T-Bill ETFs Are Investor Favorite as Markets Gyrate

Investors wary of roiling equity markets are flocking to Treasury bill ETFs and international equity funds as fears of sticky inflation and high interest rates persist.

U.S. equity ETFs shed nearly $7 billion in February as markets seesawed on myriad economic data that pointed to the Federal Reserve keeping interest rates higher for longer. In January, U.S. equity ETFs brought in $1.4 billion. The S&P 500 lost 2.6% during the month after gaining 6% in January. The Nasdaq shed 1.1% for the month after leaping 10% the month prior.

Funds that saw the greatest outflows included the first and oldest U.S.-listed ETF, the SPDR S&P 500 ETF Trust (SPY), which lost $11.4 billion in February alone. Other top losers included the iShares Core S&P 500 ETF (IVV) and the SPDR S&P Dividend ETF (SDY), which bled $4.6 billion in February, according to ETF.com data.

International equity ETFs collected $7.6 billion during the month, a slump from the $20.2 billion that came in January.

The top asset-gathering international equity fund was the JPMorgan BetaBuilders Europe ETF (BBEU), which saw $2.1 billion in inflows last month.

On the other side of the ledger, investors flocked to Treasury-related ETFs as yields soared. The yield on the two-year Treasury note rose to 4.8% on Tuesday, its highest level since 2007. Meanwhile, the yield on the benchmark 10-year note briefly touched 4% on Wednesday for the first time since November of last year.

February’s top-performing ETF, the iShares Short Treasury Bond ETF (SHV), brought in $4.5 billion last month, while the iShares 0-3 Month Treasury Bond ETF (SGOV) and the SPDR Portfolio Short Term Treasury ETF (SPTS) collectively lured in almost $3 billion, ETF.com data shows.

U.S. fixed income ETFs brought in $862 million in February. Still, that’s short of the $20.8 billion that the asset class saw in January.

For a full list of January's top inflows and outflows, see the tables below:

 

Top Gainers (February 2023)

Ticker	Name	Issuer	Net Flows ($,mm)	AUM ($M)	% of AUM	YTD 2023 Net Flows($,M)
SHV	iShares Short Treasury Bond ETF	Blackrock	4,519.05	23,678.63	19.08%	3,282.37
BBEU	JPMorgan BetaBuilders Europe ETF	JPMorgan Chase	2,102.02	9,037.11	23.26%	5,670.58
JEPI	JPMorgan Equity Premium Income ETF	JPMorgan Chase	1,844.35	21,360.15	8.63%	4,196.11
BND	Vanguard Total Bond Market ETF	Vanguard	1,690.29	87,558.62	1.93%	2,496.30
VOO	Vanguard S&P 500 ETF	Vanguard	1,653.65	274,852.09	0.60%	2,138.20
VTI	Vanguard Total Stock Market ETF	Vanguard	1,611.72	276,290.08	0.58%	3,035.46
SGOV	iShares 0-3 Month Treasury Bond ETF	Blackrock	1,580.48	8,006.41	19.74%	1,599.36
SPTS	SPDR Portfolio Short Term Treasury ETF	State Street Global Advisors	1,453.96	5,413.13	26.86%	1,569.87
SCHD	Schwab U.S. Dividend Equity ETF	Charles Schwab	1,354.62	46,928.42	2.89%	2,781.03
QQQ	Invesco QQQ Trust	Invesco	1,325.90	156,942.32	0.84%	-3,163.22

 

Top Gainers (Year-to-Date)

