T-Bill ETFs Are Investor Favorite as Markets Gyrate

Meanwhile, international equity funds collected nearly $8 billion in February.

ShubhamSaharan_white_bg
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Reviewed by: Shubham Saharan
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Edited by: Shubham Saharan

Investors wary of roiling equity markets are flocking to Treasury bill ETFs and international equity funds as fears of sticky inflation and high interest rates persist.  

U.S. equity ETFs shed nearly $7 billion in February as markets seesawed on myriad economic data that pointed to the Federal Reserve keeping interest rates higher for longer. In January, U.S. equity ETFs brought in $1.4 billion. The S&P 500 lost 2.6% during the month after gaining 6% in January. The Nasdaq shed 1.1% for the month after leaping 10% the month prior.  

Funds that saw the greatest outflows included the first and oldest U.S.-listed ETF, the SPDR S&P 500 ETF Trust (SPY), which lost $11.4 billion in February alone. Other top losers included the iShares Core S&P 500 ETF (IVV) and the SPDR S&P Dividend ETF (SDY), which bled $4.6 billion in February, according to ETF.com data.  

International equity ETFs collected $7.6 billion during the month, a slump from the $20.2 billion that came in January.  

The top asset-gathering international equity fund was the JPMorgan BetaBuilders Europe ETF (BBEU), which saw $2.1 billion in inflows last month.  

On the other side of the ledger, investors flocked to Treasury-related ETFs as yields soared. The yield on the two-year Treasury note rose to 4.8% on Tuesday, its highest level since 2007. Meanwhile, the yield on the benchmark 10-year note briefly touched 4% on Wednesday for the first time since November of last year.  

February’s top-performing ETF, the iShares Short Treasury Bond ETF (SHV), brought in $4.5 billion last month, while the iShares 0-3 Month Treasury Bond ETF (SGOV) and the SPDR Portfolio Short Term Treasury ETF (SPTS) collectively lured in almost $3 billion, ETF.com data shows.  

U.S. fixed income ETFs brought in $862 million in February. Still, that’s short of the $20.8 billion that the asset class saw in January.  

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

 

Top Gainers (February 2023)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMYTD 2023 Net Flows($,M)
SHViShares Short Treasury Bond ETFBlackrock4,519.0523,678.6319.08%3,282.37
BBEUJPMorgan BetaBuilders Europe ETFJPMorgan Chase2,102.029,037.1123.26%5,670.58
JEPIJPMorgan Equity Premium Income ETFJPMorgan Chase1,844.3521,360.158.63%4,196.11
BNDVanguard Total Bond Market ETFVanguard1,690.2987,558.621.93%2,496.30
VOOVanguard S&P 500 ETFVanguard1,653.65274,852.090.60%2,138.20
VTIVanguard Total Stock Market ETFVanguard1,611.72276,290.080.58%3,035.46
SGOViShares 0-3 Month Treasury Bond ETFBlackrock1,580.488,006.4119.74%1,599.36
SPTSSPDR Portfolio Short Term Treasury ETFState Street Global Advisors1,453.965,413.1326.86%1,569.87
SCHDSchwab U.S. Dividend Equity ETFCharles Schwab1,354.6246,928.422.89%2,781.03
QQQInvesco QQQ TrustInvesco1,325.90156,942.320.84%-3,163.22

 

Top Gainers (Year-to-Date)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMFebruary 2023 Net Flows($,M)
BBEUJPMorgan BetaBuilders Europe ETFJPMorgan Chase5,670.589,037.1162.75%2,102.02
JEPIJPMorgan Equity Premium Income ETFJPMorgan Chase4,196.1121,360.1519.64%1,844.35
IEMGiShares Core MSCI Emerging Markets ETFBlackrock3,948.5068,029.495.80%777.81
VTVVanguard Value ETFVanguard3,548.59102,767.693.45%893.17
SHViShares Short Treasury Bond ETFBlackrock3,282.3723,678.6313.86%4,519.05
VTIVanguard Total Stock Market ETFVanguard3,035.46276,290.081.10%1,611.72
TLTiShares 20+ Year Treasury Bond ETFBlackrock3,021.7430,186.6510.01%689.98
SCHOSchwab Short-Term U.S. Treasury ETFCharles Schwab2,891.3513,069.3922.12%272.86
SCHDSchwab U.S. Dividend Equity ETFCharles Schwab2,781.0346,928.425.93%1,354.62
AGGiShares Core U.S. Aggregate Bond ETFBlackrock2,733.9785,419.183.20%1,183.37

