ETFs End Feb. With $67.6B In Flows

U.S.-listed ETFs ended February with $67.6 billion in net new assets in a strong showing despite the triple head winds of inflation, coming Federal Reserve hikes and Russia’s invasion of Ukraine in the final days of the month.

Vanguard Brushes Off Turmoil To Dominate Flows

Vanguard ended February with $34.4 billion in new assets and $56.5 billion in net inflows in 2022, easily outpacing BlackRock’s $7.5 billion in net flows this year. The passive giant also crossed the $2 billion mark for assets under management in ETFs on Monday.

The firm’s strict approach to buy-and-hold investing despite economic and geopolitical head winds is most evident in the $16.3 billion garnered by the Vanguard S&P 500 ETF (VOO), easily making it the highest-grossing ETF in February. That dwarfs the $9 billion taken in by the iShares Core S&P 500 ETF (IVV), which came in second.

Four other Vanguard funds were among the 10 top gainers on the month, with the Vanguard Value ETF (VTV) adding $5.9 billion and three bond funds adding nearly $4.96 billion combined.

Sell-off Spans Asset Classes

The list of largest outflows is rather varied, with the aforementioned three different head winds forcing sell-offs across asset classes.

The two largest losers are outliers due to highly concentrated losses. The normally sleepy iShares MSCI Kokusai ETF (TOK) saw $3.7 billion in outflows in two tranches during the month, matching a similar singular flow into the fund in January. The SPDR Gold MiniShares Trust (GLDM) lost $2.2 billion on the month, with virtually all of that amount pulled last Wednesday.

Fears about slowing growth among the highest flyers in the market led to a $2.2 billion outflow in the SPDR S&P 500 ETF Trust (SPY), while the SPDR S&P Dividend ETF (SDY) lost $1.5 billion.

Bond funds that are particularly sensitive to interest rate hikes also sold off, as the Federal Reserve continued to signal multiple rate hikes throughout the year in an effort to tamp inflation. The Schwab U.S. TIPS ETF (SCHP), the Vanguard Short Term Inflation-Protected Securities ETF (VTIP) and the SPDR Bloomberg High Yield Bond ETF (JNK) lost almost $3 billion combined during the month.

Finally, the iShares JPMorgan USD Emerging Markets Bond ETF (EMB) saw just over $1 billion in outflows. It and other emerging market bond ETFs saw significant outflows as sanctions from Western countries piled on in response to Russia’s invasion of Ukraine.

For a full list of last month’s top inflows and outflows, see the tables below:

Top Gainers (February 2022)

Ticker	Name	Issuer	Net Flows ($,mm)	AUM ($M)	% of AUM	YTD 2022 Net Flows($,M)
VOO	Vanguard S&P 500 ETF	Vanguard	16,346.60	278,098.71	5.88%	20,521.62
IVV	iShares Core S&P 500 ETF	Blackrock	9,045.36	318,488.08	2.84%	10,097.22
VTV	Vanguard Value ETF	Vanguard	5,931.29	99,252.81	5.98%	8,190.82
SCHD	Schwab U.S. Dividend Equity ETF	Charles Schwab	2,643.91	34,253.92	7.72%	4,404.34
SHV	iShares Short Treasury Bond ETF	Blackrock	2,336.04	15,724.58	14.86%	2,652.87
VCIT	Vanguard Intermediate-Term Corporate Bond ETF	Vanguard	1,786.60	46,450.43	3.85%	1,734.77
VCSH	Vanguard Short-Term Corporate Bond ETF	Vanguard	1,651.27	42,273.23	3.91%	1,618.25
BNDX	Vanguard Total International Bond ETF	Vanguard	1,520.88	46,389.80	3.28%	2,279.79
TQQQ	ProShares UltraPro QQQ	ProShares	1,445.51	16,948.60	8.53%	4,984.43
SMH	VanEck Semiconductor ETF	VanEck	1,382.32	9,038.19	15.29%	3,018.61

Top Gainers (Year-to-Date)

