ETFs End Feb. With $67.6B In Flows

Vanguard has continued to amass billions into 'VOO' despite inflation and late turmoil.

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Reviewed by: Dan Mika
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Edited by: Dan Mika

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)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMYTD 2022 Net Flows($,M)
VOOVanguard S&P 500 ETFVanguard16,346.60278,098.715.88%20,521.62
IVViShares Core S&P 500 ETFBlackrock9,045.36318,488.082.84%10,097.22
VTVVanguard Value ETFVanguard5,931.2999,252.815.98%8,190.82
SCHDSchwab U.S. Dividend Equity ETFCharles Schwab2,643.9134,253.927.72%4,404.34
SHViShares Short Treasury Bond ETFBlackrock2,336.0415,724.5814.86%2,652.87
VCITVanguard Intermediate-Term Corporate Bond ETFVanguard1,786.6046,450.433.85%1,734.77
VCSHVanguard Short-Term Corporate Bond ETFVanguard1,651.2742,273.233.91%1,618.25
BNDXVanguard Total International Bond ETFVanguard1,520.8846,389.803.28%2,279.79
TQQQProShares UltraPro QQQProShares1,445.5116,948.608.53%4,984.43
SMHVanEck Semiconductor ETFVanEck1,382.329,038.1915.29%3,018.61

Top Gainers (Year-to-Date)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMFebruary 2022 Net Flows($,M)
VOOVanguard S&P 500 ETFVanguard20,521.62278,098.717.38%16,346.60
IVViShares Core S&P 500 ETFBlackrock10,097.22318,488.083.17%9,045.36
VTVVanguard Value ETFVanguard8,190.8299,252.818.25%5,931.29
VTIVanguard Total Stock Market ETFVanguard5,328.00279,224.581.91%1,380.82
TQQQProShares UltraPro QQQProShares4,984.4316,948.6029.41%1,445.51
SCHDSchwab U.S. Dividend Equity ETFCharles Schwab4,404.3434,253.9212.86%2,643.91
GLDSPDR Gold TrustState Street Global Advisors3,209.5062,340.505.15%704.62
SMHVanEck Semiconductor ETFVanEck3,018.619,038.1933.40%1,382.32
VEAVanguard FTSE Developed Markets ETFVanguard2,959.49106,932.972.77%847.22
IEFAiShares Core MSCI EAFE ETFBlackrock2,908.98100,956.702.88%1,134.38

Biggest Losers (February 2022)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMYTD 2022 Net Flows($,M)
TOKiShares MSCI Kokusai ETFBlackrock-3,755.88183.98-2,041.44%-88.63
GLDMSPDR Gold MiniShares TrustState Street Global Advisors-2,281.334,507.11-50.62%-2,272.69
SPYSPDR S&P 500 ETF TrustState Street Global Advisors-2,201.53399,987.34-0.55%-20,251.09
BSVVanguard Short-Term Bond ETFVanguard-1,830.1038,789.35-4.72%-2,462.50
SDYSPDR S&P Dividend ETFState Street Global Advisors-1,576.8220,458.09-7.71%126.15
VLUEiShares MSCI USA Value Factor ETFBlackrock-1,080.4612,813.70-8.43%-2,734.19
SCHPSchwab U.S. TIPS ETFCharles Schwab-1,052.6020,463.65-5.14%-113.57
EMBiShares JP Morgan USD Emerging Markets Bond ETFBlackrock-1,043.1316,322.45-6.39%-1,999.29
VTIPVanguard Short-Term Inflation-Protected Securities ETFVanguard-939.9918,983.95-4.95%-685.11
JNKSPDR Bloomberg High Yield Bond ETFState Street Global Advisors-910.167,630.82-11.93%-1,614.27

Biggest Losers (Year-to-Date)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMFebruary 2022 Net Flows($,M)
SPYSPDR S&P 500 ETF TrustState Street Global Advisors-20,251.09399,987.34-5.06%-2,201.53
QQQInvesco QQQ TrustInvesco-6,258.48182,035.07-3.44%368.31
HYGiShares iBoxx USD High Yield Corporate Bond ETFBlackrock-4,278.2416,305.60-26.24%-718.65
TIPiShares TIPS Bond ETFBlackrock-3,127.7734,354.67-9.10%-879.19
VLUEiShares MSCI USA Value Factor ETFBlackrock-2,734.1912,813.70-21.34%-1,080.46
TLTiShares 20+ Year Treasury Bond ETFBlackrock-2,524.9415,870.57-15.91%925.38
BSVVanguard Short-Term Bond ETFVanguard-2,462.5038,789.35-6.35%-1,830.10
GLDMSPDR Gold MiniShares TrustState Street Global Advisors-2,272.694,507.11-50.42%-2,281.33
EMBiShares JP Morgan USD Emerging Markets Bond ETFBlackrock-1,999.2916,322.45-12.25%-1,043.13
JNKSPDR Bloomberg High Yield Bond ETFState Street Global Advisors-1,614.277,630.82-21.15%-910.16

