International Equity, US Bond ETFs Saw Biggest Gains in January

International Equity, US Bond ETFs Saw Biggest Gains in January

Meanwhile, QQQ led outflows for the month.

HeatherBell_green_bg
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Reviewed by: Heather Bell
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Edited by: Heather Bell

The first month of 2023 saw assets flowing into fixed income, value and income strategies, but international funds also featured prominently. In all, U.S.-listed ETFs pulled in nearly $50 billion during the month, more than the $37 billion gained in January 2022.

International equity and U.S. fixed income both pulled in more than any other asset classes, with gains of $20.2 billion and $20.8 billion in January, respectively. U.S. equity gained just $1.4 billion, while international fixed income added $5.2 billion. Meanwhile, asset allocation ETFs and leveraged ETFs were the only categories to see outflows, losing $1.4 billion and $1.2 billion, respectively. 

The iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD) claimed the top spot for flows, with a gain of $3.6 billion in January and was joined in the top 10 by four other fixed income ETFs. The iShares 20+ Year Treasury Bond ETF (TLT) fell into the No. 6 spot, with inflows of $2.5 billion.  

There was a definite international flavor to the month, with three ETFs tracking non-U.S. markets landing in the top 10 for flows. The JPMorgan BetaBuilders Europe ETF (BBEU) pulled in $3.5 billion, followed closely by the iShares Core MSCI Emerging Markets ETF (IEMG), which added $3.2 billion. The iShares JP Morgan USD Emerging Markets Bond ETF (EMB) saw flows of $2.4 billion, placing it in the No. 7 spot. 

Two income-focused ETFs fell into the Nos. 9 and 10 spots, with the JPMorgan Equity Premium Income ETF (JEPI), which implements a covered call strategy, pulling in $2.1 billion and the SPDR S&P Dividend ETF (SDY) adding $2 billion.  

Outflows 

The top 10 funds for outflows in January were an interesting mix, with the Invesco QQQ Trust (QQQ) bleeding $3.8 billion, followed by three iShares ETFs tied to the Russell indexes. The iShares Russell 1000 Growth ETF (IWF), the iShares Russell 1000 Value ETF (IWD) and the iShares Russell 2000 ETF (IWM) all lost between $2 billion and $3.2 billion during the month.

The ProShares UltraPro QQQ (TQQQ), which offers 3X exposure to the Nasdaq-100, lost $1.5 billion during the month, on the heels of a year in which it gained more than $12 billion. Between that and the losses seen by QQQ and IWF, there’s a definite tilt away from growth so far this year. 

The top 10 losers of January also include three Treasury ETFs that lost between $1.1 billion and $1.4 billion, while the Vanguard Dividend Appreciation ETF (VIG) saw outflows of $1.1 billion.  

 

For a full list of January's top inflows and outflows, see the tables below:    

 

Top Gainers (January 2023)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMYTD 2023 Net Flows($,M)
LQDiShares iBoxx USD Investment Grade Corporate Bond ETFBlackrock3,648.9240,679.118.97%3,648.92
BBEUJPMorgan BetaBuilders Europe ETFJPMorgan Chase3,468.706,912.7050.18%3,468.70
IEMGiShares Core MSCI Emerging Markets ETFBlackrock3,170.6973,176.754.33%3,170.69
VTVVanguard Value ETFVanguard2,734.06104,360.902.62%2,734.06
SCHOSchwab Short-Term U.S. Treasury ETFCharles Schwab2,562.6812,858.6919.93%2,562.68
TLTiShares 20+ Year Treasury Bond ETFBlackrock2,523.0431,299.948.06%2,523.04
EMBiShares JP Morgan USD Emerging Markets Bond ETFBlackrock2,404.1617,574.0013.68%2,404.16
HYGiShares iBoxx USD High Yield Corporate Bond ETFBlackrock2,368.1618,547.8812.77%2,368.16
JEPIJPMorgan Equity Premium Income ETFJPMorgan Chase2,136.0419,700.1710.84%2,136.04
SDYSPDR S&P Dividend ETFState Street Global Advisors2,033.7026,085.187.80%2,033.70

 

