Investors Flock to Bonds Following Bank Runs

Investors flocked to Treasury-bill-linked exchange-traded funds amid mounting concerns about U.S. banking fragility spiking on several failures.

 

Top Gainers (March 2023)

 

Ticker	Name	Issuer	Net Flows ($,mm)	AUM ($M)	% of AUM	YTD 2023 Net Flows($,M)
QUAL	iShares MSCI USA Quality Factor ETF	Blackrock	7,164.72	25,992.45	27.56%	7,115.85
IEF	iShares 7-10 Year Treasury Bond ETF	Blackrock	6,056.23	29,636.45	20.44%	6,191.68
BIL	SPDR Bloomberg 1-3 Month T-Bill ETF	State Street Global Advisors	3,782.62	30,125.80	12.56%	3,536.09
GOVT	iShares U.S. Treasury Bond ETF	Blackrock	3,658.94	25,367.33	14.42%	2,722.03
SGOV	iShares 0-3 Month Treasury Bond ETF	Blackrock	2,342.74	10,365.15	22.60%	3,942.10
VOO	Vanguard S&P 500 ETF	Vanguard	2,341.47	279,649.78	0.84%	4,479.67
TLT	iShares 20+ Year Treasury Bond ETF	Blackrock	2,271.62	33,357.61	6.81%	5,293.36
SCHI	Schwab 5-10 Year Corporate Bond ETF	Charles Schwab	1,995.53	2,344.28	85.12%	2,011.11
SPTI	SPDR Portfolio Intermediate Term Treasury ETF	State Street Global Advisors	1,920.04	5,605.12	34.26%	1,920.47
SPY	SPDR S&P 500 ETF Trust	State Street Global Advisors	1,629.70	365,489.03	0.45%	-8,864.75

 

Top Gainers (Year-to-Date)

Ticker	Name	Issuer	Net Flows ($,mm)	AUM ($M)	% of AUM	March 2023 Net Flows($,M)
QUAL	iShares MSCI USA Quality Factor ETF	Blackrock	7,115.85	25,992.45	27.38%	7,164.72
IEF	iShares 7-10 Year Treasury Bond ETF	Blackrock	6,191.68	29,636.45	20.89%	6,056.23
JEPI	JPMorgan Equity Premium Income ETF	JPMorgan Chase	5,789.13	22,983.13	25.19%	1,593.02
BBEU	JPMorgan BetaBuilders Europe ETF	JPMorgan Chase	5,707.64	9,082.48	62.84%	37.06
TLT	iShares 20+ Year Treasury Bond ETF	Blackrock	5,293.36	33,357.61	15.87%	2,271.62
VOO	Vanguard S&P 500 ETF	Vanguard	4,479.67	279,649.78	1.60%	2,341.47
IEMG	iShares Core MSCI Emerging Markets ETF	Blackrock	3,948.50	69,280.56	5.70%	0.00
SGOV	iShares 0-3 Month Treasury Bond ETF	Blackrock	3,942.10	10,365.15	38.03%	2,342.74
BIL	SPDR Bloomberg 1-3 Month T-Bill ETF	State Street Global Advisors	3,536.09	30,125.80	11.74%	3,782.62
SCHD	Schwab U.S. Dividend Equity ETF	Charles Schwab	3,421.51	45,844.78	7.46%	640.48

 

Biggest Losers (March 2023)

