ETFs Add $91B In March

The S&P 500 and long-dated bonds surged as the Fed’s hiking cycle begins.

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Reviewed by: Dan Mika
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Edited by: Dan Mika

The U.S. ETF industry added a little more than $91 billion in net assets in March, marking a continued growth of inflows despite the Russian invasion of Ukraine and a Federal Reserve signaling its intent to attack inflation. 

U.S.-listed ETFs have added $197.3 billion in assets year-to-date and have approximately $7.1 billion overall, according to ETF.com data provider FactSet. 

Large Caps Recoup 

A post-Fed hike surge in equities brought the Nasdaq-100 above the 10% correction level for 2022, and the Invesco QQQ Trust (QQQ) was rewarded with a nearly $6 billion net inflow to lead all ETFs in gains. 

The jump in large cap equities also benefited the big three S&P 500 ETFs, with the SPDR S&P 500 ETF Trust (SPY), the Vanguard S&P 500 ETF (VOO) and the iShares Core S&P 500 ETF (IVV) adding a combined $13.1 billion on the month. 

However, SPY remains well in the red on the year, with $15.5 billion in new outflows. 

A Tale Of Two Bond Maturities 

The Fed also began its long-awaited hiking cycle by adding a quarter-percent to its target funds range in March, triggering a reallocation in bond fund exposure amid a massive jump in yields. The iShares 20+ Year Treasury Bond ETF (TLT) was the second-largest gainer on the month, with just under $4.7 billion in new assets. 

In another flight to relative safety, the SPDR Gold Trust (GLD) added $3.8 billion. 

Short-maturity bond funds struggled as traders sought to clear out their holdings in anticipation of new issues of higher-yielding bonds. The Vanguard Short-Term Bond ETF (BSV) and the PIMCO Enhanced Short Maturity Active ETF (MINT) lost a combined $1.5 billion during the month. 

The iShares iBoxx USD High Yield Corporate Bond ETF (HYG) suffered a $966.2 million outflow as investors fear broader economic head winds and rising interest rates, making safer Treasury bonds more appealing. 

Sector, International Equity Struggles 

Sector-specific ETFs dotted the top 10 outflows list for various reasons. The Energy Select Sector SPDR Fund (XLE) saw the largest outflow, with almost $2 billion in losses on the month, likely due to profit-taking after the Russian invasion of Ukraine sent oil markets surging. 

The war opened the possibility early in the month of the Fed potentially reducing the size and speed of its hikes, which cost the iShares Global Financials ETF (IXG) $1.13 billion in outflows despite banks historically doing well in rising rate environments. The hike is also sending mortgage and borrowing rates higher, leading to a $1.2 billion outflow in the iShares U.S. Real Estate ETF (IYR)

Several international equity ETFs struggled, with the iShares MSCI EAFE Growth ETF (EFG) and the iShares MSCI EAFE Value ETF (EFV) losing a combined $2.2 billion on the month due to concerns over Europe’s reliance on Russian oil and gas.  

The XTrackers Harvest CSI 300 China A-Shares ETF (ASHR) saw a $730 million outflow due to rumors of China potentially giving Russia aid to offset Western sanctions and a U.S. law that could potentially lead to all Chinese stocks on American exchanges being delisted in several years’ time. 

 

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

 

Top Gainers (March 2022)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMYTD 2022 Net Flows($,M)
QQQInvesco QQQ TrustInvesco5,998.05199,556.513.01%-260.42
TLTiShares 20+ Year Treasury Bond ETFBlackrock4,696.5819,922.4623.57%2,171.64
SPYSPDR S&P 500 ETF TrustState Street Global Advisors4,690.69423,589.351.11%-15,560.40
VOOVanguard S&P 500 ETFVanguard4,420.10295,950.451.49%24,941.72
IVViShares Core S&P 500 ETFBlackrock3,986.55337,983.281.18%14,083.78
GLDSPDR Gold TrustState Street Global Advisors3,882.2167,838.305.72%7,091.71
VTIVanguard Total Stock Market ETFVanguard3,334.39295,254.591.13%8,662.39
BNDVanguard Total Bond Market ETFVanguard3,109.9983,226.043.74%4,396.01
IEMGiShares Core MSCI Emerging Markets ETFBlackrock1,955.0974,103.012.64%2,138.50
BBEUJPMorgan BetaBuilders Europe ETFJPMorgan Chase1,822.2811,412.1815.97%2,267.54

