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ETF Issuer League: ProShares 3rd in Flows

Each week, readers can see a few distinct tiers, from the Vanguards and BlackRocks of the world to the upstarts like Dimensional Fund Advisors and First Trust to a whole gauntlet of boutiques and specialist managers in the ETF Issuer League. It’s expected that Vanguard and BlackRock, the latter through its iShares ETF suite, will lead week-to-week in ETF net inflows. It’s rarer to see the third-place position taken by a much smaller asset manager than the mega-firms, in this case, ProShares.

IssuerAUM ($, mm)Net Flows ($, mm)
BlackRock Financial Management$2,239,972.77$2,041.45
State Street$917,521.07-$4,997.41
Charles Schwab$269,109.23$71.50
First Trust$133,898.50-$41.89
JPMorgan Chase$104,467.98$217.63
World Gold Council$64,819.38-$72.30
Mirae Asset Global Investments Co., Ltd.$37,221.97-$9.20
Goldman Sachs$28,037.78-$6.59
Rafferty Asset Management$25,331.27$97.45
Pacer Advisors$22,170.90$17.94
American Century Investments$21,650.19$85.95
Allianz Investment Management LLC$20,721.46-$7.10
Northern Trust$20,322.12-$2.40
Franklin Templeton$11,002.71-$12.77
Victory Capital$7,738.03-$5.85
Capital Group$7,673.65$5.37
WisdomTree Investments, Inc.$7,547.69$0.00
Abrdn Plc$7,022.50$0.00
Janus Henderson$6,345.04$21.91
Exchange Traded Concepts$4,659.82-$1.58
Amplify Investments$4,160.11-$4.25
The Hartford$3,962.09$3.81
New York Life$3,899.95$7.95
BMO Financial Group$3,669.25$0.00
BNY Mellon$3,576.22$0.00
Alpha Architect$3,315.95-$1.91
Barclays Capital$1,892.41$42.65
Aptus Capital Advisors$1,814.31$0.75
US Global Investors$1,807.15-$10.42
Power Corporation of Canada$1,511.92$0.55
Main Management$1,388.06$0.00
Ameriprise Financial$1,292.09$0.00
Virtus Investment Partners$1,244.79$0.00
Horizon Kinetics$1,195.39-$0.00
Rational Capital LLC$1,136.07$0.00
Inspire Investing LLC$1,135.29-$2.69
The Motley Fool$1,097.30$0.00
Renaissance Health Service Corp.$1,073.62$83.45
Distillate Capital$1,004.34$0.00
AXS Investments$968.73$0.92
T. Rowe Price Group, Inc.$932.08$1.58
Defiance ETFs$891.17-$3.17
Davis Advisers$878.85$0.00
Bondbloxx Investment Management LLC$806.53$1.00
iM Global Partner US LLC$803.87$0.00
Focus Financial Partners$756.67$0.00
Timothy Plan$704.19$0.00
Roundhill Investments$600.56$2.00
Credit Suisse Group AG$575.27$0.00
Engine No. 1$523.88$15.26
ClearShares LLC$517.51$5.02
Core Alternative Capital$514.99$0.00
Howard Capital Management$497.97$0.00
Advisors Asset Management$493.40$0.44
Day Hagan Asset Management$462.79-$1.59
Anfield Group$451.38$0.21
Liquid Strategies$363.97$0.63
FCF Advisors$360.06-$1.15
Doubleline ETF Adviser LP$354.86$1.87
Neuberger Berman$324.06$0.00
Adaptive Investments$310.61-$2.59
Retireful LLC$294.62-$1.93
Aptus Holdings LLC$279.10$1.26
Oneascent Holdings LLC$250.29$0.00
Cary Street Partners Financial LLC /VA/$221.43$0.00
Matthews International Capital Management$205.33$0.00
Western & Southern Mutual Holding Co.$203.73$0.00
Deutsche Bank$201.41$0.00
Little Harbor Advisors$193.29-$0.64
Volatility Shares LLC$191.29-$2.71
Truemark Group$182.94$0.00
Impact Shares$179.00-$0.01
Kingsview Partners LLC$178.48$0.60
CI Financial$157.92-$0.92
CornerCap Investment Counsel, Inc.$145.64$0.00
Stf Management LP$143.91$0.00
Renaissance Capital$135.96-$1.39
SRN Advisors$131.57-$0.87
Intangible Capital$126.77-$0.01
Humankind USA LLC$121.09-$0.10
Neil Azous Revocable Trust$120.86-$0.05
Thor Trading Advisors LLC$119.97$0.00
Swan Global Investments$119.67$0.00
Mcivy Co. LLC$116.81$0.00
Thrivent Financial for Lutherans$113.71$2.91
Arrow Funds$108.22-$0.96
IronHorse Holdings$106.34$0.00
Paralel Technologies LLC$99.97$0.00
Baird Financial Group$98.97$0.23
Soundwatch Capital LLC$98.74$0.00
Federated Hermes, Inc.$98.71$0.00
Absolute Investment Advisers LLC$88.24$0.00
Toews Corp.$86.08$0.00
Angel Oak Capital Advisors, LLC$81.18$0.00
First Manhattan Co.$70.74$0.00
Groupe BPCE$68.81$1.31
Panagram Structured Asset Management, LLC$67.20$0.00
Exponential ETFs$66.11$0.00
Inverdale Capital Management LLC$65.84-$1.59
SEI Investments$65.37$0.01
Cohanzick Management$65.31$0.00
Beyond Investing$64.92$0.00
Water Island Capital$63.58-$0.02
The Leuthold Group LLC$63.35$0.00
Alexis Investment Partners LLC$61.26$0.00
Pettee Investors$60.46$0.19
Clockwise Capital LLC$53.98$0.00
Capital Impact Advisors$53.67$0.00
Formidable Asset Management$53.64$0.00
Q3 Asset Management Corp.$52.27-$0.73
GeaSphere LLC$46.75$0.00
Logan Capital Management Inc.$46.65$0.00
Client First Investment Management LLC$44.64$0.00
Cambiar Holdings$44.57-$0.00
2nd Vote Value Investments, Inc$44.30$0.00
Hennessy Advisors$43.05$0.00
Guinness Atkinson Asset Management$42.47$0.00
Ridgeline Research LLC$37.87$0.00
Valkyrie Funds LLC$36.19$0.00
Neos Investments LLC$35.94$0.00
Acquirers Funds$35.60$0.00
Goose Hollow Capital Management LLC$34.87$0.00
First Pacific Advisors LP$32.26$0.00
Advocate Capital Management LLC$29.17-$0.01
GAMCO Investors, Inc.$27.73$0.00
Sheaff Brock Capital Management LLC$26.37$0.00
Highland Capital Management$26.26-$0.00
ASYMmetric ETFs$26.15$0.00
PMV Capital Advisers LLC$24.81$0.00
Cultivar Capital, Inc.$24.36$0.00
Alphatrai Funds, Inc.$24.08$0.00
Convergence Investment Partners, LLC$24.04$0.00
Reflection Asset Management, LLC$23.18$0.00
AlphaMark Advisors$22.41$0.00
Faith Investor Services, LLC$21.45$0.00
Mairs & Power, Inc.$18.57$0.00
Knights of Columbus$18.35$0.00
Applied Finance Group$17.71$0.00
Build Asset Management LLC$17.23$0.00
Point Bridge Capital$16.88$0.00
Lyrical Partners$14.45$0.00
Subversive Capital Advisor LLC$13.40$0.00
Tuttle Tactical Management, LLC$13.19-$0.00
Lifegoal Investments LLC$12.46$0.00
Changebridge Capital LLC$11.52$0.00
Democracy Investment Management LLC$11.32$0.00
WealthTrust Asset Management LLC$10.97$0.00
The BAD Investment Company$8.71$0.00
MCCM Group LLC$8.35$0.00
Future Fund Advisors$8.20$0.00
Counterpoint Mutual Funds LLC$7.79$0.00
Rcube SAS$6.03$0.00
VegTech LLC$4.86$0.00
Digital Currency Group, Inc.$4.43$0.00
V-Square Quantitative Management LLC$3.53$0.00
Kelly Intelligence LLC$3.30$0.00
Jacob Asset Management$2.96$0.00
Emerge Capital Management, Inc.$2.94$0.00
Spear Advisors LLC$2.88$0.00
Element ETFs LLC$2.83$0.00
Dynamic Shares LLC$2.73$0.00
Convexityshares, LLC$2.21$0.00
Penserra Capital Management LLC$2.05$0.00
Emles Advisors LLC$2.01$0.00
Hypatia Capital Advisors LLC$1.73$0.00
Dalton Capital$1.70$0.00
Inherent Wealth Fund LLC$1.35$0.00
Kingsbarn Capital Management LLC$1.13$0.00
Grizzle Investment Management LLC$1.06$0.00
Bitwise Asset Management, Inc.$0.67$0.00
Tradelegs LLC$0.51$0.00
Calamos Family Partners$0.00$0.00
Morgan Stanley$0.00$0.00
Sprott Asset Management$0.00$0.00