Ticker	Name	Issuer	Net Flows ($,mm)	AUM ($M)	% of AUM	YTD 2023 Net Flows($,M)
ESGU	iShares ESG Aware MSCI USA ETF	Blackrock	-5,375.83	13,979.36	-38.46%	-6,376.97
VCSH	Vanguard Short-Term Corporate Bond ETF	Vanguard	-3,340.77	37,274.35	-8.96%	-3,690.97
MTUM	iShares MSCI USA Momentum Factor ETF	Blackrock	-1,568.42	9,797.21	-16.01%	-1,512.55
SPYV	SPDR Portfolio S&P 500 Value ETF	State Street Global Advisors	-1,526.94	14,307.31	-10.67%	-1,246.14
VCIT	Vanguard Intermediate-Term Corporate Bond ETF	Vanguard	-1,468.83	39,039.52	-3.76%	-1,507.45
IWM	iShares Russell 2000 ETF	Blackrock	-1,000.51	49,520.23	-2.02%	-3,267.98
CWB	SPDR Bloomberg Convertible Securities ETF	State Street Global Advisors	-970.45	3,508.37	-27.66%	-732.83
IGSB	iShares 1-5 Year Investment Grade Corporate Bond ETF	Blackrock	-934.14	23,454.80	-3.98%	144.48
XLV	Health Care Select Sector SPDR Fund	State Street Global Advisors	-919.71	38,020.61	-2.42%	-1,442.93
SHYG	iShares 0-5 Year High Yield Corporate Bond ETF	Blackrock	-908.42	5,153.16	-17.63%	-1,983.50

 

Biggest Losers (Year-to-Date)

Ticker	Name	Issuer	Net Flows ($,mm)	AUM ($M)	% of AUM	March 2023 Net Flows($,M)
SPY	SPDR S&P 500 ETF Trust	State Street Global Advisors	-8,864.75	365,489.03	-2.43%	1,629.70
ESGU	iShares ESG Aware MSCI USA ETF	Blackrock	-6,376.97	13,979.36	-45.62%	-5,375.83
IWD	iShares Russell 1000 Value ETF	Blackrock	-4,001.56	49,719.36	-8.05%	-596.12
IWF	iShares Russell 1000 Growth ETF	Blackrock	-3,839.42	62,014.78	-6.19%	773.47
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	Blackrock	-3,726.30	4,671.70	-79.76%	-528.33
VCSH	Vanguard Short-Term Corporate Bond ETF	Vanguard	-3,690.97	37,274.35	-9.90%	-3,340.77
HYG	iShares iBoxx USD High Yield Corporate Bond ETF	Blackrock	-3,473.06	12,194.34	-28.48%	-469.16
IWM	iShares Russell 2000 ETF	Blackrock	-3,267.98	49,520.23	-6.60%	-1,000.51
JNK	SPDR Bloomberg High Yield Bond ETF	State Street Global Advisors	-2,865.55	6,699.39	-42.77%	-524.44
TQQQ	ProShares UltraPro QQQ	ProShares	-2,527.22	12,875.06	-19.63%	-584.28

 

Asset Classes (March 2023)

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
U.S. Equity	3,294.94	3,967,836.34	0.08%
International Equity	940.29	1,230,424.80	0.08%
U.S. Fixed Income	24,432.91	1,216,982.19	2.01%
International Fixed Income	174.01	145,695.02	0.12%
Commodities	-238.65	135,803.07	-0.18%
Currency	-122.53	3,597.38	-3.41%
Leveraged	2,387.92	55,373.98	4.31%
Inverse	-1,593.59	21,784.00	-7.32%
Asset Allocation	-221.57	15,865.59	-1.40%
Alternatives	-228.21	7,189.14	-3.17%
Total:	28,825.52	6,800,551.51	0.42%

 

Asset Classes (Year-to-Date)

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
U.S. Equity	-2,855.37	3,967,836.34	-0.07%
International Equity	28,785.37	1,230,424.80	2.34%
U.S. Fixed Income	43,756.48	1,216,982.19	3.60%
International Fixed Income	5,400.18	145,695.02	3.71%
Commodities	-295.30	135,803.07	-0.22%
Currency	-517.25	3,597.38	-14.38%
Leveraged	1,955.06	55,373.98	3.53%
Inverse	2,859.06	21,784.00	13.12%
Asset Allocation	-2,045.28	15,865.59	-12.89%
Alternatives	-161.06	7,189.14	-2.24%
Total:	76,881.90	6,800,551.51	1.13%

