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SPY Reaches $400B In AUM

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The trading doldrums of August didn’t slow down ETF flows.

U.S.-listed ETFs gained approximately $67.2 billion in net inflows during the month, according to ETF.com data provider FactSet. That’s a jump of more than $13.5 billion from June, and puts it just higher than net flows in January and May.

There’s now $6.8 trillion in assets under management in U.S.-listed ETFs as of Tuesday.

US Equities, Fixed Income Advance

U.S. equities continued to be the main driver of overall flows across the industry, adding $20.85 billion in net flows month-over-month.

ETFs tracking broad indices and mega cap companies led the way, with the SPDR S&P 500 ETF Trust (SPY) pulling in $5.1 billion, followed by a combined $11.8 billion between the Vanguard S&P 500 ETF (VOO), the Vanguard Total Stock Market ETF (VTI) and the Invesco QQQ Trust (QQQ).

The KraneShares CSI China Internet ETF (KWEB) rounded out the top 10 gainers for the month, with $1.4 billion in inflows. The activity in that fund appears to be driven by dip-buyers looking to snap up exposure to the industry despite Beijing’s ongoing crackdown on big technology firms within its borders.

Domestic fixed income product inflows gained by 33% to $16.8 billion in the two periods, led by a $2.5 billion inflow into the iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD) and $1.7 billion into the iShares TIPS Bond ETF (TIP). Despite the inflows in August, LQD has lost the most assets in 2021, with outflows of $11.3 billion year-to-date.

Gold, Dividend Plays Fall

The SPDR Gold Trust (GLD) was by far the largest loser in the month, posting outflows of $1.7 billion for the month and a loss of 3% of its AUM. Investors have pulled almost $9.5 billion in assets out of the fund so far this year.

ETFs providing exposure to dividend-paying large cap companies also suffered in the month. The SPDR S&P Dividend ETF (SDY) was the second largest loser, with $941 million in outflows, while the Invesco S&P 500 High Dividend Low Volatility ETF (SPHD) lost $496.4 million.

SPY Reaches Milestone

SPY crossed the $400 billion mark at the very end of the month. It’s an astronomical number in ETF terms, but a look at the history of the first exchange-traded fund on the U.S. markets puts its acceleration in accumulating assets into focus.

 

 

Consider the following:

It took approximately 7,060 days for SPY to hold $100 billion in assets at the end of a month, when it closed with $106.5 billion at the close of March 2012. It nearly broke that mark in December 2007 and 2008.

Investors then brought SPY’s assets from $100 billion to $200 billion in just over 920 days, crossing the mark sometime in December 2014.

The gap between $200 billion and $300 billion in assets spanned about 1,150 days after investors sold off in the first half of 2015. SPY hit the month-end mark at the end of January 2018 with $306.5 billion in assets. Approximately 975 days have passed between when the $300 billion mark was broken in late 2018 and today.

But the bull parade that has been U.S. equities through much of the pandemic was what propelled SPY to its new watermark. SPY hit its pandemic low of $224.9 billion at the end of last March. It took approximately 520 days for it to gain $175 billion in assets.

Ben Johnson, director of global ETF research at Morningstar, said the milestone is interesting in the broader context of how the nearly $7 trillion U.S. ETF market has developed over the past several decades.

However, he cautioned that SPY’s rise in assets was aided by forces other than organic growth.

“I would argue that the first $100 billion was the most noteworthy and the hardest-fought $100 billion, and the next $300 billion that has been added since were built on momentum, built on relatively bigger bases, and got a huge amount of help from just the market at large,” he said.

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

 

Top Gainers (August 2021)

Ticker

Name

Issuer

Net Flows ($,mm)

AUM ($M)

% of AUM

YTD 2021 Net Flows($,M)

SPY

SPDR S&P 500 ETF Trust

State Street Global Advisors

5,124.69

399,669.13

1.28%

3,005.40

VOO

Vanguard S&P 500 ETF

Vanguard

4,887.05

256,021.17

1.91%

36,588.68

VTI

Vanguard Total Stock Market ETF

Vanguard

4,329.28

272,543.11

1.59%

27,836.00

QQQ

Invesco QQQ Trust

Invesco

2,591.26

193,122.21

1.34%

8,814.24

LQD

iShares iBoxx USD Investment Grade Corporate Bond ETF

Blackrock

2,541.29

42,843.15

5.93%

-11,248.32

TIP

iShares TIPS Bond ETF

Blackrock

1,771.01

33,204.43

5.33%

6,298.82

SCZ

iShares MSCI EAFE Small-Cap ETF

Blackrock

1,647.47

15,149.63

10.87%

2,335.50

XLF

Financial Select Sector SPDR Fund

State Street Global Advisors

1,619.89

43,428.28

3.73%

9,706.80

ESGU

iShares ESG Aware MSCI USA ETF

Blackrock

1,539.22

22,919.72

6.72%

6,348.84

KWEB

KraneShares CSI China Internet ETF

CICC

1,434.57

6,403.70

22.40%

4,972.90

 