Ticker	Name	Issuer	Net Flows ($,mm)	AUM ($M)	% of AUM	February 2022 Net Flows($,M)
VOO	Vanguard S&P 500 ETF	Vanguard	20,521.62	278,098.71	7.38%	16,346.60
IVV	iShares Core S&P 500 ETF	Blackrock	10,097.22	318,488.08	3.17%	9,045.36
VTV	Vanguard Value ETF	Vanguard	8,190.82	99,252.81	8.25%	5,931.29
VTI	Vanguard Total Stock Market ETF	Vanguard	5,328.00	279,224.58	1.91%	1,380.82
TQQQ	ProShares UltraPro QQQ	ProShares	4,984.43	16,948.60	29.41%	1,445.51
SCHD	Schwab U.S. Dividend Equity ETF	Charles Schwab	4,404.34	34,253.92	12.86%	2,643.91
GLD	SPDR Gold Trust	State Street Global Advisors	3,209.50	62,340.50	5.15%	704.62
SMH	VanEck Semiconductor ETF	VanEck	3,018.61	9,038.19	33.40%	1,382.32
VEA	Vanguard FTSE Developed Markets ETF	Vanguard	2,959.49	106,932.97	2.77%	847.22
IEFA	iShares Core MSCI EAFE ETF	Blackrock	2,908.98	100,956.70	2.88%	1,134.38

Biggest Losers (February 2022)

Ticker	Name	Issuer	Net Flows ($,mm)	AUM ($M)	% of AUM	YTD 2022 Net Flows($,M)
TOK	iShares MSCI Kokusai ETF	Blackrock	-3,755.88	183.98	-2,041.44%	-88.63
GLDM	SPDR Gold MiniShares Trust	State Street Global Advisors	-2,281.33	4,507.11	-50.62%	-2,272.69
SPY	SPDR S&P 500 ETF Trust	State Street Global Advisors	-2,201.53	399,987.34	-0.55%	-20,251.09
BSV	Vanguard Short-Term Bond ETF	Vanguard	-1,830.10	38,789.35	-4.72%	-2,462.50
SDY	SPDR S&P Dividend ETF	State Street Global Advisors	-1,576.82	20,458.09	-7.71%	126.15
VLUE	iShares MSCI USA Value Factor ETF	Blackrock	-1,080.46	12,813.70	-8.43%	-2,734.19
SCHP	Schwab U.S. TIPS ETF	Charles Schwab	-1,052.60	20,463.65	-5.14%	-113.57
EMB	iShares JP Morgan USD Emerging Markets Bond ETF	Blackrock	-1,043.13	16,322.45	-6.39%	-1,999.29
VTIP	Vanguard Short-Term Inflation-Protected Securities ETF	Vanguard	-939.99	18,983.95	-4.95%	-685.11
JNK	SPDR Bloomberg High Yield Bond ETF	State Street Global Advisors	-910.16	7,630.82	-11.93%	-1,614.27

Biggest Losers (Year-to-Date)

Ticker	Name	Issuer	Net Flows ($,mm)	AUM ($M)	% of AUM	February 2022 Net Flows($,M)
SPY	SPDR S&P 500 ETF Trust	State Street Global Advisors	-20,251.09	399,987.34	-5.06%	-2,201.53
QQQ	Invesco QQQ Trust	Invesco	-6,258.48	182,035.07	-3.44%	368.31
HYG	iShares iBoxx USD High Yield Corporate Bond ETF	Blackrock	-4,278.24	16,305.60	-26.24%	-718.65
TIP	iShares TIPS Bond ETF	Blackrock	-3,127.77	34,354.67	-9.10%	-879.19
VLUE	iShares MSCI USA Value Factor ETF	Blackrock	-2,734.19	12,813.70	-21.34%	-1,080.46
TLT	iShares 20+ Year Treasury Bond ETF	Blackrock	-2,524.94	15,870.57	-15.91%	925.38
BSV	Vanguard Short-Term Bond ETF	Vanguard	-2,462.50	38,789.35	-6.35%	-1,830.10
GLDM	SPDR Gold MiniShares Trust	State Street Global Advisors	-2,272.69	4,507.11	-50.42%	-2,281.33
EMB	iShares JP Morgan USD Emerging Markets Bond ETF	Blackrock	-1,999.29	16,322.45	-12.25%	-1,043.13
JNK	SPDR Bloomberg High Yield Bond ETF	State Street Global Advisors	-1,614.27	7,630.82	-21.15%	-910.16

