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February Sees Big ETF Flows Turn

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Cinthia Murphy
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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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