Ticker	Name	Issuer	Net Flows ($,mm)	AUM ($M)	% of AUM	February 2023 Net Flows($,M)
BBEU	JPMorgan BetaBuilders Europe ETF	JPMorgan Chase	5,670.58	9,037.11	62.75%	2,102.02
JEPI	JPMorgan Equity Premium Income ETF	JPMorgan Chase	4,196.11	21,360.15	19.64%	1,844.35
IEMG	iShares Core MSCI Emerging Markets ETF	Blackrock	3,948.50	68,029.49	5.80%	777.81
VTV	Vanguard Value ETF	Vanguard	3,548.59	102,767.69	3.45%	893.17
SHV	iShares Short Treasury Bond ETF	Blackrock	3,282.37	23,678.63	13.86%	4,519.05
VTI	Vanguard Total Stock Market ETF	Vanguard	3,035.46	276,290.08	1.10%	1,611.72
TLT	iShares 20+ Year Treasury Bond ETF	Blackrock	3,021.74	30,186.65	10.01%	689.98
SCHO	Schwab Short-Term U.S. Treasury ETF	Charles Schwab	2,891.35	13,069.39	22.12%	272.86
SCHD	Schwab U.S. Dividend Equity ETF	Charles Schwab	2,781.03	46,928.42	5.93%	1,354.62
AGG	iShares Core U.S. Aggregate Bond ETF	Blackrock	2,733.97	85,419.18	3.20%	1,183.37

 

Biggest Losers (February 2023)

Ticker	Name	Issuer	Net Flows ($,mm)	AUM ($M)	% of AUM	YTD 2023 Net Flows($,M)
SPY	SPDR S&P 500 ETF Trust	State Street Global Advisors	-11,362.56	360,682.91	-3.15%	-10,494.45
HYG	iShares iBoxx USD High Yield Corporate Bond ETF	Blackrock	-5,129.04	12,793.64	-40.09%	-3,003.90
LQD	iShares iBoxx USD Investment Grade Corporate Bond ETF	Blackrock	-4,628.06	33,246.51	-13.92%	-2,200.68
IVV	iShares Core S&P 500 ETF	Blackrock	-2,382.53	298,361.72	-0.80%	-2,653.59
SDY	SPDR S&P Dividend ETF	State Street Global Advisors	-2,364.36	23,460.63	-10.08%	-337.02
JNK	SPDR Bloomberg High Yield Bond ETF	State Street Global Advisors	-2,211.70	7,278.40	-30.39%	-2,341.11
SPYD	SPDR Portfolio S&P 500 High Dividend ETF	State Street Global Advisors	-2,113.85	7,068.91	-29.90%	-487.05
EMB	iShares JP Morgan USD Emerging Markets Bond ETF	Blackrock	-1,896.96	15,150.28	-12.52%	550.90
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	Blackrock	-1,279.08	5,069.37	-25.23%	-3,197.97
USMV	iShares MSCI USA Min Vol Factor ETF	Blackrock	-1,191.28	28,498.51	-4.18%	-997.31

 

Biggest Losers (Year-to-Date)

Ticker	Name	Issuer	Net Flows ($,mm)	AUM ($M)	% of AUM	February 2023 Net Flows($,M)
SPY	SPDR S&P 500 ETF Trust	State Street Global Advisors	-10,494.45	360,682.91	-2.91%	-11,362.56
IWF	iShares Russell 1000 Growth ETF	Blackrock	-4,612.88	58,978.44	-7.82%	-922.88
IWD	iShares Russell 1000 Value ETF	Blackrock	-3,405.45	51,873.50	-6.56%	-135.40
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	Blackrock	-3,197.97	5,069.37	-63.08%	-1,279.08
QQQ	Invesco QQQ Trust	Invesco	-3,163.22	156,942.32	-2.02%	1,325.90
HYG	iShares iBoxx USD High Yield Corporate Bond ETF	Blackrock	-3,003.90	12,793.64	-23.48%	-5,129.04
IVV	iShares Core S&P 500 ETF	Blackrock	-2,653.59	298,361.72	-0.89%	-2,382.53
JNK	SPDR Bloomberg High Yield Bond ETF	State Street Global Advisors	-2,341.11	7,278.40	-32.17%	-2,211.70
IWM	iShares Russell 2000 ETF	Blackrock	-2,267.48	54,203.78	-4.18%	-414.40
LQD	iShares iBoxx USD Investment Grade Corporate Bond ETF	Blackrock	-2,200.68	33,246.51	-6.62%	-4,628.06

 

Asset Classes (February 2023)

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
U.S. Equity	-6,978.01	3,999,115.33	-0.17%
International Equity	7,559.42	1,221,961.39	0.62%
U.S. Fixed Income	862.95	1,179,183.28	0.07%
International Fixed Income	-19.92	144,947.37	-0.01%
Commodities	-500.24	128,240.99	-0.39%
Currency	-319.03	3,576.61	-8.92%
Leveraged	1,035.50	50,522.88	2.05%
Inverse	223.63	25,059.53	0.89%
Asset Allocation	-349.44	16,029.56	-2.18%
Alternatives	-121.64	7,535.18	-1.61%
Total:	1,393.22	6,776,172.12	0.02%