 

Biggest Losers (February 2023)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMYTD 2023 Net Flows($,M)
SPYSPDR S&P 500 ETF TrustState Street Global Advisors-11,362.56360,682.91-3.15%-10,494.45
HYGiShares iBoxx USD High Yield Corporate Bond ETFBlackrock-5,129.0412,793.64-40.09%-3,003.90
LQDiShares iBoxx USD Investment Grade Corporate Bond ETFBlackrock-4,628.0633,246.51-13.92%-2,200.68
IVViShares Core S&P 500 ETFBlackrock-2,382.53298,361.72-0.80%-2,653.59
SDYSPDR S&P Dividend ETFState Street Global Advisors-2,364.3623,460.63-10.08%-337.02
JNKSPDR Bloomberg High Yield Bond ETFState Street Global Advisors-2,211.707,278.40-30.39%-2,341.11
SPYDSPDR Portfolio S&P 500 High Dividend ETFState Street Global Advisors-2,113.857,068.91-29.90%-487.05
EMBiShares JP Morgan USD Emerging Markets Bond ETFBlackrock-1,896.9615,150.28-12.52%550.90
EEMViShares MSCI Emerging Markets Min Vol Factor ETFBlackrock-1,279.085,069.37-25.23%-3,197.97
USMViShares MSCI USA Min Vol Factor ETFBlackrock-1,191.2828,498.51-4.18%-997.31

 

Biggest Losers (Year-to-Date)

TickerNameIssuerNet Flows ($,mm)AUM ($M)% of AUMFebruary 2023 Net Flows($,M)
SPYSPDR S&P 500 ETF TrustState Street Global Advisors-10,494.45360,682.91-2.91%-11,362.56
IWFiShares Russell 1000 Growth ETFBlackrock-4,612.8858,978.44-7.82%-922.88
IWDiShares Russell 1000 Value ETFBlackrock-3,405.4551,873.50-6.56%-135.40
EEMViShares MSCI Emerging Markets Min Vol Factor ETFBlackrock-3,197.975,069.37-63.08%-1,279.08
QQQInvesco QQQ TrustInvesco-3,163.22156,942.32-2.02%1,325.90
HYGiShares iBoxx USD High Yield Corporate Bond ETFBlackrock-3,003.9012,793.64-23.48%-5,129.04
IVViShares Core S&P 500 ETFBlackrock-2,653.59298,361.72-0.89%-2,382.53
JNKSPDR Bloomberg High Yield Bond ETFState Street Global Advisors-2,341.117,278.40-32.17%-2,211.70
IWMiShares Russell 2000 ETFBlackrock-2,267.4854,203.78-4.18%-414.40
LQDiShares iBoxx USD Investment Grade Corporate Bond ETFBlackrock-2,200.6833,246.51-6.62%-4,628.06

 

Asset Classes (February 2023)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity-6,978.013,999,115.33-0.17%
International Equity7,559.421,221,961.390.62%
U.S. Fixed Income862.951,179,183.280.07%
International Fixed Income-19.92144,947.37-0.01%
Commodities-500.24128,240.99-0.39%
Currency-319.033,576.61-8.92%
Leveraged1,035.5050,522.882.05%
Inverse223.6325,059.530.89%
Asset Allocation-349.4416,029.56-2.18%
Alternatives-121.647,535.18-1.61%
Total:1,393.226,776,172.120.02%

 

Asset Classes (Year-to-Date)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity-6,149.353,999,115.33-0.15%
International Equity27,803.691,221,961.392.28%
U.S. Fixed Income19,329.391,179,183.281.64%
International Fixed Income5,223.75144,947.373.60%
Commodities-27.23128,240.99-0.02%
Currency-399.793,576.61-11.18%
Leveraged-432.8650,522.88-0.86%
Inverse4,452.6525,059.5317.77%
Asset Allocation-1,827.1416,029.56-11.40%
Alternatives67.167,535.180.89%
Total:48,040.266,776,172.120.71%

 

