First Monthly ETF Outflows In 2 Years

February was a roller-coaster ride when it came to financial markets. That same ride was reflected in ETF flows.

The S&P 500 whipsawed violently during the month, falling by as much as 12% from its high during early February. The index then proceeded to recover more than 75% of its losses in few weeks before slipping again.

Bonds were also volatile. The 10-year Treasury yield reached nearly 2.95%, a four-year high, before backing off modestly from those peaks by month’s end.

ETF flows finished negatively, the first time since January 2015. All told, U.S.-ETFs had outflows of $4.4 billion during the month, but that’s an improvement from midmonth, when outflows for February were around $30.4 billion.

Still, with all the volatility, on a year-to-date basis after two months, ETFs have net inflows of $64 billion, a testament to how strong flows were in January.

Massive Outflows For ‘SPY’

Within this month’s flows numbers, there was plenty of variation. U.S. equity ETFs had a huge outflow—$21 billion—largely due to the $19.4 billion that came of the SPDR S&P 500 ETF Trust (SPY).

On the other hand, international equity ETFs had inflows of $12.9 billion thanks to $6.9 billion that flowed into the iShares Core MSCI EAFE ETF (IEFA).

Fixed-income ETFs were another area to garner inflows, to the tune of $2.2 billion. The iShares Core U.S. Aggregate Bond ETF (AGG) led the large for that segment, with inflows of $2.2 billion.

Finally, leveraged ETFs, an area that doesn’t typically see large inflows or outflows, found itself attracting a lot of attention in February. In total, $1.5 billion came into such funds, with almost all of that going into the ProShares Short VIX Short-Term Futures ETF (SVXY).

That ETF was hammered by more than 90% in a single day, after the Cboe Volatility futures that it tracks doubled in value.

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

 

Top Gainers (February 2018)

Ticker	Name	Issuer	Net Flows ($,mm)	AUM ($M)	% of AUM	YTD 2018 Net Flows($,M)
IEFA	iShares Core MSCI EAFE ETF	BlackRock	6,901.16	52,424.52	15.16%	9,850.87
IVV	iShares Core S&P 500 ETF	BlackRock	4,303.19	156,256.29	2.83%	10,678.15
AGG	iShares Core U.S. Aggregate Bond ETF	BlackRock	2,245.50	55,077.87	4.25%	3,432.44
VOO	Vanguard S&P 500 ETF	Vanguard	1,605.99	90,219.09	1.81%	4,083.38
IEMG	iShares Core MSCI Emerging Markets ETF	BlackRock	1,485.05	49,389.40	3.10%	4,703.67
SVXY	ProShares Short VIX Short-Term Futures ETF	ProShares	1,462.54	737.92	-201.84%	2,478.19
VEA	Vanguard FTSE Developed Markets ETF	Vanguard	1,155.32	71,174.51	1.65%	2,460.44
SHV	iShares Short Treasury Bond ETF	BlackRock	1,069.36	9,495.61	12.69%	1,499.51
EWJ	iShares MSCI Japan ETF	BlackRock	886.26	22,960.10	4.01%	3,172.05
VT	Vanguard Total World Stock ETF	Vanguard	842.22	11,929.67	7.60%	1,129.40

 

Top Gainers (Year-to-Date)

Ticker	Name	Issuer	Net Flows ($,mm)	AUM ($M)	% of AUM	February 2018 Net Flows($,M)
IVV	iShares Core S&P 500 ETF	BlackRock	10,678.15	156,256.29	7.33%	4,303.19
IEFA	iShares Core MSCI EAFE ETF	BlackRock	9,850.87	52,424.52	23.14%	6,901.16
IEMG	iShares Core MSCI Emerging Markets ETF	BlackRock	4,703.67	49,389.40	10.53%	1,485.05
VOO	Vanguard S&P 500 ETF	Vanguard	4,083.38	90,219.09	4.74%	1,605.99
AGG	iShares Core U.S. Aggregate Bond ETF	BlackRock	3,432.44	55,077.87	6.65%	2,245.50
EWJ	iShares MSCI Japan ETF	BlackRock	3,172.05	22,960.10	16.03%	886.26
EEM	iShares MSCI Emerging Markets ETF	BlackRock	2,600.23	43,822.09	6.31%	-493.83
SVXY	ProShares Short VIX Short-Term Futures ETF	ProShares	2,478.19	737.92	-142.40%	1,462.54
VEA	Vanguard FTSE Developed Markets ETF	Vanguard	2,460.44	71,174.51	3.58%	1,155.32
MTUM	iShares Edge MSCI USA Momentum Factor ETF	BlackRock	1,910.47	7,781.44	32.54%	567.45

