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Largest Monthly ETF Outflow Of 2019 In May

Sumit Roy

Investors took the “sell in May and go away” adage to heart last month as they pulled $11.7 billion from U.S.-listed ETFs. It was the worst showing for flows this year, and broke a three-month streak of net monthly inflows.

May’s outflows coincided with a steep drop in U.S. stock prices. The S&P 500 logged its worst month of the year, with a 6.5% loss. An intensifying trade war with China, a fresh trade/immigration battle with Mexico and decelerating economic data combined to dampen investors’ spirits.

Following the latest monthly outflows, year-to-date inflows for U.S.-listed ETFs dropped to $68.1 billion, well behind last year’s $121.9 billion pace.

Outflows From Trader Favorites

Equity ETFs faced the brunt of May’s redemptions. Outflows from U.S. equity ETFs totaled $12.5 billion, while outflows from international equity ETFs totaled $3.6 billion.

ETFs that are trader favorites, like the SPDR S&P 500 ETF Trust (SPY), the Invesco QQQ Trust (QQQ) and the iShares MSCI Emerging Markets ETF (EEM), found themselves on the top outflows list for the month.

On the other hand, cheaper broad market alternatives, including the iShares Core S&P 500 ETF (IVV), the Vanguard Total Stock Market ETF (VTI) and the iShares Core MSCI EAFE (IEFA)—ETFs popular with long-term investors—managed to attract inflows in the face of market sell-off.

So too did the iShares Edge MSCI Min Vol U.S.A. ETF (USMV), a low vol factor ETF that tends to be less volatile than the broader stock market.

Safe Haven Bond ETFs

While equities were getting hammered and seeing outflows, U.S. fixed income ETFs continued to be a safe haven. The U.S. 10-year Treasury surged as its yield plummeted to 2.12% at the end of May, the lowest level in 21 months (bond prices and yields move inversely).

In turn, U.S. fixed income ETFs had net inflows of $6.2 billion during May, with much of that going into the Vanguard Total Bond Market ETF (BND), the iShares Core U.S. Aggregate Bond ETF (AGG) and the iShares U.S. Treasury Bond ETF (GOVT).

On the other hand, riskier fixed income ETFs, such as the iShares iBoxx USD High Yield Corporate Bond ETF (HYG) and the SPDR Bloomberg Barclays High Yield bond ETF (JNK), faced outflows of more than $1.4 billion each.

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

 

Top Gainers (May 2019)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM YTD 2019 Net Flows($,M)
IVV iShares Core S&P 500 ETF BlackRock 2,001.71 171,846.99 1.16% 5,368.74
BND Vanguard Total Bond Market ETF Vanguard 1,494.08 40,010.16 3.73% 2,225.71
AGG iShares Core U.S. Aggregate Bond ETF BlackRock 1,242.93 61,897.54 2.01% 3,021.98
IEFA iShares Core MSCI EAFE ETF BlackRock 1,214.39 62,554.98 1.94% 6,053.65
USMV iShares Edge MSCI Min Vol U.S.A. ETF BlackRock 1,194.15 26,547.16 4.50% 4,956.97
SUSL iShares ESG MSCI USA Leaders ETF BlackRock 1,129.16 1,112.52 101.50% 1,129.16
VTI Vanguard Total Stock Market ETF Vanguard 801.11 109,967.52 0.73% 4,325.56
XLK Technology Select Sector SPDR Fund State Street Global Advisors 735.83 20,331.29 3.62% -11.30
GOVT iShares U.S. Treasury Bond ETF BlackRock 687.86 10,713.17 6.42% 3,546.08
ITOT iShares Core S&P Total U.S. Stock Market ETF BlackRock 661.92 19,589.25 3.38% 2,674.52

 