 

Asset Classes (Year-to-Date)

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
U.S. Equity	-6,149.35	3,999,115.33	-0.15%
International Equity	27,803.69	1,221,961.39	2.28%
U.S. Fixed Income	19,329.39	1,179,183.28	1.64%
International Fixed Income	5,223.75	144,947.37	3.60%
Commodities	-27.23	128,240.99	-0.02%
Currency	-399.79	3,576.61	-11.18%
Leveraged	-432.86	50,522.88	-0.86%
Inverse	4,452.65	25,059.53	17.77%
Asset Allocation	-1,827.14	16,029.56	-11.40%
Alternatives	67.16	7,535.18	0.89%
Total:	48,040.26	6,776,172.12	0.71%

 

February 2023 ETF Issuer League Table

Issuer	Net Flows ($,M)	AUM ($,M)	% of AUM	YTD 2023 Net Flows($,M)
Blackrock	-14,753.61	2,261,325.10	-0.65%	-13,061.18
Vanguard	9,602.60	1,973,207.52	0.49%	21,710.44
State Street Global Advisors	-17,247.03	997,364.79	-1.73%	-10,518.41
Invesco	1,769.41	349,811.58	0.51%	1,389.11
Charles Schwab	1,749.42	275,224.19	0.64%	7,208.26
First Trust	788.22	139,079.80	0.57%	2,018.52
JPMorgan Chase	5,514.36	104,551.74	5.27%	13,464.09
Dimensional	2,052.06	80,783.92	2.54%	4,675.10
ProShares	861.52	61,314.42	1.41%	2,643.22
VanEck	-475.08	52,387.05	-0.91%	-329.09
WisdomTree	399.15	51,640.70	0.77%	706.97
Mirae Asset Global Investments Co., Ltd.	334.16	37,966.34	0.88%	263.79
Fidelity	421.42	32,266.85	1.31%	811.50
Goldman Sachs	727.98	26,502.03	2.75%	906.26
Direxion	-97.74	24,895.38	-0.39%	462.41
Pacer Advisors	1,276.01	22,741.09	5.61%	2,679.21
American Century Investments	1,017.84	22,021.14	4.62%	1,954.39
PIMCO	163.24	21,314.92	0.77%	-227.84
Northern Trust	134.18	20,932.75	0.64%	97.78
DWS	57.66	19,415.62	0.30%	516.06
ARK	-216.18	12,816.37	-1.69%	-276.22
Innovator	395.15	12,168.68	3.25%	808.61
Franklin Templeton	304.28	10,794.35	2.82%	659.61
SS&C	-92.55	10,745.64	-0.86%	-8.30
CICC	-557.88	9,341.87	-5.97%	-189.33
Victory Capital	-35.17	8,106.28	-0.43%	-3.92
Nuveen Securities	305.87	7,812.23	3.92%	445.98
WisdomTree Investments, Inc.	159.10	7,706.21	2.06%	277.82
Capital Group	547.18	7,317.47	7.48%	1,176.49
Janus Henderson	349.20	6,105.66	5.72%	500.42
Abrdn Plc	-41.21	5,682.66	-0.73%	-41.30
John Hancock	12.86	5,303.47	0.24%	78.34
Exchange Traded Concepts	-71.94	4,709.03	-1.53%	-88.54
Prudential	392.42	4,576.90	8.57%	375.68
Amplify Investments	131.55	4,203.33	3.13%	249.88
The Hartford	19.21	3,989.72	0.48%	113.91
New York Life	-29.92	3,959.54	-0.76%	-81.80
Marygold	401.74	3,816.57	10.53%	658.96
ETFMG	60.02	3,759.85	1.60%	-20.18
BNY Mellon	2,151.94	3,617.64	59.48%	2,258.61
BMO	81.48	3,564.35	2.29%	166.10
Tidal	63.80	3,181.23	2.01%	311.57
Alpha Architect	109.32	2,336.28	4.68%	251.25
US Global Investors	-61.95	2,083.64	-2.97%	-254.64
Principal	-30.27	2,069.07	-1.46%	-193.24