 

March 2023 ETF Issuer League Table

Issuer	Net Flows ($,M)	AUM ($,M)	% of AUM	YTD 2023 Net Flows($,M)
Blackrock	10,245.37	2,270,283.06	0.45%	-2,872.88
Vanguard	2,683.16	1,973,914.30	0.14%	24,393.59
State Street Global Advisors	2,594.04	1,000,087.05	0.26%	-7,924.37
Invesco	-592.67	354,043.00	-0.17%	863.11
Charles Schwab	2,298.98	274,878.12	0.84%	9,507.24
First Trust	-60.18	136,030.84	-0.04%	1,958.34
JPMorgan Chase	2,387.65	106,789.17	2.24%	15,851.49
Dimensional	2,432.88	81,242.60	2.99%	7,107.98
ProShares	-691.43	60,948.28	-1.13%	1,951.79
VanEck	867.37	57,008.47	1.52%	571.41
WisdomTree	1,839.80	52,904.68	3.48%	2,546.77
Mirae Asset Global Investments Co., Ltd.	339.89	37,970.08	0.90%	603.67
Fidelity	-113.74	32,312.89	-0.35%	697.76
Goldman Sachs	503.94	27,113.45	1.86%	1,410.20
Direxion	1,309.05	26,269.75	4.98%	1,771.46
Pacer Advisors	752.27	22,964.24	3.28%	3,431.48
American Century Investments	1,071.35	22,373.88	4.79%	3,025.74
PIMCO	-554.88	20,863.50	-2.66%	-782.72
Northern Trust	-103.11	20,646.50	-0.50%	-5.33
DWS	-195.89	19,210.02	-1.02%	320.17
ARK	69.41	12,817.26	0.54%	-206.81
Innovator	216.70	12,474.32	1.74%	1,025.31
Franklin Templeton	275.37	11,129.86	2.47%	934.98
SS&C	-36.88	10,420.42	-0.35%	-45.18
CICC	-446.43	9,173.73	-4.87%	-635.76
Capital Group	487.81	7,919.28	6.16%	1,664.30
Victory Capital	-29.79	7,897.77	-0.38%	-33.71
WisdomTree Investments, Inc.	85.60	7,615.81	1.12%	363.42
Nuveen Securities	-246.28	7,534.74	-3.27%	199.70
Janus Henderson	274.00	6,357.10	4.31%	774.42
Abrdn Plc	94.71	6,139.01	1.54%	53.41
John Hancock	-0.85	5,149.16	-0.02%	77.49
Exchange Traded Concepts	-21.12	4,693.12	-0.45%	-109.66
Prudential	79.99	4,644.70	1.72%	455.67
Amplify Investments	48.71	4,217.80	1.15%	298.59
The Hartford	-50.70	3,955.08	-1.28%	63.21
New York Life	-25.84	3,931.62	-0.66%	-107.64
BMO	129.16	3,921.10	3.29%	295.27
ETFMG	-1.87	3,775.48	-0.05%	-22.05
Marygold	188.39	3,679.20	5.12%	847.35
BNY Mellon	-28.65	3,614.95	-0.79%	2,229.96
Alpha Architect	183.84	3,391.72	5.42%	435.09
Tidal	58.59	3,258.91	1.80%	370.15
Principal	71.14	2,135.09	3.33%	-122.09
Cambria	-13.80	1,867.91	-0.74%	96.51
US Global Investors	-85.31	1,864.20	-4.58%	-339.95
Barclays Capital Inc.	18.78	1,858.01	1.01%	39.44
Aptus Capital Advisors	9.89	1,837.36	0.54%	-16.93
Power Corporation of Canada	1.72	1,506.31	0.11%	1,343.59
Main Management	17.60	1,418.61	1.24%	106.17
Renaissance Health Service Corp.	756.13	1,389.29	54.43%	977.67
Vident	4.31	1,334.35	0.32%	-54.70
Simplify	-120.74	1,331.73	-9.07%	-109.93
