The SPDR Gold Shares (NYSEArca:GLD), the $68 billion bullion
ETF, was the most popular exchange-traded fund last month, as
investors began positioning themselves for the possibility of the
Fed launching another round of quantitative easing aimed at
reviving flagging economic growth.
Overall, investors poured $5.75 billion into ETFs and, including
the Dow Jones industrial average's 0.6 percent gain last month,
total assets rose 2.2 percent to almost $1.235 trillion, according
to data compiled by IndexUniverse. That total was just shy of the
all-time high of $1.240 trillion reached on Wednesday, Aug. 29.
GLD was the leading edge of those flows-pulling in almost $2
billion in fresh assets-in a clear sign investors are starting to
believe the Federal Reserve will embark on a new round of bond
buying called 'quantitative easing.'
The purchases are designed to keep yields low and encourage
borrowing, while also boosting asset prices, such as stocks, bonds
and commodities. Gold prices get a shot in the arm because QE has
the effect of weakening the dollar, making the price of
dollar-priced gold go up. Gold futures spiked by 1.9 percent last
Friday after Bernanke hinted at the rising probability of QE3.
The No. 2 fund on IndexUniverse's 'Top Gainers' table was the
Vanguard MSCI Emerging Markets ETF (NYSEArca:VWO), followed by the
iShares Barclays 3-7 Year Treasury Bond Fund (NYSEArca:IEI). VWO
gathered $824.3 million, while IEI added $752.1 million.
Top Gainers
| Ticker |
Top Gainers July 2012 |
Issuer |
August 2012 Flows |
August 2012 AUM
($, M)
|
August 2012 Turnover |
| GLD |
SPDR Gold |
SSgA |
1,989.09 |
68,320.23 |
30,240.21 |
| VWO |
Vanguard MSCI Emerging Markets |
Vanguard |
824.26 |
53,532.20 |
16,735.28 |
| IEI |
iShares Barclays 3-7 Year Treasury Bond |
BlackRock |
752.12 |
2,945.25 |
1,551.45 |
| VXX |
iPath S&P 500 VIX Short-Term Futures
ETN |
Barclays Capital |
642.53 |
2,058.12 |
9,953.17 |
| LQD |
iShares iBoxx $ Investment Grade Corporate
Bond |
BlackRock |
595.88 |
24,033.19 |
5,433.28 |
| QQQ |
PowerShares QQQ |
Invesco PowerShares |
575.11 |
35,025.23 |
45,769.58 |
| UST |
ProShares Ultra 7-10 Year Treasury |
ProShares |
557.12 |
582.37 |
1,158.93 |
| XLK |
Technology Select SPDR |
SSgA |
552.63 |
10,119.62 |
5,437.25 |
| JNK |
SPDR Barclays Capital High Yield Bond |
SSgA |
369.90 |
11,939.95 |
3,170.48 |
| VNQ |
Vanguard REIT |
Vanguard |
344.46 |
14,154.11 |
2,623.09 |
Asset Classes
| Aug 2012 Flows By Asset Class |
Net Flows ($, M) |
AUM ($, M) |
% of AUM |
| U.S. Equity |
-4,115.25 |
567,398.80 |
-0.73% |
| International Equity |
1,910.73 |
274,638.18 |
0.70% |
| U.S. Fixed Income |
3,889.62 |
218,456.14 |
1.78% |
| International Fixed Income |
556.05 |
19,710.06 |
2.82% |
| Commodities |
2,365.66 |
112,702.97 |
2.10% |
| Currency |
-118.33 |
2,875.76 |
-4.11% |
| Leveraged |
-727.09 |
12,447.27 |
-5.84% |
| Inverse |
1,226.33 |
19,794.31 |
6.20% |
| Asset Allocation |
65.94 |
2,099.97 |
3.14% |
| Alternatives |
693.38 |
4,498.01 |
15.42% |
| Total: |
5,747.05 |
1,234,621.48 |
0.47% |
VWO Spells Vanguard Rising
VWO's place high up on the inflows list continues to be a fitting
metaphor for the rise of Vanguard.
The Valley Forge, Pa.-based company created by John Bogle is
steadily climbing up the ETF League Table, even as Bogle himself
rails against the dangers ETFs pose to investors by tempting them
to trade frequently enough to seriously harm returns.
In any case, the company's low-cost, pure-beta funds continue to
attract investors. Vanguard, the No. 3 U.S. ETF company by assets,
hauled in $3.48 billion, while BlackRock's iShares unit added
almost $2 billion. State Street Global Advisors, the sponsor behind
GLD and the No. 2 ETF firm, meanwhile had outflows of $3.19
billion, the result largely from two of its big equity funds,
including SPY.
iShares, the world's biggest ETF firm, has total assets under
management of more than $500 billion, while SSgA and Vanguard
manage ETF assets of $301 billion and $221 billion,
respectively.
