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July ETF Inflows Slow 2021’s Pace

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Flows into U.S.-based ETFs reached their lowest monthly level since last October, as dual fears of inflation and the COVID-19 Delta variant sending scores of unvaccinated Americans to the hospital tamped the industry’s animal spirits through the first half of 2021.

While not exactly a slouch of a month, figures from ETF.com data provider FactSet show the industry had net inflows of $48.4 billion in July, enough to pierce the $500 billion inflow mark at the very end of the month. Investors have now put a net $520.3 billion into exchange-traded products year-to-date, a figure almost 70% higher than the net flows posted in July of last year.

Major Asset Classes Slow

The drop was most clear in U.S. equities, which fell from $37.7 billion in June to roughly $19 billion in July as investors sought risk-off positions, considered long-term macroeconomic growth rates and readjusted portfolios for the back half of the year.

While less pronounced, international equity inflows slowed from June by just under $7 billion during the two months to $12.9 billion in July, and U.S. fixed income fund flows declined by $2.7 billion from June for a net gain of $12.7 billion in the same time period.

The Vanguard S&P 500 ETF (VOO) was No. 1 on our July inflows chart, ending the month with more than $5 billion flows, further solidifying its status as the largest fund by inflows this year. Closely following VOO was the Vanguard Short-Term Bond ETF (BSV), with inflows of $4.9 billion.

Commodities extended its outflow streak from June, driven in part by the slip in oil prices midway through July connected to worries that the Delta variant’s spread would curb demand for travel.

Quality, Safety Cycles In

The slowdown in aggressive equities was paired with flows into a handful of more defensive positions. The iShares TIPS Bond ETF (TIP) gained $2.6 billion in the month after the headline inflation prints left some inflation hawks shaken.

The iShares MSCI USA Quality Factor ETF (QUAL) also made an appearance in the top 10 gainers of the month, adding just under $1.6 billion in assets after it was shunned by traders with animal spirits. QUAL had net outflows of approximately $1.2 billion year-to-date at the end of July.

Real Estate Funds Struggle

The iShares U.S. Real Estate ETF (IYR) was by far the biggest loser in the month after investors pulled nearly $2.2 billion from the fund. Half of that amount was pulled in the first week of July alone as fears of a broader price bubble emerged among traders and took the fund to a net outflow of almost $1 billion year-to-date.

In comparison, the Vanguard Real Estate Fund (VNQ) recorded a slight gain with $316 million in inflows for the month. However, it has posted net inflows of $4.4 billion year-to-date and likely took some market share from IYR due to it having similar exposures but being cheaper to the tune of 29 basis points.

For a full list of this week’s top inflows and outflows, see the tables below: 

 

Top Gainers (July 2021)

Ticker

Name

Issuer

Net Flows ($,mm)

AUM ($M)

% of AUM

YTD 2021 Net Flows($,M)

VOO

Vanguard S&P 500 ETF

Vanguard

5,040.77

243,523.21

2.07%

31,638.06

BSV

Vanguard Short-Term Bond ETF

Vanguard

4,921.28

39,513.24

12.45%

10,106.66

VTI

Vanguard Total Stock Market ETF

Vanguard

3,245.52

260,603.97

1.25%

23,405.99

XLV

Health Care Select Sector SPDR Fund

State Street Global Advisors

2,964.42

32,192.22

9.21%

2,497.36

TIP

iShares TIPS Bond ETF

Blackrock

2,624.10

31,509.21

8.33%

4,462.65

IEFA

iShares Core MSCI EAFE ETF

Blackrock

2,354.13

99,199.10

2.37%

7,720.46

VEA

Vanguard FTSE Developed Markets ETF

Vanguard

1,945.40

103,504.83

1.88%

7,673.67

ESGU

iShares ESG Aware MSCI USA ETF

Blackrock

1,933.56

20,745.46

9.32%

4,809.62

VT

Vanguard Total World Stock ETF

Vanguard

1,901.06

23,886.01

7.96%

4,694.63

QUAL

iShares MSCI USA Quality Factor ETF

Blackrock

1,581.40

23,883.00

6.62%

-1,165.01

 

Top Gainers (Year-to-Date)

Ticker

Name

Issuer

Net Flows ($,mm)

AUM ($M)

% of AUM

July 2021 Net Flows($,M)

