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February Sees Big ETF Flows Turn

Cinthia Murphy

February brought quite a reversal in investor demand for U.S. equity ETFs. If in January investors didn’t chase the stock market rally, in February they certainly did. In all, investors poured a net of $22 billion into U.S.-listed ETFs in February, as total U.S.-listed ETF assets rose to $3.75 trillion.

As the S&P 500 raced higher, U.S. stock ETFs attracted more than $13 billion in net creations last month, the latest data show. Leading the intake were funds such as the SPDR S&P 500 ETF Trust (SPY)—a trader darling—and a pair of real estate ETFs including the Vanguard Real Estate ETF (VNQ) and the low-volatility-focused iShares Edge MSCI Min Vol U.S.A. ETF (USMV).

International equity ETFs saw muted creations in February, with only about $1 billion in fresh net assets landing into these strategies, but demand for foreign stocks—in particular, emerging market equity ETFs—remains strong this year.

The iShares Core MSCI Emerging Markets ETF (IEMG) currently holds the No. 1 spot in net asset creations year-to-date, and funds like the iShares MSCI Emerging Markets ETF (EEM) and the Vanguard FTSE Emerging Markets ETF (VWO) have also seen strong inflows this year, even though February saw some of these funds’ performance suffer.

Heat In Short-Term Bond ETFs Fizzles 

On the fixed-income front, a more dovish Federal Reserve continued to fuel appetite for bond ETFs. As an asset class, fixed-income ETFs attracted $9 billion in net creations last month, half of which was in U.S. fixed-income funds.

Notable here is the fact that investors took money out of short-term bond strategies such as the iShares Short Treasury Bond ETF (SHV) and the Vanguard Short-Term Bond ETF (BSV)—some of the month’s least popular strategies—and added assets to ETFs such as the iShares 7-10 Year Treasury Bond ETF (IEF).

For a full list of the top inflows and outflows for February, see the tables below:

 

Top Gainers (February 2019)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM YTD 2019 Net Flows($,M)
SPY SPDR S&P 500 ETF Trust State Street Global Advisors 2,544.69 261,425.33 0.97% -9,477.51
BNDX Vanguard Total International Bond ETF Vanguard 2,480.84 15,864.14 15.64% 2,891.22
MBB iShares MBS ETF BlackRock 1,712.14 15,607.63 10.97% 3,240.81
VNQ Vanguard Real Estate ETF Vanguard 1,699.38 32,526.75 5.22% 1,318.43
IEF iShares 7-10 Year Treasury Bond ETF BlackRock 1,661.56 13,352.67 12.44% 3,126.49
VWO Vanguard FTSE Emerging Markets ETF Vanguard 1,607.95 63,003.87 2.55% 2,079.42
USMV iShares Edge MSCI Min Vol U.S.A. ETF BlackRock 1,525.10 23,401.82 6.52% 2,626.60
ITOT iShares Core S&P Total U.S. Stock Market ETF BlackRock 1,204.35 18,523.21 6.50% 1,439.59
HYG iShares iBoxx USD High Yield Corporate Bond ETF BlackRock 1,174.19 15,421.86 7.61% 1,476.00
IYR iShares U.S. Real Estate ETF BlackRock 1,116.16 4,466.85 24.99% 642.91

 

