Feb. 2021 ETF Inflows Second Largest Ever
Investors added $88.7 billion to U.S.-listed ETFs during February.
Everything from equity to fixed income ETFs picked up assets in February, though investors focused their firepower on U.S. and international stock funds.
U.S. equity ETF inflows for the month totaled $52.4 billion, while international equity ETF inflows equaled $26.3 billion. On a year-to-date basis, international equity ETFs ended February just ahead of their U.S. counterparts, $62.5 billion versus $60.5 billion.
Year-to-date inflows for U.S.-listed ETFs as a whole finished the month at $154.8 billion, more than double the $72.3 billion seen at the end of February 2020.
Investors Unfazed
Stocks continued marching to a record high during February, largely unfazed by a late-month interest rate spike. Beneath the surface, there was a bit of a rotation from growth to value, and from large caps to small caps, but nothing that signified a major trend change.
For the most part, the “everything rally” remained in tact during February. The only exception was bonds. In the year-to-date period through the end of the month, the iShares 20+ Year Treasury Bond ETF (TLT) dropped more than 9%.
TLT, the iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD) and the SPDR Bloomberg Barclays High Yield Bond ETF (JNK) saw some of the largest outflows of the month.
But even so, fixed income ETFs in aggregate registered net inflows of $5.2 billion in February.
Gold was another interest-rate-sensitive asset that took a hit during the month, falling to an eight-month low. The SPDR Gold Trust (GLD) had monthly redemptions of $3.8 billion.
ETF Barbell
On the inflows side of the ledger, demand continued unabated for low-cost index funds and higher-cost active funds from ARK.
The Vanguard S&P 500 ETF (VOO), the iShares Core S&P 500 ETF (IVV) and the SPDR S&P 500 ETF Trust (SPY) took the top three positions on the monthly inflows list.
Meanwhile, the ARK Innovation ETF (ARKK) and the ARK Fintech Innovation ETF (ARKF) took positions Nos. 4 and 10, with inflows of $2.4 billion and $1.7 billion, respectively.
ARK ended the month as the tenth-largest ETF issuer, with assets under management of $51.1 billion.
For a full list of the top inflows and outflows for February and the year-to-date period, see the tables below:
Top Gainers (February 2021)
| Ticker | Name | Issuer | Net Flows ($,mm) | AUM ($M) | % of AUM | YTD 2021 Net Flows($,M) |
| VOO | Vanguard S&P 500 ETF | Vanguard | 11,305.22 | 194,935.23 | 5.80% | 12,930.11 |
| IVV | iShares Core S&P 500 ETF | Blackrock | 8,319.16 | 249,924.16 | 3.33% | 6,009.93 |
| SPY | SPDR S&P 500 ETF Trust | State Street Global Advisors | 6,862.85 | 333,390.91 | 2.06% | -2,634.28 |