VOO

Vanguard S&P 500 ETF

Vanguard

31,638.06

243,523.21

12.99%

5,040.77

VTI

Vanguard Total Stock Market ETF

Vanguard

23,405.99

260,603.97

8.98%

3,245.52

IVV

iShares Core S&P 500 ETF

Blackrock

14,030.66

295,651.90

4.75%

1,517.47

BND

Vanguard Total Bond Market ETF

Vanguard

13,146.84

80,374.10

16.36%

1,017.80

VTV

Vanguard Value ETF

Vanguard

10,705.70

82,782.05

12.93%

505.46

BSV

Vanguard Short-Term Bond ETF

Vanguard

10,106.66

39,513.24

25.58%

4,921.28

IEMG

iShares Core MSCI Emerging Markets ETF

Blackrock

9,733.04

79,225.41

12.29%

506.76

IUSB

iShares Core Total USD Bond Market ETF

Blackrock

9,168.14

15,177.03

60.41%

558.80

XLF

Financial Select Sector SPDR Fund

State Street Global Advisors

8,171.53

39,747.11

20.56%

-703.50

BNDX

Vanguard Total International Bond ETF

Vanguard

7,827.72

44,697.08

17.51%

1,323.44

 

Biggest Losers (July 2021)

Ticker

Name

Issuer

Net Flows ($,mm)

AUM ($M)

% of AUM

YTD 2021 Net Flows($,M)

IYR

iShares U.S. Real Estate ETF

Blackrock

-2,181.59

5,513.25

-39.57%

-989.61

IWM

iShares Russell 2000 ETF

Blackrock

-1,795.51

65,458.72

-2.74%

-619.54

GOVT

iShares U.S. Treasury Bond ETF

Blackrock

-1,765.53

15,511.07

-11.38%

1,139.92

IGSB

iShares 1-5 Year Investment Grade Corporate Bond ETF

Blackrock

-1,466.54

25,216.31

-5.82%

3,010.60

IJR

iShares Core S&P Small-Cap ETF

Blackrock

-1,132.44

68,024.70

-1.66%

1,263.65

ARKK

ARK Innovation ETF

ARK

-1,029.22

22,669.85

-4.54%

6,612.71

IJS

iShares S&P Small-Cap 600 Value ETF

Blackrock

-979.94

8,697.57

-11.27%

817.45

SPY

SPDR S&P 500 ETF Trust

State Street Global Advisors

-977.15

382,335.06

-0.26%

-2,692.18

XLB

Materials Select Sector SPDR Fund

State Street Global Advisors

-949.91

8,691.27

-10.93%

2,749.03

XLY

Consumer Discretionary Select Sector SPDR Fund

State Street Global Advisors

-934.69

19,674.12

-4.75%

-1,102.92

 

Biggest Losers (Year-to-Date)

Ticker

Name

Issuer

Net Flows ($,mm)

AUM ($M)

% of AUM

July 2021 Net Flows($,M)

LQD

iShares iBoxx USD Investment Grade Corporate Bond ETF

Blackrock

-13,423.02

40,774.25

-32.92%

14.83

USMV

iShares MSCI USA Min Vol Factor ETF

Blackrock

-8,177.90

28,413.64

-28.78%

-82.01

GLD

SPDR Gold Trust

State Street Global Advisors

-7,717.89

59,561.02

-12.96%

-812.80

HYG

iShares iBoxx USD High Yield Corporate Bond ETF

Blackrock

-5,950.66

19,969.43

-29.80%

-340.78

JNK

SPDR Bloomberg Barclays High Yield Bond ETF

State Street Global Advisors

-3,538.37

9,059.60

-39.06%

-701.86

SHV

iShares Short Treasury Bond ETF

Blackrock

-3,379.45

14,447.21

-23.39%

-195.56

SPY

SPDR S&P 500 ETF Trust

State Street Global Advisors

-2,692.18

382,335.06

-0.70%

-977.15

EFAV

iShares MSCI EAFE Min Vol Factor ETF

Blackrock

-2,432.44

8,647.20

-28.13%

-182.48

IWF

iShares Russell 1000 Growth ETF

Blackrock

-2,421.48

72,587.88

-3.34%

729.85

IHI

iShares U.S. Medical Devices ETF

Blackrock

-2,216.11

8,130.01

-27.26%

44.09

 

