February 2025 ETF Flows: Record Highs and Sharp Selloffs

February was a month of mixed emotions in the markets. The S&P 500 reached an all-time high on Feb. 19, driven by optimism over strong earnings growth and the potential for new tax cuts and deregulation under the new Trump administration. But the rally was short-lived.

Stocks sold off in the final days of the month as concerns about trade wars, tariffs and slowing economic growth rattled investors.

Still, despite the volatility, ETF flows saw another strong month: $110.8 billion in net inflows, bringing year-to-date flows to $217.5 billion.

U.S. equity ETFs continued to dominate, pulling in $52.2 billion during the month. Investors remained committed to large-cap stocks, while small-caps struggled as risk appetite waned. International equity ETFs also saw steady demand, with $15.4 billion in inflows, while fixed-income ETFs were another bright spot, bringing in $30.8 billion.

On the other side, currency ETFs experienced $2.7 billion in outflows, while leveraged ETFs lost $2.3 billion as traders backed away from high-risk plays amid growing uncertainty.

The SPDR S&P 500 ETF (SPY) was the top asset gatherer in February, adding $14.6 billion in the month. That helped SPY maintain its lead over the Vanguard S&P 500 ETF (VOO) in total AUM, though Vanguard’s S&P 500 ETF briefly surpassed SPY mid-month before falling back.

While SPY won the month, VOO remains the top ETF for 2025 so far, with $28.5 billion in year-to-date inflows.

Gold ETFs were another major winner last month. The SPDR Gold Trust (GLD) saw $3.8 billion in inflows as investors sought safety amid the late-month stock selloff and gold prices surged toward $3,000 per ounce.

But the demand for safety extended beyond gold, with investors pouring money into fixed-income ETFs like the iShares 0-3 Month Treasury Bond ETF (SGOV) and the Janus Detroit Street AAA CLO ETF (JAAA), both of which saw strong inflows as investors sought yield without interest rate risk

On the outflows side, the iShares Russell 2000 ETF (IWM) was hit hardest, losing $3.9 billion, as small-caps underperformed large-caps in the volatile market environment.

Long-duration bonds also struggled, with the iShares 20+ Year Treasury Bond ETF (TLT) seeing $2.9 billion in outflows, though recent price action suggests that TLT has started climbing again as economic concerns mount.

Bitcoin ETFs took a hit as well, with the Fidelity Wise Origin Bitcoin Fund (FBTC) losing $1.4 billion amid a broad sell-off in cryptocurrency. Bitcoin prices dropped sharply in February as investors adopted a more risk-off stance and uncertainty loomed over U.S. crypto reserve policies.

Ticker	Name	Issuer	Net Flows ($, mm)	AUM ($, mm)	% of AUM	YTD 2025 Net Flows($,M)
SPY	SPDR S&P 500 ETF Trust	State Street	14,564.05	624,130.08	2.33	0.00%
VOO	Vanguard S&P 500 ETF	Vanguard	7,296.41	610,814.36	1.19	0.00%
QQQ	Invesco QQQ Trust Series I	Invesco	4,568.20	318,574.02	1.43	0.00%
GLD	SPDR Gold Shares	World Gold Council	3,754.72	83,739.72	4.48	0.00%
SGOV	iShares 0-3 Month Treasury Bond ETF	BlackRock, Inc.	3,444.96	35,719.23	9.64	0.00%
AGG	iShares Core U.S. Aggregate Bond ETF	BlackRock, Inc.	2,312.44	125,033.88	1.85	0.00%
TLH	iShares 10-20 Year Treasury Bond ETF	BlackRock, Inc.	2,197.51	9,537.61	23.04	0.00%
VTI	Vanguard Total Stock Market ETF	Vanguard	2,074.37	460,557.86	0.45	0.00%
OEF	iShares S&P 100 ETF	BlackRock, Inc.	2,044.97	16,748.41	12.21	0.00%
JAAA	Janus Detroit Street Trust Janus Henderson AAA CLO ETF	Janus Henderson	2,008.37	21,872.52	9.18	0.00%

Ticker	Name	Issuer	Net Flows ($, mm)	AUM ($, mm)	% of AUM	February 2025 Net Flows($,M)
VOO	Vanguard S&P 500 ETF	Vanguard	28,508.49	610,814.36	4.67	0.00%
QQQ	Invesco QQQ Trust Series I	Invesco	6,789.10	318,574.02	2.13	0.00%
VTI	Vanguard Total Stock Market ETF	Vanguard	6,247.69	460,557.86	1.36	0.00%
SGOV	iShares 0-3 Month Treasury Bond ETF	BlackRock, Inc.	5,986.20	35,719.23	16.76	0.00%
JAAA	Janus Detroit Street Trust Janus Henderson AAA CLO ETF	Janus Henderson	5,199.95	21,872.52	23.77	0.00%
SPLG	SPDR Portfolio S&P 500 ETF	State Street	4,414.24	57,738.25	7.65	0.00%
QQQM	Invesco NASDAQ 100 ETF	Invesco	4,041.01	42,066.33	9.61	0.00%
BND	Vanguard Total Bond Market ETF	Vanguard	3,338.37	126,767.26	2.63	0.00%
GLD	SPDR Gold Shares	World Gold Council	3,096.71	83,739.72	3.70	0.00%
XLF	Financial Select Sector SPDR Fund	State Street	2,918.17	53,982.13	5.41	0.00%

