ETF Issuer League Table
Big time market uncertainty surrounding the Fed and a possible earnings recession didn’t stop investors from plowing assets into two of the “Big Three” asset managers according to this week’s ETF Issuer League. It also didn’t stop some smaller firms from gaining ground, with challengers Dimensional Fund Advisers adding $903 million for the week, the most among all issuers with less than $100 billion in ETF AUM.
Vanguard, which is closing in on $2 trillion in ETF AUM itself, saw the largest flows for the week with $3.7 billion, as BlackRock and its iShares ETF brand retained the top spot at $2.3 trillion in ETF AUM with $1.2 billion coming in for the week. State Street and its SSGA SPDR ETFs saw outflows of $852 million.
BlackRock’s iShares Core MSCI Emerging Markets ETF (IEMG ) added $2.4 billion over the last week according to VettaFi, with $139 billion ETF AUM First Trust adding $1.6 billion in its First Trust Capital Strength ETF (FTCS ). For comparison, First Trust added $2 billion in total for the week, with FTCS a key driver.
Dimensional’s flows were more evenly distributed, led by the Dimensional Emerging Core Equity Market ETF (DFAE ), the Dimensional Emerging Markets Core Equity 2 ETF (DFEM ), and the Dimensional Core Fixed Income ETF (DFCF ) which added $115 million, $110 million, and $100 million for the week according to VettaFi.
ProShares was another standout with its $438 million in weekly net inflows, adding to its overall $59 billion in ETF AUM. The shop’s inflows were driven almost entirely by the $757 million into the ProShares UltraPro Short QQQ ETF (SQQQ ) and its 3x daily short leverage approach to the NASDAQ-100 Index, with a significant amount of those inflows offset by $446 million in outflows from the ProShares UltraPro QQQ ETF (TQQQ ) and its bullish, daily 3x long view on the same index.
Emerging markets were a clear theme for the week in both equities and bonds, as investors looked for both undervalued equities abroad as well as yields from bonds foreign and domestic. Issuers are scrapping for flows in the ETF Issuer League, as investors try to will the Fed to engineer a soft landing, with much more volatility ahead before matters are settled.