Asset Classes (February 2022)

Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity41,533.664,099,373.881.01%
International Equity10,839.701,270,409.780.85%
U.S. Fixed Income5,871.431,070,168.860.55%
International Fixed Income3,361.00159,111.002.11%
Commodities2,020.84152,973.341.32%
Currency219.913,137.837.01%
Leveraged2,368.6064,175.063.69%
Inverse1,268.0014,703.078.62%
Asset Allocation34.7619,795.890.18%
Alternatives83.477,206.311.16%
Total:67,601.376,861,055.040.99%

Asset Classes (Year-to-Date)

Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity50,042.574,099,373.881.22%
International Equity35,188.351,270,409.782.77%
U.S. Fixed Income-2,759.711,070,168.86-0.26%
International Fixed Income5,316.62159,111.003.34%
Commodities6,541.00152,973.344.28%
Currency144.963,137.834.62%
Leveraged6,967.9664,175.0610.86%
Inverse2,711.3714,703.0718.44%
Asset Allocation412.3219,795.892.08%
Alternatives190.657,206.312.65%
Total:104,756.106,861,055.041.53%

February 2022 ETF Issuer League Table

IssuerNet Flows ($,M)AUM ($,M)% of AUMYTD 2022 Net Flows($,M)
Blackrock12,137.292,330,913.140.52%7,528.36
Vanguard34,431.442,002,414.931.72%56,572.39
State Street Global Advisors-3,290.651,047,853.99-0.31%-3,828.76
Invesco1,673.77371,775.170.45%643.78
Charles Schwab2,915.20262,835.611.11%7,712.82
First Trust1,610.79141,934.161.13%2,408.10
JPMorgan Chase2,609.3773,876.093.53%3,948.85
ProShares2,790.6265,063.934.29%6,574.71
VanEck2,172.9463,308.823.43%2,906.87
WisdomTree811.3247,397.071.71%1,377.23
Dimensional Fund Advisors LP1,195.7945,641.012.62%2,674.00
Mirae Asset Global Investments Co., Ltd.276.6241,076.270.67%1,150.15
Fidelity382.8032,388.941.18%626.38
Direxion1,063.5227,469.903.87%3,530.11
PIMCO884.6526,811.673.30%399.46
Goldman Sachs306.8126,193.321.17%845.72
DWS-227.8522,211.87-1.03%-544.06
ARK236.3022,152.641.07%-591.84
Northern Trust561.4020,984.482.68%630.56
CICC127.3712,786.051.00%989.27
Pacer Advisors1,062.8111,340.629.37%1,855.14
American Century Investments589.6810,778.715.47%1,369.88
Franklin Templeton-57.159,539.73-0.60%70.87
SS&C227.199,372.932.42%420.71
Nuveen Securities194.068,082.602.40%393.18
Victory Capital195.337,518.802.60%359.50
Exchange Traded Concepts6.197,336.160.08%182.33
Abrdn Plc192.927,323.392.63%248.49
Innovator298.646,405.834.66%696.04
ETFMG63.155,556.511.14%-59.57
John Hancock25.455,229.560.49%98.01
Janus Henderson618.215,190.1211.91%835.89
New York Life-122.184,296.11-2.84%-176.79
The Hartford32.974,237.730.78%164.66
US Commodity Funds-4.324,032.60-0.11%-362.93
US Global Investors190.343,998.414.76%541.35
Principal-92.543,990.82-2.32%-659.29
Amplify Investments11.503,884.440.30%26.47
Barclays Capital Inc.139.813,722.923.76%-28.74
BMO59.473,140.921.89%254.77
Toroso Investments91.453,135.662.92%271.43
AdvisorShares162.752,195.717.41%118.02
Prudential9.362,162.890.43%32.59
Aptus Capital Advisors114.801,968.785.83%137.46
Columbia Management Investment Advisers, LLC-26.201,716.56-1.53%-16.79
Strategy Shares54.651,670.823.27%242.96
GraniteShares57.701,509.553.82%67.19
Defiance ETFs-12.341,481.34-0.83%-52.41