Top Gainers (Year-to-Date)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMJanuary 2023 Net Flows($,M)
LQDiShares iBoxx USD Investment Grade Corporate Bond ETFBlackrock3,648.9240,679.118.97%3,648.92
BBEUJPMorgan BetaBuilders Europe ETFJPMorgan Chase3,468.706,912.7050.18%3,468.70
IEMGiShares Core MSCI Emerging Markets ETFBlackrock3,170.6973,176.754.33%3,170.69
VTVVanguard Value ETFVanguard2,734.06104,360.902.62%2,734.06
SCHOSchwab Short-Term U.S. Treasury ETFCharles Schwab2,562.6812,858.6919.93%2,562.68
TLTiShares 20+ Year Treasury Bond ETFBlackrock2,523.0431,299.948.06%2,523.04
EMBiShares JP Morgan USD Emerging Markets Bond ETFBlackrock2,404.1617,574.0013.68%2,404.16
HYGiShares iBoxx USD High Yield Corporate Bond ETFBlackrock2,368.1618,547.8812.77%2,368.16
JEPIJPMorgan Equity Premium Income ETFJPMorgan Chase2,136.0419,700.1710.84%2,136.04
SDYSPDR S&P Dividend ETFState Street Global Advisors2,033.7026,085.187.80%2,033.70

 

Biggest Losers (January 2023)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMYTD 2023 Net Flows($,M)
QQQInvesco QQQ TrustInvesco-3,792.96157,563.67-2.41%-3,792.96
IWFiShares Russell 1000 Growth ETFBlackrock-3,153.4261,026.74-5.17%-3,153.42
IWDiShares Russell 1000 Value ETFBlackrock-3,002.6753,800.47-5.58%-3,002.67
IWMiShares Russell 2000 ETFBlackrock-2,142.8254,738.54-3.91%-2,142.82
EEMViShares MSCI Emerging Markets Min Vol Factor ETFBlackrock-1,752.146,816.01-25.71%-1,752.14
TQQQProShares UltraPro QQQProShares-1,521.0212,403.15-12.26%-1,521.02
BILSPDR Bloomberg 1-3 Month T-Bill ETFState Street Global Advisors-1,388.7425,162.09-5.52%-1,388.74
SHViShares Short Treasury Bond ETFBlackrock-1,198.0919,201.29-6.24%-1,198.09
VIGVanguard Dividend Appreciation ETFVanguard-1,128.2565,771.18-1.72%-1,128.25
GOVTiShares U.S. Treasury Bond ETFBlackrock-1,052.4721,676.47-4.86%-1,052.47

 

Biggest Losers (Year-to-Date)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMJanuary 2023 Net Flows($,M)
QQQInvesco QQQ TrustInvesco-3,792.96157,563.67-2.41%-3,792.96
IWFiShares Russell 1000 Growth ETFBlackrock-3,153.4261,026.74-5.17%-3,153.42
IWDiShares Russell 1000 Value ETFBlackrock-3,002.6753,800.47-5.58%-3,002.67
IWMiShares Russell 2000 ETFBlackrock-2,142.8254,738.54-3.91%-2,142.82
EEMViShares MSCI Emerging Markets Min Vol Factor ETFBlackrock-1,752.146,816.01-25.71%-1,752.14
TQQQProShares UltraPro QQQProShares-1,521.0212,403.15-12.26%-1,521.02
BILSPDR Bloomberg 1-3 Month T-Bill ETFState Street Global Advisors-1,388.7425,162.09-5.52%-1,388.74
SHViShares Short Treasury Bond ETFBlackrock-1,198.0919,201.29-6.24%-1,198.09
VIGVanguard Dividend Appreciation ETFVanguard-1,128.2565,771.18-1.72%-1,128.25
GOVTiShares U.S. Treasury Bond ETFBlackrock-1,052.4721,676.47-4.86%-1,052.47

 

Asset Classes (January 2023)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity1,376.714,082,146.650.03%
International Equity20,230.631,272,045.761.59%
U.S. Fixed Income20,751.131,205,335.571.72%
International Fixed Income5,215.58147,891.313.53%
Commodities486.73136,492.090.36%
Currency-58.773,872.46-1.52%
Leveraged-1,187.9853,842.37-2.21%
Inverse4,084.4123,526.8617.36%
Asset Allocation-1,350.9916,358.77-8.26%
Alternatives95.958,847.231.08%
Total:49,643.386,950,359.080.71%

 