| ARKK | ARK Innovation ETF | ARK | 2,420.71 | 23,337.35 | 10.37% | 5,586.31 |
| VTI | Vanguard Total Stock Market ETF | Vanguard | 2,211.94 | 213,694.17 | 1.04% | 5,402.09 |
| BND | Vanguard Total Bond Market ETF | Vanguard | 2,010.37 | 70,437.55 | 2.85% | 4,633.87 |
| XLF | Financial Select Sector SPDR Fund | State Street Global Advisors | 1,918.69 | 35,067.29 | 5.47% | 7,159.06 |
| QQQ | Invesco QQQ Trust | Invesco | 1,894.05 | 149,621.52 | 1.27% | -1,587.47 |
| IWM | iShares Russell 2000 ETF | Blackrock | 1,889.44 | 67,533.34 | 2.80% | 2,240.36 |
| ARKF | ARK Fintech Innovation ETF | ARK | 1,709.10 | 4,435.72 | 38.53% | 2,375.37 |
Top Gainers (Year-to-Date)
| Ticker | Name | Issuer | Net Flows ($,mm) | AUM ($M) | % of AUM | February 2021 Net Flows($,M) |
| VOO | Vanguard S&P 500 ETF | Vanguard | 12,930.11 | 194,935.23 | 6.63% | 11,305.22 |
| XLF | Financial Select Sector SPDR Fund | State Street Global Advisors | 7,159.06 | 35,067.29 | 20.42% | 1,918.69 |
| IVV | iShares Core S&P 500 ETF | Blackrock | 6,009.93 | 249,924.16 | 2.40% | 8,319.16 |
| ARKK | ARK Innovation ETF | ARK | 5,586.31 | 23,337.35 | 23.94% | 2,420.71 |
| VTI | Vanguard Total Stock Market ETF | Vanguard | 5,402.09 | 213,694.17 | 2.53% | 2,211.94 |
| BND | Vanguard Total Bond Market ETF | Vanguard | 4,633.87 | 70,437.55 | 6.58% | 2,010.37 |
| IUSB | iShares Core Total USD Bond Market ETF | Blackrock | 4,445.34 | 10,203.56 | 43.57% | 785.84 |
| EFV | iShares MSCI EAFE Value ETF | Blackrock | 3,957.20 | 11,826.46 | 33.46% | 684.15 |
| IEMG | iShares Core MSCI Emerging Markets ETF | Blackrock | 3,952.14 | 77,777.99 | 5.08% | 797.09 |
| ARKG | ARK Genomic Revolution ETF | ARK | 3,400.83 | 10,551.54 | 32.23% | 984.62 |
Biggest Losers (February 2021)
| Ticker | Name | Issuer | Net Flows ($,mm) | AUM ($M) | % of AUM | YTD 2021 Net Flows($,M) |
| LQD | iShares iBoxx USD Investment Grade Corporate Bond ETF | Blackrock | -5,332.06 | 44,888.08 | -11.88% | -7,712.44 |
| GLD | SPDR Gold Trust | State Street Global Advisors | -3,831.38 | 62,551.13 | -6.13% | -4,435.29 |
| JNK | SPDR Bloomberg Barclays High Yield Bond ETF | State Street Global Advisors | -2,029.98 | 9,814.97 | -20.68% | -2,703.12 |
| TLT | iShares 20+ Year Treasury Bond ETF | Blackrock | -1,887.45 | 13,759.80 | -13.72% | -3,103.54 |
| SDY | SPDR S&P Dividend ETF | State Street Global Advisors | -1,801.38 | 17,403.72 | -10.35% | -744.55 |
| USMV | iShares MSCI USA Min Vol Factor ETF | Blackrock | -1,559.30 | 28,442.10 | -5.48% | -4,348.13 |
| XLP | Consumer Staples Select Sector SPDR Fund | State Street Global Advisors | -1,483.10 | 10,351.63 | -14.33% | -2,384.35 |
| PFF | iShares Preferred and Income Securities ETF | Blackrock | -1,241.26 | 17,496.48 | -7.09% | -1,344.93 |
