Thefeathers by raymond carver U.S. stock market falling to the cusp of a bear market didn’t slow ETF investors. They still added nearly $50 billion to U.S.-listed ETFs in December, propelling 2018 into the record books as the year with the second-largest inflows ever.
The $315.4 billion that ETFs collected in 2018 was behind only 2017’s $476.1 billion haul, an impressive showing in a volatile year for financial markets. In December, the S&P 500 plunged, briefly falling as much as 20% below its all-time high.
Yet remarkably, ETF investors added money to their U.S. equity holdings during the month. For 2018 as a whole, $135.7 billion entered U.S. equity ETFs.
The
iShares Core S&P 500 ETF (IVV)
, the
Vanguard S&P 500 ETF (VOO)
and the
Vanguard Total Stock Market ETF (VTI)
were among the biggest winners in the space, each with inflows of $9 billion or more.
Robust inflows for those funds more than offset the $16.5 billion that came out of the
SPDR S&P 500 ETF Trust (SPY)
and the $5.4 billion that came out of the
Financial Select Sector SPDR Fund (XLF)
.
IEFA Gains, EFA Sheds Assets
Meanwhile, international equity ETFs also saw inflows in 2018, to the tune of $69.6 billion—a strong showing considering outstanding concerns about Europe, China and emerging markets more broadly.
In fact, the
iShares Core MSCI EAFE ETF (IEFA)
took in the most money of all ETFs, $20.8 billion. On the other hand, the more expensive
iShares MSCI EAFE ETF (EFA)
was No. 2 on the outflows list, with redemptions of $10.6 billion.
The
iShares MSCI Eurozone ETF (EZU)
, the
WisdomTree Japan Hedged Equity Fund (DXJ)
and the
iShares MSCI Emerging Markets ETF (EEM)
also shed assets.
Short-Term Bonds Popular
U.S. fixed income, another area to get hit by volatility during the year, gained fresh assets from ETF investors. A cool $87.8 billion flowed into the space, even as interest rates gyrated wildly. The U.S. 10-year bond yield climbed to a seven-year high of 3.26% in November, before falling to an 11-month low of 2.68% in December, mirroring the quick shift in the economic outlook.
Short-term Treasury ETFs were the biggest winners of investors’ desire to capture higher rates, while minimizing interest rate risk. The
iShares Short Treasury Bond ETF (SHV)
more than doubled its assets, taking in a whopping $12.7 billion. The
iShares 1-3 Year Treasury Bond ETF (SHY)
and the
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (BIL)
also did well, with inflows of $9.3 billion and $6.6 billion, respectively.
In contrast, corporate bond ETFs like the
iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD)
, the
SPDR Bloomberg Barclays High Yield Bond ETF (JNK)
and the
iShares iBoxx USD High Yield Corporate Bond ETF (HYG)
were shunned, all losing billions in assets.
Story continues
For a full list of the top inflows and outflows for 2018, see the tables below:
Top Gainers (December 2018)
Ticker
Name
Issuer
Net Flows ($,mm)
AUM ($M)
% of AUM
YTD 2018 Net Flows($,M)
SHV
iShares Short Treasury Bond ETF
BlackRock
3,395.75
20,687.81
16.41%
12,694.07
SHY
iShares 1-3 Year Treasury Bond ETF
BlackRock