Asset Classes (Year-to-Date)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity1,376.714,082,146.650.03%
International Equity20,230.631,272,045.761.59%
U.S. Fixed Income20,751.131,205,335.571.72%
International Fixed Income5,215.58147,891.313.53%
Commodities486.73136,492.090.36%
Currency-58.773,872.46-1.52%
Leveraged-1,187.9853,842.37-2.21%
Inverse4,084.4123,526.8617.36%
Asset Allocation-1,350.9916,358.77-8.26%
Alternatives95.958,847.231.08%
Total:49,643.386,950,359.080.71%

 

January 2023 ETF Issuer League Table

IssuerNet Flows ($,M)AUM ($,M)% of AUMYTD 2023 Net Flows($,M)
Blackrock4,679.582,340,359.990.20%4,679.58
Vanguard12,195.032,012,425.560.61%12,195.03
State Street Global Advisors6,296.391,039,445.960.61%6,296.39
Invesco375.16354,557.040.11%375.16
Charles Schwab5,290.33279,647.651.89%5,290.33
First Trust1,136.06140,810.510.81%1,136.06
JPMorgan Chase7,684.81100,918.217.61%7,684.81
Dimensional2,542.3480,082.873.17%2,542.34
ProShares1,915.7361,393.823.12%1,915.73
VanEck355.4256,952.970.62%355.42
WisdomTree324.7152,173.370.62%324.71
Mirae Asset Global Investments Co., Ltd.-82.7439,233.35-0.21%-82.74
Fidelity376.0832,543.751.16%376.08
Direxion612.4026,573.882.30%612.40
Goldman Sachs126.3426,183.960.48%126.34
Pacer Advisors1,380.6022,253.046.20%1,380.60
Northern Trust-30.2221,692.65-0.14%-30.22
American Century Investments902.2521,465.094.20%902.25
PIMCO-360.3621,457.23-1.68%-360.36
DWS587.4919,969.352.94%587.49
ARK-21.6113,686.13-0.16%-21.61
Innovator452.1611,966.673.78%452.16
CICC363.7611,429.203.18%363.76
SS&C87.2411,313.950.77%87.24
Franklin Templeton286.6310,721.702.67%286.63
Victory Capital33.188,334.200.40%33.18
Nuveen Securities140.117,630.851.84%140.11
Capital Group598.406,920.378.65%598.40
WisdomTree Investments, Inc.118.726,545.311.81%118.72
Abrdn Plc-2.916,192.89-0.05%-2.91
Janus Henderson146.245,782.302.53%146.24
John Hancock81.175,430.511.49%81.17
Exchange Traded Concepts-23.264,954.33-0.47%-23.26
Amplify Investments109.514,204.272.60%109.51
Prudential-16.754,185.67-0.40%-16.75
BMO84.624,122.932.05%84.62
New York Life-56.984,112.52-1.39%-56.98
The Hartford94.714,054.052.34%94.71
ETFMG-84.313,884.13-2.17%-84.31
Marygold249.633,539.297.05%249.63
Tidal240.813,224.307.47%240.81
Alpha Architect135.022,293.425.89%135.02
US Global Investors-188.692,245.99-8.40%-188.69
Principal-131.222,168.06-6.05%-131.22
Cambria51.811,975.622.62%51.81
Barclays Capital Inc.27.971,970.441.42%27.97
Aptus Capital Advisors5.161,886.470.27%5.16
BNY Mellon111.071,577.427.04%111.07
Main Management33.441,389.652.41%33.44
Virtus Investment Partners15.071,387.971.09%15.07
Vident-61.021,369.88-4.45%-61.02
Simplify-22.331,361.79-1.64%-22.33
Sprott, Inc.-11.311,334.90-0.85%-11.31
Columbia Management Investment Advisers, LLC-19.981,329.16-1.50%-19.98
GraniteShares-5.801,323.31-0.44%-5.80
UBS0.001,309.320.00%0.00
Horizon Kinetics-29.561,300.78-2.27%-29.56
Strategy Shares-23.401,225.82-1.91%-23.40
AdvisorShares0.851,197.190.07%0.85
Inspire Investing LLC16.741,165.281.44%16.74
The Motley Fool-9.831,140.81-0.86%-9.83
Distillate Capital27.781,005.342.76%27.78
Davis Advisers14.36963.871.49%14.36
Defiance ETFs-16.93961.65-1.76%-16.93
T. Rowe Price Group, Inc.29.08919.453.16%29.08