Top Gainers (Year-to-Date)

Ticker

Name

Issuer

Net Flows ($,mm)

AUM ($M)

% of AUM

August 2021 Net Flows($,M)

VOO

Vanguard S&P 500 ETF

Vanguard

36,588.68

256,021.17

14.29%

4,887.05

VTI

Vanguard Total Stock Market ETF

Vanguard

27,836.00

272,543.11

10.21%

4,329.28

IVV

iShares Core S&P 500 ETF

Blackrock

14,997.57

305,669.54

4.91%

1,365.27

BND

Vanguard Total Bond Market ETF

Vanguard

14,520.56

81,573.82

17.80%

1,287.14

BSV

Vanguard Short-Term Bond ETF

Vanguard

11,851.06

41,203.73

28.76%

731.99

VTV

Vanguard Value ETF

Vanguard

11,435.85

85,572.44

13.36%

694.60

IEMG

iShares Core MSCI Emerging Markets ETF

Blackrock

9,733.04

79,463.64

12.25%

0.00

XLF

Financial Select Sector SPDR Fund

State Street Global Advisors

9,706.80

43,428.28

22.35%

1,619.89

IUSB

iShares Core Total USD Bond Market ETF

Blackrock

9,415.32

15,408.98

61.10%

231.03

QQQ

Invesco QQQ Trust

Invesco

8,814.24

193,122.21

4.56%

2,591.26

 

Biggest Losers (August 2021)

Ticker

Name

Issuer

Net Flows ($,mm)

AUM ($M)

% of AUM

YTD 2021 Net Flows($,M)

GLD

SPDR Gold Trust

State Street Global Advisors

-1,774.39

57,819.62

-3.07%

-9,492.28

SDY

SPDR S&P Dividend ETF

State Street Global Advisors

-941.44

19,878.02

-4.74%

-166.68

MBB

iShares MBS ETF

Blackrock

-576.08

24,929.52

-2.31%

-15.85

SOXL

Direxion Daily Semiconductor Bull 3X Shares

Direxion

-537.56

3,907.70

-13.76%

88.93

EWZ

iShares MSCI Brazil ETF

Blackrock

-519.18

5,084.05

-10.21%

-1,453.87

ARKK

ARK Innovation ETF

ARK

-512.72

22,485.97

-2.28%

6,185.09

XOP

SPDR S&P Oil & Gas Exploration & Production ETF

State Street Global Advisors

-504.65

2,849.08

-17.71%

-340.71

SPHD

Invesco S&P 500 High Dividend Low Volatility ETF

Invesco

-496.37

3,021.25

-16.43%

65.66

XLE

Energy Select Sector SPDR Fund

State Street Global Advisors

-492.54

22,170.64

-2.22%

4,510.02

FAS

Direxion Daily Financial Bull 3x Shares

Direxion

-467.03

3,209.86

-14.55%

-956.90

 

Biggest Losers (Year-to-Date)

Ticker

Name

Issuer

Net Flows ($,mm)

AUM ($M)

% of AUM

August 2021 Net Flows($,M)

LQD

iShares iBoxx USD Investment Grade Corporate Bond ETF

Blackrock

-11,248.32

42,843.15

-26.25%

2,541.29

GLD

SPDR Gold Trust

State Street Global Advisors

-9,492.28

57,819.62

-16.42%

-1,774.39

USMV

iShares MSCI USA Min Vol Factor ETF

Blackrock

-8,416.40

28,807.11

-29.22%

-238.50

HYG

iShares iBoxx USD High Yield Corporate Bond ETF

Blackrock

-5,933.59

20,044.21

-29.60%

-26.79

SHV

iShares Short Treasury Bond ETF

Blackrock

-3,491.02

14,335.43

-24.35%

-59.65

JNK

SPDR Bloomberg Barclays High Yield Bond ETF

State Street Global Advisors

-3,119.83

9,493.40

-32.86%

89.58

EFAV

iShares MSCI EAFE Min Vol Factor ETF

Blackrock

-2,613.21

8,640.28

-30.24%

-165.29

USO

United States Oil Fund LP

Concierge Technologies

-2,261.75

2,659.27

-85.05%

-136.43

IHI

iShares U.S. Medical Devices ETF

Blackrock

-2,089.69

8,594.22

-24.32%

183.37

IVW

iShares S&P 500 Growth ETF

Blackrock

-1,915.36

37,522.85

-5.10%

228.17

 