League Table
| August 2012 League Table |
| Issuer |
Net Flows |
AUM ($, M) |
% of AUM |
Turnover |
| BlackRock |
1,993.67 |
501,565.00 |
0.40% |
263,303.26 |
| SSgA |
- 3,187.18 |
301,345.98 |
-1.06% |
480,142.92 |
| Vanguard |
3,478.46 |
221,443.50 |
1.57% |
38,836.81 |
| Invesco PowerShares |
1,099.69 |
72,868.59 |
1.51% |
54,283.68 |
| Van Eck |
-249.65 |
24,995.70 |
-1.00% |
22,429.73 |
| ProShares |
585.65 |
22,535.08 |
2.60% |
52,798.17 |
| WisdomTree |
288.28 |
15,862.97 |
1.82% |
2,785.21 |
| Guggenheim |
19.27 |
11,429.97 |
0.17% |
5,022.76 |
| First Trust |
63.35 |
7,692.09 |
0.82% |
1,289.37 |
| PIMCO |
312.11 |
7,252.84 |
4.30% |
2,090.19 |
| Charles Schwab |
126.80 |
7,229.73 |
1.75% |
1,205.60 |
| Barclays Capital |
578.84 |
7,221.32 |
8.02% |
11,717.47 |
| Direxion |
-87.90 |
6,127.06 |
-1.43% |
37,235.39 |
| JPMorgan |
- |
5,133.10 |
0.00% |
632.98 |
| ALPS |
231.47 |
4,136.84 |
5.60% |
679.58 |
| ETF Securities |
87.45 |
3,973.70 |
2.20% |
863.54 |
| US Commodity Funds |
65.34 |
3,204.20 |
2.04% |
10,880.18 |
| UBS |
2.37 |
1,302.39 |
0.18% |
289.21 |
| Northern Trust |
143.50 |
1,256.79 |
11.42% |
205.42 |
| Global X |
5.11 |
1,247.83 |
0.41% |
321.70 |
| Merrill Lynch |
-22.50 |
1,210.91 |
-1.86% |
187.36 |
| Emerging Global Shares |
29.26 |
715.76 |
4.09% |
82.93 |
| VelocityShares |
42.41 |
670.35 |
6.33% |
4,482.02 |
| AdvisorShares |
17.17 |
648.47 |
2.65% |
325.42 |
| GreenHaven |
-13.44 |
505.26 |
-2.66% |
57.50 |
| IndexIQ |
16.45 |
500.74 |
3.29% |
93.38 |
| Pacer Financial |
-18.09 |
424.70 |
-4.26% |
34.12 |
| Credit Suisse |
1.65 |
415.24 |
0.40% |
101.78 |
| Russell |
-45.21 |
274.08 |
-16.49% |
196.24 |
| Goldman Sachs |
- |
272.26 |
0.00% |
20.43 |
| Precidian |
- |
191.06 |
0.00% |
84.15 |
| Fidelity |
181.96 |
182.43 |
99.74% |
24.50 |
| RBS Securities |
7.90 |
176.29 |
4.48% |
47.88 |
| Deutsche Bank |
- |
147.71 |
0.00% |
10.04 |
| Teucrium |
-26.91 |
114.05 |
-23.59% |
255.78 |
| Jefferies |
- |
80.11 |
0.00% |
8.36 |
| Exchange Traded Concepts |
18.67 |
70.51 |
26.48% |
33.16 |
| FFCM |
-3.42 |
56.81 |
-6.01% |
15.85 |
| Morgan Stanley |
- |
30.79 |
0.00% |
1.38 |
| Columbia |
- |
25.51 |
0.00% |
5.18 |
| Pax World |
- |
19.15 |
0.00% |
3.99 |
| BNP Paribas |
- |
17.34 |
0.00% |
0.45 |
| Factor Advisor |
- |
15.64 |
0.00% |
3.74 |
| Arrow Investment Advisors |
1.89 |
13.32 |
14.21% |
6.66 |
| Huntington Strategy Shares |
1.95 |
12.48 |
15.62% |
4.31 |
| CitiGroup |
0.67 |
5.86 |
11.51% |
5.00 |
| Scottrade |
- |
- |
- |
- |
Equities Out Of Favor
The three-least-popular ETFs last month were all U.S.-focused
equity funds, which fueled outflows from U.S. equities of $4.12
billion.