Cambria	57.74	1,989.17	2.90%	110.30
Barclays Capital Inc.	-13.97	1,937.98	-0.72%	24.17
Aptus Capital Advisors	-31.97	1,826.59	-1.75%	-26.82
Power Corporation of Canada	1,259.49	1,498.43	84.05%	1,341.87
Simplify	46.64	1,474.65	3.16%	10.81
Virtus Investment Partners	53.33	1,415.36	3.77%	75.69
Main Management	51.05	1,414.39	3.61%	88.57
Vident	2.01	1,337.05	0.15%	-59.01
Columbia Management Investment Advisers, LLC	0.66	1,279.72	0.05%	-23.80
GraniteShares	12.54	1,269.53	0.99%	6.74
Horizon Kinetics	26.38	1,268.85	2.08%	25.96
UBS	4.27	1,268.36	0.34%	4.27
Sprott, Inc.	47.00	1,236.16	3.80%	36.01
AdvisorShares	-14.64	1,171.86	-1.25%	-18.74
AXS Investments	345.55	1,168.01	29.58%	549.91
Inspire Investing LLC	22.46	1,166.21	1.93%	39.20
Strategy Shares	-14.04	1,160.93	-1.21%	-37.44
The Motley Fool	-9.12	1,105.06	-0.83%	-18.96
Distillate Capital	31.98	1,018.23	3.14%	61.90
Litman Gregory Capital Partners LLC	20.55	935.45	2.20%	-0.51
T. Rowe Price Group, Inc.	21.50	922.53	2.33%	51.38
Davis Advisers	0.66	921.15	0.07%	15.02
Defiance ETFs	-14.41	913.15	-1.58%	-35.59
ORIX	122.32	783.57	15.61%	149.25
Focus Financial Partners	22.05	774.11	2.85%	152.76
Timothy Plan	17.98	744.16	2.42%	83.85
Bondbloxx Investment Management LLC	67.46	730.20	9.24%	182.99
Redwood	27.02	682.56	3.96%	-51.70
Credit Suisse Group AG	44.30	649.84	6.82%	48.26
Merk	10.89	632.67	1.72%	33.13
Renaissance Health Service Corp.	137.86	626.79	21.99%	221.53
Tortoise	-2.56	588.71	-0.44%	-57.47
Roundhill Investments	-3.62	572.29	-0.63%	-20.80
Core Alternative Capital	6.91	543.89	1.27%	-21.82
Engine No. 1	18.09	512.40	3.53%	35.63
Teucrium	-10.00	507.95	-1.97%	-65.81
Nationwide	-10.67	507.14	-2.10%	-30.79
Advisors Asset Management	25.82	504.72	5.12%	58.25
Howard Capital Management	5.67	495.13	1.14%	4.12
ClearShares LLC	-5.02	489.47	-1.03%	1.44
Day Hagan Asset Management	-4.94	485.36	-1.02%	-6.70
Anfield Group	-2.68	460.88	-0.58%	-5.13
AGF	-15.15	399.10	-3.80%	31.21
Equitable	77.70	367.70	21.13%	79.91
Liquid Strategies	14.52	365.77	3.97%	-42.04
FCF Advisors	24.84	341.45	7.27%	19.48
Doubleline ETF Adviser LP	21.39	325.29	6.58%	34.47
Neuberger Berman	79.18	322.69	24.54%	88.41
Adaptive Investments	-1.85	317.33	-0.58%	-1.99
Retireful LLC	-33.71	290.53	-11.60%	-22.40
Aptus Holdings LLC	21.91	263.46	8.31%	26.86
Wahed Invest LLC	7.79	242.82	3.21%	12.21
Oneascent Holdings LLC	-0.61	237.74	-0.26%	-7.37
WBI	-1.17	222.62	-0.53%	-1.17
Cary Street Partners Financial LLC /VA/	12.46	217.76	5.72%	29.35
AmeriLife	-3.10	213.51	-1.45%	-8.96
Western & Southern Mutual Holding Co.	0.00	203.82	0.00%	0.00
Matthews International Capital Management	18.79	199.48	9.42%	84.30
Truemark Group	1.34	199.18	0.67%	-0.33