February 2023 ETF Issuer League Table

IssuerNet Flows ($,M)AUM ($,M)% of AUMYTD 2023 Net Flows($,M)
Blackrock-14,753.612,261,325.10-0.65%-13,061.18
Vanguard9,602.601,973,207.520.49%21,710.44
State Street Global Advisors-17,247.03997,364.79-1.73%-10,518.41
Invesco1,769.41349,811.580.51%1,389.11
Charles Schwab1,749.42275,224.190.64%7,208.26
First Trust788.22139,079.800.57%2,018.52
JPMorgan Chase5,514.36104,551.745.27%13,464.09
Dimensional2,052.0680,783.922.54%4,675.10
ProShares861.5261,314.421.41%2,643.22
VanEck-475.0852,387.05-0.91%-329.09
WisdomTree399.1551,640.700.77%706.97
Mirae Asset Global Investments Co., Ltd.334.1637,966.340.88%263.79
Fidelity421.4232,266.851.31%811.50
Goldman Sachs727.9826,502.032.75%906.26
Direxion-97.7424,895.38-0.39%462.41
Pacer Advisors1,276.0122,741.095.61%2,679.21
American Century Investments1,017.8422,021.144.62%1,954.39
PIMCO163.2421,314.920.77%-227.84
Northern Trust134.1820,932.750.64%97.78
DWS57.6619,415.620.30%516.06
ARK-216.1812,816.37-1.69%-276.22
Innovator395.1512,168.683.25%808.61
Franklin Templeton304.2810,794.352.82%659.61
SS&C-92.5510,745.64-0.86%-8.30
CICC-557.889,341.87-5.97%-189.33
Victory Capital-35.178,106.28-0.43%-3.92
Nuveen Securities305.877,812.233.92%445.98
WisdomTree Investments, Inc.159.107,706.212.06%277.82
Capital Group547.187,317.477.48%1,176.49
Janus Henderson349.206,105.665.72%500.42
Abrdn Plc-41.215,682.66-0.73%-41.30
John Hancock12.865,303.470.24%78.34
Exchange Traded Concepts-71.944,709.03-1.53%-88.54
Prudential392.424,576.908.57%375.68
Amplify Investments131.554,203.333.13%249.88
The Hartford19.213,989.720.48%113.91
New York Life-29.923,959.54-0.76%-81.80
Marygold401.743,816.5710.53%658.96
ETFMG60.023,759.851.60%-20.18
BNY Mellon2,151.943,617.6459.48%2,258.61
BMO81.483,564.352.29%166.10
Tidal63.803,181.232.01%311.57
Alpha Architect109.322,336.284.68%251.25
US Global Investors-61.952,083.64-2.97%-254.64
Principal-30.272,069.07-1.46%-193.24
Cambria57.741,989.172.90%110.30
Barclays Capital Inc.-13.971,937.98-0.72%24.17
Aptus Capital Advisors-31.971,826.59-1.75%-26.82
Power Corporation of Canada1,259.491,498.4384.05%1,341.87
Simplify46.641,474.653.16%10.81
Virtus Investment Partners53.331,415.363.77%75.69
Main Management51.051,414.393.61%88.57
Vident2.011,337.050.15%-59.01
Columbia Management Investment Advisers, LLC0.661,279.720.05%-23.80
GraniteShares12.541,269.530.99%6.74
Horizon Kinetics26.381,268.852.08%25.96
UBS4.271,268.360.34%4.27
Sprott, Inc.47.001,236.163.80%36.01
AdvisorShares-14.641,171.86-1.25%-18.74
AXS Investments345.551,168.0129.58%549.91
Inspire Investing LLC22.461,166.211.93%39.20
Strategy Shares-14.041,160.93-1.21%-37.44
The Motley Fool-9.121,105.06-0.83%-18.96
Distillate Capital31.981,018.233.14%61.90
Litman Gregory Capital Partners LLC20.55935.452.20%-0.51
T. Rowe Price Group, Inc.21.50922.532.33%51.38
Davis Advisers0.66921.150.07%15.02
Defiance ETFs-14.41913.15-1.58%-35.59
ORIX122.32783.5715.61%149.25
Focus Financial Partners22.05774.112.85%152.76
Timothy Plan17.98744.162.42%83.85
Bondbloxx Investment Management LLC67.46730.209.24%182.99