Litman Gregory Capital Partners LLC-33.15900.08-3.68%-33.15
AXS Investments155.73780.4319.95%155.73
Focus Financial Partners122.25757.5116.14%122.25
Timothy Plan7.60682.181.11%7.60
ORIX26.32678.703.88%26.32
Bondbloxx Investment Management LLC118.56677.4317.50%118.56
Redwood-79.50669.53-11.87%-79.50
Merk18.38654.042.81%18.38
Credit Suisse Group AG3.14649.920.48%3.14
Tortoise-54.90603.09-9.10%-54.90
Roundhill Investments-17.49596.08-2.93%-17.49
Core Alternative Capital-15.62564.56-2.77%-15.62
Teucrium-55.82532.15-10.49%-55.82
Nationwide-19.19519.72-3.69%-19.19
ClearShares LLC6.46499.231.29%6.46
Day Hagan Asset Management-3.37498.20-0.68%-3.37
Howard Capital Management-1.55497.13-0.31%-1.55
Engine No. 117.54494.043.55%17.54
Renaissance Health Service Corp.77.77486.2015.99%77.77
Advisors Asset Management26.57476.855.57%26.57
Anfield Group-1.18476.03-0.25%-1.18
AGF44.37409.7210.83%44.37
Liquid Strategies-67.43348.25-19.36%-67.43
Retireful LLC13.27328.534.04%13.27
Adaptive Investments0.42326.670.13%0.42
Sausalito Partners LLC-2.96324.44-0.91%-2.96
Doubleline ETF Adviser LP13.08315.494.15%13.08
Equitable2.21291.950.76%2.21
Power Corporation of Canada68.89247.4027.84%68.89
Oneascent Holdings LLC-5.68244.73-2.32%-5.68
Aptus Holdings LLC4.95242.312.04%4.95
Wahed Invest LLC4.43240.761.84%4.43
WBI0.00230.950.00%0.00
AmeriLife-5.86219.62-2.67%-5.86
Cary Street Partners Financial LLC /VA/16.16213.137.58%16.16
Western & Southern Mutual Holding Co.0.00208.030.00%0.00
Matthews International Capital Management62.82205.9130.51%62.82
Little Harbor Advisors-26.29205.27-12.81%-26.29
Truemark Group-1.67201.12-0.83%-1.67
Syntax1.02198.080.51%1.02
Impact Shares2.03185.101.10%2.03
Kingsview Partners LLC-0.63182.10-0.35%-0.63
CI Financial8.62180.654.77%8.62
CornerCap Investment Counsel, Inc.3.45153.742.24%3.45
Truist-1.05151.13-0.69%-1.05
SRN Advisors-5.29150.46-3.52%-5.29
Renaissance Capital-10.06147.59-6.82%-10.06
Rayliant3.18145.752.18%3.18
Stf Management LP-11.95143.34-8.34%-11.95
OBP Capital LLC-1.98137.32-1.44%-1.98
Volatility Shares LLC2.44132.851.84%2.44
Intangible Capital-0.01132.42-0.01%-0.01
Neil Azous Revocable Trust5.22130.743.99%5.22
Humankind USA LLC1.33130.641.02%1.33
Swan Global Investments-4.44127.14-3.49%-4.44
Arrow Funds0.00120.940.00%0.00
IronHorse Holdings1.95110.571.76%1.95
Baird Financial Group6.84105.466.49%6.84
Paralel Technologies LLC0.00102.970.00%0.00
Soundwatch Capital LLC1.60101.611.57%1.60
Water Island Capital12.56100.1812.54%12.56
Federated Hermes, Inc.22.0097.8322.48%22.00
Thor Trading Advisors LLC2.9796.963.07%2.97
Thrivent Financial for Lutherans14.3295.1015.06%14.32
Absolute Investment Advisers LLC1.4591.471.58%1.45
Toews Corp.-1.0783.09-1.28%-1.07
Angel Oak Capital Advisors, LLC3.0279.203.82%3.02
First Manhattan Co.-0.0773.76-0.09%-0.07
Inverdale Capital Management LLC0.8271.191.16%0.82
Exponential ETFs0.0070.090.00%0.00
Pettee Investors2.4368.063.57%2.43
SEI Investments2.5167.653.71%2.51
Beyond Investing0.0066.520.00%0.00
Cohanzick Management4.1566.426.24%4.15
Natixis0.2566.180.38%0.25
The Leuthold Group LLC1.4763.432.32%1.47
Alexis Investment Partners LLC6.0861.849.84%6.08
ProcureAM-0.5359.82-0.89%-0.53