Little Harbor Advisors	-5.16	196.28	-2.63%	-30.82
Syntax	-4.87	189.10	-2.57%	-3.85
Impact Shares	2.49	177.43	1.40%	5.23
Kingsview Partners LLC	1.38	176.96	0.78%	0.75
CI Financial	-5.11	170.50	-3.00%	3.51
CornerCap Investment Counsel, Inc.	8.15	159.61	5.11%	12.62
Renaissance Capital	7.07	148.42	4.76%	-2.99
Truist	1.15	147.79	0.78%	0.10
Rayliant	8.02	145.55	5.51%	11.02
Stf Management LP	-1.16	141.47	-0.82%	-13.10
Volatility Shares LLC	2.27	135.48	1.68%	1.84
SRN Advisors	-6.51	133.51	-4.87%	-11.80
Humankind USA LLC	-0.02	128.31	-0.01%	1.31
Intangible Capital	-3.87	125.91	-3.08%	-3.88
Thor Trading Advisors LLC	30.83	124.90	24.69%	33.81
Neil Azous Revocable Trust	-2.24	122.74	-1.83%	2.98
Swan Global Investments	-7.48	117.80	-6.35%	-11.92
OBP Capital LLC	7.32	117.52	6.23%	5.88
Arrow Funds	-2.29	116.37	-1.97%	-2.29
Thrivent Financial for Lutherans	13.64	109.46	12.47%	27.96
Baird Financial Group	4.00	108.04	3.70%	11.56
IronHorse Holdings	2.36	107.66	2.19%	4.31
Paralel Technologies LLC	2.84	105.94	2.68%	2.84
Soundwatch Capital LLC	-0.55	100.28	-0.55%	1.05
Federated Hermes, Inc.	-0.03	96.26	-0.03%	22.22
Absolute Investment Advisers LLC	0.00	88.30	0.00%	1.45
Toews Corp.	-2.49	79.69	-3.13%	-3.56
Angel Oak Capital Advisors, LLC	0.00	79.63	0.00%	4.04
Water Island Capital	-23.29	77.15	-30.19%	-10.73
Inverdale Capital Management LLC	0.86	72.65	1.19%	1.69
First Manhattan Co.	0.00	72.41	0.00%	-0.07
Exponential ETFs	0.00	68.68	0.00%	0.00
Panagram Structured Asset Management, LLC	48.06	68.50	70.16%	68.11
Pettee Investors	2.02	67.57	3.00%	4.45
Cohanzick Management	0.00	66.73	0.00%	4.15
SEI Investments	0.64	66.63	0.96%	2.52
Natixis	0.75	66.08	1.14%	1.01
Beyond Investing	0.00	65.64	0.00%	0.00
The Leuthold Group LLC	1.51	63.62	2.37%	2.98
Alexis Investment Partners LLC	2.16	62.94	3.43%	8.24
ProcureAM	0.00	57.62	0.00%	-0.53
Q3 Asset Management Corp.	5.69	57.32	9.93%	7.51
Formidable Asset Management	0.00	53.96	0.00%	-0.61
EntrepreneurShares, LLC	-0.10	53.72	-0.19%	-0.10
GeaSphere LLC	-1.84	47.84	-3.85%	-5.41
Cambiar Holdings	0.22	46.86	0.48%	0.22
Logan Capital Management Inc.	0.00	46.66	0.00%	0.82
Clockwise Capital LLC	1.83	46.08	3.98%	7.06
Hennessy Advisors	0.54	43.95	1.23%	0.54
2nd Vote Value Investments, Inc	0.00	42.97	0.00%	-0.85
Client First Investment Management LLC	15.76	42.91	36.72%	24.29
Guinness Atkinson Asset Management	-0.50	42.09	-1.20%	-0.93
Advocate Capital Management LLC	0.84	39.76	2.12%	3.07
Ridgeline Research LLC	1.56	38.42	4.06%	3.10
Alger	-1.42	37.66	-3.76%	-2.19
ETF Series Solutions	-5.16	37.54	-13.75%	-5.87
Goose Hollow Capital Management LLC	10.41	36.70	28.37%	11.06
First Pacific Advisors LP	1.15	31.72	3.61%	1.70