Ticker	Name	Issuer	Net Flows ($, mm)	AUM ($, mm)	% of AUM	YTD 2025 Net Flows($,M)
IWM	iShares Russell 2000 ETF	BlackRock, Inc.	-3,850.99	66,656.88	-5.78	0.00%
TLT	iShares 20+ Year Treasury Bond ETF	BlackRock, Inc.	-2,887.13	52,620.64	-5.49	0.00%
FBTC	Fidelity Wise Origin Bitcoin Fund	Fidelity	-1,409.96	16,476.52	-8.56	0.00%
SOXL	Direxion Daily Semiconductor Bull 3x Shares	Rafferty Asset Management	-1,232.00	7,142.76	-17.25	0.00%
HIMU	iShares High Yield Muni Active ETF	BlackRock, Inc.	-1,041.89	1,779.34	-58.55	0.00%
GDX	VanEck Gold Miners ETF	VanEck	-1,037.15	13,145.70	-7.89	0.00%
SPYD	SPDR Portfolio S&P 500 High Dividend ETF	State Street	-1,010.03	6,897.88	-14.64	0.00%
VGT	Vanguard Information Technology ETF	Vanguard	-958.18	82,093.41	-1.17	0.00%
XLP	Consumer Staples Select Sector SPDR Fund	State Street	-859.15	16,406.26	-5.24	0.00%
VYM	Vanguard High Dividend Yield Index ETF	Vanguard	-832.39	60,672.06	-1.37	0.00%

Ticker	Name	Issuer	Net Flows ($, mm)	AUM ($, mm)	% of AUM	February 2025 Net Flows($,M)
IWD	iShares Russell 1000 Value ETF	BlackRock, Inc.	-3,509.80	61,728.19	-5.69	0.00%
IWM	iShares Russell 2000 ETF	BlackRock, Inc.	-2,741.24	66,656.88	-4.11	0.00%
XLE	Energy Select Sector SPDR Fund	State Street	-2,582.34	32,463.58	-7.95	0.00%
IWF	iShares Russell 1000 Growth ETF	BlackRock, Inc.	-1,743.86	101,095.00	-1.72	0.00%
GDX	VanEck Gold Miners ETF	VanEck	-1,641.43	13,145.70	-12.49	0.00%
IWB	iShares Russell 1000 ETF	BlackRock, Inc.	-1,460.36	38,593.96	-3.78	0.00%
TQQQ	ProShares UltraPro QQQ	ProShare Advisors LLC	-1,273.18	21,368.24	-5.96	0.00%
SOXX	iShares Semiconductor ETF	BlackRock, Inc.	-1,242.79	11,974.67	-10.38	0.00%
VYM	Vanguard High Dividend Yield Index ETF	Vanguard	-1,165.94	60,672.06	-1.92	0.00%
CALF	Pacer US Small Cap Cash Cows 100 ETF	Pacer Advisors	-1,125.73	6,211.75	-18.12	0.00%

	Net Flows ($, mm)	AUM ($, mm)	% of AUM
Alternatives	428.98	9,891.56	0.00%
Asset Allocation	420.12	23,187.50	0.00%
Commodities ETFs	6,740.41	180,263.29	0.00%
Currency	-2,709.17	107,316.77	0.00%
International Equity	15,360.82	1,627,154.91	0.00%
International Fixed Income	9,045.17	278,544.63	0.00%
Inverse	788.93	13,149.37	0.00%
Leveraged	-2,267.89	117,387.46	0.00%
US Equity	52,231.87	6,683,067.49	0.00%
US Fixed Income	30,753.68	1,621,723.92	0.00%
Total:	110,792.92	10,661,686.91	1.04%