3,381.76
20,629.91
16.39%
9,316.16
IWD
iShares Russell 1000 Value ETF
BlackRock
2,627.33
37,311.63
7.04%
604.91
AGG
iShares Core U.S. Aggregate Bond ETF
BlackRock
2,582.80
56,794.17
4.55%
5,420.43
BSV
Vanguard Short-Term Bond ETF
Vanguard
2,371.13
27,912.76
8.49%
4,187.62
IVV
iShares Core S&P 500 ETF
BlackRock
2,304.09
148,093.14
1.56%
18,545.81
VEA
Vanguard FTSE Developed Markets ETF
Vanguard
2,079.77
64,829.81
3.21%
9,551.29
VTI
Vanguard Total Stock Market ETF
Vanguard
2,003.29
93,681.39
2.14%
9,823.25
ACWI
iShares MSCI ACWI ETF
BlackRock
1,935.96
10,536.62
18.37%
2,901.94
IWB
iShares Russell 1000 ETF
BlackRock
1,901.82
17,448.18
10.90%
-1,799.04
Top Gainers (Year-to-Date)
Ticker
Name
Issuer
Net Flows ($,mm)
AUM ($M)
% of AUM
December 2018 Net Flows($,M)
IEFA
iShares Core MSCI EAFE ETF
BlackRock
20,804.56
52,076.53
39.95%
860.27
IVV
iShares Core S&P 500 ETF
BlackRock
18,545.81
148,093.14
12.52%
2,304.09
IEMG
iShares Core MSCI Emerging Markets ETF
BlackRock
15,726.60
49,031.76
32.07%
1,377.31
VOO
Vanguard S&P 500 ETF
Vanguard
13,938.13
89,746.25
15.53%
-2,040.86
SHV
iShares Short Treasury Bond ETF
BlackRock
12,694.07
20,687.81
61.36%
3,395.75
VTI
Vanguard Total Stock Market ETF
Vanguard
9,823.25
93,681.39
10.49%
2,003.29
VEA
Vanguard FTSE Developed Markets ETF
Vanguard
9,551.29
64,829.81
14.73%
2,079.77
SHY
iShares 1-3 Year Treasury Bond ETF
BlackRock
9,316.16
20,629.91
45.16%
3,381.76
VTV
Vanguard Value ETF
Vanguard
8,513.52
41,061.36
20.73%
1,199.05
BIL
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF
State Street Global Advisors
6,628.21
8,571.24
77.33%
1,540.89
Biggest Losers (December 2018)
Ticker
Name
Issuer
Net Flows ($,mm)
AUM ($M)
% of AUM
YTD 2018 Net Flows($,M)
XLF
Financial Select Sector SPDR Fund
State Street Global Advisors
-3,226.34
22,636.73
-14.25%
-5,358.98
VOO
Vanguard S&P 500 ETF
Vanguard
-2,040.86
89,746.25
-2.27%
13,938.13
SPY
SPDR S&P 500 ETF Trust
State Street Global Advisors
-1,197.30
241,315.23
-0.50%
-16,507.12
FLOT
iShares Floating Rate Bond ETF
BlackRock
-1,004.73
11,315.45
-8.88%
4,828.07
SRLN
SPDR Blackstone / GSO Senior Loan ETF
State Street Global Advisors
-872.59
2,224.58
-39.23%
10.42
EMB
iShares JP Morgan USD Emerging Markets Bond ETF
BlackRock
-810.42
14,130.35
-5.74%
3,393.54
EZU
iShares MSCI Eurozone ETF
BlackRock
-754.60
6,380.78
-11.83%
-7,003.15
VGT
Vanguard Information Technology ETF
Vanguard
-712.45
17,179.38
-4.15%
-136.86
MTUM
iShares Edge MSCI U.S.A. Momentum Factor ETF
BlackRock
-699.68
7,921.28
-8.83%
3,186.96
VGK
Vanguard FTSE Europe ETF
Vanguard
-655.42
12,761.78
-5.14%
-2,501.29
Biggest Losers (Year-to-Date)
Ticker
Name
Issuer
Net Flows ($,mm)
AUM ($M)
% of AUM
December 2018 Net Flows($,M)
SPY
SPDR S&P 500 ETF Trust
State Street Global Advisors
-16,507.12
241,315.23
-6.84%
-1,197.30
EFA
iShares MSCI EAFE ETF
BlackRock
-10,630.26
62,007.95
-17.14%
1,417.02
EZU
iShares MSCI Eurozone ETF
BlackRock
-7,003.15
6,380.78
-109.75%
-754.60
LQD
iShares iBoxx USD Investment Grade Corporate Bond ETF
BlackRock
-6,830.59
29,561.61
-23.11%
-551.74
XLF
Financial Select Sector SPDR Fund
State Street Global Advisors