 

Biggest Losers (February 2018)

Ticker	Name	Issuer	Net Flows ($,mm)	AUM ($M)	% of AUM	YTD 2018 Net Flows($,M)
SPY	SPDR S&P 500 ETF Trust	State Street Global Advisors	-19,400.71	278,470.13	-6.51%	-5,808.89
EFA	iShares MSCI EAFE ETF	BlackRock	-3,760.90	80,291.87	-4.47%	-5,684.52
LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	BlackRock	-3,234.87	32,707.73	-9.00%	-4,994.08
JNK	SPDR Bloomberg Barclays High Yield Bond ETF	State Street Global Advisors	-2,509.28	8,970.78	-21.86%	-3,541.79
EMB	iShares JP Morgan USD Emerging Markets Bond ETF	BlackRock	-1,847.25	11,946.21	-13.39%	97.87
SDY	SPDR S&P Dividend ETF	State Street Global Advisors	-1,549.66	15,686.65	-8.99%	-355.05
XLI	Industrial Select Sector SPDR Fund	State Street Global Advisors	-1,405.21	13,190.56	-9.63%	316.87
IWD	iShares Russell 1000 Value ETF	BlackRock	-1,378.59	37,205.52	-3.57%	-4,104.04
XLK	Technology Select Sector SPDR Fund	State Street Global Advisors	-1,249.10	20,697.40	-5.69%	-112.14
IWM	iShares Russell 2000 ETF	BlackRock	-1,217.75	40,477.48	-2.92%	-2,895.29

 

Biggest Losers (Year-to-Date)

Ticker	Name	Issuer	Net Flows ($,mm)	AUM ($M)	% of AUM	February 2018 Net Flows($,M)
SPY	SPDR S&P 500 ETF Trust	State Street Global Advisors	-5,808.89	278,470.13	-2.04%	-19,400.71
EFA	iShares MSCI EAFE ETF	BlackRock	-5,684.52	80,291.87	-6.61%	-3,760.90
LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	BlackRock	-4,994.08	32,707.73	-13.25%	-3,234.87
IWD	iShares Russell 1000 Value ETF	BlackRock	-4,104.04	37,205.52	-9.93%	-1,378.59
JNK	SPDR Bloomberg Barclays High Yield Bond ETF	State Street Global Advisors	-3,541.79	8,970.78	-28.31%	-2,509.28
IWM	iShares Russell 2000 ETF	BlackRock	-2,895.29	40,477.48	-6.68%	-1,217.75
HYG	iShares iBoxx $ High Yield Corporate Bond ETF	BlackRock	-2,326.82	15,172.57	-13.30%	-550.68
VNQ	Vanguard Real Estate ETF	Vanguard	-1,817.40	28,976.47	-5.90%	-1,057.84
DXJ	WisdomTree Japan Hedged Equity Fund	WisdomTree	-1,786.90	7,593.69	-19.05%	-861.70
XLP	Consumer Staples Select Sector SPDR Fund	State Street Global Advisors	-1,475.80	7,544.89	-16.36%	-304.34

 

Asset Classes (February 2018)