 

Top Gainers (Year-to-Date)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMMarch 2022 Net Flows($,M)
VOOVanguard S&P 500 ETFVanguard24,941.72295,950.458.43%4,420.10
IVViShares Core S&P 500 ETFBlackrock14,083.78337,983.284.17%3,986.55
VTVVanguard Value ETFVanguard9,385.24104,157.779.01%1,194.41
VTIVanguard Total Stock Market ETFVanguard8,662.39295,254.592.93%3,334.39
GLDSPDR Gold TrustState Street Global Advisors7,091.7167,838.3010.45%3,882.21
TQQQProShares UltraPro QQQProShares4,546.4119,450.1323.37%-438.02
BNDVanguard Total Bond Market ETFVanguard4,396.0183,226.045.28%3,109.99
SHViShares Short Treasury Bond ETFBlackrock4,159.6917,223.5224.15%1,506.82
SCHDSchwab U.S. Dividend Equity ETFCharles Schwab4,008.2434,890.0811.49%-396.11
VEAVanguard FTSE Developed Markets ETFVanguard3,532.34108,373.523.26%572.85

 

Biggest Losers (March 2022)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMYTD 2022 Net Flows($,M)
XLEEnergy Select Sector SPDR FundState Street Global Advisors-1,990.0637,509.49-5.31%125.54
IYRiShares U.S. Real Estate ETFBlackrock-1,244.075,431.04-22.91%-1,265.35
EFGiShares MSCI EAFE Growth ETFBlackrock-1,238.629,750.34-12.70%-2,205.17
IXGiShares Global Financials ETFBlackrock-1,128.581,186.26-95.14%-1,569.78
HYGiShares iBoxx USD High Yield Corporate Bond ETFBlackrock-966.2815,129.61-6.39%-5,244.51
EFViShares MSCI EAFE Value ETFBlackrock-959.9015,864.57-6.05%439.98
BSVVanguard Short-Term Bond ETFVanguard-855.2937,278.30-2.29%-3,317.79
FTXRFirst Trust Nasdaq Transportation ETFFirst Trust-767.65292.85-262.13%-808.73
ASHRXtrackers Harvest CSI 300 China A-Shares ETFDWS-730.142,145.79-34.03%-196.42
MINTPIMCO Enhanced Short Maturity Active ETFPIMCO-723.1813,203.35-5.48%-284.44

 

Biggest Losers (Year-to-Date)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMMarch 2022 Net Flows($,M)
SPYSPDR S&P 500 ETF TrustState Street Global Advisors-15,560.40423,589.35-3.67%4,690.69
HYGiShares iBoxx USD High Yield Corporate Bond ETFBlackrock-5,244.5115,129.61-34.66%-966.28
BSVVanguard Short-Term Bond ETFVanguard-3,317.7937,278.30-8.90%-855.29
TIPiShares TIPS Bond ETFBlackrock-2,860.7234,610.23-8.27%267.05
VLUEiShares MSCI USA Value Factor ETFBlackrock-2,536.2513,152.82-19.28%197.95
EFGiShares MSCI EAFE Growth ETFBlackrock-2,205.179,750.34-22.62%-1,238.62
LQDiShares iBoxx USD Investment Grade Corporate Bond ETFBlackrock-2,070.4133,633.27-6.16%-516.62
IWMiShares Russell 2000 ETFBlackrock-1,855.1162,773.44-2.96%-404.33
IXGiShares Global Financials ETFBlackrock-1,569.781,186.26-132.33%-1,128.58
JNKSPDR Bloomberg High Yield Bond ETFState Street Global Advisors-1,567.087,578.36-20.68%47.19

 

Asset Classes (March 2022)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity49,083.244,326,184.651.13%
International Equity10,585.381,288,057.920.82%
U.S. Fixed Income17,797.021,070,224.881.66%
International Fixed Income1,861.82157,559.471.18%
Commodities10,004.66170,035.195.88%
Currency226.993,605.116.30%
Leveraged-793.7770,554.20-1.13%
Inverse2,640.5116,213.7816.29%
Asset Allocation-397.3619,357.54-2.05%
Alternatives48.797,256.770.67%
Total:91,057.287,129,049.511.28%