Formidable Asset Management-0.6154.76-1.11%-0.61
EntrepreneurShares, LLC0.0054.710.00%0.00
Q3 Asset Management Corp.1.8254.363.34%1.82
GeaSphere LLC-3.5751.42-6.94%-3.57
Logan Capital Management Inc.0.8248.041.70%0.82
ETF Series Solutions-0.7143.97-1.61%-0.71
Hennessy Advisors0.0043.720.00%0.00
Clockwise Capital LLC5.2343.6011.99%5.23
2nd Vote Value Investments, Inc-0.8543.39-1.96%-0.85
Guinness Atkinson Asset Management-0.4343.29-0.99%-0.43
Alger-0.7740.19-1.92%-0.77
Ridgeline Research LLC0.7736.722.09%0.77
Advocate Capital Management LLC2.2333.826.58%2.23
First Pacific Advisors LP0.5531.641.75%0.55
Sheaff Brock Capital Management LLC0.9630.163.19%0.96
Valkyrie Funds LLC0.1429.460.48%0.14
GAMCO Investors, Inc.0.6329.162.15%0.63
Client First Investment Management LLC8.5327.3831.16%8.53
ASYMmetric ETFs0.8027.122.94%0.80
Goose Hollow Capital Management LLC0.6526.812.41%0.65
Highland Capital Management-0.0126.78-0.05%-0.01
Cultivar Capital, Inc.0.6126.102.32%0.61
AlphaMark Advisors-0.0624.50-0.23%-0.06
Convergence Investment Partners, LLC0.4523.811.89%0.45
PMV Capital Advisers LLC-5.0523.63-21.40%-5.05
Faith Investor Services, LLC0.2322.091.02%0.23
Reflection Asset Management, LLC0.0021.72-0.01%0.00
Zacks2.9421.4113.75%2.94
Alphatrai Funds, Inc.5.6419.2429.32%5.64
Knights of Columbus0.0019.010.00%0.00
Point Bridge Capital-0.0318.96-0.14%-0.03
Mairs & Power, Inc.0.8818.924.66%0.88
Lyrical Partners-3.3817.69-19.08%-3.38
Applied Finance Group1.1817.406.77%1.18
Build Asset Management LLC-14.3617.16-83.69%-14.36
Neos Investments LLC4.9612.8438.66%4.96
Lifegoal Investments LLC2.1712.1417.84%2.17
WealthTrust Asset Management LLC0.0011.640.00%0.00
Changebridge Capital LLC0.0011.560.00%0.00
Swedish Export Credit-7.0511.23-62.78%-7.05
Democracy Investment Management LLC5.2110.6249.03%5.21
The BAD Investment Company0.009.240.00%0.00
Future Fund Advisors0.009.130.00%0.00
MCCM Group LLC0.008.320.00%0.00
Counterpoint Mutual Funds LLC0.007.480.00%0.00
Tuttle Tactical Management, LLC0.006.790.00%0.00
Rcube SAS0.596.479.07%0.59
Element ETFs LLC0.635.6611.05%0.63
Digital Currency Group, Inc.0.005.140.00%0.00
VegTech LLC0.005.050.00%0.00
Kelly Intelligence LLC0.274.086.54%0.27
V-Square Quantitative Management LLC0.003.580.00%0.00
Emerge Capital Management, Inc.0.003.180.00%0.00
Jacob Asset Management0.003.170.00%0.00
Dynamic Shares LLC0.003.040.00%0.00
Subversive Capital Advisor LLC0.002.860.00%0.00
Spear Advisors LLC0.002.470.00%0.00
Big Data Federation, Inc.0.002.300.00%0.00
Penserra Capital Management LLC0.002.100.00%0.00
Bitwise Asset Management, Inc.0.001.790.00%0.00
Convexityshares, LLC0.001.530.00%0.00
Inherent Wealth Fund LLC0.001.420.00%0.00
Dalton Capital0.001.410.00%0.00
Kingsbarn Capital Management LLC0.001.100.00%0.00
Grizzle Investment Management LLC0.001.080.00%0.00
Hypatia Capital Advisors LLC0.801.0873.90%0.80
Tradelegs LLC0.000.550.00%0.00
Neuberger Berman0.000.000.00%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.

Heather Bell is a former managing editor of etf.com. She has also held editorial positions at Dow Jones Indexes and Lehman Brothers. Bell is a graduate of Dartmouth college and resides in the Denver area with her two dogs.