-5,358.98
22,636.73
-23.67%
-3,226.34
JNK
SPDR Bloomberg Barclays High Yield Bond ETF
State Street Global Advisors
-5,110.49
6,749.40
-75.72%
-213.14
DXJ
WisdomTree Japan Hedged Equity Fund
WisdomTree
-4,497.26
3,676.55
-122.32%
-513.50
EEM
iShares MSCI Emerging Markets ETF
BlackRock
-3,991.23
29,222.02
-13.66%
723.10
HYG
iShares iBoxx USD High Yield Corporate Bond ETF
BlackRock
-3,498.92
13,123.04
-26.66%
-650.54
VNQ
Vanguard Real Estate ETF
Vanguard
-3,387.56
27,778.81
-12.19%
-603.98
Asset Classes (December 2018)
Net Flows ($, mm)
AUM ($, mm)
% of AUM
U.S. Equity
15,215.91
1,872,625.44
0.81%
International Equity
16,777.97
731,511.39
2.30%
U.S. Fixed Income
17,429.50
589,853.63
2.97%
International Fixed Income
-1,049.50
65,159.70
-1.79%
Commodities ETFs
1,346.45
62,619.57
2.13%
Currency
43.95
1,798.70
2.44%
Leveraged
615.43
29,940.26
2.06%
Inverse
-1,290.53
11,468.34
-11.25%
Asset Allocation
664.07
9,317.76
7.13%
Alternatives
75.95
5,225.76
1.45%
Total:
49,829.19
3,379,520.54
1.47%
Asset Classes (Year-to-Date)
Net Flows ($, mm)
AUM ($, mm)
% of AUM
U.S. Equity
135,717.05
1,872,625.44
7.24%
International Equity
69,644.17
731,511.39
9.54%
U.S. Fixed Income
87,755.52
589,853.63
14.97%
International Fixed Income
10,962.95
65,159.70
16.02%
Commodities ETFs
906.67
62,619.57
1.44%
Currency
-59.70
1,798.70
-3.32%
Leveraged
7,740.81
29,940.26
25.84%
Inverse
827.82
11,468.34
7.22%
Asset Allocation
1,509.17
9,317.76
16.20%
Alternatives
478.60
5,225.76
9.16%
Total:
315,483.08
3,379,520.54
9.33%
December 2018 League Table
Issuer
Net Flows ($,M)
AUM ($,M)
% of AUM
YTD 2018 Net Flows($,M)
BlackRock
36,222.60
1,337,583.40
2.71%
134,266.19
Vanguard
11,023.35
850,327.88
1.30%
84,757.46
State Street Global Advisors
-1,648.25
568,122.90
-0.29%
-648.35
Invesco
718.89
168,046.08
0.43%
5,868.41
Charles Schwab
2,461.74
114,475.14
2.15%
28,362.95
First Trust
-925.75
61,013.60
-1.52%
9,986.38
WisdomTree
-273.58
35,323.75
-0.77%
-5,126.04
VanEck
527.72
34,173.08
1.54%
4,147.60
ProShares
-391.65
26,843.91
-1.46%
3,335.31
JPMorgan
2,891.19
20,061.57
14.41%
15,717.30
PIMCO
-122.50
18,321.14
-0.67%
3,906.48
Northern Trust
-404.30
14,149.04
-2.86%
-0.58
ALPS
175.87
11,652.07
1.51%
-300.09
Deutsche Bank
-441.58
10,890.40
-4.05%
-961.08
Rafferty Asset Management
271.99
10,809.76
2.52%
2,225.16
Fidelity
-660.64
10,653.01
-6.20%
2,836.50
Goldman Sachs
263.60
10,102.79
2.61%
4,487.82
Mirae Asset Global Investments
-218.31
8,049.08
-2.71%
1,772.69
UBS
34.98
5,808.03
0.60%
119.75
Barclays Bank PLC
-265.82
4,901.48
-5.69%
1,449.03
New York Life
187.75
4,049.12
4.64%
894.57
Exchange Traded Concepts
-145.83
4,015.88
-3.63%
-55.89
Credit Suisse
-454.73
3,635.95
-12.51%
498.53
Pacer Financial
238.07
3,224.98
7.38%
1,773.94
OppenheimerFunds
99.40
3,195.76
3.11%
1,155.81
The Principal Financial Group
11.02
3,005.00
0.37%
1,092.83
Victory Capital Management
-66.91
2,931.82
-2.28%
1,053.68
John Hancock
456.68
2,762.02
16.53%
1,967.14
ETF Managers Group
-81.65
2,760.00
-2.96%
1,346.68
US Commodity Funds
119.02
2,453.85
4.85%
-770.11
Aberdeen Asset Management
67.44
2,422.78
2.78%
-80.51
Hartford
322.49