| XLV | Health Care Select Sector SPDR Fund | State Street Global Advisors | -1,098.60 | 24,242.61 | -4.53% | -1,491.64 |
| QUAL | iShares MSCI USA Quality Factor ETF | Blackrock | -1,052.92 | 19,263.98 | -5.47% | -2,508.10 |
Biggest Losers (Year-to-Date)
| Ticker | Name | Issuer | Net Flows ($,mm) | AUM ($M) | % of AUM | February 2021 Net Flows($,M) |
| LQD | iShares iBoxx USD Investment Grade Corporate Bond ETF | Blackrock | -7,712.44 | 44,888.08 | -17.18% | -5,332.06 |
| GLD | SPDR Gold Trust | State Street Global Advisors | -4,435.29 | 62,551.13 | -7.09% | -3,831.38 |
| USMV | iShares MSCI USA Min Vol Factor ETF | Blackrock | -4,348.13 | 28,442.10 | -15.29% | -1,559.30 |
| HYG | iShares iBoxx USD High Yield Corporate Bond ETF | Blackrock | -3,693.92 | 22,056.02 | -16.75% | 513.29 |
| TLT | iShares 20+ Year Treasury Bond ETF | Blackrock | -3,103.54 | 13,759.80 | -22.56% | -1,887.45 |
| JNK | SPDR Bloomberg Barclays High Yield Bond ETF | State Street Global Advisors | -2,703.12 | 9,814.97 | -27.54% | -2,029.98 |
| SPY | SPDR S&P 500 ETF Trust | State Street Global Advisors | -2,634.28 | 333,390.91 | -0.79% | 6,862.85 |
| QUAL | iShares MSCI USA Quality Factor ETF | Blackrock | -2,508.10 | 19,263.98 | -13.02% | -1,052.92 |
| XLP | Consumer Staples Select Sector SPDR Fund | State Street Global Advisors | -2,384.35 | 10,351.63 | -23.03% | -1,483.10 |
| IWF | iShares Russell 1000 Growth ETF | Blackrock | -2,054.75 | 61,708.27 | -3.33% | -966.99 |
Asset Classes (February 2021)
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| U.S. Equity | 52,437.88 | 3,278,345.73 | 1.60% |
| International Equity | 26,272.53 | 1,167,686.57 | 2.25% |
| U.S. Fixed Income | 5,172.74 | 968,729.70 | 0.53% |
| International Fixed Income | 3,135.93 | 128,088.09 | 2.45% |
| Commodities | -2,232.46 | 140,145.27 | -1.59% |
| Currency | 21.00 | 2,020.71 | 1.04% |
| Leveraged | 2,371.06 | 50,413.56 | 4.70% |
| Inverse | 540.89 | 12,112.58 | 4.47% |
| Asset Allocation | 258.89 | 14,006.25 | 1.85% |
| Alternatives | 708.03 | 6,532.11 | 10.84% |
| Total: | 88,686.49 | 5,768,080.58 | 1.54% |
Asset Classes (Year-to-Date)
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| U.S. Equity | 60,491.89 | 3,278,345.73 | 1.85% |
| International Equity | 62,549.04 | 1,167,686.57 | 5.36% |
| U.S. Fixed Income | 20,751.87 | 968,729.70 | 2.14% |
| International Fixed Income | 7,314.51 | 128,088.09 | 5.71% |
| Commodities | -1,394.11 | 140,145.27 | -0.99% |
| Currency | 104.31 | 2,020.71 | 5.16% |
| Leveraged | 1,305.84 | 50,413.56 | 2.59% |
| Inverse | 1,921.49 | 12,112.58 | 15.86% |
| Asset Allocation | 630.75 | 14,006.25 | 4.50% |
| Alternatives | 1,146.04 | 6,532.11 | 17.54% |
| Total: | 154,821.63 | 5,768,080.58 | 2.68% |