Asset Classes (July 2021)

 

Net Flows ($, mm)

AUM ($, mm)

% of AUM

U.S. Equity

18,972.73

3,883,960.89

0.49%

International Equity

12,871.87

1,273,529.72

1.01%

U.S. Fixed Income

12,689.17

1,063,219.68

1.19%

International Fixed Income

3,467.34

146,880.26

2.36%

Commodities

-875.68

140,943.68

-0.62%

Currency

30.31

1,967.99

1.54%

Leveraged

165.58

61,754.48

0.27%

Inverse

302.55

11,538.99

2.62%

Asset Allocation

815.09

17,293.89

4.71%

Alternatives

-30.40

6,435.59

-0.47%

Total:

48,408.56

6,607,525.17

0.73%

 

Asset Classes (Year-to-Date)

 

Net Flows ($, mm)

AUM ($, mm)

% of AUM

U.S. Equity

238,259.66

3,883,960.89

6.13%

International Equity

150,983.96

1,273,529.72

11.86%

U.S. Fixed Income

97,439.79

1,063,219.68

9.16%

International Fixed Income

24,760.86

146,880.26

16.86%

Commodities

-1,387.46

140,943.68

-0.98%

Currency

85.81

1,967.99

4.36%

Leveraged

923.74

61,754.48

1.50%

Inverse

4,253.67

11,538.99

36.86%

Asset Allocation

2,884.27

17,293.89

16.68%

Alternatives

2,081.35

6,435.59

32.34%

Total:

520,285.65

6,607,525.17

7.87%

 

July 2021 ETF Issuer League Table

Issuer

Net Flows ($,M)

AUM ($,M)

% of AUM

YTD 2021 Net Flows($,M)

Blackrock

6,226.63

2,311,537.39

0.27%

100,476.86

Vanguard

32,166.21

1,892,021.93

1.70%

205,997.90

State Street Global Advisors

-333.11

992,240.64

-0.03%

39,385.64

Invesco

-1,388.21

364,916.19

-0.38%

29,995.72

Charles Schwab

3,459.17

249,814.70

1.38%

26,021.18

First Trust

1,103.02

137,020.15

0.81%

15,285.00

JPMorgan Chase

1,537.97

67,074.55

2.29%

18,380.65

VanEck

173.92

62,088.29

0.28%

7,728.31

ProShares

273.89

58,783.84

0.47%

4,695.21

ARK

-1,742.18

45,225.15

-3.85%

14,675.32

WisdomTree

456.07

45,170.02

1.01%

2,907.06

Mirae Asset Global Investments Co., Ltd.