Asset Classes (August 2021)

 

Net Flows ($, mm)

AUM ($, mm)

% of AUM

U.S. Equity

39,841.02

4,039,224.14

0.99%

International Equity

9,304.27

1,300,997.29

0.72%

U.S. Fixed Income

16,876.53

1,079,777.69

1.56%

International Fixed Income

2,550.98

149,681.55

1.70%

Commodities

-2,010.49

138,119.15

-1.46%

Currency

-47.24

1,922.75

-2.46%

Leveraged

-1,657.34

64,057.42

-2.59%

Inverse

879.64

11,850.39

7.42%

Asset Allocation

600.96

18,322.58

3.28%

Alternatives

469.75

6,728.61

6.98%

Total:

66,808.08

6,810,681.57

0.98%

 

Asset Classes (Year-to-Date)

 

Net Flows ($, mm)

AUM ($, mm)

% of AUM

U.S. Equity

280,854.36

4,039,224.14

6.95%

International Equity

161,541.13

1,300,997.29

12.42%

U.S. Fixed Income

115,531.55

1,079,777.69

10.70%

International Fixed Income

27,454.62

149,681.55

18.34%

Commodities

-3,285.06

138,119.15

-2.38%

Currency

42.84

1,922.75

2.23%

Leveraged

-1,073.92

64,057.42

-1.68%

Inverse

5,150.70

11,850.39

43.46%

Asset Allocation

3,532.70

18,322.58

19.28%

Alternatives

2,559.32

6,728.61

38.04%

Total:

592,308.25

6,810,681.57

8.70%

 

August 2021 ETF Issuer League Table

Issuer

Net Flows ($,M)

AUM ($,M)

% of AUM

YTD 2021 Net Flows($,M)

Blackrock

20,121.70

2,372,712.11

0.85%

121,622.53

Vanguard

23,659.78

1,956,127.24

1.21%

231,094.00

State Street Global Advisors

8,487.13

1,025,370.37

0.83%

49,556.56

Invesco

5,183.76

380,673.26

1.36%

35,184.94

Charles Schwab

2,072.33

257,062.55

0.81%

28,118.17

First Trust

1,753.02

141,589.64

1.24%

17,123.15

JPMorgan Chase

1,128.59

68,884.74

1.64%

19,614.11

VanEck

-374.87

61,532.27

-0.61%

7,596.72

ProShares

526.73

61,427.15

0.86%

4,891.88

WisdomTree

-134.16

45,982.31

-0.29%

2,802.07

ARK

-1,132.31

44,686.95

-2.53%

13,518.89

Mirae Asset Global Investments Co., Ltd.