Asset Classes (February 2022)

Net Flows ($, mm)	AUM ($, mm)	% of AUM
U.S. Equity	41,533.66	4,099,373.88	1.01%
International Equity	10,839.70	1,270,409.78	0.85%
U.S. Fixed Income	5,871.43	1,070,168.86	0.55%
International Fixed Income	3,361.00	159,111.00	2.11%
Commodities	2,020.84	152,973.34	1.32%
Currency	219.91	3,137.83	7.01%
Leveraged	2,368.60	64,175.06	3.69%
Inverse	1,268.00	14,703.07	8.62%
Asset Allocation	34.76	19,795.89	0.18%
Alternatives	83.47	7,206.31	1.16%
Total:	67,601.37	6,861,055.04	0.99%

Asset Classes (Year-to-Date)

Net Flows ($, mm)	AUM ($, mm)	% of AUM
U.S. Equity	50,042.57	4,099,373.88	1.22%
International Equity	35,188.35	1,270,409.78	2.77%
U.S. Fixed Income	-2,759.71	1,070,168.86	-0.26%
International Fixed Income	5,316.62	159,111.00	3.34%
Commodities	6,541.00	152,973.34	4.28%
Currency	144.96	3,137.83	4.62%
Leveraged	6,967.96	64,175.06	10.86%
Inverse	2,711.37	14,703.07	18.44%
Asset Allocation	412.32	19,795.89	2.08%
Alternatives	190.65	7,206.31	2.65%
Total:	104,756.10	6,861,055.04	1.53%