GraniteShares	-22.86	1,314.61	-1.74%	-16.12
Columbia Management Investment Advisers, LLC	4.47	1,299.21	0.34%	-19.33
Virtus Investment Partners	-34.34	1,291.14	-2.66%	41.35
Sprott, Inc.	35.47	1,254.26	2.83%	71.47
UBS	0.00	1,228.06	0.00%	4.27
Horizon Kinetics	-74.72	1,187.69	-6.29%	-48.76
Inspire Investing LLC	16.30	1,154.64	1.41%	55.50
Strategy Shares	-16.28	1,149.99	-1.42%	-53.72
The Motley Fool	-9.38	1,113.10	-0.84%	-28.33
AdvisorShares	-13.23	1,112.62	-1.19%	-31.97
Distillate Capital	9.95	1,023.79	0.97%	71.85
T. Rowe Price Group, Inc.	8.84	941.28	0.94%	60.23
AXS Investments	-234.64	927.44	-25.30%	315.26
Defiance ETFs	-18.23	895.68	-2.04%	-53.82
Davis Advisers	8.03	890.13	0.90%	23.06
Bondbloxx Investment Management LLC	104.89	839.26	12.50%	287.88
ORIX	14.42	808.18	1.78%	163.67
Litman Gregory Capital Partners LLC	-77.83	791.07	-9.84%	-78.34
Focus Financial Partners	1.23	773.07	0.16%	153.99
Timothy Plan	-3.72	724.24	-0.51%	80.13
Redwood	6.57	661.41	0.99%	-45.13
Roundhill Investments	-4.09	603.07	-0.68%	-24.90
Credit Suisse Group AG	-66.67	569.28	-11.71%	-18.41
Tortoise	-1.82	563.18	-0.32%	-59.28
Engine No. 1	18.95	534.61	3.54%	54.58
ClearShares LLC	25.09	516.08	4.86%	26.52
Core Alternative Capital	-21.00	513.26	-4.09%	-42.82
Advisors Asset Management	25.99	507.79	5.12%	84.25
Equitable	120.32	504.49	23.85%	200.23
Howard Capital Management	-7.36	501.72	-1.47%	-3.25
Nationwide	-22.18	497.53	-4.46%	-52.97
Teucrium	-25.76	480.22	-5.36%	-91.57
Day Hagan Asset Management	-22.81	466.96	-4.88%	-29.50
Anfield Group	-1.95	457.27	-0.43%	-7.08
AGF	-19.04	395.93	-4.81%	12.17
Doubleline ETF Adviser LP	42.27	370.46	11.41%	76.74
Liquid Strategies	-2.37	367.89	-0.64%	-44.41
FCF Advisors	25.13	366.15	6.86%	44.61
Neuberger Berman	8.47	330.81	2.56%	96.88
Aptus Holdings LLC	32.56	295.88	11.01%	59.42
Retireful LLC	5.34	295.68	1.81%	-17.07
Adaptive Investments	4.46	272.43	1.64%	12.74
Wahed Invest LLC	8.77	259.76	3.38%	20.99
Oneascent Holdings LLC	9.42	251.08	3.75%	2.05
Cary Street Partners Financial LLC /VA/	-2.22	221.13	-1.00%	27.13
WBI	-3.59	209.10	-1.72%	-4.76
AmeriLife	-6.03	207.16	-2.91%	-14.99
Matthews International Capital Management	5.12	205.92	2.49%	89.42
Western & Southern Mutual Holding Co.	0.00	203.67	0.00%	0.00
Little Harbor Advisors	-6.31	190.72	-3.31%	-37.13
Syntax	6.39	189.54	3.37%	2.54
Truemark Group	-11.37	186.25	-6.11%	-11.71
Impact Shares	0.50	179.70	0.28%	5.73
Volatility Shares LLC	35.23	171.17	20.58%	37.07
