ETFs End Feb. With $67.6B In Flows

March 02, 2022

U.S.-listed ETFs ended February with $67.6 billion in net new assets in a strong showing despite the triple head winds of inflation, coming Federal Reserve hikes and Russia’s invasion of Ukraine in the final days of the month. 

Vanguard Brushes Off Turmoil To Dominate Flows 

Vanguard ended February with $34.4 billion in new assets and $56.5 billion in net inflows in 2022, easily outpacing BlackRock’s $7.5 billion in net flows this year. The passive giant also crossed the $2 billion mark for assets under management in ETFs on Monday. 

The firm’s strict approach to buy-and-hold investing despite economic and geopolitical head winds is most evident in the $16.3 billion garnered by the Vanguard S&P 500 ETF (VOO), easily making it the highest-grossing ETF in February. That dwarfs the $9 billion taken in by the iShares Core S&P 500 ETF (IVV), which came in second. 

Four other Vanguard funds were among the 10 top gainers on the month, with the Vanguard Value ETF (VTV) adding $5.9 billion and three bond funds adding nearly $4.96 billion combined. 

Sell-off Spans Asset Classes

The list of largest outflows is rather varied, with the aforementioned three different head winds forcing sell-offs across asset classes. 

The two largest losers are outliers due to highly concentrated losses. The normally sleepy iShares MSCI Kokusai ETF (TOK) saw $3.7 billion in outflows in two tranches during the month, matching a similar singular flow into the fund in January. The SPDR Gold MiniShares Trust (GLDM) lost $2.2 billion on the month, with virtually all of that amount pulled last Wednesday. 

Fears about slowing growth among the highest flyers in the market led to a $2.2 billion outflow in the SPDR S&P 500 ETF Trust (SPY), while the SPDR S&P Dividend ETF (SDY) lost $1.5 billion. 

Bond funds that are particularly sensitive to interest rate hikes also sold off, as the Federal Reserve continued to signal multiple rate hikes throughout the year in an effort to tamp inflation. The Schwab U.S. TIPS ETF (SCHP), the Vanguard Short Term Inflation-Protected Securities ETF (VTIP) and the SPDR Bloomberg High Yield Bond ETF (JNK) lost almost $3 billion combined during the month. 

Finally, the iShares JPMorgan USD Emerging Markets Bond ETF (EMB) saw just over $1 billion in outflows. It and other emerging market bond ETFs saw significant outflows as sanctions from Western countries piled on in response to Russia’s invasion of Ukraine.

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

Top Gainers (February 2022)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM YTD 2022 Net Flows($,M)
VOO Vanguard S&P 500 ETF Vanguard 16,346.60 278,098.71 5.88% 20,521.62
IVV iShares Core S&P 500 ETF Blackrock 9,045.36 318,488.08 2.84% 10,097.22
VTV Vanguard Value ETF Vanguard 5,931.29 99,252.81 5.98% 8,190.82
SCHD Schwab U.S. Dividend Equity ETF Charles Schwab 2,643.91 34,253.92 7.72% 4,404.34
SHV iShares Short Treasury Bond ETF Blackrock 2,336.04 15,724.58 14.86% 2,652.87
VCIT Vanguard Intermediate-Term Corporate Bond ETF Vanguard 1,786.60 46,450.43 3.85% 1,734.77
VCSH Vanguard Short-Term Corporate Bond ETF Vanguard 1,651.27 42,273.23 3.91% 1,618.25
BNDX Vanguard Total International Bond ETF Vanguard 1,520.88 46,389.80 3.28% 2,279.79
TQQQ ProShares UltraPro QQQ ProShares 1,445.51 16,948.60 8.53% 4,984.43
SMH VanEck Semiconductor ETF VanEck 1,382.32 9,038.19 15.29% 3,018.61

Top Gainers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM February 2022 Net Flows($,M)
VOO Vanguard S&P 500 ETF Vanguard 20,521.62 278,098.71 7.38% 16,346.60
IVV iShares Core S&P 500 ETF Blackrock 10,097.22 318,488.08 3.17% 9,045.36
VTV Vanguard Value ETF Vanguard 8,190.82 99,252.81 8.25% 5,931.29
VTI Vanguard Total Stock Market ETF Vanguard 5,328.00 279,224.58 1.91% 1,380.82
TQQQ ProShares UltraPro QQQ ProShares 4,984.43 16,948.60 29.41% 1,445.51
SCHD Schwab U.S. Dividend Equity ETF Charles Schwab 4,404.34 34,253.92 12.86% 2,643.91
GLD SPDR Gold Trust State Street Global Advisors 3,209.50 62,340.50 5.15% 704.62
SMH VanEck Semiconductor ETF VanEck 3,018.61 9,038.19 33.40% 1,382.32
VEA Vanguard FTSE Developed Markets ETF Vanguard 2,959.49 106,932.97 2.77% 847.22
IEFA iShares Core MSCI EAFE ETF Blackrock 2,908.98 100,956.70 2.88% 1,134.38

