-trackers MSCI EAFE Hedged Equity ETF

Deutsche Bank

-4,737.49

7,985.80

-37.23%

-2,067.95

QQQ

PowerShares QQQ Trust

Invesco PowerShares

-4,609.49

39,026.88

-10.56%

-441.97

XLF

Financial Select Sector SPDR Fund

State Street Global Advisors

-4,473.78

11,861.54

-27.39%

-1,313.08

VGK

Vanguard FTSE Europe ETF

Vanguard

-3,341.10

11,027.15

-23.25%

-647.76

IWF

iShares Russell 1000 Growth ETF

BlackRock

-2,438.27

30,223.48

-7.47%

125.24

EWG

iShares MSCI Germany ETF

BlackRock

-2,204.47

3,603.36

-37.96%

31.09

Asset Classes (September 2016)

Net Flows ($M)

AUM ($M)

% of AUM

U.S. Equity

7,459.54

1,267,147.64

0.59%

International Equity

-6.46

485,279.44

-0.00%

U.S. Fixed Income

6,745.15

386,680.29

1.74%

International Fixed Income

400.47

39,302.73

1.02%

Commodities

182.39

70,426.96

0.26%

Currency

-59.54

1,311.34

-4.54%

Leveraged

281.92

23,371.24

1.21%

Inverse

177.54

19,054.67

0.93%

Asset Allocation

12.43

6,164.58

0.20%

Alternatives

-13.27

4,054.49

-0.33%

Total:

15,180.17

2,302,793.38

0.66%

Asset Classes (Year-to-Date)

Net Flows ($M)

AUM ($M)

% of AUM

U.S. Equity

53,894.05

1,174,919.78

4.59%

International Equity

-1,125.96

457,158.76

-0.25%

U.S. Fixed Income

67,639.16

360,067.42

18.79%

International Fixed Income

10,156.36

33,146.26

30.64%

Commodities

17,288.57

62,105.60

27.84%

Currency

-81.68

1,305.08

-6.26%

Leveraged

-684.59

22,505.85

-3.04%

Inverse

6,651.07

18,924.61

35.15%

Asset Allocation

11.75

5,600.06

0.21%

Alternatives

2,619.46

3,609.98

72.56%

Total:

156,368.19

2,139,343.40

7.31%

September 2016 League Table

Issuer

Net Flows ($M)

AUM ($M)

% of AUM

YTD 2016 Net Flows ($M)

BlackRock

8,438.45

891,683.95

0.95%

63,078.92

Vanguard

6,012.11

549,383.16

1.09%

63,059.57

State Street Global Advisors

-1,364.68

436,984.94

-0.31%

12,556.86

Invesco PowerShares

152.76

104,474.09

0.15%

3,509.11

Charles Schwab

1,350.61

50,614.18

2.67%

10,847.30

First Trust

153.44

37,801.19

0.41%

-3,483.22

WisdomTree

-784.36

36,580.99

-2.14%

-12,865.21

Van Eck

1,813.07

30,004.76

6.04%

6,352.75

Guggenheim

10.93

28,114.54

0.04%

-274.30

ProShares

659.56

25,745.18

2.56%

6,899.86

Deutsche Bank

-2,172.14

14,432.55

-15.05%

-6,133.98

PIMCO

-21.71

11,543.79

-0.19%

892.61

ALPS

-14.37

11,204.48

-0.13%

1,094.88

Direxion

-18.37

9,889.04

-0.19%

295.19

Northern Trust

136.34

9,824.94

1.39%

1,967.01

Barclays Capital

-65.23

6,717.91

-0.97%

1,353.05

UBS

87.48

6,009.34

1.46%

924.40

US Commodity Funds

250.06

4,511.87

5.54%

194.55

JPMorgan

46.43

4,308.87

1.08%

560.53

Fidelity

53.37

4,035.77

1.32%

263.60

Global X

65.41

3,621.09

1.81%

348.60

VelocityShares

-49.95

3,510.71

-1.42%

1,022.77

Goldman Sachs

54.80

2,407.09

2.28%

1,393.86

ETF Securities

11.73

2,366.69

0.50%

278.54

IndexIQ

56.37

2,084.97

2.70%

563.71

Exchange Traded Concepts

5.07

2,037.30

0.25%

164.50

Credit Suisse

11.39

1,721.89

0.66%

53.18

AdvisorShares

-8.19

1,126.77

-0.73%

70.27

Millington Securities Inc

-53.55

1,120.70

-4.78%

-322.93

OppenheimerFunds

64.48

1,113.77

5.79%

78.93

Columbia

12.62

964.61

1.31%

-34.33

ETF Managers Group

6.24

885.48

0.70%

-155.01

Pacer Financial

13.71

649.46

2.11%

58.66

Victory Capital Management

53.55

614.52

8.71%

274.86

John Hancock

38.03

530.95

7.16%

443.60

Virtus

16.31

427.37

3.82%

104.40

Highland Capital Management

53.75

401.32

13.39%

122.08

FQF Trust

20.52

370.89

5.53%

309.00

Swedish Export Credit

-27.81

355.92

-7.81%

-63.96

The Principal Financial Group

46.63

284.79

16.37%

279.16

Cambria

-3.22

277.68

-1.16%

-37.10

Franklin ETF Trust

33.92

263.04

12.90%

11.92

KraneShares

26.21

262.46

9.99%

58.90

CitiGroup

0.00

232.45

0.00%

0.00

Merk

-0.21

154.50

-0.14%

61.20

Teucrium

-9.11

149.86

-6.08%

70.11

Alpha Architect

1.35

126.94

1.07%

55.86

Arrow Investment Advisors

0.00

111.99

0.00%

-7.94

Legg Mason

4.20

96.20

4.37%

76.31

Lattice Strategies

4.59

88.73

5.17%

17.56

Janus

-1.53

80.96

-1.89%

-15.87

Recon Capital

2.19

68.55

3.20%

19.69

ARK

4.47

54.66

8.18%

8.52

Reality Shares

-0.61

42.58

-1.42%

-3.64

US Global Investors

0.00

40.21

0.00%

-4.77

Morgan Stanley

0.00

38.94

0.00%

0.00

Academy Funds

-1.15

35.04

-3.29%

-24.55

Montage Managers

3.51

33.94

10.35%

13.51

AlphaMark Advisors

0.00

23.42

0.00%

-6.76

Validea Capital Management

0.00

19.60

0.00%

-2.35

Elkhorn

1.04

18.53

5.59%

11.16

Aptus Capital Advisors

1.27

18.00

7.06%

16.49

Diamond Hill

-1.25

15.48

-8.08%

-0.23

Royal Bank of Canada

0.00

14.99

0.00%

-2.24

Renaissance Capital

0.00

13.87

0.00%

-6.42

TrimTabs Asset Management

0.00

12.57

0.00%

-1.14

Strategy Shares

0.00

8.93

0.00%

-1.74

LocalShares

0.00

8.74

0.02%

-1.35

CSOP

0.67

7.94

8.46%

-15.28

AlphaClone

-1.05

3.72

-28.18%

0.89

USCF Advisers

0.00

3.62

0.00%

-1.53

Amplify

0.00

3.42

0.00%

0.00

Nuveen

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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