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
U.S. Equity	-21,316.13	1,964,573.78	-1.09%
International Equity	12,910.22	854,952.81	1.51%
U.S. Fixed Income	2,203.01	520,693.66	0.42%
International Fixed Income	-101.78	62,837.64	-0.16%
Commodities	367.73	69,352.50	0.53%
Currency	52.00	1,369.97	3.80%
Leveraged	1,537.67	36,688.41	4.18%
Inverse	225.79	13,678.37	1.65%
Asset Allocation	-12.35	8,919.33	-0.14%
Alternatives	-249.08	4,446.95	-5.60%
Total:	-4,383.26	3,537,513.41	-0.12%

 

Asset Classes (Year-to-Date)

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
U.S. Equity	9,502.13	1,964,573.78	0.48%
International Equity	37,591.63	854,952.81	4.44%
U.S. Fixed Income	6,905.49	520,693.66	1.33%
International Fixed Income	4,753.16	62,837.64	7.56%
Commodities ETFs	1,195.43	69,352.50	1.72%
Currency	98.79	1,369.97	7.21%
Leveraged	1,168.39	36,688.41	3.18%
Inverse	2,366.39	13,678.37	17.30%
Asset Allocation	122.03	8,919.33	1.37%
Alternatives	-131.65	4,446.95	-2.96%
Total:	63,565.79	3,537,513.41	1.81%

 