Top Gainers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM May 2019 Net Flows($,M)
VOO Vanguard S&P 500 ETF Vanguard 6,695.52 107,696.10 6.22% 237.55
IEFA iShares Core MSCI EAFE ETF BlackRock 6,053.65 62,554.98 9.68% 1,214.39
IEMG iShares Core MSCI Emerging Markets ETF BlackRock 5,384.51 56,175.50 9.59% 94.84
IVV iShares Core S&P 500 ETF BlackRock 5,368.74 171,846.99 3.12% 2,001.71
USMV iShares Edge MSCI Min Vol U.S.A. ETF BlackRock 4,956.97 26,547.16 18.67% 1,194.15
VCIT Vanguard Intermediate-Term Corporate Bond ETF Vanguard 4,778.72 24,211.48 19.74% 616.96
TLT iShares 20+ Year Treasury Bond ETF BlackRock 4,722.49 14,071.20 33.56% 346.99
VTI Vanguard Total Stock Market ETF Vanguard 4,325.56 109,967.52 3.93% 801.11
BNDX Vanguard Total International Bond ETF Vanguard 3,839.38 17,237.69 22.27% 537.40
MBB iShares MBS ETF BlackRock 3,792.99 16,396.83 23.13% 53.36

 

Biggest Losers (May 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 -12,432.53 251,982.23 -4.93% -18,815.18
QQQ Invesco QQQ Trust Invesco -2,349.40 68,671.84 -3.42% -1,224.53
EEM iShares MSCI Emerging Markets ETF BlackRock -2,033.47 30,719.89 -6.62% 441.05
HYG iShares iBoxx USD High Yield Corporate Bond ETF BlackRock -1,612.46 14,802.70 -10.89% 884.27
JNK SPDR Bloomberg Barclays High Yield Bond ETF State Street Global Advisors -1,402.86 8,369.50 -16.76% 1,157.29
DIA SPDR Dow Jones Industrial Average ETF Trust State Street Global Advisors -1,244.98 20,021.23 -6.22% -1,484.85
XLE Energy Select Sector SPDR Fund State Street Global Advisors -1,135.32 11,201.60 -10.14% -3,042.34
EMB iShares JP Morgan USD Emerging Markets Bond ETF BlackRock -1,132.75 14,477.90 -7.82% -593.45
XLF Financial Select Sector SPDR Fund State Street Global Advisors -1,067.07 23,293.92 -4.58% -1,931.70
LQD iShares iBoxx USD Investment Grade Corporate Bond ETF BlackRock -1,046.01 31,426.24 -3.33% -311.71

 

Biggest Losers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM May 2019 Net Flows($,M)
SPY SPDR S&P 500 ETF Trust State Street Global Advisors -18,815.18 251,982.23 -7.47% -12,432.53
EFA iShares MSCI EAFE ETF BlackRock -6,828.07 60,624.44 -11.26% 0.00
BSV Vanguard Short-Term Bond ETF Vanguard -5,845.06 22,492.85 -25.99% -79.51
IWM iShares Russell 2000 ETF BlackRock -5,372.00 39,664.67 -13.54% -940.15
IWD iShares Russell 1000 Value ETF BlackRock -4,127.77 36,806.23 -11.21% -247.93
EWJ iShares MSCI Japan ETF BlackRock -3,213.16 12,722.10 -25.26% -1,023.61
XLE Energy Select Sector SPDR Fund State Street Global Advisors -3,042.34 11,201.60 -27.16% -1,135.32
TIP iShares TIPS Bond ETF BlackRock -2,363.07 19,928.76 -11.86% -931.22
XLF Financial Select Sector SPDR Fund State Street Global Advisors -1,931.70 23,293.92 -8.29% -1,067.07
XLI Industrial Select Sector SPDR Fund State Street Global Advisors -1,855.09 9,682.50 -19.16% -497.33

 

Asset Classes (May 2019)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity -12,480.00 2,113,975.65 -0.59%
International Equity -3,560.90 793,833.39 -0.45%
U.S. Fixed Income 6,167.03 654,152.23 0.94%
International Fixed Income -775.66 73,563.62 -1.05%
Commodities  -833.09 60,622.88 -1.37%
Currency 24.67 1,502.53 1.64%
Leveraged 53.56 34,619.40 0.15%
Inverse 82.14 12,567.90 0.65%
Asset Allocation 6.59 9,373.35 0.07%
Alternatives -349.76 4,563.37 -7.66%
Total: -11,665.42 3,758,774.32 -0.31%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 13,823.34 2,113,975.65 0.65%
International Equity 8,490.41 793,833.39 1.07%
U.S. Fixed Income 42,086.76 654,152.23 6.43%
International Fixed Income 5,750.63 73,563.62 7.82%
Commodities  -2,795.79 60,622.88 -4.61%
Currency -280.65 1,502.53 -18.68%
Leveraged -1,794.81 34,619.40 -5.18%
Inverse 2,768.51 12,567.90 22.03%
Asset Allocation -512.64 9,373.35 -5.47%
Alternatives 553.24 4,563.37 12.12%
Total: 68,089.01 3,758,774.32 1.81%