1,325.98

35,712.31

3.71%

13,295.95

Dimensional Holdings

359.67

30,832.04

1.17%

1,723.98

Fidelity

380.21

30,672.03

1.24%

3,406.61

Allianz

64.96

26,954.47

0.24%

913.02

Direxion

238.31

25,357.68

0.94%

1,714.55

Goldman Sachs

409.24

24,596.11

1.66%

64.33

Deutsche Bank

-137.98

22,172.51

-0.62%

740.43

Northern Trust

204.66

18,558.31

1.10%

2,645.15

CICC

1,222.35

10,631.25

11.50%

6,470.69

Franklin Templeton

-216.64

9,294.66

-2.33%

140.36

SS&C

40.40

9,181.03

0.44%

283.70

Pacer Advisors

497.75

8,086.02

6.16%

1,491.66

American Century Investments

360.38

7,494.30

4.81%

3,005.38

ETFMG

-47.21

7,363.93

-0.64%

1,353.78

Exchange Traded Concepts

381.70

7,150.02

5.34%

1,616.40

Standard Life Aberdeen

59.70

7,022.09

0.85%

763.70

Crestview

31.61

6,576.85

0.48%

238.85

Innovator

249.23

5,493.56

4.54%

1,152.90

Principal

55.07

5,331.52

1.03%

961.07

Manulife

71.29

5,024.93

1.42%

-609.90

Amplify Investments

48.59

4,593.90

1.06%

1,263.16

New York Life

33.24

4,437.59

0.75%

339.57

Nuveen Securities

207.17

4,338.83

4.77%

1,314.63

Concierge Technologies

-307.15

4,266.81

-7.20%

-2,416.05

The Hartford

169.50

4,238.51

4.00%

314.67

Janus Henderson

53.57

4,148.60

1.29%

209.55

US Global Investors

-91.50

3,525.43

-2.60%

407.66

Barclays

-135.17

3,002.15

-4.50%

1,153.53

BMO

24.16

2,983.92

0.81%

369.50

Toroso Investments

116.97

2,433.23

4.81%

756.53

AdvisorShares

91.99

2,166.85

4.25%

1,325.89

Prudential

98.38

1,860.72

5.29%

482.23

Ameriprise Financial

17.42

1,614.67

1.08%

342.02

O’Shares Investments

-1.09

1,586.65

-0.07%

9.87

Defiance ETFs

13.48

1,500.85

0.90%

390.02

GraniteShares

16.14

1,499.39

1.08%

156.34

Vident

-10.90

1,474.28

-0.74%

-33.40

Aptus Capital Advisors

60.99

1,394.44

4.37%

334.74

Virtus Investment Partners

54.99

1,287.78

4.27%

304.14

UBS

-8.21

1,252.80

-0.66%

-57.74

Davis Advisers

12.68

1,251.11

1.01%

121.27

Cambria

-5.66

1,078.79

-0.52%

202.22

Credit Suisse Group AG

54.48

1,064.47

5.12%

293.68

Inspire

9.71

1,011.25

0.96%

178.11

Main Management

19.95

996.50

2.00%

231.34

EMPIRICAL FINANCE LLC

10.88

968.07

1.12%

247.22

Rational Capital LLC

130.25

876.11

14.87%

634.20

The Bank of New York Mellon Corp.

29.12

875.95

3.32%

311.26

Nationwide

80.54

854.62

9.42%

310.98

Aegon

-7.47

798.53

-0.94%

-38.59

The Motley Fool

10.17

694.66

1.46%

70.22

Horizon Kinetics LLC

-2.90

623.34

-0.47%

594.26

Simplify Asset Management Inc.

49.68

578.83

8.58%

423.65

Renaissance Capital

-62.77

576.01

-10.90%

-153.87

Tortoise

1.14

550.33

0.21%

44.22

Roundhill Investments

13.05

529.51

2.46%

269.03

Merk

19.41

494.11

3.93%

76.68

Timothy Plan

4.78

482.93

0.99%

34.33

TrimTabs

-1.46

437.65

-0.33%

24.44

Redwood Investment Management

11.98

433.20

2.77%

-24.70

Howard Capital Management

9.06

429.91

2.11%

68.87

Liquid Strategies

17.54

403.10

4.35%

84.05

T. Rowe Price Group, Inc.

34.62

392.34

8.82%

184.46

Distillate Capital

-0.45

383.16

-0.12%

118.65

SRN Advisors

-10.57

371.85

-2.84%

60.37

Sprott

0.00

366.05

0.00%

18.15

Al Marketing LLC

-4.20

351.15

-1.20%

-42.99

Regents Park Funds

3.67

344.92

1.06%

68.03

ClearShares LLC

3.26

340.70

0.96%

89.49

Teucrium

-50.75

304.76

-16.65%

-81.44

ProFund Advisors LLC

6.18

293.12

2.11%

258.68

WBI

-3.43

291.27

-1.18%

-3.98

Government of Sweden

-5.54

291.17

-1.90%

3.39

Donald L. Hagan LLC

6.67

267.22

2.50%

97.39

Tuttle Tactical Management, LLC

-28.64

228.75

-12.52%

64.80

Mcivy Co. LLC

-2.20

217.41

-1.01%

114.67

Intangible Capital

0.00

195.29

0.00%

2.46

Core Alternative Capital

2.96

193.03

1.53%

43.56

Syntax Advisors

0.00

190.96

0.00%

48.05

Little Harbor Advisors

12.45

187.52

6.64%

116.54

Capital Impact Advisors

-0.66

178.27

-0.37%

-5.19

TrueMark Investments

4.34

153.91

2.82%

74.25

Arrow Funds

0.00

134.21

0.00%

3.22

ProcureAM

-0.88

129.74

-0.68%

77.25

Wahed

6.67

125.52

5.32%

45.83

Gadsden

0.00

117.08

0.00%

16.55

AGF

0.91

109.20

0.84%

-15.01

Advisors Asset Management

13.28

108.69

12.21%

59.90

Kingsview Partners LLC

-1.98

107.38

-1.85%

98.59

CornerCap Investment Counsel, Inc.