February 2022 ETF Issuer League Table

Issuer	Net Flows ($,M)	AUM ($,M)	% of AUM	YTD 2022 Net Flows($,M)
Blackrock	12,137.29	2,330,913.14	0.52%	7,528.36
Vanguard	34,431.44	2,002,414.93	1.72%	56,572.39
State Street Global Advisors	-3,290.65	1,047,853.99	-0.31%	-3,828.76
Invesco	1,673.77	371,775.17	0.45%	643.78
Charles Schwab	2,915.20	262,835.61	1.11%	7,712.82
First Trust	1,610.79	141,934.16	1.13%	2,408.10
JPMorgan Chase	2,609.37	73,876.09	3.53%	3,948.85
ProShares	2,790.62	65,063.93	4.29%	6,574.71
VanEck	2,172.94	63,308.82	3.43%	2,906.87
WisdomTree	811.32	47,397.07	1.71%	1,377.23
Dimensional Fund Advisors LP	1,195.79	45,641.01	2.62%	2,674.00
Mirae Asset Global Investments Co., Ltd.	276.62	41,076.27	0.67%	1,150.15
Fidelity	382.80	32,388.94	1.18%	626.38
Direxion	1,063.52	27,469.90	3.87%	3,530.11
PIMCO	884.65	26,811.67	3.30%	399.46
Goldman Sachs	306.81	26,193.32	1.17%	845.72
DWS	-227.85	22,211.87	-1.03%	-544.06
ARK	236.30	22,152.64	1.07%	-591.84
Northern Trust	561.40	20,984.48	2.68%	630.56
CICC	127.37	12,786.05	1.00%	989.27
Pacer Advisors	1,062.81	11,340.62	9.37%	1,855.14
American Century Investments	589.68	10,778.71	5.47%	1,369.88
Franklin Templeton	-57.15	9,539.73	-0.60%	70.87
SS&C	227.19	9,372.93	2.42%	420.71
Nuveen Securities	194.06	8,082.60	2.40%	393.18
Victory Capital	195.33	7,518.80	2.60%	359.50
Exchange Traded Concepts	6.19	7,336.16	0.08%	182.33
Abrdn Plc	192.92	7,323.39	2.63%	248.49
Innovator	298.64	6,405.83	4.66%	696.04
ETFMG	63.15	5,556.51	1.14%	-59.57
John Hancock	25.45	5,229.56	0.49%	98.01
Janus Henderson	618.21	5,190.12	11.91%	835.89
New York Life	-122.18	4,296.11	-2.84%	-176.79
The Hartford	32.97	4,237.73	0.78%	164.66
US Commodity Funds	-4.32	4,032.60	-0.11%	-362.93
US Global Investors	190.34	3,998.41	4.76%	541.35
Principal	-92.54	3,990.82	-2.32%	-659.29
Amplify Investments	11.50	3,884.44	0.30%	26.47
Barclays Capital Inc.	139.81	3,722.92	3.76%	-28.74
BMO	59.47	3,140.92	1.89%	254.77
Toroso Investments	91.45	3,135.66	2.92%	271.43
AdvisorShares	162.75	2,195.71	7.41%	118.02
Prudential	9.36	2,162.89	0.43%	32.59
Aptus Capital Advisors	114.80	1,968.78	5.83%	137.46
Columbia Management Investment Advisers, LLC	-26.20	1,716.56	-1.53%	-16.79
Strategy Shares	54.65	1,670.82	3.27%	242.96
GraniteShares	57.70	1,509.55	3.82%	67.19
Defiance ETFs	-12.34	1,481.34	-0.83%	-52.41
The Motley Fool	-5.98	1,460.45	-0.41%	-9.25
Vident	11.67	1,452.87	0.80%	30.38
Cambria	111.29	1,420.71	7.83%	271.12
UBS	0.00	1,351.82	0.00%	0.00
O’Shares Investments	8.46	1,344.27	0.63%	4.30
BNY Mellon	96.81	1,299.08	7.45%	124.14
Nationwide	-5.64	1,266.23	-0.45%	90.69
Simplify Asset Management Inc.	44.59	1,194.78	3.73%	200.66
Alpha Architect	8.70	1,090.51	0.80%	51.63
Roundhill Investments	-17.33	1,087.99	-1.59%	110.93
Main Management	6.76	1,086.70	0.62%	5.11
Inspire	20.17	1,076.56	1.87%	35.17
Davis Advisers	2.28	1,071.32	0.21%	-118.28
Horizon Kinetics LLC	28.83	903.21	3.19%	37.27
Distillate Capital	37.55	682.76	5.50%	103.41
Howard Capital Management	8.85	666.08	1.33%	27.33
