The latest ETF industry data from the National Stock Exchange is out, and after a small step back in May, exchange-traded products resumed their upward trajectory in June. Total ETP inflows totaled more than $8 billion last month, after May saw about $800 million in outflows -- attributable in large part to big outflows from the S&P 500 SPDR (SPY). The world’s largest ETF had about $92 billion at the halfway point of 2011, and the ETF industry expanded to just under $1.1 trillion thanks to an impressive late June rally and another month of solid inflows.
Both U.S. ($1.4 billion) and international equity ETFs ($1.4 billion) saw net inflows last month, though the combined total of those two categories fell short of the June haul for fixed income funds ($3.3 billion). The number of ETPs with at least $50 million in assets climbed to 672 in June; a year ago, that figure was just 539 (a 25% increase).
June was another solid month for the Vanguard Emerging Markets ETF (VWO), which took in $2.1 billion last month and more than $5.2 billion during the first six months of the year. But the biggest inflows were attributable to SPY, which saw more than $4.8 billion come in the doors (though the fund still owned the third biggest pile of red ink at the midway point of 2011). The biggest June outflows were seen in the Vanguard MSCI Small Cap ETF (VB, $1.0 billion) and PowerShares QQQ (QQQ, $986 million).
With two quarters in the books, VWO leads all ETFs in 2011 inflows. But the runners-up on that list included some names that may be surprising to many investors; the Market Vectors Agribusiness ETF (MOO), iShares MSCI Japan Index Fund (EWJ), iShares Preferred Stock Index Fund (PFF), and Vanguard Dividend Appreciation ETF (VIG) rounded out the top five in the YTD inflows category:
|First Half Winners & Losers|
|Biggest Inflows||Biggest Outflows|
|$ in millions. Source: NSX.com|
Vanguard: Full Steam Ahead
No issuer saw more in inflows than Vanguard during the first half of the year; more than $20 billion flowed into the relatively small ETF lineup. iShares, which offers more than 200 ETFs, saw inflows of about $12 billion during the first six months of the year. Issuers experiencing big June inflows included ProShares ($1.0 billion, or about 4% of the previous month’s assets), Van Eck ($840 million, 3.7%), and WisdomTree ($852 million, 6.9%). June was also a good month for ProShares’ closest competitor: Leveraged and inverse ETF specialist Direxion took in more than $500 million in June, representing nearly 8% of May assets (see all the Direxion ETFs here).
ETNs saw aggregate outflows in June, thanks in part to VXZ bleeding nearly $250 million. But the number of ETNs with at least $100 million in AUM jumped to 25, up from 23 last month and just 11 a year ago.
Disclosure: No positions at time of writing.
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