 

May 2019 League Table

Issuer Net Flows ($,M) AUM ($,M) % of AUM YTD 2019 Net Flows($,M)
BlackRock -213.54 1,476,808.94 -0.01% 24,627.34
Vanguard 7,034.11 964,928.80 0.73% 30,025.18
State Street Global Advisors -19,017.38 601,760.78 -3.16% -22,660.36
Invesco -3,037.71 192,894.54 -1.57% 2,811.24
Charles Schwab 2,090.82 135,780.55 1.54% 10,392.84
First Trust 475.86 72,370.52 0.66% 4,796.97
WisdomTree -111.77 37,751.54 -0.30% 0.10
VanEck 325.76 34,274.25 0.95% -881.64
ProShares -330.44 30,298.07 -1.09% 1,387.97
JPMorgan 1,125.73 27,619.21 4.08% 6,174.76
Allianz Global Investors U.S. LLC -161.23 18,809.08 -0.86% 132.72
Northern Trust -87.73 15,005.01 -0.58% -80.82
Deutsche Bank AG -402.50 13,465.15 -2.99% 1,619.47
FMR 135.94 13,173.33 1.03% 1,225.31
Goldman Sachs Group 506.12 12,126.76 4.17% 1,314.84
SS&C -238.30 12,046.86 -1.98% -834.29
Rafferty Asset Management, LLC 564.58 11,979.98 4.71% -590.76
Mirae Asset Financial Group 191.60 9,720.66 1.97% 1,067.18
UBS 73.03 6,959.60 1.05% 163.82
Barclays Bank PLC -237.43 4,915.25 -4.83% 658.61
Credit Suisse Group -195.40 4,489.74 -4.35% 1,123.79
Pacer Financial, Inc. 184.65 4,236.94 4.36% 1,033.48
John Hancock 30.58 3,875.33 0.79% 817.19
New York Life Insurance -47.41 3,652.57 -1.30% -571.01
ETF Managers Group 11.39 3,624.00 0.31% 392.75
Hartford Financial Services Group 124.82 3,323.36 3.76% 793.01
The Principal Financial Group -396.64 3,261.53 -12.16% -13.23
Victory Capital Management -60.78 3,011.57 -2.02% -104.50
Exchange Traded Concepts -73.62 2,757.93 -2.67% -5.22
ARK 24.64 2,632.83 0.94% 455.69
Franklin Templeton Investments 27.95 2,511.40 1.11% 801.11
Standard Life Aberdeen -18.92 2,382.61 -0.79% -37.02
US Commodity Funds -31.38 2,252.47 -1.39% -539.27
KraneShares -275.21 2,246.28 -12.25% 89.01
Vident Advisory 0.61 1,639.91 0.04% 53.14
Innovator Capital Management 162.02 1,384.46 11.70% 574.44
USAA Asset Management 32.71 1,331.72 2.46% 159.06
Northern Lights 29.54 1,319.84 2.24% 239.51
Janus Henderson 2.60 1,111.43 0.23% 102.42
Virtus -37.59 1,029.94 -3.65% 339.57
Legg Mason -62.05 1,020.29 -6.08% 178.42
Nuveen 12.86 772.20 1.67% 186.45
Transamerica 0.00 763.08 0.00% -7.95
CitiGroup 11.96 748.91 1.60% -204.53
Cambria Investment Management, L.P. 9.48 694.41 1.36% 55.32
Millington Securities Inc -31.11 660.40 -4.71% -126.26
Bank of Montreal 0.00 648.49 0.00% -17.72
Davis Selected Advisers, L.P. 9.63 641.83 1.50% 46.54
AdvisorShares 22.51 641.40 3.51% 20.01
O’Shares Investment Advisers 5.21 622.77 0.84% 2.14
Columbia Management Investment Advisers, LLC -34.26 619.55 -5.53% -24.59
GraniteShares 48.30 572.93 8.43% 191.44
Amplify Investments LLC -1.83 492.11 -0.37% -43.59