Redwood27.02682.563.96%-51.70
Credit Suisse Group AG44.30649.846.82%48.26
Merk10.89632.671.72%33.13
Renaissance Health Service Corp.137.86626.7921.99%221.53
Tortoise-2.56588.71-0.44%-57.47
Roundhill Investments-3.62572.29-0.63%-20.80
Core Alternative Capital6.91543.891.27%-21.82
Engine No. 118.09512.403.53%35.63
Teucrium-10.00507.95-1.97%-65.81
Nationwide-10.67507.14-2.10%-30.79
Advisors Asset Management25.82504.725.12%58.25
Howard Capital Management5.67495.131.14%4.12
ClearShares LLC-5.02489.47-1.03%1.44
Day Hagan Asset Management-4.94485.36-1.02%-6.70
Anfield Group-2.68460.88-0.58%-5.13
AGF-15.15399.10-3.80%31.21
Equitable77.70367.7021.13%79.91
Liquid Strategies14.52365.773.97%-42.04
FCF Advisors24.84341.457.27%19.48
Doubleline ETF Adviser LP21.39325.296.58%34.47
Neuberger Berman79.18322.6924.54%88.41
Adaptive Investments-1.85317.33-0.58%-1.99
Retireful LLC-33.71290.53-11.60%-22.40
Aptus Holdings LLC21.91263.468.31%26.86
Wahed Invest LLC7.79242.823.21%12.21
Oneascent Holdings LLC-0.61237.74-0.26%-7.37
WBI-1.17222.62-0.53%-1.17
Cary Street Partners Financial LLC /VA/12.46217.765.72%29.35
AmeriLife-3.10213.51-1.45%-8.96
Western & Southern Mutual Holding Co.0.00203.820.00%0.00
Matthews International Capital Management18.79199.489.42%84.30
Truemark Group1.34199.180.67%-0.33
Little Harbor Advisors-5.16196.28-2.63%-30.82
Syntax-4.87189.10-2.57%-3.85
Impact Shares2.49177.431.40%5.23
Kingsview Partners LLC1.38176.960.78%0.75
CI Financial-5.11170.50-3.00%3.51
CornerCap Investment Counsel, Inc.8.15159.615.11%12.62
Renaissance Capital7.07148.424.76%-2.99
Truist1.15147.790.78%0.10
Rayliant8.02145.555.51%11.02
Stf Management LP-1.16141.47-0.82%-13.10
Volatility Shares LLC2.27135.481.68%1.84
SRN Advisors-6.51133.51-4.87%-11.80
Humankind USA LLC-0.02128.31-0.01%1.31
Intangible Capital-3.87125.91-3.08%-3.88
Thor Trading Advisors LLC30.83124.9024.69%33.81
Neil Azous Revocable Trust-2.24122.74-1.83%2.98
Swan Global Investments-7.48117.80-6.35%-11.92
OBP Capital LLC7.32117.526.23%5.88
Arrow Funds-2.29116.37-1.97%-2.29
Thrivent Financial for Lutherans13.64109.4612.47%27.96
Baird Financial Group4.00108.043.70%11.56
IronHorse Holdings2.36107.662.19%4.31
Paralel Technologies LLC2.84105.942.68%2.84
Soundwatch Capital LLC-0.55100.28-0.55%1.05
Federated Hermes, Inc.-0.0396.26-0.03%22.22
Absolute Investment Advisers LLC0.0088.300.00%1.45
Toews Corp.-2.4979.69-3.13%-3.56
Angel Oak Capital Advisors, LLC0.0079.630.00%4.04
Water Island Capital-23.2977.15-30.19%-10.73
Inverdale Capital Management LLC0.8672.651.19%1.69
First Manhattan Co.0.0072.410.00%-0.07
Exponential ETFs0.0068.680.00%0.00
Panagram Structured Asset Management, LLC48.0668.5070.16%68.11
Pettee Investors2.0267.573.00%4.45
Cohanzick Management0.0066.730.00%4.15
SEI Investments0.6466.630.96%2.52
Natixis0.7566.081.14%1.01
Beyond Investing0.0065.640.00%0.00
The Leuthold Group LLC1.5163.622.37%2.98
Alexis Investment Partners LLC2.1662.943.43%8.24
ProcureAM0.0057.620.00%-0.53
Q3 Asset Management Corp.5.6957.329.93%7.51
Formidable Asset Management0.0053.960.00%-0.61