The Motley Fool-5.981,460.45-0.41%-9.25
Vident11.671,452.870.80%30.38
Cambria111.291,420.717.83%271.12
UBS0.001,351.820.00%0.00
O’Shares Investments8.461,344.270.63%4.30
BNY Mellon96.811,299.087.45%124.14
Nationwide-5.641,266.23-0.45%90.69
Simplify Asset Management Inc.44.591,194.783.73%200.66
Alpha Architect8.701,090.510.80%51.63
Roundhill Investments-17.331,087.99-1.59%110.93
Main Management6.761,086.700.62%5.11
Inspire20.171,076.561.87%35.17
Davis Advisers2.281,071.320.21%-118.28
Horizon Kinetics LLC28.83903.213.19%37.27
Distillate Capital37.55682.765.50%103.41
Howard Capital Management8.85666.081.33%27.33
Transamerica Funds-104.52659.03-15.86%-104.52
Merk-0.19615.19-0.03%5.44
Credit Suisse Group AG38.22614.376.22%59.38
T. Rowe Price Group, Inc.24.84593.944.18%44.64
Timothy Plan33.21572.065.81%54.83
Tortoise7.15568.641.26%20.77
Redwood Investment Management12.46551.112.26%-170.74
Liquid Strategies21.22514.274.13%65.48
ClearShares LLC-2.89485.58-0.60%98.24
TrimTabs1.72483.830.36%4.49
Cavalier1610.05452.292.22%30.69
Day Hagan Asset Management23.92436.265.48%54.51
Tuttle Tactical Management, LLC19.76429.444.60%198.44
Regents Park Funds15.20385.463.94%29.29
Sprott, Inc.1.44381.020.38%4.14
Engine No. 1 LLC99.60379.4626.25%122.24
Teucrium69.34361.3719.19%60.88
Swedish Export Credit-1.53345.40-0.44%24.84
Little Harbor Advisors-8.26326.86-2.53%-10.32
SRN Advisors-10.29298.41-3.45%-24.35
Core Alternative Capital21.53292.047.37%32.31
Al Marketing LLC-2.64288.60-0.91%-8.84
Renaissance Capital-21.90279.05-7.85%-44.28
WBI-3.85274.18-1.40%-5.89
Advisors Asset Management22.65261.608.66%59.37
TrueMark Investments-2.38205.07-1.16%12.47
Wahed Invest LLC3.34195.611.71%32.45
Syntax Advisors-8.36185.37-4.51%-8.36
Impact Shares1.65181.350.91%5.98
Swan Global Investments13.05180.597.22%31.13
Intangible Capital0.00177.350.00%0.00
OBP Capital LLC2.13177.331.20%12.11
Truist0.67161.460.42%8.01
AXS Investments10.77156.536.88%52.75
Wainwright, Inc.9.01149.656.02%10.56
AGF-3.58139.89-2.56%22.09
Arrow Funds0.00129.750.00%1.32
Kingsview Partners LLC11.19127.238.80%13.88
Gadsden3.82127.203.00%6.67
CornerCap Investment Counsel, Inc.6.71117.945.69%9.88
Rayliant Investment Research-2.11115.42-1.83%63.38
Humankind USA LLC2.89111.652.59%4.32
Neil Azous Revocable Trust7.5291.778.19%13.05
ProcureAM-0.6791.28-0.74%-6.92
EntrepreneurShares, LLC0.3286.650.36%0.32
Pettee Investors-12.3685.78-14.41%-5.40
Water Island Capital Partners LP58.4181.0972.04%58.11
Exponential ETFs0.0077.330.00%0.03
Emles Advisors LLC1.7777.052.30%3.61
Toews Corp.5.0875.756.71%21.92
GeaSphere LLC0.5875.230.77%2.33
Natixis0.6074.080.81%3.41
Harbor7.0873.009.70%7.08
Beyond Investing0.0071.560.00%4.11
Pacific Life5.8457.6010.14%23.47
Oneascent Holdings LLC2.2557.383.93%3.46
Absolute Investment Advisers LLC0.0156.660.01%0.72
Inverdale Capital Management LLC7.1056.1612.65%11.81
Federated Hermes, Inc.1.2353.432.31%4.72
Alexis Investment Partners LLC0.7652.081.45%4.39
Cohanzick Management1.0250.002.05%6.96
Guinness Atkinson Asset Management0.0049.390.00%0.00