1.52

105.05

1.45%

30.12

Wainwright, Inc.

0.00

104.74

0.00%

90.25

Emles Advisors LLC

-12.80

94.38

-13.56%

30.26

Humankind USA LLC

-1.30

85.57

-1.52%

76.27

Swan Global Investments

21.93

81.95

26.76%

76.49

Exponential ETFs

1.28

81.60

1.57%

1.20

Change Finance

3.36

79.59

4.22%

36.71

iM Square SAS

2.14

78.04

2.74%

18.36

Pettee Investors

0.00

75.27

0.00%

21.78

Impact Shares

0.00

68.32

0.01%

25.54

Groupe BPCE

0.34

67.90

0.50%

13.01

Metaurus Advisors

-0.02

66.77

-0.03%

5.91

Beyond Investing

1.00

59.23

1.69%

15.62

Pacific Life

0.00

57.11

0.00%

-0.11

Guinness Atkinson Asset Management

0.00

54.10

0.00%

15.08

Neil Azous Revocable Trust

1.48

53.60

2.77%

31.57

Absolute Investment Advisers LLC

0.68

50.69

1.34%

9.84

Esoterica

0.00

50.22

0.00%

27.83

Infusive Asset Management

0.00

46.02

0.00%

8.53

Toews Corp.

2.05

45.85

4.47%

-3.57

Alger Group Holdings LLC

3.92

42.64

9.19%

34.32

Highland Capital Management

-1.60

41.77

-3.83%

-11.38

Premise Capital

-0.83

39.85

-2.08%

-14.10

Alexis Investment Partners LLC

19.91

37.44

53.18%

19.91

Red Gate Advisers LLC

0.21

35.79

0.58%

5.60

Cabot ETF Partners LLC

-0.55

35.54

-1.55%

33.41

Rayliant Investment Research

2.74

35.04

7.83%

36.21

Inverdale Capital Management LLC

3.57

34.02

10.49%

27.94

ETF Series Solutions

0.00

33.16

0.00%

4.58

2nd Vote Value Investments, Inc

2.38

32.21

7.39%

24.56

AlphaMark Advisors

0.00

26.03

0.00%

-1.41

Formidable Asset Management

1.24

24.34

5.11%

23.24

Truist

0.01

24.14

0.03%

0.84

Whitford Asset Management

0.00

24.10

0.00%

20.07

Uncommon Investment Advisors LLC

2.85

23.12

12.33%

22.06

MCCM Group LLC

-1.44

21.40

-6.75%

33.06

Changebridge Capital LLC

-0.22

17.23

-1.27%

10.66

The Leuthold Group LLC

0.00

15.20

0.00%

1.43

Ridgeline Research LLC

0.00

13.91

0.00%

9.93

GAMCO Investors, Inc.

0.00

13.89

0.00%

7.27

Knights of Columbus

13.18

13.13

100.33%

13.18

Mairs & Power, Inc.

0.25

12.98

1.96%

12.78

Point Bridge Capital

0.00

12.59

0.00%

1.00

Counterpoint Mutual Funds LLC

-0.61

11.50

-5.29%

-1.20

EquBot

0.00

11.41

0.00%

4.82

Alternative Access Funds LLC

0.00

10.03

0.00%

0.00

ASYMmetric ETFs

6.63

9.99

66.36%

9.73

New Age Alpha Advisors LLC

0.75

8.40

8.93%

6.24

Water Island Capital Partners LP

1.28

7.79

16.50%

1.29

Jacob Asset Management

5.47

5.65

96.70%

5.47

Global Beta Advisors

0.00

5.07

0.00%

-2.99

Reflection Asset Management, LLC

0.00

4.19

0.01%

1.29

Applied Finance Group

0.00

3.97

0.00%

2.49

Democracy Investment Management LLC

1.30

3.28

39.57%

2.61

Wilshire Phoenix Funds LLC

0.00

1.80

0.00%

0.00

Eaton Vance Corp.

0.00

0.00

0.00%

0.00

Cavalier16

0.00

0.00

0.00%

3.19

 

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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