Valkyrie Funds LLC	1.72	30.10	5.70%	1.86
Zacks	7.74	29.58	26.17%	11.86
Sheaff Brock Capital Management LLC	0.00	29.45	0.00%	0.96
GAMCO Investors, Inc.	0.40	29.17	1.37%	1.03
ASYMmetric ETFs	0.75	27.07	2.77%	1.55
Highland Capital Management	0.01	26.65	0.04%	0.00
Cultivar Capital, Inc.	0.00	24.89	0.00%	0.61
Neos Investments LLC	11.92	24.64	48.36%	16.88
AlphaMark Advisors	0.00	24.16	0.00%	-0.06
Alphatrai Funds, Inc.	5.74	23.64	24.27%	11.38
Convergence Investment Partners, LLC	-0.73	23.54	-3.09%	-0.28
PMV Capital Advisers LLC	0.25	22.95	1.09%	-4.80
Reflection Asset Management, LLC	0.63	21.85	2.87%	0.63
Faith Investor Services, LLC	0.00	21.81	0.00%	0.23
Point Bridge Capital	0.00	18.53	0.00%	-0.03
Knights of Columbus	0.00	18.48	0.00%	0.00
Mairs & Power, Inc.	0.00	18.29	0.00%	0.88
Applied Finance Group	0.63	17.54	3.58%	1.81
Build Asset Management LLC	0.00	17.02	0.00%	-14.36
Lyrical Partners	0.00	15.94	0.00%	-4.77
Subversive Capital Advisor LLC	10.58	13.09	80.80%	10.58
Lifegoal Investments LLC	0.44	12.06	3.66%	2.61
Democracy Investment Management LLC	1.19	11.40	10.41%	6.39
Changebridge Capital LLC	0.00	11.30	0.00%	0.00
WealthTrust Asset Management LLC	0.00	11.22	0.00%	0.00
The BAD Investment Company	0.00	8.95	0.00%	0.00
Future Fund Advisors	-0.70	8.55	-8.19%	-0.70
MCCM Group LLC	0.00	8.35	0.00%	0.00
Counterpoint Mutual Funds LLC	0.52	7.85	6.63%	0.52
Tuttle Tactical Management, LLC	0.00	6.66	0.00%	0.00
Rcube SAS	0.00	6.28	0.00%	0.59
VegTech LLC	0.00	5.09	0.00%	0.00
Digital Currency Group, Inc.	0.00	4.75	0.00%	0.00
Kelly Intelligence LLC	0.00	3.82	0.00%	0.27
V-Square Quantitative Management LLC	0.00	3.51	0.00%	0.00
Emerge Capital Management, Inc.	0.00	3.05	0.00%	0.00
Element ETFs LLC	0.00	2.98	0.00%	-1.89
Dynamic Shares LLC	0.00	2.97	0.00%	0.00
Jacob Asset Management	0.00	2.97	0.00%	0.00
Spear Advisors LLC	0.36	2.85	12.69%	0.36
Penserra Capital Management LLC	0.00	2.06	0.00%	0.00
Dalton Capital	0.42	1.78	23.55%	0.42
Convexityshares, LLC	0.00	1.61	0.00%	0.00
Inherent Wealth Fund LLC	0.00	1.40	0.00%	0.00
Cboe Vest Financial LLC	0.65	1.38	47.50%	0.65
Hypatia Capital Advisors LLC	0.28	1.34	20.63%	1.07
Grizzle Investment Management LLC	0.00	1.04	0.00%	0.00
Bitwise Asset Management, Inc.	-1.13	0.63	-178.93%	-1.13
Kingsbarn Capital Management LLC	-0.55	0.55	-100.35%	-0.55
Tradelegs LLC	0.00	0.50	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.

Recommended Stories

• Short Treasuries in Spotlight as Rates Rise

• Another Single Issue Treasury ETF Debuts

• SPY Sheds Billions Despite Market Uptick

• Investors Searching for Safe Havens Flock to T-Bill ETFs

Permalink | © Copyright 2023 ETF.com. All rights reserved