Biggest Losers (February 2022)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM YTD 2022 Net Flows($,M)
TOK iShares MSCI Kokusai ETF Blackrock -3,755.88 183.98 -2,041.44% -88.63
GLDM SPDR Gold MiniShares Trust State Street Global Advisors -2,281.33 4,507.11 -50.62% -2,272.69
SPY SPDR S&P 500 ETF Trust State Street Global Advisors -2,201.53 399,987.34 -0.55% -20,251.09
BSV Vanguard Short-Term Bond ETF Vanguard -1,830.10 38,789.35 -4.72% -2,462.50
SDY SPDR S&P Dividend ETF State Street Global Advisors -1,576.82 20,458.09 -7.71% 126.15
VLUE iShares MSCI USA Value Factor ETF Blackrock -1,080.46 12,813.70 -8.43% -2,734.19
SCHP Schwab U.S. TIPS ETF Charles Schwab -1,052.60 20,463.65 -5.14% -113.57
EMB iShares JP Morgan USD Emerging Markets Bond ETF Blackrock -1,043.13 16,322.45 -6.39% -1,999.29
VTIP Vanguard Short-Term Inflation-Protected Securities ETF Vanguard -939.99 18,983.95 -4.95% -685.11
JNK SPDR Bloomberg High Yield Bond ETF State Street Global Advisors -910.16 7,630.82 -11.93% -1,614.27

Biggest Losers (Year-to-Date)

Ticker Name Issuer Net Flows ($,mm) AUM ($M) % of AUM February 2022 Net Flows($,M)
SPY SPDR S&P 500 ETF Trust State Street Global Advisors -20,251.09 399,987.34 -5.06% -2,201.53
QQQ Invesco QQQ Trust Invesco -6,258.48 182,035.07 -3.44% 368.31
HYG iShares iBoxx USD High Yield Corporate Bond ETF Blackrock -4,278.24 16,305.60 -26.24% -718.65
TIP iShares TIPS Bond ETF Blackrock -3,127.77 34,354.67 -9.10% -879.19
VLUE iShares MSCI USA Value Factor ETF Blackrock -2,734.19 12,813.70 -21.34% -1,080.46
TLT iShares 20+ Year Treasury Bond ETF Blackrock -2,524.94 15,870.57 -15.91% 925.38
BSV Vanguard Short-Term Bond ETF Vanguard -2,462.50 38,789.35 -6.35% -1,830.10
GLDM SPDR Gold MiniShares Trust State Street Global Advisors -2,272.69 4,507.11 -50.42% -2,281.33
EMB iShares JP Morgan USD Emerging Markets Bond ETF Blackrock -1,999.29 16,322.45 -12.25% -1,043.13
JNK SPDR Bloomberg High Yield Bond ETF State Street Global Advisors -1,614.27 7,630.82 -21.15% -910.16

Asset Classes (February 2022)

Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 41,533.66 4,099,373.88 1.01%
International Equity 10,839.70 1,270,409.78 0.85%
U.S. Fixed Income 5,871.43 1,070,168.86 0.55%
International Fixed Income 3,361.00 159,111.00 2.11%
Commodities 2,020.84 152,973.34 1.32%
Currency 219.91 3,137.83 7.01%
Leveraged 2,368.60 64,175.06 3.69%
Inverse 1,268.00 14,703.07 8.62%
Asset Allocation 34.76 19,795.89 0.18%
Alternatives 83.47 7,206.31 1.16%
Total: 67,601.37 6,861,055.04 0.99%

Asset Classes (Year-to-Date)

Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 50,042.57 4,099,373.88 1.22%
International Equity 35,188.35 1,270,409.78 2.77%
U.S. Fixed Income -2,759.71 1,070,168.86 -0.26%
International Fixed Income 5,316.62 159,111.00 3.34%
Commodities 6,541.00 152,973.34 4.28%
Currency 144.96 3,137.83 4.62%
Leveraged 6,967.96 64,175.06 10.86%
Inverse 2,711.37 14,703.07 18.44%
Asset Allocation 412.32 19,795.89 2.08%
Alternatives 190.65 7,206.31 2.65%
Total: 104,756.10 6,861,055.04 1.53%