 

Asset Classes (Year-to-Date)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity99,202.574,326,184.652.29%
International Equity45,597.251,288,057.923.54%
U.S. Fixed Income15,142.801,070,224.881.41%
International Fixed Income7,193.51157,559.474.57%
Commodities18,839.06170,035.1911.08%
Currency383.743,605.1110.64%
Leveraged6,120.5170,554.208.67%
Inverse4,589.3716,213.7828.31%
Asset Allocation-0.1119,357.540.00%
Alternatives240.657,256.773.32%
Total:197,309.357,129,049.512.77%

 

March 2022 ETF Issuer League Table

IssuerNet Flows ($,M)AUM ($,M)% of AUMYTD 2022 Net Flows($,M)
Blackrock24,905.022,398,037.671.04%32,433.38
Vanguard20,627.712,071,047.891.00%77,200.09
State Street Global Advisors13,730.501,101,135.651.25%12,173.59
Invesco10,667.96399,361.322.67%11,323.54
Charles Schwab2,002.53271,501.570.74%9,715.36
First Trust2,519.03148,320.901.70%4,933.06
JPMorgan Chase4,769.2579,751.805.98%8,718.10
ProShares2,037.5871,528.952.85%7,635.00
VanEck610.5865,374.720.93%3,517.45
WisdomTree861.0049,051.651.76%2,238.22
Dimensional Holdings1,350.6448,131.602.81%4,024.64
Mirae Asset Global Investments Co., Ltd.1,168.8244,146.722.65%2,321.35
Fidelity320.7834,052.340.94%947.16
Direxion37.1328,712.550.13%3,513.56
Goldman Sachs535.7327,423.011.95%1,381.46
PIMCO-1,023.6325,497.03-4.01%-624.17
ARK317.0623,037.771.38%-274.78
Northern Trust902.8422,765.363.97%1,533.40
DWS-671.2821,592.26-3.11%-1,187.27
Pacer Advisors1,116.2212,744.648.76%2,971.36
American Century Investments634.7711,648.095.45%2,004.65
CICC-193.3311,579.22-1.67%795.94
SS&C118.6510,091.711.18%539.36
Franklin Templeton84.819,706.590.87%155.69
Nuveen Securities189.038,557.082.21%582.21
Abrdn Plc686.848,134.428.44%935.32
Victory Capital211.067,868.852.68%570.56
Exchange Traded Concepts207.227,670.742.70%389.55
Innovator305.946,877.514.45%1,001.98
ETFMG70.975,961.731.19%11.40
John Hancock84.135,488.501.53%182.14
Janus Henderson106.445,273.352.02%942.33
US Commodity Funds223.675,032.774.44%-139.26
New York Life-71.924,268.49-1.68%-248.70
The Hartford-0.804,260.68-0.02%163.86
Amplify Investments113.424,135.802.74%139.89
Principal-2.924,083.61-0.07%-662.21
BMO123.194,046.473.04%377.96
US Global Investors-312.883,585.10-8.73%228.47
Barclays Capital Inc.-361.563,525.59-10.26%-390.29
Toroso Investments10.243,210.110.32%281.67
Prudential651.482,807.7023.20%684.07
AdvisorShares-16.222,164.23-0.75%101.80
Aptus Capital Advisors77.982,066.823.77%215.43
Strategy Shares-6.331,689.96-0.37%236.63
GraniteShares88.911,678.985.30%156.10
Columbia Management Investment Advisers, LLC-61.161,615.42-3.79%-77.95
The Motley Fool-14.701,519.11-0.97%-23.95
Vident5.591,476.670.38%35.97
UBS4.711,475.470.32%4.71
Defiance ETFs-34.641,464.77-2.36%-87.05
Cambria27.931,431.511.95%299.04
O’Shares Investments21.101,392.221.52%25.40
BNY Mellon30.771,384.392.22%154.91
Horizon Kinetics LLC342.111,330.8125.71%379.39
Simplify Asset Management Inc.86.521,328.236.51%287.18
Nationwide-8.331,281.28-0.65%82.35
Alpha Architect108.911,239.328.79%160.54
Main Management13.301,132.141.17%18.41
Inspire30.361,127.852.69%65.53