EntrepreneurShares, LLC-0.1053.72-0.19%-0.10
GeaSphere LLC-1.8447.84-3.85%-5.41
Cambiar Holdings0.2246.860.48%0.22
Logan Capital Management Inc.0.0046.660.00%0.82
Clockwise Capital LLC1.8346.083.98%7.06
Hennessy Advisors0.5443.951.23%0.54
2nd Vote Value Investments, Inc0.0042.970.00%-0.85
Client First Investment Management LLC15.7642.9136.72%24.29
Guinness Atkinson Asset Management-0.5042.09-1.20%-0.93
Advocate Capital Management LLC0.8439.762.12%3.07
Ridgeline Research LLC1.5638.424.06%3.10
Alger-1.4237.66-3.76%-2.19
ETF Series Solutions-5.1637.54-13.75%-5.87
Goose Hollow Capital Management LLC10.4136.7028.37%11.06
First Pacific Advisors LP1.1531.723.61%1.70
Valkyrie Funds LLC1.7230.105.70%1.86
Zacks7.7429.5826.17%11.86
Sheaff Brock Capital Management LLC0.0029.450.00%0.96
GAMCO Investors, Inc.0.4029.171.37%1.03
ASYMmetric ETFs0.7527.072.77%1.55
Highland Capital Management0.0126.650.04%0.00
Cultivar Capital, Inc.0.0024.890.00%0.61
Neos Investments LLC11.9224.6448.36%16.88
AlphaMark Advisors0.0024.160.00%-0.06
Alphatrai Funds, Inc.5.7423.6424.27%11.38
Convergence Investment Partners, LLC-0.7323.54-3.09%-0.28
PMV Capital Advisers LLC0.2522.951.09%-4.80
Reflection Asset Management, LLC0.6321.852.87%0.63
Faith Investor Services, LLC0.0021.810.00%0.23
Point Bridge Capital0.0018.530.00%-0.03
Knights of Columbus0.0018.480.00%0.00
Mairs & Power, Inc.0.0018.290.00%0.88
Applied Finance Group0.6317.543.58%1.81
Build Asset Management LLC0.0017.020.00%-14.36
Lyrical Partners0.0015.940.00%-4.77
Subversive Capital Advisor LLC10.5813.0980.80%10.58
Lifegoal Investments LLC0.4412.063.66%2.61
Democracy Investment Management LLC1.1911.4010.41%6.39
Changebridge Capital LLC0.0011.300.00%0.00
WealthTrust Asset Management LLC0.0011.220.00%0.00
The BAD Investment Company0.008.950.00%0.00
Future Fund Advisors-0.708.55-8.19%-0.70
MCCM Group LLC0.008.350.00%0.00
Counterpoint Mutual Funds LLC0.527.856.63%0.52
Tuttle Tactical Management, LLC0.006.660.00%0.00
Rcube SAS0.006.280.00%0.59
VegTech LLC0.005.090.00%0.00
Digital Currency Group, Inc.0.004.750.00%0.00
Kelly Intelligence LLC0.003.820.00%0.27
V-Square Quantitative Management LLC0.003.510.00%0.00
Emerge Capital Management, Inc.0.003.050.00%0.00
Element ETFs LLC0.002.980.00%-1.89
Dynamic Shares LLC0.002.970.00%0.00
Jacob Asset Management0.002.970.00%0.00
Spear Advisors LLC0.362.8512.69%0.36
Penserra Capital Management LLC0.002.060.00%0.00
Dalton Capital0.421.7823.55%0.42
Convexityshares, LLC0.001.610.00%0.00
Inherent Wealth Fund LLC0.001.400.00%0.00
Cboe Vest Financial LLC0.651.3847.50%0.65
Hypatia Capital Advisors LLC0.281.3420.63%1.07
Grizzle Investment Management LLC0.001.040.00%0.00
Bitwise Asset Management, Inc.-1.130.63-178.93%-1.13
Kingsbarn Capital Management LLC-0.550.55-100.35%-0.55
Tradelegs LLC0.000.500.00%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.

Shubham Saharan is a markets reporter at etf.com. Before joining the company, she reported for Bloomberg and the Financial Times. Saharan is a graduate of Barnard College of Columbia University.