The $105 billion SPDR S&P 500 ETF (NYSEArca:SPY), the
world's biggest exchange-traded fund, recorded redemptions of $4.37
billion, while the iShares Russell 2000 Index Fund (NYSEArca:IWM)
and the SPDR Dow Jones Industrial Average Trust (NYSEArca:DIA) had
outflows of $1.35 billion and $713.8 million, respectively.
As noted, SPY is the biggest ETF in the world, and the most
heavily traded and liquid as well.
Biggest Losers
| Ticker |
August 2012 Biggest Asset Losers |
Issuer |
August 2012 Flows |
August 2012 AUM ($M) |
August 2012 Turnover |
| SPY |
SPDR S&P 500 |
SSgA |
- 4,373.55 |
105,930.83 |
339,556.30 |
| IWM |
iShares Russell 2000 |
BlackRock |
- 1,348.66 |
15,151.16 |
64,316.43 |
| DIA |
SPDR Dow Jones Industrial Average Trust |
SSgA |
-713.80 |
11,324.38 |
12,927.24 |
| UWM |
ProShares Ultra Russell 2000 |
ProShares |
-366.64 |
127.92 |
1,349.39 |
| XLP |
Consumer Staples Select SPDR |
SSgA |
-358.40 |
5,840.60 |
4,205.04 |
| GDX |
Market Vectors Gold Miners |
Van Eck |
-352.40 |
8,523.48 |
12,031.10 |
| TLT |
iShares Barclays 20+ Year Treasury Bond |
BlackRock |
-346.21 |
3,437.81 |
19,822.69 |
| XLY |
Consumer Discretionary Select SPDR |
SSgA |
-281.30 |
3,213.31 |
4,534.20 |
| FXI |
iShares FTSE China 25 |
BlackRock |
-268.59 |
4,202.16 |
8,511.23 |
| OIH |
Market Vectors Oil Services |
Van Eck |
-262.51 |
957.88 |
3,251.87 |
ETF Giants Table
| Ticker |
August 2012 Biggest Asset Losers |
Issuer |
August 2012 Flows |
August 2012 AUM ($M) |
August 2012 Turnover |
| SPY |
SPDR S&P 500 |
SSgA |
-4,373.55 |
105,930.83 |
339,556.30 |
| GLD |
SPDR Gold |
SSgA |
1,989.09 |
68,320.23 |
30,240.21 |
| VWO |
Vanguard MSCI Emerging Markets |
Vanguard |
824.26 |
53,532.20 |
16,735.28 |
| EFA |
iShares MSCI EAFE |
BlackRock |
- |
35,353.02 |
19,369.60 |
| QQQ |
PowerShares QQQ |
Invesco PowerShares |
575.11 |
35,025.23 |
45,769.58 |
| EEM |
iShares MSCI Emerging Markets |
BlackRock |
-105.89 |
34,256.27 |
33,554.48 |
| IVV |
iShares S&P 500 |
BlackRock |
-163.89 |
31,309.81 |
9,780.76 |
| LQD |
iShares iBoxx $ Investment Grade Corporate
Bond |
BlackRock |
595.88 |
24,033.19 |
5,433.28 |
| TIP |
iShares Barclays TIPS Bond |
BlackRock |
326.28 |
23,416.48 |
2,395.06 |
| VTI |
Vanguard Total Stock Market |
Vanguard |
64.86 |
22,488.71 |
2,058.68 |
ETF Giants Table
| Aug 2012 Liquidity Mavens |
| Ticker |
August 2012 Biggest Asset Losers |
Issuer |
August 2012 Flows |
August 2012 AUM ($M) |
August 2012 Turnover |
| SPY |
SPDR S&P 500 |
SSgA |
-4,373.55 |
105,930.83 |
339,556.30 |
| IWM |
iShares Russell 2000 |
BlackRock |
-1,348.66 |
15,151.16 |
64,316.43 |
| QQQ |
PowerShares QQQ |
Invesco PowerShares |
575.11 |
35,025.23 |
45,769.58 |
| EEM |
iShares MSCI Emerging Markets |
BlackRock |
-105.89 |
34,256.27 |
33,554.48 |
| GLD |
SPDR Gold |
SSgA |
1,989.09 |
68,320.23 |
30,240.21 |
| TLT |
iShares Barclays 20+ Year Treasury Bond |
BlackRock |
-346.21 |
3,437.81 |
19,822.69 |
| EFA |
iShares MSCI EAFE |
BlackRock |
- |
35,353.02 |
19,369.60 |
| VWO |
Vanguard MSCI Emerging Markets |
Vanguard |
824.26 |
53,532.20 |
16,735.28 |
| XLE |
Energy Select SPDR |
SSgA |
194.65 |
7,503.49 |
15,197.02 |
| EWZ |
iShares MSCI Brazil |
BlackRock |
- |
7,370.41 |
15,147.75 |
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