July ETF Flows Total Massive $53B
The "Brexit" panic didn't last long. After two short days of selling, stock markets bounced back hard in the month after the vote, hitting record highs in the U.S. and multimonth highs elsewhere. Keying off those stock market moves and confident that Brexit wasn't the event that would derail the global economy, investors rushed back into ETFs in a big way in July.
U.S.-listed exchange-traded funds saw net inflows of $52.5 billion in the latest month, almost as much money as had flowed into ETFs in the first six months of the year, according to FactSet.
That put the year-to-date haul for ETFs at $117.2 billion, and the total amount of assets under management in U.S.-listed ETFs at $2.37 trillion.
Equities AND Bonds Garner Inflows
Most of the money in July went into U.S. equity ETFs, which took in $30.1 billion. But even as investors' risk tolerance increased, they continued to favor safe-haven bond products as well, as evidenced by the $11.6 billion that flowed into fixed-income ETFs.
International equity ETFs saw a smaller $3.1 billion net inflow, while international fixed-income products had a net inflow of $2.7 billion. The only other asset classes to see more than $1 billion come in were commodities, with $2 billion; and alternatives, with $1.9 billion.
Emerging Market ETFs In Favor
In terms of individual ETFs, the SPDR S&P 500 ETF (SPY | A-97), the world's largest ETF, took the No. 1 spot, with inflows of $14.7 billion. SPY now has a whopping $198.6 billion in total AUM.
Two other S&P 500 products made the top 10, including the iShares Core S&P 500 ETF (IVV | A-96) and the Vanguard S&P 500 Index Fund (VOO | A-96), with inflows of $2.1 billion and $1.2 billion, respectively.
Also in favor was the iShares MSCI Emerging Markets ETF (EEM | B-100), which had $4 billion in inflows, and the cheaper iShares Core MSCI Emerging Markets ETF (IEMG | A-99), which had $1.3 billion in inflows. The interest in these ETFs suggests that some investors sought value in the beaten-down emerging markets equities space during the month.
Another emerging markets ETF to make the list was the iShares JP Morgan USD Emerging Markets Bond ETF (EMB | B-58), a dollar-denominated fixed-income product that strives for higher yields. It had $1.8 billion worth of inflows in July.
Rounding out the top 10 were two ETF bond products: the iShares iBoxx $ High Yield Corporate Bond ETF (HYG | B-68) and the iShares Core U.S. Aggregate Bond ETF (AGG | A-98). HYG had inflows of $1.7 billion, while AGG garnered inflows of $1.5 billion.
Europe ETFs Shed Assets
On the other side of the ledger, international equity ETFs―and in particular, Europe ETFs―fell out of favor in July, as they couldn't shake off the Brexit-fueled uncertainty. The iShares MSCI Eurozone ETF (EZU | A-83) topped the list, with outflows of $1.7 billion.
Other Europe ETFs to see substantial outflows were the Vanguard FTSE Europe ETF (VGK | A-97), the WisdomTree Europe Hedged Equity Fund (HEDJ | B-47) and the iShares MSCI Germany ETF (EWG | A-95). VGK had outflows of $1.4 billion; HEDJ lost $1.3 billion; and EWG saw $588 million come out of the fund.
Outside of Europe ETFs, the iShares MSCI Japan ETF (EWJ | B-93) and the Deutsche X-trackers MSCI EAFE Hedged Equity ETF (DBEF | B-75) were two other international equity ETFs with notable outflows in the month. EWJ had outflows of $1.5 billion, while DBEF had outflows of almost $1 billion.
Meanwhile, four U.S. stock market sector funds also made the top 10 outflows list: The Financial Select Sector SPDR Fund (XLF | A-93), the Technology Select Sector SPDR Fund (XLK | A-92), the Energy Select Sector SPDR Fund (XLE | A-92) and the Consumer Staples Select Sector SPDR Fund (XLP | A-92).