CI Financial	-0.89	162.29	-0.55%	2.62
Kingsview Partners LLC	-28.17	150.20	-18.75%	-27.42
CornerCap Investment Counsel, Inc.	-4.13	150.01	-2.75%	8.49
Truist	0.56	147.51	0.38%	0.66
Stf Management LP	-4.53	144.61	-3.13%	-17.63
Renaissance Capital	-10.71	137.80	-7.77%	-13.70
Rayliant	-4.27	137.35	-3.11%	6.75
SRN Advisors	-0.46	133.04	-0.35%	-12.26
Intangible Capital	-0.01	128.08	0.00%	-3.89
Humankind USA LLC	-2.73	123.97	-2.20%	-1.42
Neil Azous Revocable Trust	0.01	122.56	0.01%	2.98
Thor Trading Advisors LLC	0.48	121.78	0.39%	34.29
Swan Global Investments	2.41	120.53	2.00%	-9.51
Thrivent Financial for Lutherans	15.57	118.02	13.19%	43.53
OBP Capital LLC	-0.83	115.84	-0.72%	5.05
Arrow Funds	-4.27	109.52	-3.90%	-6.56
IronHorse Holdings	1.94	109.14	1.77%	6.25
Paralel Technologies LLC	0.00	102.82	0.00%	2.84
Baird Financial Group	-3.50	102.19	-3.42%	8.06
Soundwatch Capital LLC	-1.10	100.75	-1.09%	-0.05
Federated Hermes, Inc.	5.78	100.58	5.75%	28.01
Absolute Investment Advisers LLC	2.09	90.16	2.31%	3.53
Toews Corp.	6.52	86.95	7.50%	2.97
Angel Oak Capital Advisors, LLC	1.00	80.96	1.24%	5.04
First Manhattan Co.	0.00	72.00	0.00%	-0.07
Natixis	4.46	70.96	6.29%	5.47
Inverdale Capital Management LLC	-1.59	67.79	-2.34%	0.10
Exponential ETFs	0.00	67.55	0.00%	0.00
Panagram Structured Asset Management, LLC	0.00	67.45	0.00%	68.11
Beyond Investing	0.00	65.86	0.00%	0.00
SEI Investments	-0.62	65.82	-0.94%	1.90
Cohanzick Management	-1.68	65.40	-2.57%	2.47
Water Island Capital	-11.83	64.47	-18.34%	-22.56
The Leuthold Group LLC	0.00	63.85	0.00%	2.98
Pettee Investors	1.33	63.11	2.11%	5.79
Alexis Investment Partners LLC	0.68	62.46	1.10%	8.93
Formidable Asset Management	1.75	55.24	3.16%	1.14
EntrepreneurShares, LLC	-0.38	54.19	-0.71%	-0.49
Clockwise Capital LLC	5.96	54.12	11.02%	13.03
Q3 Asset Management Corp.	-2.92	53.51	-5.46%	4.59
ProcureAM	-3.40	49.69	-6.84%	-3.93
Logan Capital Management Inc.	0.01	47.31	0.01%	0.82
GeaSphere LLC	-0.45	47.13	-0.96%	-5.86
Client First Investment Management LLC	7.38	46.41	15.91%	31.67
Cambiar Holdings	-0.01	45.69	-0.02%	0.22
2nd Vote Value Investments, Inc	2.50	45.19	5.53%	1.65
Hennessy Advisors	0.00	43.87	0.00%	0.54
Guinness Atkinson Asset Management	0.00	42.92	0.00%	-0.93
Alger	3.14	41.23	7.62%	0.95
Ridgeline Research LLC	0.00	38.56	0.00%	3.10
ETF Series Solutions	0.31	36.68	0.86%	-5.56
Neos Investments LLC	11.31	36.09	31.34%	28.19
Goose Hollow Capital Management LLC	-1.35	35.09	-3.84%	9.71
Valkyrie Funds LLC	-0.99	35.03	-2.81%	0.87
