February Sees Big ETF Flows Turn

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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