For a full list of fund flows for the month of July, see the tables below:
Top Gainers, July 2016
Ticker | Fund | Issuer | July 2016 Net Flows ($M) | July 2016 AUM ($M) | % of AUM | YTD 2016 Net Flows ($M) |
SPY | SPDR S&P 500 ETF Trust | SPDR | 14,735.38 | 198,610.64 | 7.42% | 5,248.98 |
EEM | iShares MSCI Emerging Markets ETF | iShares | 4,019.36 | 28,068.90 | 14.32% | 4,486.73 |
IVV | iShares Core S&P 500 ETF | iShares | 2,070.73 | 77,455.62 | 2.67% | 2,619.19 |
LQD | iShares iBoxx $ Investment Grade Corporate Bond ETF | iShares | 2,019.12 | 31,609.98 | 6.39% | 5,445.64 |
EMB | iShares JP Morgan USD Emerging Markets Bond ETF | iShares | 1,764.73 | 8,867.40 | 19.90% | 3,721.83 |
HYG | iShares iBoxx $ High Yield Corporate Bond ETF | iShares | 1,700.25 | 16,673.84 | 10.20% | 1,162.05 |
AGG | iShares Core U.S. Aggregate Bond ETF | iShares | 1,531.34 | 40,316.97 | 3.80% | 8,249.22 |
IWM | iShares Russell 2000 ETF | iShares | 1,299.73 | 27,747.65 | 4.68% | -1,527.79 |
IEMG | iShares Core MSCI Emerging Markets ETF | iShares | 1,257.28 | 14,531.45 | 8.65% | 3,650.23 |
VOO | Vanguard S&P 500 Index Fund | Vanguard | 1,223.16 | 49,289.90 | 2.48% | 6,050.30 |
Top Gainers, YTD 2016
Ticker | Fund | Issuer | YTD 2016 Net Flows ($M) | YTD 2016 AUM ($M) | % of AUM | July 2016 Net Flows ($M) |
GLD | SPDR Gold Trust | SPDR | 12,530.11 | 41,318.29 | 30.33% | 352.49 |
AGG | iShares Core U.S. Aggregate Bond ETF | iShares | 8,249.22 | 40,316.97 | 20.46% | 1,531.34 |
USMV | iShares Edge MSCI Min Vol USA ETF | iShares | 6,669.07 | 15,279.22 | 43.65% | 533.42 |
VOO | Vanguard S&P 500 Index Fund | Vanguard | 6,050.30 | 49,289.90 | 12.27% | 1,223.16 |
VEA | Vanguard FTSE Developed Markets ETF | Vanguard | 5,697.36 | 34,788.95 | 16.38% | 892.81 |
LQD | iShares iBoxx $ Investment Grade Corporate Bond ETF | iShares | 5,445.64 | 31,609.98 | 17.23% | 2,019.12 |
SPY | SPDR S&P 500 ETF Trust | SPDR | 5,248.98 | 198,610.64 | 2.64% | 14,735.38 |
EEM | iShares MSCI Emerging Markets ETF | iShares | 4,486.73 | 28,068.90 | 15.98% | 4,019.36 |
VNQ | Vanguard REIT Index Fund | Vanguard | 4,251.27 | 36,014.74 | 11.80% | 573.03 |
EMB | iShares JP Morgan USD Emerging Markets Bond ETF | iShares | 3,721.83 | 8,867.40 | 41.97% | 1,764.73 |
Biggest Losers, July 2016
Ticker | Fund | Issuer | July 2016 Net Flows ($M) | July 2016 AUM ($M) | % of AUM | YTD 2016 Net Flows ($M) |
EZU | iShares MSCI Eurozone ETF | iShares | -1,695.08 | 8,600.92 | -19.71% | -4,975.54 |
EWJ | iShares MSCI Japan ETF | iShares | -1,503.91 | 13,463.06 | -11.17% | -5,535.50 |
VGK | Vanguard FTSE Europe ETF | Vanguard | -1,438.77 | 11,624.74 | -12.38% | -2,613.76 |
HEDJ | WisdomTree Europe Hedged Equity Fund | WisdomTree | -1,329.38 | 9,934.55 | -13.38% | -6,314.48 |
DBEF | Deutsche X-trackers MSCI EAFE Hedged Equity ETF | Deutsche X-trackers | -979.65 | 10,304.82 | -9.51% | -2,238.49 |
XLF | Financial Select Sector SPDR Fund | SPDR | -805.90 | 15,301.11 | -5.27% | -3,685.07 |
EWG | iShares MSCI Germany ETF | iShares | -588.28 | 3,746.13 | -15.70% | -1,948.75 |
XLK | Technology Select Sector SPDR Fund | SPDR | -550.33 | 12,484.31 | -4.41% | -2,033.89 |
XLE | Energy Select Sector SPDR Fund | SPDR | -545.11 | 13,546.63 | -4.02% | 683.61 |