February 2022 ETF Issuer League Table

Issuer Net Flows ($,M) AUM ($,M) % of AUM YTD 2022 Net Flows($,M)
Blackrock 12,137.29 2,330,913.14 0.52% 7,528.36
Vanguard 34,431.44 2,002,414.93 1.72% 56,572.39
State Street Global Advisors -3,290.65 1,047,853.99 -0.31% -3,828.76
Invesco 1,673.77 371,775.17 0.45% 643.78
Charles Schwab 2,915.20 262,835.61 1.11% 7,712.82
First Trust 1,610.79 141,934.16 1.13% 2,408.10
JPMorgan Chase 2,609.37 73,876.09 3.53% 3,948.85
ProShares 2,790.62 65,063.93 4.29% 6,574.71
VanEck 2,172.94 63,308.82 3.43% 2,906.87
WisdomTree 811.32 47,397.07 1.71% 1,377.23
Dimensional Fund Advisors LP 1,195.79 45,641.01 2.62% 2,674.00
Mirae Asset Global Investments Co., Ltd. 276.62 41,076.27 0.67% 1,150.15
Fidelity 382.80 32,388.94 1.18% 626.38
Direxion 1,063.52 27,469.90 3.87% 3,530.11
PIMCO 884.65 26,811.67 3.30% 399.46
Goldman Sachs 306.81 26,193.32 1.17% 845.72
DWS -227.85 22,211.87 -1.03% -544.06
ARK 236.30 22,152.64 1.07% -591.84
Northern Trust 561.40 20,984.48 2.68% 630.56
CICC 127.37 12,786.05 1.00% 989.27
Pacer Advisors 1,062.81 11,340.62 9.37% 1,855.14
American Century Investments 589.68 10,778.71 5.47% 1,369.88
Franklin Templeton -57.15 9,539.73 -0.60% 70.87
SS&C 227.19 9,372.93 2.42% 420.71
Nuveen Securities 194.06 8,082.60 2.40% 393.18
Victory Capital 195.33 7,518.80 2.60% 359.50
Exchange Traded Concepts 6.19 7,336.16 0.08% 182.33
Abrdn Plc 192.92 7,323.39 2.63% 248.49
Innovator 298.64 6,405.83 4.66% 696.04
ETFMG 63.15 5,556.51 1.14% -59.57
John Hancock 25.45 5,229.56 0.49% 98.01
Janus Henderson 618.21 5,190.12 11.91% 835.89
New York Life -122.18 4,296.11 -2.84% -176.79
The Hartford 32.97 4,237.73 0.78% 164.66
US Commodity Funds -4.32 4,032.60 -0.11% -362.93
US Global Investors 190.34 3,998.41 4.76% 541.35
Principal -92.54 3,990.82 -2.32% -659.29
Amplify Investments 11.50 3,884.44 0.30% 26.47
Barclays Capital Inc. 139.81 3,722.92 3.76% -28.74
BMO 59.47 3,140.92 1.89% 254.77
Toroso Investments 91.45 3,135.66 2.92% 271.43
AdvisorShares 162.75 2,195.71 7.41% 118.02
Prudential 9.36 2,162.89 0.43% 32.59
Aptus Capital Advisors 114.80 1,968.78 5.83% 137.46
Columbia Management Investment Advisers, LLC -26.20 1,716.56 -1.53% -16.79
Strategy Shares 54.65 1,670.82 3.27% 242.96
GraniteShares 57.70 1,509.55 3.82% 67.19
Defiance ETFs -12.34 1,481.34 -0.83% -52.41
The Motley Fool -5.98 1,460.45 -0.41% -9.25
Vident 11.67 1,452.87 0.80% 30.38
Cambria 111.29 1,420.71 7.83% 271.12
UBS 0.00 1,351.82 0.00% 0.00
O’Shares Investments 8.46 1,344.27 0.63% 4.30
BNY Mellon 96.81 1,299.08 7.45% 124.14
Nationwide -5.64 1,266.23 -0.45% 90.69
Simplify Asset Management Inc. 44.59 1,194.78 3.73% 200.66
Alpha Architect 8.70 1,090.51 0.80% 51.63
Roundhill Investments -17.33 1,087.99 -1.59% 110.93
Main Management 6.76 1,086.70 0.62% 5.11
Inspire 20.17 1,076.56 1.87% 35.17
Davis Advisers 2.28 1,071.32 0.21% -118.28
Horizon Kinetics LLC 28.83 903.21 3.19% 37.27
Distillate Capital 37.55 682.76 5.50% 103.41
Howard Capital Management 8.85 666.08 1.33% 27.33