1,042.62

38,013.09

2.74%

14,421.84

Dimensional Holdings

418.15

32,241.21

1.30%

2,150.85

Fidelity

394.17

31,906.03

1.24%

3,822.84

Allianz

-24.74

26,930.34

-0.09%

901.47

Direxion

-1,228.67

25,506.16

-4.82%

189.82

Goldman Sachs

209.41

25,456.40

0.82%

313.31

Deutsche Bank

-106.31

22,522.89

-0.47%

1,038.74

Northern Trust

295.46

19,073.98

1.55%

2,970.31

CICC

1,561.23

12,468.46

12.52%

8,378.35

Franklin Templeton

73.20

9,438.12

0.78%

215.07

SS&C

-131.67

8,801.34

-1.50%

162.59

Pacer Advisors

308.17

8,597.09

3.58%

1,817.41

American Century Investments

300.41

8,010.39

3.75%

3,319.55

Exchange Traded Concepts

116.00

7,452.38

1.56%

1,757.70

ETFMG

-59.74

7,190.90

-0.83%

1,289.46

Standard Life Aberdeen

13.45

6,858.15

0.20%

778.50

Crestview

127.52

6,836.05

1.87%

366.36

Innovator

14.18

5,580.50

0.25%

1,187.90

Principal

49.70

5,492.95

0.90%

1,014.91

Manulife

14.00

5,186.56

0.27%

-595.90

Nuveen Securities

320.59

4,795.83

6.68%

1,639.35

Amplify Investments

78.84

4,712.05

1.67%

1,339.38

New York Life

80.81

4,559.61

1.77%

416.53

The Hartford

34.73

4,325.17

0.80%

349.41

Janus Henderson

7.90

4,145.25

0.19%

197.37

Concierge Technologies

-218.74

3,957.42

-5.53%

-2,648.38

US Global Investors

65.97

3,473.58

1.90%

473.63

Barclays

320.77

3,179.55

10.09%

1,487.35

BMO

83.27

3,134.71

2.66%

452.96

Toroso Investments

143.05

2,618.43

5.46%

904.65

AdvisorShares

24.26

2,104.49

1.15%

1,349.51

Prudential

210.41

2,076.99

10.13%

697.62

Ameriprise Financial

26.70

1,653.01

1.62%

370.99

O’Shares Investments

-9.88

1,603.40

-0.62%

-0.01

Defiance ETFs

23.21

1,563.12

1.48%

413.22

Aptus Capital Advisors

133.51

1,532.47

8.71%

473.74

GraniteShares

15.28

1,517.80

1.01%

171.62

Vident

-69.00

1,482.97

-4.65%

-40.50

Virtus Investment Partners

39.85

1,321.58

3.01%

338.36

Davis Advisers

1.73

1,272.86

0.14%

124.50

UBS

0.00

1,261.33

0.00%

-57.74

Cambria

38.05

1,124.38

3.38%

241.22

Inspire

34.31

1,074.45

3.19%

212.42

Credit Suisse Group AG

-10.99

1,061.77

-1.03%

282.69

Main Management

16.23

1,049.45

1.55%

249.64

Rational Capital LLC

160.31

1,047.31

15.31%

799.66

EMPIRICAL FINANCE LLC

16.62

1,012.25

1.64%

266.54

The Bank of New York Mellon Corp.

42.72

982.76

4.35%

374.90

Nationwide

98.08

968.51

10.13%

413.34

Aegon

-2.85

815.51

-0.35%

-41.43

The Motley Fool

6.17

718.33

0.86%

75.39

Horizon Kinetics LLC

50.28

678.75

7.41%

639.24

Simplify Asset Management Inc.

61.00

655.22

9.31%

484.66

Roundhill Investments

11.84

579.37

2.04%

280.86

Howard Capital Management

97.79

553.32

17.67%

166.66

Renaissance Capital

-48.30

548.70

-8.80%

-205.31

Timothy Plan

4.63

506.28

0.91%

41.45

Tortoise

-41.17

501.82

-8.20%

3.05

Merk

6.76

501.52

1.35%

83.54

Redwood Investment Management

13.40

459.24

2.92%

-10.34

TrimTabs

-15.31

434.64

-3.52%

8.50

T. Rowe Price Group, Inc.

23.85

428.81

5.56%

210.12

Liquid Strategies

12.55

424.86

2.95%

97.26

Distillate Capital

19.44

408.94

4.75%

138.09

SRN Advisors

-13.94

371.28

-3.75%

46.43

Regents Park Funds

10.56

359.99

2.93%

78.59

Sprott

1.75

350.57

0.50%

19.90

Al Marketing LLC

-7.54

346.29

-2.18%

-50.53

ClearShares LLC

0.00

342.76

0.00%

89.49

ProFund Advisors LLC

75.81

312.67

24.24%

334.35

Teucrium

-15.07

293.82

-5.13%

-96.52

WBI

-2.80

293.19

-0.96%

-6.79

Donald L. Hagan LLC

12.20

287.35

4.24%

109.59

Government of Sweden

-6.80

284.48

-2.39%

-5.99

Little Harbor Advisors

32.30

226.21

14.28%

148.84

Core Alternative Capital

21.18

214.28

9.88%

64.74

Mcivy Co. LLC

0.00

208.53

0.00%

114.67

Intangible Capital

0.00

200.53

0.00%

2.48

Syntax Advisors

0.00

195.50

0.00%

48.05

Cavalier16

27.73

194.58

14.25%

38.47

Capital Impact Advisors

-1.96

186.51

-1.05%

-7.14

TrueMark Investments

12.55

181.79

6.91%

98.54

Impact Shares

28.71

159.10

18.04%

114.25

Tuttle Tactical Management, LLC

-81.27

150.51

-54.00%

-16.47

Wahed

8.82

139.37

6.33%

54.65

ProcureAM

-1.52

134.73

-1.12%

75.74

Advisors Asset Management

6.00

133.50

4.49%

84.23

Arrow Funds

-5.91

129.44

-4.57%

-2.69

Gadsden

2.25

120.37

1.87%

18.79

Kingsview Partners LLC

4.85

113.44

4.28%

103.44

Swan Global Investments

26.06

110.88

23.50%

103.29

AGF

0.00

108.98

0.00%

-15.01

CornerCap Investment Counsel, Inc.

