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Portfolio > ETFs

Smart Beta and Active ETFs Record Net Inflows in May

By Michael S. Fischer

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Both smart beta and actively managed exchange-traded funds and products listed globally gathered net new assets in May, ETFGI, a research and consultancy firm, reported this week.

ETFGI earlier reported that ETFs/ETPs listed in the U.S. experienced net inflows of $31.6 billion in May, bringing net new assets to $124.8 billion for the year, way down from net inflows of $200.8 billion at the same point in 2017.

Smart Beta Products

Smart beta ETFs/ETPs listed globally gathered $5.3 billion in net new assets in May, according to ETFGI, the 28th consecutive month of net inflows.

Growth products had the biggest net inflows during May, with $1.7 billion, followed by value factor products with $1.3 billion and momentum-based products with $1.2 billion.

At the end of May, there were 1,281 smart beta equity ETFs/ETPs with 2,270 listings from 156 providers on 40 exchanges in 32 countries. Total assets stood at $662 billion, up 2.3% from April.

Year-to-date net inflows through May amounted to $25.5 billion, down $4 billion in net inflows from the same time last year. ETFGI said the majority of net inflows were attributable to the top 20 smart beta ETFs/ETPs, which collectively had gathered $18.4 billion in net new assets for the year.

Here are the top 10 smart beta funds by net new assets in May, with total assets in parentheses.

iShares Edge MSCI USA Momentum Factor ETF — $3.2 billion ($9 billion)

Barclays ETN+ FI Enhanced Global High Yield ETN Series B — $1.3 billion ($1.5 billion)

Vanguard Growth ETF — $1.3 billion ($34.7 billion)

SPDR Portfolio S&P 500 Growth ETF — $1.3 billion ($2.6 billion)

Vanguard Value ETF — $1.2 billion ($37 billion)

iShares S&P 500 Value ETF — $1.1 billion ($15.9 billion)

iShares Core Dividend Growth ETF — $1 billion ($3.6 billion)

iShares Automation & Robotics UCITS ETF — $923 million ($2.4 billion)

Principal US Mega-Cap Multi-Factor Index ETF — $918 million ($1.7 billion)

SPDR Portfolio S&P 500 Value ETF — $729 million ($1.3 billion)

Active Products

Active ETFs/ETPs listed globally reached a record high of $90.1 billion at the end of May, an increase of $4 billion from April.

Actively managed funds had net inflows of $3.2 billion, the 41st month in a row of net inflows. Active fixed income ETFs accounted for $1.8 billion of net new assets, while active funds providing equity exposure had net inflows of $679 million.

Year-to-date net inflows through May amounted to $15.4 billion, an increase of 57.3% from a year ago.

At the end of May, the global active ETF/ETP industry had 501 products with 607 listings from 103 providers on 18 exchanges in 15 countries.

Again, according to ETFGI, the majority of monthly net new inflows can be attributed to the top 20 ETFs, which collectively gathered $9.8 billion.

Following are the top 10 active funds by net new assets and total assets in parentheses.

PIMCO Enhanced Short Maturity Strategy Fund — $1.3 billion ($9.3 billion)

iShares Short Maturity Bond ETF — $922 million ($3.8 billion)

PowerShares DB Optimum Yield Diversified Commodity Strategy Portfolio — $874 million ($1.7 billion)

BMO Europe High Dividend Covered Call ETF — $815 million ($774 million)

SPDR Blackstone/GSO Senior Loan ETF — $736 million ($3.1 billion)

First Trust Enhanced Short Maturity Fund — $666 million ($2.1 billion)

JPMorgan Ultra-Short Income ETF — $656 million ($766 million)

HSBC Economic Scale Worldwide Equity UCITS ETF —$438 million ($428 million)

ARK Innovation ETF — $421 million ($883 million)

First Trust Preferred Securities and Income Fund — $360 million ($3.5 billion)

Michael S. Fischer

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