PGIM Investments 60.10 429.66 13.99% 155.99
Empowered Funds LLC -8.37 388.73 -2.15% -6.92
Montage Managers 1.21 348.19 0.35% 16.50
Nationwide Fund Advisors 0.67 348.13 0.19% -3.26
Highland Capital Management -99.45 282.94 -35.15% -102.76
Aptus Capital Advisors 8.08 256.51 3.15% 41.44
Strategy Shares -8.74 252.36 -3.46% -26.28
Matson Money, Inc. 2.79 247.38 1.13% 42.01
Reality Shares -3.85 194.53 -1.98% -26.51
Teucrium 15.42 183.16 8.42% 29.11
Merk 0.00 144.15 0.00% 0.90
Arrow Investment Advisors, LLC -1.30 142.48 -0.91% -20.08
ClearShares 0.00 137.17 0.00% 3.70
Nomura Holdings 30.01 130.96 22.92% 46.47
TrimTabs Asset Management -0.89 129.72 -0.69% -5.64
Aware Asset Management 3.75 123.41 3.04% 122.92
Timothy Partners Ltd. 102.80 102.77 100.03% 102.80
EntrepreneurShares LLC 5.01 90.23 5.55% 16.75
FQF Trust 19.19 85.20 22.52% 31.00
Defiance ETFs 2.84 83.64 3.40% 86.85
US Global Investors -3.13 83.42 -3.76% -16.67
Exponential ETFs 0.81 76.68 1.05% 6.84
Redwood Investment Management 1.21 59.71 2.02% 6.98
Tidal ETF Services 8.58 53.04 16.18% 55.36
Natixis 0.00 52.94 0.00% 2.01
Syntax 0.00 45.66 0.00% 40.78
OBP Capital LLC 0.00 44.89 0.00% 1.22
RYZZ Capital Management 0.00 44.73 0.00% 46.25
Gadsden -0.61 44.44 -1.38% 23.02
Premise Capital 1.51 39.72 3.79% 5.94
Renaissance Capital -1.51 39.68 -3.80% 19.73
AAM Holdings 0.00 37.69 0.00% 14.79
Distillate Capital Partners 3.33 36.04 9.23% 17.03
Cboe Global Markets 0.00 31.99 0.00% 8.45
Pacific Global ETF 0.00 30.09 0.00% 30.64
AlphaMark Advisors, LLC 0.00 22.54 0.00% 0.00
Morgan Stanley 0.02 21.55 0.07% -2.26
Validea Capital Management -1.32 20.71 -6.38% -1.32
Metaurus Advisors 0.00 18.31 0.02% -0.60
Active Weighting Advisors 0.54 18.17 2.95% -1.02
Sage Advisory Services 2.49 17.48 14.22% 2.49
Point Bridge Capital -0.66 15.44 -4.30% -19.19
iM Global Partner£lf£ 15.00 15.31 97.95% 15.00
Salt Financial 0.00 14.52 0.00% 4.98
CSOP Asset Management Ltd. 0.00 11.90 0.00% -1.61
SL Advisors 0.00 10.80 0.00% 0.91
Swank Capital -1.23 8.48 -14.51% -1.23
TigerShares 0.00 7.93 0.00% 1.32
StrongVest 0.00 7.66 0.00% -1.25
Change Finance 1.06 7.09 14.95% 2.08
Impact Shares -0.00 7.02 -0.01% 0.95
USCF Advisers 0.00 6.41 0.00% -0.88
ProcureAM 3.92 6.38 61.51% 6.42
Cottonwood ETF Holdings LLC 1.22 6.10 20.00% 1.22
Little Harbor Advisors 0.00 5.77 0.00% -0.56
Hoya Capital Real Estate 0.66 5.06 13.03% 5.07
Acquirers Funds LLC 2.52 4.79 52.54% 2.52
Regents Park Funds 0.00 4.31 0.00% -1.13
EquBot 0.00 3.57 0.00% 0.00
TriLine Index Solutions -0.54 3.05 -17.58% -1.10
Whitford Asset Management 0.70 1.38 50.92% 0.70
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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