BlackRock took in an estimated USD 38bn, according to Bloomberg Intelligence data, as market swings fueled by the coronavirus crisis spurred selling from the types of active traders who favor the iShares lineup. Vanguard’s dominance contrasts with the first half of 2019, when BlackRock led its main rival by about USD 1.9bn.

“Vanguard is more focused on these types of products which are designed to cater to long-term, buy-and-hold investors,” said Alex Bryan, director of passive strategies and research for North America at Morningstar Inc. Such customers “likely aren’t looking to make tactical adjustments based on what’s going on in the market,” he said.