Transamerica Funds	-104.52	659.03	-15.86%	-104.52
Merk	-0.19	615.19	-0.03%	5.44
Credit Suisse Group AG	38.22	614.37	6.22%	59.38
T. Rowe Price Group, Inc.	24.84	593.94	4.18%	44.64
Timothy Plan	33.21	572.06	5.81%	54.83
Tortoise	7.15	568.64	1.26%	20.77
Redwood Investment Management	12.46	551.11	2.26%	-170.74
Liquid Strategies	21.22	514.27	4.13%	65.48
ClearShares LLC	-2.89	485.58	-0.60%	98.24
TrimTabs	1.72	483.83	0.36%	4.49
Cavalier16	10.05	452.29	2.22%	30.69
Day Hagan Asset Management	23.92	436.26	5.48%	54.51
Tuttle Tactical Management, LLC	19.76	429.44	4.60%	198.44
Regents Park Funds	15.20	385.46	3.94%	29.29
Sprott, Inc.	1.44	381.02	0.38%	4.14
Engine No. 1 LLC	99.60	379.46	26.25%	122.24
Teucrium	69.34	361.37	19.19%	60.88
Swedish Export Credit	-1.53	345.40	-0.44%	24.84
Little Harbor Advisors	-8.26	326.86	-2.53%	-10.32
SRN Advisors	-10.29	298.41	-3.45%	-24.35
Core Alternative Capital	21.53	292.04	7.37%	32.31
Al Marketing LLC	-2.64	288.60	-0.91%	-8.84
Renaissance Capital	-21.90	279.05	-7.85%	-44.28
WBI	-3.85	274.18	-1.40%	-5.89
Advisors Asset Management	22.65	261.60	8.66%	59.37
TrueMark Investments	-2.38	205.07	-1.16%	12.47
Wahed Invest LLC	3.34	195.61	1.71%	32.45
Syntax Advisors	-8.36	185.37	-4.51%	-8.36
Impact Shares	1.65	181.35	0.91%	5.98
Swan Global Investments	13.05	180.59	7.22%	31.13
Intangible Capital	0.00	177.35	0.00%	0.00
OBP Capital LLC	2.13	177.33	1.20%	12.11
Truist	0.67	161.46	0.42%	8.01
AXS Investments	10.77	156.53	6.88%	52.75
Wainwright, Inc.	9.01	149.65	6.02%	10.56
AGF	-3.58	139.89	-2.56%	22.09
Arrow Funds	0.00	129.75	0.00%	1.32
Kingsview Partners LLC	11.19	127.23	8.80%	13.88
Gadsden	3.82	127.20	3.00%	6.67
CornerCap Investment Counsel, Inc.	6.71	117.94	5.69%	9.88
Rayliant Investment Research	-2.11	115.42	-1.83%	63.38
Humankind USA LLC	2.89	111.65	2.59%	4.32
Neil Azous Revocable Trust	7.52	91.77	8.19%	13.05
ProcureAM	-0.67	91.28	-0.74%	-6.92
EntrepreneurShares, LLC	0.32	86.65	0.36%	0.32
Pettee Investors	-12.36	85.78	-14.41%	-5.40
Water Island Capital Partners LP	58.41	81.09	72.04%	58.11
Exponential ETFs	0.00	77.33	0.00%	0.03
Emles Advisors LLC	1.77	77.05	2.30%	3.61
Toews Corp.	5.08	75.75	6.71%	21.92
GeaSphere LLC	0.58	75.23	0.77%	2.33
Natixis	0.60	74.08	0.81%	3.41
Harbor	7.08	73.00	9.70%	7.08
Beyond Investing	0.00	71.56	0.00%	4.11
Pacific Life	5.84	57.60	10.14%	23.47
Oneascent Holdings LLC	2.25	57.38	3.93%	3.46
Absolute Investment Advisers LLC	0.01	56.66	0.01%	0.72
Inverdale Capital Management LLC	7.10	56.16	12.65%	11.81
Federated Hermes, Inc.	1.23	53.43	2.31%	4.72
Alexis Investment Partners LLC	0.76	52.08	1.45%	4.39
Cohanzick Management	1.02	50.00	2.05%	6.96
Guinness Atkinson Asset Management	0.00	49.39	0.00%	0.00
Chadds Ford Investment Management LLC	0.00	48.40	0.00%	9.93
VectorShares LLC	0.80	47.72	1.68%	30.24
Power Corporation of Canada	0.56	46.87	1.20%	5.42
Retireful LLC	2.94	45.86	6.40%	43.25
Highland Capital Management	1.52	45.50	3.34%	-0.07
ETF Series Solutions	1.48	44.91	3.29%	1.48
Alger Group Holdings LLC	-1.57	44.80	-3.50%	-1.57