Whereas iShares added $2 billion for the week to its ETF suite and Vanguard added $1 billion to its ETF roster, with the two holding $2.2 billion and about $1.9 billion in ETF AUM, respectively, ProShares saw the third-highest net inflows for the last week at $770 million. There’s a gap between those inflows, certainly, but ProShares can claim the “best of the rest” inflows crown at least for now, and that speaks to their strategies’ mastery of the moment.

ProShares may be seeing inflows for some of its more edge case strategies like the ProShares Bitcoin Strategy ETF (BITO), but it was its ultra suite that led the way over the last seven or so days. The ProShares Ultra S&P 500 ETF (SSO) added $460 million over the last week while the ProShares Ultra QQQ ETF (QLD) added $230 million, with the firm’s leveraged strategies adding some powerful flows overall this year.

Those flows could be somewhat fickle given those strategies’ intended use on a daily basis, but ProShares’ gains have been durable overall YTD, with the firm climbing the AUM issuer league standings in the mid-tier of issuers with AUM in the tens of billions.

Elsewhere in that tier, DFA is approaching $80 billion in ETF AUM, another manager that is working hard to climb the rankings into that upper echelon of ETF AUM in the ETF Issuer League. Whether DFA or ProShares, it remains to be seen which firms will make it up into that tier, either through daily leveraged type strategies or other, booming active ETFs.

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