Davis Advisers5.111,071.390.48%-113.17
Roundhill Investments-42.501,053.69-4.03%-7.27
Teucrium446.95838.5953.30%507.84
Distillate Capital37.45737.905.08%140.86
Howard Capital Management8.86694.631.28%36.19
Merk38.00668.605.68%43.44
T. Rowe Price Group, Inc.43.70659.486.63%88.34
Redwood Investment Management96.53654.3114.75%-74.21
Tortoise5.93622.150.95%26.70
Credit Suisse Group AG-7.39621.03-1.19%51.98
The Capital Group Companies336.67610.3255.16%585.50
Timothy Plan8.07603.811.34%62.89
Liquid Strategies37.09565.506.56%102.57
TrimTabs-1.62499.03-0.33%2.87
Day Hagan Asset Management45.70492.839.27%100.21
ClearShares LLC-23.48462.29-5.08%74.76
Cavalier16-1.43457.48-0.31%29.26
Swedish Export Credit47.87433.3411.05%72.70
Sprott, Inc.12.33432.682.85%16.47
Engine No. 1 LLC27.36430.486.36%149.61
Tuttle Tactical Management, LLC21.18426.434.97%219.62
Regents Park Funds0.83394.800.21%30.12
Little Harbor Advisors11.50354.093.25%1.18
Core Alternative Capital7.53293.642.56%39.83
SRN Advisors-13.00291.09-4.47%-36.53
Advisors Asset Management24.96287.878.67%84.33
Al Marketing LLC-6.75280.09-2.41%-15.58
WBI-4.78277.09-1.72%-10.67
Renaissance Capital-25.24253.41-9.96%-69.52
Wahed Invest LLC1.04206.840.50%33.50
TrueMark Investments-5.48206.23-2.66%6.99
Swan Global Investments2.05188.001.09%33.18
Syntax Advisors-2.69187.73-1.43%-11.05
AXS Investments17.07182.609.35%69.81
Impact Shares-0.64181.77-0.35%5.34
Intangible Capital0.02180.230.01%0.02
Truist1.33169.380.79%9.34
Wainwright, Inc.1.90168.181.13%12.46
AGF0.07141.550.05%22.16
Gadsden1.65132.711.25%8.32
Kingsview Partners LLC2.79132.642.10%16.67
Litman Gregory Capital Partners LLC48.04127.9237.55%48.04
CornerCap Investment Counsel, Inc.5.14127.194.04%15.02
Arrow Funds-5.74125.33-4.58%-4.42
Humankind USA LLC2.86118.442.41%7.17
Rayliant Investment Research-1.86111.96-1.66%61.52
OBP Capital LLC0.09107.510.09%12.20
ProcureAM0.0097.590.00%-6.92
Neil Azous Revocable Trust1.2489.161.39%14.29
Pettee Investors-1.9184.39-2.26%-7.31
GeaSphere LLC2.3483.952.79%4.67
Water Island Capital Partners LP0.7082.170.86%58.82
Harbor8.3381.3610.24%15.41
Exponential ETFs0.0080.840.00%0.03
Transamerica Funds-576.1479.15-727.96%-680.66
Emles Advisors LLC-1.0875.31-1.43%2.53
Beyond Investing0.0074.950.00%4.11
Natixis-4.2870.07-6.11%-0.87
EntrepreneurShares, LLC-19.5867.96-28.81%-19.26
Toews Corp.-8.5067.52-12.59%13.42
Absolute Investment Advisers LLC5.1164.827.88%5.83
Inverdale Capital Management LLC6.1462.069.90%17.95
Pacific Life2.9059.924.84%26.37
Oneascent Holdings LLC-1.1558.05-1.98%2.30
Valkyrie Funds LLC1.6857.782.90%-17.08
Alexis Investment Partners LLC0.4954.470.89%4.87
Cohanzick Management4.0954.097.56%11.05
ORIX Corp.16.8453.2031.66%42.27
Federated Hermes, Inc.0.0052.710.00%4.72
Retireful LLC4.5851.178.96%47.83
Power Corporation of Canada2.0951.054.09%7.51
Guinness Atkinson Asset Management0.0050.070.00%0.00
Chadds Ford Investment Management LLC0.0047.920.00%9.93
VectorShares LLC-0.7947.02-1.68%29.45
ETF Series Solutions-0.1546.09-0.32%1.33
Formidable Asset Management1.7645.693.85%1.80