First Pacific Advisors LP	1.10	32.69	3.38%	2.80
Zacks	1.72	31.49	5.48%	13.58
Advocate Capital Management LLC	0.41	30.92	1.32%	3.48
GAMCO Investors, Inc.	0.26	28.57	0.90%	1.29
Sheaff Brock Capital Management LLC	-0.48	27.39	-1.75%	0.48
Highland Capital Management	-0.01	26.39	-0.02%	-0.01
ASYMmetric ETFs	-0.76	26.24	-2.88%	0.79
Cultivar Capital, Inc.	0.60	25.10	2.40%	1.21
PMV Capital Advisers LLC	1.73	24.88	6.95%	-3.07
Alphatrai Funds, Inc.	0.76	24.56	3.11%	12.14
Convergence Investment Partners, LLC	0.29	24.33	1.17%	0.01
AlphaMark Advisors	0.00	22.93	0.00%	-0.06
Reflection Asset Management, LLC	0.60	22.50	2.66%	1.22
Faith Investor Services, LLC	0.67	21.88	3.07%	0.90
Mairs & Power, Inc.	0.00	18.67	0.00%	0.88
Knights of Columbus	0.00	18.60	0.00%	0.00
Point Bridge Capital	0.91	18.53	4.93%	0.89
Applied Finance Group	0.00	17.99	0.00%	1.81
Build Asset Management LLC	0.00	17.14	0.00%	-14.36
Subversive Capital Advisor LLC	0.60	13.69	4.38%	11.18
Tuttle Tactical Management, LLC	6.44	13.28	48.54%	6.44
Lifegoal Investments LLC	0.43	12.55	3.39%	3.03
Changebridge Capital LLC	0.66	11.78	5.60%	0.66
Democracy Investment Management LLC	0.00	11.44	0.02%	6.40
WealthTrust Asset Management LLC	0.00	11.14	0.00%	0.00
The BAD Investment Company	0.02	8.95	0.22%	0.02
MCCM Group LLC	0.00	8.36	0.00%	0.00
Counterpoint Mutual Funds LLC	0.00	7.82	0.00%	0.52
Future Fund Advisors	-1.33	7.00	-19.05%	-2.03
Rcube SAS	0.00	6.12	0.00%	0.59
Lyrical Partners	-8.80	5.64	-155.98%	-13.57
VegTech LLC	0.00	4.99	0.00%	0.00
Digital Currency Group, Inc.	-0.24	4.35	-5.59%	-0.24
V-Square Quantitative Management LLC	0.00	3.59	0.00%	0.00
Kelly Intelligence LLC	0.00	3.40	0.00%	0.27
Cboe Vest Financial LLC	2.00	3.27	61.21%	2.65
Emerge Capital Management, Inc.	0.00	3.02	0.00%	0.00
Dynamic Shares LLC	0.00	2.92	0.00%	0.00
Spear Advisors LLC	0.00	2.87	0.00%	0.36
Jacob Asset Management	0.01	2.84	0.45%	0.01
Element ETFs LLC	0.00	2.80	0.00%	-1.89
Penserra Capital Management LLC	0.00	2.09	0.00%	0.00
Hypatia Capital Advisors LLC	0.77	2.03	37.99%	1.84
Convexityshares, LLC	0.37	1.84	19.99%	0.37
Dalton Capital	0.00	1.74	0.00%	0.42
Merk	0.00	1.57	0.00%	0.00
Inherent Wealth Fund LLC	0.00	1.38	0.00%	0.00
Bitwise Asset Management, Inc.	0.00	1.32	0.00%	-1.13
Kingsbarn Capital Management LLC	0.56	1.12	50.25%	0.01
Grizzle Investment Management LLC	0.00	1.07	0.00%	0.00
Tradelegs LLC	0.00	0.53	0.00%	0.00
Calamos Family Partners	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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