Transamerica Funds -104.52 659.03 -15.86% -104.52
Merk -0.19 615.19 -0.03% 5.44
Credit Suisse Group AG 38.22 614.37 6.22% 59.38
T. Rowe Price Group, Inc. 24.84 593.94 4.18% 44.64
Timothy Plan 33.21 572.06 5.81% 54.83
Tortoise 7.15 568.64 1.26% 20.77
Redwood Investment Management 12.46 551.11 2.26% -170.74
Liquid Strategies 21.22 514.27 4.13% 65.48
ClearShares LLC -2.89 485.58 -0.60% 98.24
TrimTabs 1.72 483.83 0.36% 4.49
Cavalier16 10.05 452.29 2.22% 30.69
Day Hagan Asset Management 23.92 436.26 5.48% 54.51
Tuttle Tactical Management, LLC 19.76 429.44 4.60% 198.44
Regents Park Funds 15.20 385.46 3.94% 29.29
Sprott, Inc. 1.44 381.02 0.38% 4.14
Engine No. 1 LLC 99.60 379.46 26.25% 122.24
Teucrium 69.34 361.37 19.19% 60.88
Swedish Export Credit -1.53 345.40 -0.44% 24.84
Little Harbor Advisors -8.26 326.86 -2.53% -10.32
SRN Advisors -10.29 298.41 -3.45% -24.35
Core Alternative Capital 21.53 292.04 7.37% 32.31
Al Marketing LLC -2.64 288.60 -0.91% -8.84
Renaissance Capital -21.90 279.05 -7.85% -44.28
WBI -3.85 274.18 -1.40% -5.89
Advisors Asset Management 22.65 261.60 8.66% 59.37
TrueMark Investments -2.38 205.07 -1.16% 12.47
Wahed Invest LLC 3.34 195.61 1.71% 32.45
Syntax Advisors -8.36 185.37 -4.51% -8.36
Impact Shares 1.65 181.35 0.91% 5.98
Swan Global Investments 13.05 180.59 7.22% 31.13
Intangible Capital 0.00 177.35 0.00% 0.00
OBP Capital LLC 2.13 177.33 1.20% 12.11
Truist 0.67 161.46 0.42% 8.01
AXS Investments 10.77 156.53 6.88% 52.75
Wainwright, Inc. 9.01 149.65 6.02% 10.56
AGF -3.58 139.89 -2.56% 22.09
Arrow Funds 0.00 129.75 0.00% 1.32
Kingsview Partners LLC 11.19 127.23 8.80% 13.88
Gadsden 3.82 127.20 3.00% 6.67
CornerCap Investment Counsel, Inc. 6.71 117.94 5.69% 9.88
Rayliant Investment Research -2.11 115.42 -1.83% 63.38
Humankind USA LLC 2.89 111.65 2.59% 4.32
Neil Azous Revocable Trust 7.52 91.77 8.19% 13.05
ProcureAM -0.67 91.28 -0.74% -6.92
EntrepreneurShares, LLC 0.32 86.65 0.36% 0.32
Pettee Investors -12.36 85.78 -14.41% -5.40
Water Island Capital Partners LP 58.41 81.09 72.04% 58.11
Exponential ETFs 0.00 77.33 0.00% 0.03
Emles Advisors LLC 1.77 77.05 2.30% 3.61
Toews Corp. 5.08 75.75 6.71% 21.92
GeaSphere LLC 0.58 75.23 0.77% 2.33
Natixis 0.60 74.08 0.81% 3.41
Harbor 7.08 73.00 9.70% 7.08
Beyond Investing 0.00 71.56 0.00% 4.11
Pacific Life 5.84 57.60 10.14% 23.47
Oneascent Holdings LLC 2.25 57.38 3.93% 3.46
Absolute Investment Advisers LLC 0.01 56.66 0.01% 0.72
Inverdale Capital Management LLC 7.10 56.16 12.65% 11.81
Federated Hermes, Inc. 1.23 53.43 2.31% 4.72
Alexis Investment Partners LLC 0.76 52.08 1.45% 4.39
Cohanzick Management 1.02 50.00 2.05% 6.96
Guinness Atkinson Asset Management 0.00 49.39 0.00% 0.00
Chadds Ford Investment Management LLC 0.00 48.40 0.00% 9.93
VectorShares LLC 0.80 47.72 1.68% 30.24
Power Corporation of Canada 0.56 46.87 1.20% 5.42
Retireful LLC 2.94 45.86 6.40% 43.25
Highland Capital Management 1.52 45.50 3.34% -0.07
ETF Series Solutions 1.48 44.91 3.29% 1.48
Alger Group Holdings LLC -1.57 44.80 -3.50% -1.57