-1.06

105.90

-1.00%

29.06

Wainwright, Inc.

0.00

103.57

0.00%

90.25

Change Finance

12.01

93.96

12.78%

48.71

Emles Advisors LLC

-4.75

93.51

-5.08%

25.51

Humankind USA LLC

5.65

93.49

6.04%

81.92

Exponential ETFs

0.00

82.40

0.00%

1.20

Pettee Investors

4.11

82.20

5.00%

25.89

iM Square SAS

-0.92

76.90

-1.19%

17.44

Groupe BPCE

5.39

73.90

7.30%

18.05

Metaurus Advisors

1.03

68.63

1.50%

6.93

Neil Azous Revocable Trust

11.17

65.18

17.14%

42.74

Beyond Investing

3.03

64.15

4.73%

18.65

Guinness Atkinson Asset Management

0.00

56.14

0.00%

15.08

Absolute Investment Advisers LLC

0.69

52.13

1.32%

10.53

Alger Group Holdings LLC

3.81

50.79

7.51%

39.19

Toews Corp.

3.95

49.90

7.91%

0.38

Esoterica

-7.06

46.70

-15.12%

20.77

Infusive Asset Management

0.00

45.16

0.00%

8.53

Highland Capital Management

-0.01

41.72

-0.02%

-11.39

Alexis Investment Partners LLC

2.06

41.29

4.98%

22.73

Premise Capital

0.00

40.61

0.00%

-14.10

Formidable Asset Management

15.14

39.65

38.19%

38.38

Rayliant Investment Research

2.55

38.47

6.64%

38.76

2nd Vote Value Investments, Inc

3.31

37.57

8.82%

28.71

Red Gate Advisers LLC

0.27

37.26

0.73%

5.87

ETF Series Solutions

1.42

36.45

3.89%

6.00

Inverdale Capital Management LLC

0.88

35.47

2.48%

28.82

Cabot ETF Partners LLC

-0.26

34.75

-0.75%

33.15

Pacific Life

0.00

31.73

0.00%

2.44

AlphaMark Advisors

0.00

26.57

0.00%

-1.41

Truist

1.54

26.34

5.85%

2.38

Uncommon Investment Advisors LLC

0.78

24.71

3.16%

22.84

Ridgeline Research LLC

9.01

23.43

38.46%

18.94

Knights of Columbus

8.18

21.64

37.81%

21.36

MCCM Group LLC

-0.87

20.11

-4.30%

32.20

Changebridge Capital LLC

-0.26

17.27

-1.49%

10.40

The Leuthold Group LLC

0.00

15.49

0.00%

1.43

Applied Finance Group

6.02

15.00

40.11%

13.16

GAMCO Investors, Inc.

0.29

14.73

1.94%

7.55

Mairs & Power, Inc.

1.52

14.41

10.56%

14.31

ASYMmetric ETFs

3.35

13.49

24.83%

13.08

Point Bridge Capital

0.00

12.97

0.00%

1.00

EquBot

0.00

12.02

0.00%

4.82

New Age Alpha Advisors LLC

2.30

10.93

21.06%

8.54

Alternative Access Funds LLC

0.00

10.03

0.00%

0.00

Whitford Asset Management

-14.22

9.96

-142.75%

5.85

Counterpoint Mutual Funds LLC

-2.40

9.09

-26.40%

-3.60

Water Island Capital Partners LP

0.00

7.81

-0.02%

1.28

Jacob Asset Management

1.60

7.41

21.52%

7.06

Global Beta Advisors

0.00

5.15

0.00%

-2.99

Future Fund Advisors

4.53

4.61

98.45%

4.53

Reflection Asset Management, LLC

0.00

4.36

-0.02%

1.29

Democracy Investment Management LLC

0.67

3.99

16.70%

3.28

Spear Advisors LLC

2.02

2.12

95.30%

2.02

Wilshire Phoenix Funds LLC

0.00

1.80

0.00%

0.00

Chadds Ford Investment Management LLC

0.00

0.75

0.00%

0.75

Zacks Investment Management

0.72

0.73

99.24%

0.72

Eaton Vance Corp.

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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