First Monthly ETF Outflows In 2 Years

March 01, 2018

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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