February 2021 ETF Issuer League Table
| Issuer | Net Flows ($,M) | AUM ($,M) | % of AUM | YTD 2021 Net Flows($,M) |
| Blackrock | 16,066.62 | 2,099,290.74 | 0.77% | 21,130.56 |
| Vanguard | 31,687.16 | 1,601,105.18 | 1.98% | 57,807.91 |
| State Street Global Advisors | 5,019.87 | 874,941.45 | 0.57% | 8,509.96 |
| Invesco | 5,511.52 | 306,257.27 | 1.80% | 6,809.06 |
| Charles Schwab | 2,909.80 | 212,688.80 | 1.37% | 6,297.19 |
| First Trust | 1,832.73 | 117,575.19 | 1.56% | 4,316.79 |
| VanEck | 148.59 | 53,547.32 | 0.28% | 1,274.41 |
| JPMorgan Chase | 2,858.07 | 53,006.70 | 5.39% | 6,748.31 |
| ProShares | 2,600.82 | 51,377.34 | 5.06% | 3,281.77 |
| ARK | 8,288.23 | 51,134.51 | 16.21% | 16,561.35 |
| WisdomTree | 101.38 | 40,734.57 | 0.25% | 497.27 |
| Mirae Asset | 2,896.17 | 27,510.64 | 10.53% | 6,166.29 |
| PIMCO | -121.20 | 26,109.91 | -0.46% | 375.30 |
| Fidelity | 568.05 | 25,149.12 | 2.26% | 958.67 |
| Goldman Sachs | 20.72 | 22,555.72 | 0.09% | 185.79 |
| Deutsche Bank | 431.17 | 21,496.92 | 2.01% | 754.38 |
| Direxion | 779.53 | 21,229.99 | 3.67% | 675.65 |
| Northern Trust | 661.81 | 15,862.05 | 4.17% | 817.23 |
| Franklin Templeton | 212.15 | 9,001.46 | 2.36% | 287.04 |
| CICC | 1,029.13 | 8,537.31 | 12.05% | 1,656.02 |
| SS&C | 147.45 | 8,265.86 | 1.78% | 186.08 |
| ETFMG | 474.70 | 7,055.84 | 6.73% | 807.52 |
| Aberdeen Standard Investments | 120.08 | 6,902.88 | 1.74% | 322.80 |
| Exchange Traded Concepts | 408.99 | 6,643.42 | 6.16% | 767.90 |
| Victory Capital | 197.40 | 6,116.53 | 3.23% | 288.19 |
| Pacer Advisors | 101.65 | 5,919.03 | 1.72% | 14.46 |
| US Commodity Funds | -371.96 | 4,975.97 | -7.48% | -1,027.23 |
| Amplify Investments | 724.43 | 4,570.15 | 15.85% | 1,087.04 |
| American Century Investments | 349.41 | 4,561.19 | 7.66% | 493.54 |
| John Hancock | -798.42 | 4,505.05 | -17.72% | -797.49 |
| Innovator | 137.03 | 4,467.51 | 3.07% | 363.51 |
| Janus Henderson | 54.68 | 4,188.15 | 1.31% | 264.21 |
| New York Life | 8.11 | 4,116.26 | 0.20% | 203.88 |
| Principal | 41.31 | 4,081.03 | 1.01% | 84.41 |
| US Global Investors | 304.27 | 3,903.65 | 7.79% | 377.02 |
| The Hartford | -55.14 | 3,777.13 | -1.46% | 32.23 |
| Barclays Capital Inc. | 584.90 | 3,413.98 | 17.13% | 838.83 |
| Nuveen Securities | 105.14 | 3,336.36 | 3.15% | 604.24 |
| BMO | 44.42 | 2,597.11 | 1.71% | 83.22 |
| AdvisorShares | 583.52 | 2,263.42 | 25.78% | 1,035.65 |
| Toroso Investments | 154.41 | 1,901.62 | 8.12% | 390.95 |
| O’Shares Investments | 50.91 | 1,576.41 | 3.23% | 79.21 |
| Columbia Management Investment Advisers, LLC | 59.29 | 1,420.75 | 4.17% | 155.78 |
| GraniteShares | 77.38 | 1,419.25 | 5.45% | 121.59 |
| Vident | 0.01 | 1,410.42 | 0.00% | -2.30 |
| Prudential | 52.09 | 1,386.90 | 3.76% | 36.70 |
