ETFGI reports Equity Smart Beta ETFs/ETPs attracted US$3.40 billion in net inflows during February 2020


LONDONMarch 23, 2020 —ETFGI, a leading independent research and consultancy firm covering trends in the global ETFs/ETPs ecosystem, reported today that equity-based Smart Beta ETFs and ETPs listed globally gathered net inflows of US$3.40 billion during February bringing year-to-date net inflows to US$10.13 billion which is lower than the US$14.67 billion gathered at this point last year. Year-to-date through the end of February 2020, Smart Beta Equity ETF/ETP assets have decreased by 8.5% from US$860 billion to US$787 billion, which is the 5thhighest level of assets on record, according to ETFGI’s February 2020 ETF and ETP Smart Beta industry landscape insights report, an annual paid-for research subscription service.(All dollar values in USD unless otherwise noted.) 


  • Equity Smart Beta ETFs/ETPs attracted $3.40 billion in net inflows in February
  • Assets invested in Smart Beta Equity ETFs/ETPs decreased to $787 billion, but are at the  5thhighest level on record. 


“At the end of February, the S&P 500 was down 8.2% as coronavirus cases continued to spread and the potential economic impact weighed on investors and the markets. Outside the U.S., the S&P Developed ex-U.S. BMI declined nearly 9.0%.  The S&P Emerging BMI lost 5.1% during the month. Global equities as measured by the S&P Global BMI ended down 8.1% with 49 of 50 included country indices down, while China gained 0.9%.”  According to Deborah Fuhr, managing partner, founder and owner of ETFGI.

At the end of February 2020, there were 1,311 smart beta equity ETFs/ETPs, with 2,476 listings, assets of $787 billion, from 165 providers listed on 41 exchanges in 33 countries. Following net inflows of $3.40 billion and market moves during the month, assets invested in Smart Beta ETFs/ETPs listed globally decreased by 8.2%, from $857 billion at the end of January 2020 to $787 billion.


Comparison of assets in market cap, smart beta, other and active equity products


DividendsETFs and ETPs attracted the greatest monthly net inflows, gathering $1.76 billion at the end of February. Multi-Factor ETFs and ETPs suffered the greatest outflows during the month and amounted to $1.75 billion. 

Substantial inflows can be attributed to the top 20 Smart Beta ETFs/ETPs by net new assets, which collectively gathered $6.74 billion at the end of February, the iShares MSCI USA Minimum Volatility ETF (USMV US) gathered $798 million alone.

Top 20 Smart Beta ETFs/ETPs by net new assets February 2020



(US$ Mn)

(US$ Mn)

(US$ Mn)

iShares MSCI USA Minimum Volatility ETF





Invesco S&P 500 Low Volatility ETF





Vanguard Dividend Appreciation ETF





iShares Edge MSCI USA Momentum Factor ETF





iShares Edge MSCI USA Quality Factor ETF





SPDR S&P Kensho New Economies Composite ETF





SPDR S&P Euro Dividend Aristocrats UCITS ETF





Vanguard Value ETF





iShares Edge MSCI World Momentum Factor UCITS ETF





iShares Core Dividend Growth ETF





SPDR Portfolio S&P 500 Growth ETF





First Trust Value Line Dividend Index Fund





iShares Edge MSCI Europe Minimum Volatility UCITS ETF





Schwab US Dividend Equity ETF





iShares Edge MSCI World Minimum Volatility UCITS ETF





iShares Edge MSCI Minimum Volatility EAFE ETF





SPDR Portfolio S&P 500 Value ETF





China Southern S and P China A-share Large Cap Dividend Low Volatility 50 ETF

515450 CH




Vanguard Mega Cap Growth ETF





Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF






Contact [email protected] if you have any questions or comments on the press release or ETFGI events, research or consulting services.



Register now to join us at the ETFGI Global ETFs Insights Summit in New York which has been postponed from April 2nduntil the fall of 2020. Free registration and CPD educational credits are offered to buyside institutional investors, financial advisors and RIAs. 

Our summits are designed to provide the opportunity for institutional investors, RIAs and financial advisors, to hear from the leading ETF issuers, banks, exchanges, law firms and others around the impact that market structure and regulations have on ETF product development for ESG and non-transparent active, due diligence, suitability, the use and trading, and technological developments of ETFs. 

Speakers include: 

  • Barbara Novick, Vice Chairman, BlackRock
  • Rick Redding, CEO, Index Industry Association
  • Kathleen H. Moriarty, Partner, Chapman and Cutler LLP
  • Jeffrey B. Baccash, Director, Global Head of ETF Solutions, BNP Paribas Securities Services
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  • Eric M. Pollackov, Global Head of ETF Capital Markets, Invesco Ltd.
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  • Dan McCabe, Chief Executive Officer, Precidian Investments

To see the full list of confirmed speakers - click here and visit the website to see further updates.