Chadds Ford Investment Management LLC0.0048.400.00%9.93
VectorShares LLC0.8047.721.68%30.24
Power Corporation of Canada0.5646.871.20%5.42
Retireful LLC2.9445.866.40%43.25
Highland Capital Management1.5245.503.34%-0.07
ETF Series Solutions1.4844.913.29%1.48
Alger Group Holdings LLC-1.5744.80-3.50%-1.57
2nd Vote Value Investments, Inc-0.8542.72-1.99%-0.85
Formidable Asset Management0.0042.170.00%0.04
Valkyrie Funds LLC2.0240.424.99%-26.45
Premise Capital0.0038.710.00%0.00
Red Gate Advisers LLC0.4037.341.07%1.83
Infusive Asset Management0.0036.480.00%0.00
Esoterica0.0035.400.00%-2.76
New Age Alpha Advisors LLC-0.7635.14-2.15%1.59
Uncommon Investment Advisors LLC2.7734.238.10%3.32
Ridgeline Research LLC1.6533.624.91%1.65
Metaurus Advisors0.9233.012.80%0.93
Convergence Investment Partners, LLC1.7028.146.05%1.70
Build Asset Management LLC27.3727.30100.26%27.37
ASYMmetric ETFs-5.1025.19-20.23%2.63
AlphaMark Advisors0.0024.020.00%0.00
Cultivar Capital, Inc.-0.0123.78-0.02%14.33
Knights of Columbus0.0022.970.00%0.00
The Leuthold Group LLC1.5219.817.69%3.10
Advocate Capital Management LLC0.2319.791.16%2.42
Mairs & Power, Inc.0.9618.795.10%0.96
Reflection Asset Management, LLC2.7517.9515.32%5.61
RBS Securities13.2016.9178.06%15.45
MCCM Group LLC7.4616.2145.99%5.65
Changebridge Capital LLC-0.2414.71-1.60%-0.70
GAMCO Investors, Inc.0.2814.351.92%0.72
Point Bridge Capital0.0013.660.00%0.00
Digital Currency Group, Inc.13.5913.07104.00%13.59
Future Fund Advisors-0.8512.45-6.83%-1.28
First Pacific Advisors LP3.7912.1731.15%11.45
Zacks Investment Management0.6411.865.36%0.64
Applied Finance Group0.6711.076.04%2.09
Alternative Access Funds LLC0.009.950.00%0.00
Counterpoint Mutual Funds LLC0.009.830.00%0.00
GCI Investors, Inc.1.989.4820.85%4.66
Baird Financial Group3.307.7242.79%7.56
Whitford Asset Management0.007.420.00%0.00
EquBot0.007.280.00%-3.11
Virtus Investment Partners1.526.0025.32%-32.67
ORIX Corp.0.415.996.91%0.41
Global Beta Advisors0.575.6510.02%0.57
Jacob Asset Management0.145.062.81%-0.14
Spear Advisors LLC0.004.740.00%0.52
Lifegoal Investments LLC0.474.2611.10%0.72
Kelly Strategic Management LLC0.004.250.00%4.45
WealthTrust Asset Management LLC1.214.1629.10%3.13
-1.853.76-49.17%1.34
Democracy Investment Management LLC0.623.7516.66%0.63
Volt Equity LLC-1.143.74-30.54%0.33
Truemark Group0.603.5517.00%3.70
Banhazl0.003.470.00%0.00
VegTech LLC0.003.460.00%1.67
Lyrical Partners0.003.340.00%0.00
Goose Hollow Capital Management LLC0.622.4625.25%1.24
Kingsbarn Capital Management LLC0.001.800.00%0.00
Dinerbao SL0.001.720.00%1.21
Big Data Federation, Inc.0.581.6534.97%0.58
Dalton Capital0.261.4018.71%0.26
V-Square Quantitative Management LLC0.001.190.00%0.00
Grizzle Investment Management LLC0.000.920.00%0.22
Amberwave Partners Research & Management LLC0.440.8750.46%0.44
Wilshire Phoenix Funds LLC0.000.530.00%-1.23
Inherent Wealth Fund LLC0.000.470.00%0.24
Cabot ETF Partners LLC0.000.000.00%-0.29
Eaton Vance Corp.0.000.000.00%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.

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.