2nd Vote Value Investments, Inc	-0.85	42.72	-1.99%	-0.85
Formidable Asset Management	0.00	42.17	0.00%	0.04
Valkyrie Funds LLC	2.02	40.42	4.99%	-26.45
Premise Capital	0.00	38.71	0.00%	0.00
Red Gate Advisers LLC	0.40	37.34	1.07%	1.83
Infusive Asset Management	0.00	36.48	0.00%	0.00
Esoterica	0.00	35.40	0.00%	-2.76
New Age Alpha Advisors LLC	-0.76	35.14	-2.15%	1.59
Uncommon Investment Advisors LLC	2.77	34.23	8.10%	3.32
Ridgeline Research LLC	1.65	33.62	4.91%	1.65
Metaurus Advisors	0.92	33.01	2.80%	0.93
Convergence Investment Partners, LLC	1.70	28.14	6.05%	1.70
Build Asset Management LLC	27.37	27.30	100.26%	27.37
ASYMmetric ETFs	-5.10	25.19	-20.23%	2.63
AlphaMark Advisors	0.00	24.02	0.00%	0.00
Cultivar Capital, Inc.	-0.01	23.78	-0.02%	14.33
Knights of Columbus	0.00	22.97	0.00%	0.00
The Leuthold Group LLC	1.52	19.81	7.69%	3.10
Advocate Capital Management LLC	0.23	19.79	1.16%	2.42
Mairs & Power, Inc.	0.96	18.79	5.10%	0.96
Reflection Asset Management, LLC	2.75	17.95	15.32%	5.61
RBS Securities	13.20	16.91	78.06%	15.45
MCCM Group LLC	7.46	16.21	45.99%	5.65
Changebridge Capital LLC	-0.24	14.71	-1.60%	-0.70
GAMCO Investors, Inc.	0.28	14.35	1.92%	0.72
Point Bridge Capital	0.00	13.66	0.00%	0.00
Digital Currency Group, Inc.	13.59	13.07	104.00%	13.59
Future Fund Advisors	-0.85	12.45	-6.83%	-1.28
First Pacific Advisors LP	3.79	12.17	31.15%	11.45
Zacks Investment Management	0.64	11.86	5.36%	0.64
Applied Finance Group	0.67	11.07	6.04%	2.09
Alternative Access Funds LLC	0.00	9.95	0.00%	0.00
Counterpoint Mutual Funds LLC	0.00	9.83	0.00%	0.00
GCI Investors, Inc.	1.98	9.48	20.85%	4.66
Baird Financial Group	3.30	7.72	42.79%	7.56
Whitford Asset Management	0.00	7.42	0.00%	0.00
EquBot	0.00	7.28	0.00%	-3.11
Virtus Investment Partners	1.52	6.00	25.32%	-32.67
ORIX Corp.	0.41	5.99	6.91%	0.41
Global Beta Advisors	0.57	5.65	10.02%	0.57
Jacob Asset Management	0.14	5.06	2.81%	-0.14
Spear Advisors LLC	0.00	4.74	0.00%	0.52
Lifegoal Investments LLC	0.47	4.26	11.10%	0.72
Kelly Strategic Management LLC	0.00	4.25	0.00%	4.45
WealthTrust Asset Management LLC	1.21	4.16	29.10%	3.13
-1.85	3.76	-49.17%	1.34
Democracy Investment Management LLC	0.62	3.75	16.66%	0.63
Volt Equity LLC	-1.14	3.74	-30.54%	0.33
Truemark Group	0.60	3.55	17.00%	3.70
Banhazl	0.00	3.47	0.00%	0.00
VegTech LLC	0.00	3.46	0.00%	1.67
Lyrical Partners	0.00	3.34	0.00%	0.00
Goose Hollow Capital Management LLC	0.62	2.46	25.25%	1.24
Kingsbarn Capital Management LLC	0.00	1.80	0.00%	0.00
Dinerbao SL	0.00	1.72	0.00%	1.21
Big Data Federation, Inc.	0.58	1.65	34.97%	0.58
Dalton Capital	0.26	1.40	18.71%	0.26
V-Square Quantitative Management LLC	0.00	1.19	0.00%	0.00
Grizzle Investment Management LLC	0.00	0.92	0.00%	0.22
Amberwave Partners Research & Management LLC	0.44	0.87	50.46%	0.44
Wilshire Phoenix Funds LLC	0.00	0.53	0.00%	-1.23
Inherent Wealth Fund LLC	0.00	0.47	0.00%	0.24
Cabot ETF Partners LLC	0.00	0.00	0.00%	-0.29
Eaton Vance Corp.	0.00	0.00	0.00%	0.00

Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges.

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