February 2018 League Table

Issuer	Net Flows ($,M)	AUM ($,M)	% of AUM	YTD 2018 Net Flows($,M)
BlackRock	7,877.92	1,390,774.94	0.57%	26,483.30
Vanguard	6,630.19	880,016.75	0.75%	17,669.51
State Street Global Advisors	-25,876.26	629,654.76	-4.11%	-2,820.47
Invesco PowerShares	-797.23	143,364.77	-0.56%	589.07
Charles Schwab	2,536.71	105,127.89	2.41%	5,297.14
First Trust	965.32	61,277.32	1.58%	2,408.37
WisdomTree	-840.66	45,131.48	-1.86%	-1,501.68
Guggenheim	-107.54	39,502.63	-0.27%	283.76
VanEck	1,473.90	36,120.88	4.08%	2,349.65
ProShares	1,111.98	30,993.99	3.59%	3,064.80
Northern Trust	243.80	16,662.99	1.46%	538.03
PIMCO	26.16	15,414.42	0.17%	679.55
ALPS	-499.02	13,652.14	-3.66%	-443.54
Direxion	720.20	13,496.49	5.34%	749.32
Deutsche Bank	-432.44	12,698.01	-3.41%	-652.33
Fidelity	266.79	10,546.18	2.53%	1,496.12
Global X	293.38	9,986.11	2.94%	1,527.28
Barclays Bank PLC	-138.52	7,285.16	-1.90%	-246.13
Goldman Sachs	132.99	7,089.84	1.88%	375.48
UBS	-151.56	7,055.79	-2.15%	-21.62
JPMorgan	219.84	6,752.19	3.26%	545.41
Exchange Traded Concepts	-2.85	5,571.54	-0.05%	576.94
Credit Suisse	-22.02	4,344.26	-0.51%	-249.91
IndexIQ	354.01	4,038.81	8.77%	508.85
US Commodity Funds	12.70	3,194.18	0.40%	-437.48
The Principal Financial Group	488.75	3,049.07	16.03%	845.30
ETF Securities	41.98	2,797.65	1.50%	79.52
OppenheimerFunds	43.31	2,550.43	1.70%	78.68
Victory Capital Management	97.67	2,531.92	3.86%	271.34
ETF Managers Group	10.07	2,378.67	0.42%	553.83
KraneShares	81.37	2,129.15	3.82%	426.32
Pacer Financial	150.72	1,908.75	7.90%	310.41
ARK	143.21	1,353.43	10.58%	414.98
Columbia	-17.36	1,300.40	-1.34%	-43.23
Franklin Templeton	38.78	1,238.19	3.13%	192.31
John Hancock	10.79	1,137.31	0.95%	39.59
AdvisorShares	8.43	1,087.45	0.78%	-0.65
Virtus	43.82	1,041.08	4.21%	55.35
Millington Securities Inc	5.79	990.60	0.58%	-0.73
Northern Lights	0.06	825.34	0.01%	29.62
Legg Mason	133.36	810.12	16.46%	157.31
Transamerica	-18.27	806.13	-2.27%	-55.26
Cambria	34.46	775.87	4.44%	62.50
USAA Asset Management	106.18	676.07	15.71%	316.89
CitiGroup	-76.86	653.71	-11.76%	-0.33
Highland Capital Management	-11.13	563.95	-1.97%	-3.89
FQF Trust	4.23	554.76	0.76%	-78.32
Hartford	74.98	497.77	15.06%	127.92
Nuveen	3.88	446.01	0.87%	32.17
Amplify	35.25	437.39	8.06%	238.60
Davis	21.72	432.11	5.03%	58.69
Alpha Architect	35.71	419.79	8.51%	78.04
Janus Henderson	11.76	414.71	2.84%	83.87
Innovator Capital Management	-24.18	399.69	-6.05%	99.30
Nationwide Fund Advisors	-5.30	352.98	-1.50%	-4.10
Swedish Export Credit	0.00	348.39	0.00%	0.00
Horizons	20.23	280.85	7.20%	18.34
Elkhorn	-7.20	234.57	-3.07%	5.14
Reality Shares	16.57	232.20	7.14%	133.39
Arrow Investment Advisors	-24.24	181.39	-13.36%	13.33
Teucrium	-4.56	157.04	-2.90%	4.50
BMO	0.00	145.72	0.00%	0.00
Merk	1.98	142.05	1.40%	2.08
OSI ETF Trust	9.07	140.87	6.44%	41.64
Montage Managers	1.11	125.27	0.89%	9.66
ClearShares	0.00	114.24	0.00%	0.00
US Global Investors	-7.08	105.53	-6.71%	-8.73
Aptus Capital Advisors	15.77	98.18	16.06%	37.38
Strategy Shares	1.89	92.85	2.03%	9.97
The RBB Fund	85.59	89.90	95.20%	88.08
Morgan Stanley	0.00	77.28	0.00%	0.00
EntrepreneurShares, LLC	3.26	65.65	4.96%	7.38
TrimTabs Asset Management	6.00	61.09	9.82%	12.17
GraniteShares	11.56	56.87	20.33%	24.79
Exponential ETFs	3.17	54.12	5.86%	3.11
OBP Capital LLC	3.88	54.06	7.18%	3.88
Natixis	0.00	40.39	0.00%	2.50
Point Bridge Capital	0.00	39.56	0.00%	5.78
AlphaMark Advisors	0.00	26.52	0.00%	0.00
Validea Capital Management	0.00	26.39	0.00%	0.00
Janus	0.00	25.07	0.00%	0.06
Premise Capital	0.00	22.60	0.00%	3.11
Diamond Hill	1.52	21.09	7.23%	1.52
Renaissance Capital	0.00	20.97	0.00%	0.00
American Century	0.00	19.38	0.00%	0.00
Metaurus Advisors	8.05	13.70	58.75%	8.05
Active Weighting Advisors	-2.69	13.24	-20.30%	-4.86
CSOP	0.92	12.65	7.24%	1.91
Sage Advisory Services	0.00	9.76	0.00%	0.00
StrongVest	0.00	8.68	0.00%	0.00
Advisors Asset Management	-2.77	5.34	-51.78%	0.00
AlphaClone	0.03	5.06	0.49%	0.03
USCF Advisers	0.00	4.93	0.00%	0.00
Regents Park Funds	1.22	4.89	24.88%	2.49
SerenityShares	0.00	4.11	0.00%	0.00
Change Finance	0.00	3.83	0.00%	0.96
SL Advisors	0.00	3.63	0.00%	0.00
Whitford Asset Management	0.00	2.52	0.00%	0.00
TriLine Index Solutions	2.50	2.50	100.00%	2.50

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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