2nd Vote Value Investments, Inc -0.85 42.72 -1.99% -0.85
Formidable Asset Management 0.00 42.17 0.00% 0.04
Valkyrie Funds LLC 2.02 40.42 4.99% -26.45
Premise Capital 0.00 38.71 0.00% 0.00
Red Gate Advisers LLC 0.40 37.34 1.07% 1.83
Infusive Asset Management 0.00 36.48 0.00% 0.00
Esoterica 0.00 35.40 0.00% -2.76
New Age Alpha Advisors LLC -0.76 35.14 -2.15% 1.59
Uncommon Investment Advisors LLC 2.77 34.23 8.10% 3.32
Ridgeline Research LLC 1.65 33.62 4.91% 1.65
Metaurus Advisors 0.92 33.01 2.80% 0.93
Convergence Investment Partners, LLC 1.70 28.14 6.05% 1.70
Build Asset Management LLC 27.37 27.30 100.26% 27.37
ASYMmetric ETFs -5.10 25.19 -20.23% 2.63
AlphaMark Advisors 0.00 24.02 0.00% 0.00
Cultivar Capital, Inc. -0.01 23.78 -0.02% 14.33
Knights of Columbus 0.00 22.97 0.00% 0.00
The Leuthold Group LLC 1.52 19.81 7.69% 3.10
Advocate Capital Management LLC 0.23 19.79 1.16% 2.42
Mairs & Power, Inc. 0.96 18.79 5.10% 0.96
Reflection Asset Management, LLC 2.75 17.95 15.32% 5.61
RBS Securities 13.20 16.91 78.06% 15.45
MCCM Group LLC 7.46 16.21 45.99% 5.65
Changebridge Capital LLC -0.24 14.71 -1.60% -0.70
GAMCO Investors, Inc. 0.28 14.35 1.92% 0.72
Point Bridge Capital 0.00 13.66 0.00% 0.00
Digital Currency Group, Inc. 13.59 13.07 104.00% 13.59
Future Fund Advisors -0.85 12.45 -6.83% -1.28
First Pacific Advisors LP 3.79 12.17 31.15% 11.45
Zacks Investment Management 0.64 11.86 5.36% 0.64
Applied Finance Group 0.67 11.07 6.04% 2.09
Alternative Access Funds LLC 0.00 9.95 0.00% 0.00
Counterpoint Mutual Funds LLC 0.00 9.83 0.00% 0.00
GCI Investors, Inc. 1.98 9.48 20.85% 4.66
Baird Financial Group 3.30 7.72 42.79% 7.56
Whitford Asset Management 0.00 7.42 0.00% 0.00
EquBot 0.00 7.28 0.00% -3.11
Virtus Investment Partners 1.52 6.00 25.32% -32.67
ORIX Corp. 0.41 5.99 6.91% 0.41
Global Beta Advisors 0.57 5.65 10.02% 0.57
Jacob Asset Management 0.14 5.06 2.81% -0.14
Spear Advisors LLC 0.00 4.74 0.00% 0.52
Lifegoal Investments LLC 0.47 4.26 11.10% 0.72
Kelly Strategic Management LLC 0.00 4.25 0.00% 4.45
WealthTrust Asset Management LLC 1.21 4.16 29.10% 3.13
-1.85 3.76 -49.17% 1.34
Democracy Investment Management LLC 0.62 3.75 16.66% 0.63
Volt Equity LLC -1.14 3.74 -30.54% 0.33
Truemark Group 0.60 3.55 17.00% 3.70
Banhazl 0.00 3.47 0.00% 0.00
VegTech LLC 0.00 3.46 0.00% 1.67
Lyrical Partners 0.00 3.34 0.00% 0.00
Goose Hollow Capital Management LLC 0.62 2.46 25.25% 1.24
Kingsbarn Capital Management LLC 0.00 1.80 0.00% 0.00
Dinerbao SL 0.00 1.72 0.00% 1.21
Big Data Federation, Inc. 0.58 1.65 34.97% 0.58
Dalton Capital 0.26 1.40 18.71% 0.26
V-Square Quantitative Management LLC 0.00 1.19 0.00% 0.00
Grizzle Investment Management LLC 0.00 0.92 0.00% 0.22
Amberwave Partners Research & Management LLC 0.44 0.87 50.46% 0.44
Wilshire Phoenix Funds LLC 0.00 0.53 0.00% -1.23
Inherent Wealth Fund LLC 0.00 0.47 0.00% 0.24
Cabot ETF Partners LLC 0.00 0.00 0.00% -0.29
Eaton Vance Corp. 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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