Panel discussions and fireside chats offer an opportunity for substantive and in-depth discussions on topics including:

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  • Portfolio Construction – Outlook for the Markets, How and When to Use ETFs, Mutual Funds, Shares and/or Futures 
  • Non-Transparent Active, How Will They Work, What Types of Products Are Likely to Be Offered
  • Trends in ESG and Thematic Investing
  • The Future Trends Impacting the Use and Development of ETFs in the Next 5 – 10 Years

Workshops give attendees the opportunity to separate into small groups to engage with peers on a number of topics of importance relating to the use, implementation and trading of ETFs, as well as raise any questions with and obtain guidance from ETF thought leaders.
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Best regards,

Deborah Fuhr
Managing Partner, Founder
125 Old Broad Street
London EC2N 1AR United Kingdom
Phone +44 777 5823 111
[email protected]



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Go to to watch episodes 1 - 12
Episode 1 ETF TV views from industry leaders in Europe
Episode 2 ETF TV Tara O'Reilly on the regulatory environment for ETFs 
Episode 3 ETF TV Dan Draper of Invesco picks out the key future trends to watch in the ETF market 
Episode 4 ETF TV Dr Xiaolin Chen of KraneShares explains ETF use in institutional investment and for access to China
Episode 5 ETF TV ETF market structure and trading protocols are evolving approaches to investment Tom Digby, Head of EMEA ETF Client Trading at Invesco
Episode 6 ETF TV Ciarán Fitzpatrick, Managing Director, Head of ETF Servicing Europe at State Street discuss generating alpha with ETFs  
Episode 7 of ETF TV features Eric M. Pollackov Global Head of ETF Capital Markets at Invesco sharing his views on active and passive investing being a collaboration of capabilities, the need for education and innovations developing in non-transparent active and Crypto ETPs
Episode 8 of ETF TV features Shaun Baskett, Director Index Sales at Cboe Europe sharing his views on the role of regulation, trade transparency and liquidity for ETFs
Episode 9 of ETF TV features Sergey Dolomanov, Partner at WILLIAM FRY sharing his views on the value of ETFs being the delivery of better value and choice for investors and the development of active and ESG strategies with Hamish McArthur of ETF TV and Deborah Fuhr of ETFGI 
Episode 10 of ETF TV features Jim Goldie, head of ETF Capital Markets (EMEA) at Invesco, sharing his views on the growth in the use of fixed income ETFs, how they can have tighter spreads than the index and provide cost efficient execution, with Hamish McArthur of ETF TV
Episode 11 of ETF TV features Elena Philipova, Global head of ESG proposition at Refinitiv, sharing her views on the changing landscape of ESG application within the investment industry
Episode 12 of ETF TV features Elena Philipova, Global head of ESG proposition at Refinitiv,sharing her views on the regional differences in approach to supporting investment based on environmental, social and governance factors
 Episode 13 of ETF TV   features Tom Stephens, head of international ETF Capital Markets at JP Morgan Asset Management, Active ETFs will be the next level.  The use of fixed income exchange-traded funds for long term investment as well as for shorter term liquidity management and portfolio transitions
Episode 14 of ETF TV episode features Manuela Sperandeo, EMEA head of smart beta, sustainable and thematic ETFs at BlackRock explains how to define the category, assess it in the context of investment strategy, and to implement it in practicality.
Episode 15 of ETF TV features Ivan Gilmore, head of exchange-traded products and global product development at the London Stock Exchange sees innovation in trading protocols and ESG products are transforming the ETF landscape, plus his thoughts on active vs passive and governance.
Episode 16 of ETF TV features Deborah Fuhr and Dan Barnes - The ETF Rule in the US will lead to many new issues in the market across 2020; the ‘non-transparent active’ ETFs – in reality as transparent as mutual funds, and better described as periodically-disclosed ETFs, will increase in number. New smart-beta strategies and launches of funds based on existing smart-beta strategies will also grow.
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Please contact us if you are interested in sponsoring a mini segment or a full episode.  ETFGI is supporting Jobs in ETFs, the first website for careers and recruitment in the ETF industry.

About Deborah Fuhr 
Previously Deborah Fuhr served as global head of ETF research and implementation strategy and as a managing director at BlackRock/Barclays Global Investors from 2008 – 2011. She also worked as a managing director and head of the investment strategy team at Morgan Stanley in London from 1997 – 2008, and as an associate at Greenwich Associates. 
She has been working with investors, ETF, ETP providers, index providers, exchanges, MMs and APs, regulators, trade associations, custodians, law firms, accounting firms around the world since 1997. 

ETFGI is honored to count as our research and consulting clients some of the leading firms in the ETF Ecosystem around the world as well as some new entrants and firms that are considering entering the ETF, ETP industry. 
Ms Fuhr was made a Fellow of CFA UK in January 2020, was the recipient of the 2018 lifetime achievement award, 100 Women in Finance’s 2017 European Industry Leadership Award, the 2014 William F. Sharpe Lifetime Achievement Award for outstanding and lasting contributions to the field of index investing, the Nate Most Greatest Contributor to the ETF industry award at the 11th annual awards dinner in 2015, the Lifetime achievement award in 2015.  She has been named as one of the “100 Most Influential Women in Finance” by Financial News over several years, most recently in 2016, and as one of the “10 to Watch in 2014” by Rep. magazine and Ms Fuhr won the award for the Greatest Overall Contribution to the development of the Global ETF industry in the survey in 2011 and 2008 and received an award for her contribution to the ETF sector at the annual closed end funds and ETF event in New York and was featured in the Investors Chronicle’s list of “150 people that can make you money” in 2010.    

Deborah Fuhr is a founder and board member of Women in ETFs “WE” the first women’s group for the ETF industry. Founded in January 2014, WE is a non-profit organization that brings together over 5,600 members, including women and men, in chapters in major financial centers around the world to CONNECT, SUPPORT and INSPIRE. WE achieves this by organizing events at our chapters globally that support our goals of education, networking, philanthropy, and idea sharing across the industry and beyond. For more information, visit:

Deborah Fuhr 
Managing Partner, Founder 
Mobile: +44 777 5823 111 
Email: [email protected] 
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