Top Gainers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM February 2019 Net Flows($,M)
IEMG iShares Core MSCI Emerging Markets ETF BlackRock 5,005.35 59,210.81 8.45% 769.14
MBB iShares MBS ETF BlackRock 3,240.81 15,607.63 20.76% 1,712.14
VCSH Vanguard Short-Term Corporate Bond ETF Vanguard 3,190.77 23,704.49 13.46% 157.60
IEF iShares 7-10 Year Treasury Bond ETF BlackRock 3,126.49 13,352.67 23.41% 1,661.56
VCIT Vanguard Intermediate-Term Corporate Bond ETF Vanguard 3,070.21 21,792.25 14.09% 448.74
BNDX Vanguard Total International Bond ETF Vanguard 2,891.22 15,864.14 18.22% 2,480.84
TLT iShares 20+ Year Treasury Bond ETF BlackRock 2,841.20 11,260.54 25.23% 1,085.88
USMV iShares Edge MSCI Min Vol U.S.A. ETF BlackRock 2,626.60 23,401.82 11.22% 1,525.10
EEM iShares MSCI Emerging Markets ETF BlackRock 2,474.51 34,781.79 7.11% 975.30
EMB iShares JP Morgan USD Emerging Markets Bond ETF BlackRock 2,472.55 17,411.32 14.20% 1,013.37

 

Biggest Losers (February 2019)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM YTD 2019 Net Flows($,M)
SHV iShares Short Treasury Bond ETF BlackRock -2,153.79 19,141.46 -11.25% -1,590.63
GLD SPDR Gold Trust State Street Global Advisors -1,669.68 33,343.60 -5.01% -154.70
BSV Vanguard Short-Term Bond ETF Vanguard -1,545.11 22,643.85 -6.82% -5,418.50
EFA iShares MSCI EAFE ETF BlackRock -1,484.60 65,454.99 -2.27% -2,658.48
IWM iShares Russell 2000 ETF BlackRock -1,348.70 43,815.18 -3.08% -3,777.69
SHY iShares 1-3 Year Treasury Bond ETF BlackRock -1,187.57 19,116.54 -6.21% -1,563.47
SDY SPDR S&P Dividend ETF State Street Global Advisors -1,134.85 18,202.45 -6.23% 60.07
VT Vanguard Total World Stock ETF Vanguard -1,042.57 12,723.60 -8.19% -510.99
IWD iShares Russell 1000 Value ETF BlackRock -962.89 38,165.01 -2.52% -3,574.90
XLF Financial Select Sector SPDR Fund State Street Global Advisors -856.25 24,015.51 -3.57% -1,475.99

 

Biggest Losers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM February 2019 Net Flows($,M)
SPY SPDR S&P 500 ETF Trust State Street Global Advisors -9,477.51 261,425.33 -3.63% 2,544.69
IVV iShares Core S&P 500 ETF BlackRock -6,495.79 160,116.65 -4.06% 512.06
BSV Vanguard Short-Term Bond ETF Vanguard -5,418.50 22,643.85 -23.93% -1,545.11
IWM iShares Russell 2000 ETF BlackRock -3,777.69 43,815.18 -8.62% -1,348.70
IWD iShares Russell 1000 Value ETF BlackRock -3,574.90 38,165.01 -9.37% -962.89
EFA iShares MSCI EAFE ETF BlackRock -2,658.48 65,454.99 -4.06% -1,484.60
XLE Energy Select Sector SPDR Fund State Street Global Advisors -1,841.28 13,580.05 -13.56% -137.04
BIV Vanguard Intermediate-Term Bond ETF Vanguard -1,689.59 11,265.83 -15.00% -395.85
ACWI iShares MSCI ACWI ETF BlackRock -1,679.09 10,052.09 -16.70% -706.87
SHV iShares Short Treasury Bond ETF BlackRock -1,590.63 19,141.46 -8.31% -2,153.79

 

Asset Classes (February 2019)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 13,638.84 2,117,904.89 0.64%
International Equity 1,040.69 830,000.43 0.13%
U.S. Fixed Income 4,442.80 603,820.13 0.74%
International Fixed Income 4,640.42 74,190.61 6.25%
Commodities  -1,641.99 66,145.81 -2.48%
Currency -70.64 1,707.81 -4.14%
Leveraged -270.68 36,920.35 -0.73%
Inverse 338.82 11,804.57 2.87%
Asset Allocation -18.03 9,408.03 -0.19%
Alternatives 160.40 4,555.14 3.52%
Total: 22,260.63 3,756,457.77 0.59%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity -11,230.40 2,117,904.89 -0.53%
International Equity 5,853.50 830,000.43 0.71%
U.S. Fixed Income 18,172.02 603,820.13 3.01%
International Fixed Income 6,954.31 74,190.61 9.37%
Commodities  304.03 66,145.81 0.46%
Currency -98.38 1,707.81 -5.76%
Leveraged -1,414.98 36,920.35 -3.83%
Inverse 2,384.79 11,804.57 20.20%
Asset Allocation -546.43 9,408.03 -5.81%
Alternatives 421.04 4,555.14 9.24%
Total: 20,799.50 3,756,457.77 0.55%