2,389.76
13.49%
2,226.55
KraneShares
-7.78
1,973.56
-0.39%
1,251.70
ARK
-31.87
1,909.15
-1.67%
1,395.91
Franklin Templeton Investments
55.41
1,607.21
3.45%
768.29
USAA Asset Management
23.06
1,105.20
2.09%
920.84
Northern Lights
-26.76
1,083.52
-2.47%
439.68
Janus Henderson
59.35
982.27
6.04%
733.45
Legg Mason
5.78
777.87
0.74%
155.17
Millington Securities Inc
-18.83
776.16
-2.43%
-113.85
Transamerica
9.70
727.62
1.33%
-56.80
CitiGroup
135.64
722.61
18.77%
454.06
Innovator Capital Management
47.83
705.06
6.78%
328.21
AdvisorShares
-43.80
657.09
-6.67%
-141.78
Virtus
-17.59
656.28
-2.68%
-44.00
Columbia
-57.96
631.87
-9.17%
-489.41
Cambria
3.32
619.16
0.54%
7.58
O’Shares Investment Advisers
-170.23
559.00
-30.45%
-53.55
Davis
19.50
535.01
3.64%
304.37
Nuveen
11.58
526.72
2.20%
177.26
Amplify
-37.40
474.20
-7.89%
389.01
GraniteShares
3.61
380.33
0.95%
358.57
Alpha Architect
-7.78
374.04
-2.08%
138.37
Highland Capital Management
-100.13
372.14
-26.91%
-164.42
Nationwide Fund Advisors
-1.32
319.59
-0.41%
0.17
Montage Managers
110.75
278.94
39.70%
189.74
Strategy Shares
-3.69
272.12
-1.35%
236.90
PGIM Investments
66.10
265.89
24.86%
168.31
Aptus Capital Advisors
11.67
207.05
5.64%
171.37
Reality Shares
-7.97
202.61
-3.93%
131.87
The RBB Fund
-0.79
175.06
-0.45%
189.38
Arrow Investment Advisors
-2.40
157.84
-1.52%
5.05
Merk
2.49
143.33
1.74%
9.24
ClearShares
0.00
125.51
0.00%
23.65
TrimTabs Asset Management
-6.41
119.85
-5.35%
90.48
US Global Investors
2.80
96.12
2.92%
-2.21
American Century
3.29
78.63
4.18%
55.50
Exponential ETFs
0.05
62.24
0.08%
17.32
BMO
-233.94
61.23
-382.06%
-157.10
EntrepreneurShares, LLC
-0.76
60.54
-1.25%
14.68
Natixis
2.05
48.66
4.22%
13.89
FQF Trust
14.62
47.91
30.52%
19.89
Redwood Investment Management
1.10
47.64
2.31%
51.97
OBP Capital LLC
-2.41
42.02
-5.74%
-1.15
Premise Capital
0.00
32.88
0.00%
15.09
Point Bridge Capital
0.00
30.73
0.00%
3.06
Morgan Stanley
-0.00
22.83
-0.02%
-8.50
Diamond Hill
1.42
22.78
6.25%
6.28
Advisors Asset Management
0.00
22.10
0.00%
19.79
Cboe Vest Financial
4.09
21.92
18.66%
23.54
Validea Capital Management
0.00
21.61
0.00%
0.03
Gadsden
9.38
21.58
43.49%
21.89
AlphaMark Advisors
0.00
20.75
0.00%
-1.35
Active Weighting Advisors
0.51
17.46
2.95%
5.00
Metaurus Advisors
0.00
16.91
0.01%
13.45
Distillate Capital Partners
1.23
16.49
7.43%
18.10
Renaissance Capital
0.00
15.72
0.00%
-1.21
Sage Advisory Services
0.00
14.47
0.00%
4.84
CSOP
0.72
11.07
6.50%
5.66
Cushing
10.00
8.92
112.11%
10.00
StrongVest
0.00
8.46
0.00%
0.00
Salt Financial
0.54
8.19
6.56%
9.45
SL Advisors
0.00
8.09
0.00%
6.50
USCF Advisers
-1.92
7.29
-26.35%
-1.78
Little Harbor Advisors
0.00
6.01
0.00%
6.90
TigerShares
0.00
5.81
0.00%
6.13
Impact Shares
-0.00
5.45
-0.03%
6.10
Regents Park Funds
0.00
5.04
0.00%
3.82
Defiance ETFs
0.00
4.92
0.00%
6.08
Change Finance
0.91
4.39
20.74%
1.87
SerenityShares
0.00
3.81
0.00%
0.00
TriLine Index Solutions
0.00
3.80
0.00%
4.91
EquBot
0.00
3.12
0.00%
3.74
Whitford Asset Management
0.00
0.55
0.00%
-1.91
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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