| Defiance ETFs | 113.75 | 1,294.00 | 8.79% | 263.75 |
| Davis Advisers | 19.32 | 1,216.75 | 1.59% | 42.29 |
| Aptus Capital Advisors | 21.80 | 1,091.57 | 2.00% | 99.47 |
| UBS | -11.24 | 972.08 | -1.16% | -25.10 |
| Renaissance Capital | 58.73 | 947.38 | 6.20% | 172.65 |
| Cambria | 26.16 | 936.72 | 2.79% | 55.20 |
| Virtus Investment Partners | 22.75 | 894.81 | 2.54% | 9.28 |
| EMPIRICAL FINANCE LLC | 28.72 | 854.24 | 3.36% | 158.96 |
| Dimensional Holdings | 220.99 | 822.25 | 26.88% | 417.01 |
| Inspire | 20.74 | 788.09 | 2.63% | 22.57 |
| Credit Suisse Group AG | 59.37 | 760.12 | 7.81% | 80.28 |
| Transamerica Funds | -2.00 | 756.09 | -0.26% | -23.23 |
| Main Management | 25.15 | 713.26 | 3.53% | 27.00 |
| BNY Mellon | 87.65 | 646.89 | 13.55% | 135.01 |
| Roundhill Investments | 179.03 | 616.86 | 29.02% | 285.49 |
| The Motley Fool | 23.27 | 600.59 | 3.87% | 43.41 |
| Nationwide | 43.74 | 574.99 | 7.61% | 77.86 |
| Merk | 28.98 | 450.87 | 6.43% | 36.08 |
| Tortoise | 33.45 | 435.10 | 7.69% | -8.62 |
| Timothy Plan | 4.52 | 408.52 | 1.11% | 3.19 |
| Teucrium | 32.33 | 382.72 | 8.45% | 37.38 |
| Al Marketing LLC | -6.73 | 369.65 | -1.82% | -8.57 |
| SRN Advisors | 40.87 | 367.33 | 11.13% | 58.60 |
| TrimTabs | -9.10 | 361.02 | -2.52% | -10.76 |
| Sprott, Inc. | 4.59 | 347.98 | 1.32% | 18.18 |
| Liquid Strategies | 23.87 | 338.25 | 7.06% | 47.67 |
| Strategy Shares | 30.92 | 319.44 | 9.68% | 107.02 |
| WBI | -12.25 | 306.78 | -3.99% | -22.15 |
| Tuttle Tactical Management, LLC | 47.78 | 294.30 | 16.23% | 138.38 |
| Howard Capital Management | 8.27 | 294.29 | 2.81% | 7.92 |
| Redwood Investment Management | -4.67 | 289.02 | -1.62% | -136.65 |
| ClearShares LLC | 2.49 | 277.48 | 0.90% | 2.49 |
| Distillate Capital | 6.43 | 275.85 | 2.33% | 51.26 |
| Regents Park Funds | -2.73 | 271.44 | -1.01% | 12.62 |
| OBP Capital LLC | 86.82 | 254.28 | 34.14% | 112.95 |
| Swedish Export Credit | 17.30 | 250.27 | 6.91% | -14.32 |
| EntrepreneurShares, LLC | 7.21 | 197.01 | 3.66% | 4.30 |
| T. Rowe Price Group, Inc. | 18.36 | 195.23 | 9.40% | 42.85 |
| Intangible Capital | 0.01 | 178.04 | 0.00% | 0.01 |
| Simplify Asset Management Inc. | 42.50 | 169.47 | 25.08% | 57.66 |
| Donald L. Hagan LLC | 16.72 | 160.76 | 10.40% | 20.42 |
| Core Alternative Capital | 2.81 | 156.45 | 1.80% | 16.84 |
| ProcureAM | 52.36 | 142.59 | 36.72% | 91.55 |
| AGF | 0.97 | 136.88 | 0.71% | 2.86 |
| Arrow Funds | 0.00 | 108.95 | 0.00% | 0.00 |
| Little Harbor Advisors | 12.07 | 106.00 | 11.39% | 48.03 |
| Gadsden | 2.59 | 105.18 | 2.47% | 5.46 |
| TrueMark Investments | 16.80 | 101.77 | 16.51% | 31.41 |
| Cboe Vest Financial LLC | 4.76 | 93.56 | 5.08% | 4.76 |
| Exponential ETFs | 5.20 | 88.68 | 5.87% | 1.48 |
| RBS Securities | 84.54 | 84.26 | 100.33% | 87.04 |