 

February 2019 League Table

Issuer Net Flows ($,M) AUM ($,M) % of AUM YTD 2019 Net Flows($,M)
BlackRock 5,858.80 1,476,795.25 0.40% 5,227.98
Vanguard 4,512.02 950,447.69 0.47% 9,069.46
State Street Global Advisors 1,801.09 621,100.40 0.29% -10,232.40
Invesco 1,705.40 187,732.67 0.91% 1,051.86
Charles Schwab 2,604.89 132,722.15 1.96% 5,503.67
First Trust 1,262.39 70,025.73 1.80% 1,253.50
WisdomTree -246.27 38,760.39 -0.64% -117.68
VanEck 41.84 36,734.00 0.11% -228.79
ProShares 276.76 31,106.45 0.89% 1,709.89
JPMorgan 638.26 23,667.28 2.70% 1,770.07
Allianz 95.94 18,588.52 0.52% 40.70
Northern Trust -109.68 15,550.14 -0.71% -80.51
Rafferty Asset Management -374.98 12,943.94 -2.90% -983.58
SS&C -2.40 12,853.60 -0.02% -318.52
Fidelity 375.65 12,711.49 2.96% 680.98
Deutsche Bank 117.68 12,351.03 0.95% 322.22
Goldman Sachs 281.29 11,504.02 2.45% 568.68
Mirae Asset Global Investments 287.86 9,514.14 3.03% 401.62
UBS -3.67 6,827.64 -0.05% -37.13
Barclays Bank PLC 336.94 4,914.10 6.86% 545.96
Exchange Traded Concepts 39.06 4,558.33 0.86% 49.92
OppenheimerFunds 692.55 4,471.90 15.49% 814.69
Credit Suisse 375.94 4,317.81 8.71% 700.06
New York Life -211.86 3,887.47 -5.45% -419.35
John Hancock 438.26 3,825.36 11.46% 665.87
Pacer Financial 293.09 3,812.63 7.69% 524.10
ETF Managers Group 112.25 3,624.98 3.10% 170.88
The Principal Financial Group 5.15 3,339.67 0.15% 9.42
Victory Capital Management 43.15 3,179.02 1.36% -6.94
Hartford 189.62 3,020.39 6.28% 440.70
Aberdeen Asset Management -0.05 2,663.72 -0.00% 68.16
ARK 97.96 2,660.48 3.68% 224.39
US Commodity Funds -100.17 2,657.60 -3.77% -189.12
KraneShares -11.59 2,583.86 -0.45% 140.07
Franklin Templeton Investments 95.28 1,872.58 5.09% 123.71
USAA Asset Management 32.05 1,266.82 2.53% 53.57
Northern Lights 32.86 1,227.31 2.68% 40.20
Janus Henderson 13.89 1,147.53 1.21% 140.28
Virtus 330.67 1,075.90 30.73% 321.92
Innovator Capital Management 31.11 1,007.04 3.09% 190.59
Legg Mason 96.82 985.67 9.82% 105.41
CitiGroup -55.61 861.14 -6.46% -120.73
Transamerica 0.00 793.21 0.00% 12.25
Millington Securities Inc -24.77 774.44 -3.20% -42.84
Columbia 36.75 667.83 5.50% 12.01
AdvisorShares 7.18 659.42 1.09% -8.45
Cambria -0.10 658.30 -0.01% 2.89
Nuveen 20.94 647.19 3.24% 61.03
O’Shares Investment Advisers -6.03 635.33 -0.95% 5.25
Davis 12.35 634.11 1.95% 21.46
GraniteShares 19.79 539.25 3.67% 140.33