2nd Vote Value Investments, Inc0.0044.390.00%-0.85
Alger Group Holdings LLC-3.3440.69-8.20%-4.90
Highland Capital Management-4.7240.64-11.61%-4.79
Premise Capital1.7239.464.35%1.72
Red Gate Advisers LLC0.5139.271.29%2.34
New Age Alpha Advisors LLC-0.0336.61-0.09%1.55
Uncommon Investment Advisors LLC0.0035.770.00%3.32
Ridgeline Research LLC0.0035.170.00%1.65
ASYMmetric ETFs7.6433.2122.99%10.27
Esoterica-2.3932.99-7.24%-5.15
Metaurus Advisors1.7432.685.32%2.67
Sheaff Brock Capital Management LLC0.6431.392.04%0.64
RBS Securities12.0529.7140.55%27.50
Infusive Asset Management-6.7129.14-23.02%-6.71
Build Asset Management LLC0.6227.552.25%27.99
Convergence Investment Partners, LLC-2.0326.99-7.51%-0.33
Cultivar Capital, Inc.1.3026.134.98%15.64
AlphaMark Advisors0.0024.680.00%0.00
GAMCO Investors, Inc.2.6022.4311.60%3.56
Knights of Columbus-1.6421.97-7.49%-1.64
The Leuthold Group LLC0.7820.863.74%3.88
Advocate Capital Management LLC-0.5520.78-2.63%1.88
Reflection Asset Management, LLC0.6219.153.21%6.22
Virtus Investment Partners12.1218.6464.99%-20.55
Baird Financial Group9.9218.2354.40%17.48
Mairs & Power, Inc.0.0017.890.00%0.96
First Pacific Advisors LP4.7717.2327.68%16.22
Digital Currency Group, Inc.1.3616.578.22%14.95
Point Bridge Capital1.0315.536.61%1.03
MCCM Group LLC-1.5614.94-10.45%4.09
Changebridge Capital LLC-0.4514.27-3.16%-1.15
Future Fund Advisors-0.0613.12-0.46%-1.34
Zacks Investment Management0.0012.380.00%0.64
Applied Finance Group0.6712.315.41%2.75
GCI Investors, Inc.0.7110.546.74%5.37
Alternative Access Funds LLC0.009.930.00%0.00
Global Beta Advisors3.669.6438.03%4.23
Counterpoint Mutual Funds LLC0.009.580.00%0.00
EquBot0.007.710.00%-3.11
Whitford Asset Management0.007.660.00%0.00
Spear Advisors LLC0.485.628.57%1.00
WealthTrust Asset Management LLC1.165.4821.17%4.29
Lifegoal Investments LLC0.955.2518.17%1.68
Jacob Asset Management0.005.120.00%-0.14
Democracy Investment Management LLC0.624.4014.05%1.24
VegTech LLC0.924.3720.98%2.58
Kelly Strategic Management LLC0.004.270.00%4.45
Volt Equity LLC0.004.210.00%0.33
Clockwise Capital LLC0.004.010.00%1.34
Truemark Group0.013.690.32%3.71
Banhazl0.003.650.00%0.00
Kingsbarn Capital Management LLC1.753.5249.74%1.75
Lyrical Partners0.003.470.00%0.00
Goose Hollow Capital Management LLC0.002.530.00%1.24
Dinerbao SL0.001.740.00%1.21
Dalton Capital0.001.460.00%0.26
Amberwave Partners Research & Management LLC0.451.3832.32%0.88
WisdomTree Investments, Inc.0.001.350.00%0.00
V-Square Quantitative Management LLC0.001.240.00%0.00
Big Data Federation, Inc.-0.531.19-44.26%0.05
Grizzle Investment Management LLC0.001.030.00%0.22
Wilshire Phoenix Funds LLC0.000.540.00%-1.23
Inherent Wealth Fund LLC0.000.450.00%0.24
Eaton Vance Corp.0.000.000.00%0.00
Cabot ETF Partners LLC0.000.000.00%-0.29

 

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.

Dan Mika is a reporter for etf.com. He has previously covered business for the Ames Tribune and Cedar Rapids Gazette in Iowa, and BizWest Media in Fort Collins, Colorado. Dan holds a bachelor's degree in journalism from Truman State University.