| Wahed Invest LLC | 5.28 | 81.58 | 6.47% | 14.02 |
| CornerCap Investment Counsel, Inc. | 11.24 | 80.42 | 13.97% | 16.51 |
| Syntax Advisors | 0.00 | 67.74 | 0.00% | -0.30 |
| Pettee Investors | 3.50 | 59.66 | 5.87% | 15.54 |
| Pacific Life | 0.00 | 57.26 | 0.00% | 0.00 |
| Metaurus Advisors | 0.01 | 54.95 | 0.02% | 0.52 |
| Natixis | 1.57 | 53.78 | 2.92% | 2.45 |
| Emles Advisors LLC | -14.84 | 52.88 | -28.07% | -14.29 |
| Esoterica | 11.47 | 52.45 | 21.86% | 31.64 |
| Advisors Asset Management | 1.90 | 51.16 | 3.71% | 4.67 |
| iM Global Partner | -1.94 | 49.76 | -3.91% | -8.21 |
| Toews Corp. | -1.28 | 46.22 | -2.76% | -2.62 |
| Highland Capital Management | -4.86 | 45.40 | -10.71% | -8.18 |
| Change Finance | 7.27 | 44.10 | 16.49% | 10.18 |
| MCCM Group LLC | 25.54 | 44.09 | 57.93% | 46.75 |
| Premise Capital | -5.38 | 43.73 | -12.31% | -6.89 |
| Impact Shares | 2.94 | 42.55 | 6.90% | 6.51 |
| Beyond Investing | 2.67 | 41.27 | 6.48% | 4.43 |
| Infusive Asset Management | 1.71 | 41.13 | 4.17% | 1.71 |
| Absolute Investment Advisers LLC | 1.91 | 40.24 | 4.76% | 2.55 |
| ProFunds | 2.73 | 34.35 | 7.96% | 28.55 |
| ETF Series Solutions | 0.00 | 25.37 | 0.00% | 1.21 |
| AlphaMark Advisors | -1.41 | 24.81 | -5.69% | -1.41 |
| Truist | 2.02 | 23.60 | 8.55% | 3.32 |
| Swan Global Investments | 12.17 | 22.23 | 54.75% | 20.61 |
| Guinness Atkinson Asset Management | 4.78 | 20.92 | 22.87% | 12.07 |
| Neil Azous Revocable Trust | 0.00 | 19.82 | 0.00% | 0.00 |
| The Leuthold Group LLC | 0.00 | 13.61 | 0.00% | 0.70 |
| Changebridge Capital LLC | 2.19 | 12.93 | 16.93% | 6.21 |
| Counterpoint Mutual Funds LLC | 0.00 | 11.96 | 0.00% | -0.60 |
| Rayliant Investment Research | 2.78 | 11.01 | 25.29% | 8.17 |
| Inverdale Capital Management LLC | 7.07 | 11.00 | 64.28% | 7.07 |
| Point Bridge Capital | 0.00 | 10.56 | 0.00% | 0.00 |
| GAMCO Investors, Inc. | 5.06 | 10.36 | 48.83% | 5.06 |
| Alternative Access Funds LLC | 0.00 | 10.02 | 0.00% | 0.00 |
| EquBot | 1.72 | 9.75 | 17.65% | 3.34 |
| Water Island Capital Partners LP | 0.00 | 6.36 | -0.02% | 0.00 |
| 2nd Vote Value Investments, Inc | 0.00 | 5.59 | 0.00% | 0.00 |
| Ridgeline Research LLC | 2.14 | 5.10 | 41.98% | 2.14 |
| New Age Alpha Advisors LLC | 1.31 | 4.03 | 32.48% | 2.57 |
| Global Beta Advisors | 0.00 | 3.72 | 0.00% | -4.09 |
| Grace Partners of Dupage LP | 0.00 | 3.10 | 0.00% | 0.00 |
| Whitford Asset Management | 0.00 | 2.88 | 0.00% | 0.00 |
| Gotham Asset Management Holdings | 0.00 | 2.55 | 0.00% | 0.51 |
| Reflection Asset Management, LLC | 0.00 | 2.37 | 0.01% | 0.00 |
| Wilshire Associates, Inc. | 0.00 | 1.80 | 0.00% | 0.00 |
| Humankind USA LLC | 0.00 | 0.00 | 0.00% | 0.00 |
| 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.