XLP | Consumer Staples Select Sector SPDR Fund | SPDR | -521.76 | 9,339.44 | -5.59% | 449.32 |
Biggest Losers, YTD 2016
Ticker | Fund | Issuer | YTD 2016 Net Flows ($M) | YTD 2016 AUM ($M) | % of AUM | July 2016 Net Flows ($M) |
HEDJ | WisdomTree Europe Hedged Equity Fund | WisdomTree | -6,314.48 | 9,934.55 | -63.56% | -1,329.38 |
EWJ | iShares MSCI Japan ETF | iShares | -5,535.50 | 13,463.06 | -41.12% | -1,503.91 |
QQQ | PowerShares QQQ Trust | PowerShares | -5,094.11 | 38,229.32 | -13.33% | 928.15 |
EZU | iShares MSCI Eurozone ETF | iShares | -4,975.54 | 8,600.92 | -57.85% | -1,695.08 |
DXJ | WisdomTree Japan Hedged Equity Fund | WisdomTree | -4,575.48 | 7,715.88 | -59.30% | 502.45 |
XLF | Financial Select Sector SPDR Fund | SPDR | -3,685.07 | 15,301.11 | -24.08% | -805.90 |
IWF | iShares Russell 1000 Growth ETF | iShares | -2,627.97 | 30,305.56 | -8.67% | -374.05 |
VGK | Vanguard FTSE Europe ETF | Vanguard | -2,613.76 | 11,624.74 | -22.48% | -1,438.77 |
DBEF | Deutsche X-trackers MSCI EAFE Hedged Equity ETF | Deutsche X-trackers | -2,238.49 | 10,304.82 | -21.72% | -979.65 |
FXH | First Trust Health Care AlphaDEX Fund | First Trust | -2,083.99 | 1,139.94 | -182.82% | -35.95 |
Asset Class Data, July 2016
Net Flows ($M) | AUM ($M) | % of AUM | |
U.S. Equity | 30,137.73 | 1,312,531.57 | 2.30% |
International Equity | 3,148.81 | 492,752.53 | 0.64% |
U.S. Fixed Income | 11,606.73 | 396,166.79 | 2.93% |
International Fixed Income | 2,694.90 | 39,167.12 | 6.88% |
Commodities | 1,974.89 | 74,797.90 | 2.64% |
Currency | 103.79 | 1,509.68 | 6.87% |
Leveraged | 33.27 | 24,936.92 | 0.13% |
Inverse | 853.85 | 19,465.34 | 4.39% |
Asset Allocation | 90.03 | 6,276.24 | 1.43% |
Alternatives | 1,918.78 | 4,385.09 | 43.76% |
Total: | 52,562.77 | 2,371,989.19 | 2.22% |
Asset Class Data, YTD 2016
Net Flows ($M) | AUM ($M) | % of AUM | |
U.S. Equity | 35,437.72 | 1,312,531.57 | 2.70% |
International Equity | -6,212.70 | 492,752.53 | -1.26% |
U.S. Fixed Income | 52,253.15 | 396,166.79 | 13.19% |
International Fixed Income | 8,280.11 | 39,167.12 | 21.14% |
Commodities | 17,684.27 | 74,797.90 | 23.64% |
Currency | 90.77 | 1,509.68 | 6.01% |
Leveraged | -194.56 | 24,936.92 | -0.78% |
Inverse | 7,218.56 | 19,465.34 | 37.08% |
Asset Allocation | -164.41 | 6,276.24 | -2.62% |
Alternatives | 2,792.62 | 4,385.09 | 63.68% |
Total: | 117,185.53 | 2,371,989.19 | 4.94% |
July 2016 Issuer Table
Issuer | Net Flows ($M) | AUM ($M) | % of AUM | YTD 2016 Net Flows ($M) |
BlackRock | 20,191.15 | 916,260.94 | 2.20% | 43,839.54 |
Vanguard | 7,110.36 | 561,948.02 | 1.27% | 47,113.35 |
SSgA | 14,173.99 | 459,359.56 | 3.09% | 13,397.16 |
Invesco PowerShares | 3,955.32 | 103,368.08 | 3.83% | 1,864.40 |
Charles Schwab | 1,659.78 | 51,036.51 | 3.25% | 8,377.69 |
WisdomTree | -368.52 | 39,539.64 | -0.93% | -10,468.33 |
First Trust | 196.00 | 38,700.59 | 0.51% | -4,542.06 |
Van Eck | 758.31 | 29,913.46 | 2.53% | 2,802.62 |
Guggenheim | 264.28 | 29,276.80 | 0.90% | -366.93 |
ProShares | 2,291.60 | 26,623.89 | 8.61% | 7,930.74 |
Deutsche Bank | -789.36 | 16,486.18 | -4.79% | -3,202.79 |
PIMCO | 146.18 | 12,053.09 | 1.21% | 764.78 |
ALPS | 205.26 | 11,532.09 | 1.78% | 655.23 |