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Brand	AUM ($, mm)	Net Flows ($, mm)	% of AUM	YTD 2025 Net Flows($,M)
SPDR	38,184.17	25,088.66	65.70%	21,290.66
Vanguard	21,903.12	24,283.17	110.87%	62,061.49
Janus Henderson	21,872.52	2,520.64	11.52%	6,263.23
Alerian	10,570.33	220.47	2.09%	411.75
Schwab	8,991.10	3,053.24	33.96%	5,454.16
Avantis	5,802.35	1,405.57	24.22%	3,091.71
Fidelity	3,904.27	498.43	12.77%	7,608.53
Grayscale	3,316.63	-735.93	-22.19%	-967.27
Morgan Stanley	2,761.02	2.31	0.08%	26.31
iShares	2,569.69	16,338.37	635.81%	28,951.44
Eagle	2,368.55	-8.48	-0.36%	83.83
Xtrackers	2,305.93	-54.64	-2.37%	-214.20
Volatility Shares	2,215.85	198.63	8.96%	190.51
BNY Mellon	1,985.23	65.28	3.29%	184.10
Capital Group	1,757.28	3,071.14	174.77%	6,272.29
Aptus	1,709.85	103.33	6.04%	276.73
iM	1,387.14	55.73	4.02%	138.90
Dimensional	1,351.32	4,387.25	324.66%	7,757.61
Motley Fool	1,258.16	-3.77	-0.30%	41.18
Kovitz	1,209.87	2.66	0.22%	4.31
REX Microsectors	1,153.40	39.54	3.43%	88.71
Goldman Sachs	1,106.97	323.59	29.23%	727.21
Brown Advisory	1,061.67	29.26	2.76%	60.47
Invesco	977.45	7,162.59	732.78%	17,351.89
CCM	957.07	4.58	0.48%	13.43
WisdomTree	893.25	378.26	42.35%	1,368.36
JPMorgan	890.13	7,198.70	808.73%	13,209.11
Invesco DB	890.05	-6.03	-0.68%	1.82
Freedom	887.24	0.33	0.04%	-30.27
Fundstrat	883.41	113.53	12.85%	266.16
AB Funds	773.03	445.54	57.64%	676.45
ActivePassive	768.94	13.98	1.82%	83.74
FCF Advisors	738.91	124.34	16.83%	130.66
BlackRock	734.08	-85.84	-11.69%	-113.33
PIMCO	729.29	1,659.89	227.60%	3,096.87
Rockefeller Capital Management	669.36	-36.59	-5.47%	-27.85
Bahl & Gaynor	667.37	73.20	10.97%	118.82
Main Funds	625.03	44.42	7.11%	81.14
CoinShares	600.70	-154.73	-25.76%	-162.65

Issuer	AUM ($, mm)	Net Flows ($, mm)	% of AUM	YTD 2025 Net Flows($,M)
World Gold Council	83,739.72	4,407.40	5.26%	3,886.06
State Street	38,184.17	20,681.26	54.16%	17,404.60
Vanguard	21,903.12	24,283.17	110.87%	62,061.49
Janus Henderson	21,872.52	2,520.64	11.52%	6,263.23
Digital Currency Group, Inc.	16,413.04	-399.30	-2.43%	-768.10
Charles Schwab	8,991.10	2,957.41	32.89%	5,358.33
Fidelity	3,904.27	498.43	12.77%	7,608.53
Grayscale Investments LLC	3,316.63	-336.64	-10.15%	-199.17
BlackRock, Inc.	2,569.69	16,252.53	632.47%	28,838.11
Eagle Capital Management LLC	2,368.55	-8.48	-0.36%	83.83
Deutsche Bank AG	2,305.93	-50.01	-2.17%	-200.66
Volatility Shares LLC	2,215.85	197.13	8.90%	189.01
BNY Mellon	1,985.23	65.28	3.29%	184.10
The Capital Group Companies	1,757.28	3,071.14	174.77%	6,272.29
Aptus Capital Advisors	1,709.85	135.62	7.93%	323.42
Dimensional	1,351.32	4,387.25	324.66%	7,757.61
The Motley Fool	1,258.16	-3.77	-0.30%	41.18
Focus Financial Partners, Inc	1,209.87	2.56	0.21%	4.22
BMO	1,153.40	39.54	3.43%	89.13
Goldman Sachs	1,106.97	323.59	29.23%	727.21
Brown Advisory Management LLC	1,061.67	29.26	2.76%	60.47
ARK Investment Management LP	1,027.89	-224.25	-21.82%	-55.83
Invesco	977.45	7,156.57	732.17%	17,353.70
WisdomTree	893.25	378.26	42.35%	1,368.36
JPMorgan Chase	890.13	7,198.70	808.73%	13,209.11
Equitable	773.03	445.54	57.64%	676.45
Envestnet	768.94	13.98	1.82%	83.74
FCF Advisors	738.91	124.34	16.83%	128.78
Bahl & Gaynor, Inc.	667.37	73.20	10.97%	118.82
Main Management	625.03	44.42	7.11%	81.14
Coinshares International Ltd.	600.70	-154.73	-25.76%	-162.65
ProShare Advisors LLC	588.02	-763.60	-129.86%	-1,524.05
Wahed	571.02	0.00	0.00%	9.45
Barclays	528.87	-41.63	-7.87%	81.54
Marathon Partners LLC	497.53	-71.76	-14.42%	47.23
Howard Capital Management Inc.	449.05	9.57	2.13%	28.87
Virtus Investment Partners	447.88	190.99	42.64%	389.93
Vert Asset Management LLC	433.47	3.00	0.69%	6.71
Swan Global Investments	372.66	16.62	4.46%	37.33