Highland Capital Management 103.91 525.73 19.76% 140.11
Amplify -31.92 497.65 -6.42% -56.27
Alpha Architect 9.73 423.85 2.29% 5.03
Nationwide Fund Advisors -2.02 356.97 -0.57% 4.54
Montage Managers 5.03 341.96 1.47% 9.11
PGIM Investments 38.53 328.06 11.75% 52.26
BMO -0.03 291.57 -0.01% 107.01
Strategy Shares -9.09 278.57 -3.26% -8.07
The RBB Fund 18.93 238.92 7.92% 33.52
Aptus Capital Advisors 13.39 231.14 5.79% 11.33
Reality Shares -4.82 213.27 -2.26% -10.36
Merk -0.03 154.05 -0.02% 5.74
Arrow Investment Advisors -1.27 149.11 -0.85% -17.42
Teucrium 2.41 146.05 1.65% -0.78
ClearShares 0.00 138.64 0.00% 5.00
TrimTabs Asset Management -1.72 134.02 -1.28% -1.62
American Century 0.96 88.11 1.08% 3.62
US Global Investors -12.51 86.18 -14.51% -20.78
Exponential ETFs 1.59 76.35 2.08% 5.27
EntrepreneurShares, LLC 0.00 75.42 0.00% 0.78
FQF Trust 10.59 62.90 16.84% 17.38
Aware Asset Management 43.88 59.01 74.35% 58.88
Redwood Investment Management 1.21 58.15 2.08% 2.80
Natixis 0.00 52.61 0.00% 2.01
OBP Capital LLC 1.22 44.11 2.78% 1.22
Gadsden -4.97 43.76 -11.35% 22.38
Premise Capital 1.47 36.74 4.01% 2.92
Advisors Asset Management -2.56 35.94 -7.13% 10.89
Point Bridge Capital -0.64 34.76 -1.85% -0.64
Distillate Capital Partners 5.16 29.05 17.78% 9.85
Cboe Vest Financial 2.08 26.43 7.86% 2.08
Diamond Hill 0.00 25.86 0.00% 0.00
Validea Capital Management 0.00 25.04 0.00% 0.00
AlphaMark Advisors 0.00 24.02 0.00% 0.00
Renaissance Capital 1.50 21.78 6.89% 1.50
Morgan Stanley -0.00 21.08 -0.01% -2.27
Active Weighting Advisors 0.00 19.33 0.00% -0.49
Metaurus Advisors -0.00 17.74 -0.01% -1.20
Sage Advisory Services 0.00 14.71 0.00% 0.00
CSOP 0.00 13.64 0.00% 0.00
SL Advisors 2.47 12.22 20.25% 2.47
Salt Financial 0.00 10.81 0.00% 0.57
Cushing 0.00 10.11 0.00% 0.00
Defiance ETFs 2.33 9.43 24.65% 3.36
TigerShares 1.32 8.27 15.92% 1.32
StrongVest -1.25 7.54 -16.60% -1.25
USCF Advisers 0.00 7.13 0.00% -0.88
Impact Shares 0.00 6.09 0.01% 0.00
Little Harbor Advisors 0.00 5.83 0.00% -0.56
Regents Park Funds 0.00 5.66 0.00% 0.00
Change Finance 0.00 5.07 0.00% 0.00
SerenityShares 0.00 4.29 0.00% 0.00
TriLine Index Solutions -0.56 3.91 -14.39% -0.56
EquBot 0.00 3.56 0.00% 0.00
Whitford Asset Management 0.00 0.67 0.00% 0.00
Swedish Export Credit 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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