Direxion | -347.85 | 10,335.13 | -3.37% | -55.55 |
Northern Trust | 374.84 | 10,010.83 | 3.74% | 1,590.73 |
Barclays Capital | 537.40 | 7,009.86 | 7.67% | 1,173.89 |
UBS | 329.87 | 6,242.89 | 5.28% | 794.55 |
US Commodity Funds | 122.69 | 4,513.23 | 2.72% | 148.36 |
JPMorgan | 69.55 | 4,437.87 | 1.57% | 426.58 |
Fidelity | 198.66 | 4,239.27 | 4.69% | 259.88 |
VelocityShares | 346.09 | 3,745.28 | 9.24% | 1,657.83 |
Global X | 119.54 | 3,724.23 | 3.21% | 213.03 |
ETF Securities | 39.92 | 2,521.78 | 1.58% | 201.86 |
Exchange Traded Concepts | 112.06 | 2,095.07 | 5.35% | 213.25 |
IndexIQ | 118.92 | 2,032.91 | 5.85% | 380.57 |
Goldman Sachs | 301.41 | 2,014.96 | 14.96% | 980.05 |
Credit Suisse | -44.65 | 1,748.38 | -2.55% | 8.68 |
Millington Securities Inc | -39.60 | 1,264.03 | -3.13% | -212.96 |
AdvisorShares | -33.63 | 1,175.97 | -2.86% | 72.56 |
OppenheimerFunds | 18.40 | 1,066.75 | 1.72% | -9.76 |
Emerging Global Shares | 5.63 | 951.44 | 0.59% | -58.83 |
ETF Managers Group | 21.83 | 872.30 | 2.50% | -170.29 |
Pacer Financial | 4.40 | 665.76 | 0.66% | 131.34 |
Victory Capital Management | 45.30 | 576.29 | 7.86% | 176.76 |
John Hancock | 301.95 | 465.50 | 64.87% | 323.06 |
Swedish Export Credit | 25.73 | 409.00 | 6.29% | -17.38 |
Virtus | 1.92 | 405.97 | 0.47% | 58.48 |
Highland Capital Management | -12.97 | 401.23 | -3.23% | 97.74 |
FQF Trust | 68.82 | 357.40 | 19.26% | 265.74 |
Cambria | -2.78 | 285.54 | -0.97% | -34.93 |
The Principal Financial Group | -1.99 | 281.22 | -0.71% | 229.28 |
Franklin ETF Trust | -19.57 | 273.25 | -7.16% | -22.01 |
CitiGroup | 0.00 | 219.26 | 0.00% | 0.00 |
KraneShares | 20.96 | 201.13 | 10.42% | -9.64 |
Merk | 2.75 | 158.75 | 1.73% | 56.09 |
Teucrium | 43.10 | 154.81 | 27.84% | 67.13 |
Alpha Architect | 9.37 | 128.00 | 7.32% | 40.78 |
Arrow Investment Advisors | 0.00 | 113.90 | 0.00% | -10.73 |
Legg Mason | 18.64 | 95.39 | 19.54% | 71.69 |
Lattice Strategies | 0.00 | 88.08 | 0.00% | 10.50 |
Janus | -7.91 | 80.67 | -9.81% | -18.83 |
Recon Capital | 3.28 | 64.24 | 5.10% | 16.40 |
ARK | 0.00 | 49.92 | 0.00% | 1.95 |
US Global Investors | -2.31 | 44.32 | -5.22% | -2.53 |
Reality Shares | -1.80 | 42.53 | -4.23% | -4.19 |
Academy Funds | 0.00 | 36.94 | 0.00% | -23.40 |
Montage Managers | 9.87 | 31.81 | 31.01% | 8.87 |
Columbia | 0.00 | 28.59 | 0.00% | -0.10 |
HSBC | 0.16 | 28.00 | 0.55% | -0.75 |
Calamos Investments | 0.00 | 27.37 | 0.00% | 0.00 |
AlphaMark Advisors | 0.00 | 24.70 | 0.00% | -6.84 |
Validea Capital Management | -1.20 | 20.61 | -5.83% | -2.35 |
Diamond Hill | 0.00 | 18.54 | 0.00% | 2.25 |
Royal Bank of Canada | 1.68 | 17.25 | 9.76% | 2.36 |
Aptus Capital Advisors | 2.62 | 16.85 | 15.54% | 13.93 |
Renaissance Capital | -1.01 | 14.00 | -7.22% | -6.42 |
TrimTabs Asset Management | 0.00 | 12.76 | 0.00% | -1.06 |
Elkhorn | 3.82 | 11.66 | 32.79% | 6.28 |
LocalShares | 0.00 | 11.06 | -0.02% | 0.00 |
CSOP | 0.00 | 7.93 | 0.00% | -15.95 |
AccuShares | 3.58 | 6.42 | 55.72% | 2.47 |
AlphaClone | 0.97 | 5.07 | 19.08% | 2.98 |
USCF Advisers | 0.00 | 3.83 | 0.00% | -1.53 |
Amplify | 0.00 | 2.62 | 0.00% | 0.00 |
Morgan Stanley | 0.00 | 0.00 | - | 0.00 |
Strategy Shares | 0.00 | 0.00 | - | -1.74 |
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