Commodity ETFs Gather $1.4 Billion as Invesco and SPDR Lead Issuers

Issuer League Tables

Invesco led all issuers with $1.40 billion in net inflows, adding to its $52.89 billion year-to-date total. SPDR and Vanguard also had strong showings, attracting $1.25 billion and $1.21 billion respectively, continuing their positive 5-day trends. In stark contrast, iShares experienced the day’s largest redemptions, shedding $3.84 billion and reversing its positive flow trend over the past week and month. On a relative basis, ROC stood out with inflows representing 13.51% of its assets under management.

Issuer Flows (Absolute)

Issuer Flows (Relative to AUM)

Daily ETF Flow Analysis

ETFs saw total net inflows of $4.33 billion, bringing the year-to-date total to over $1.16 trillion. The Commodity asset class was the day’s standout, pulling in $1.42 billion, a significant reversal from its negative flows over the past month and year-to-date. Fixed Income also saw robust demand, adding $1.02 billion, while Equity gathered a more modest $892.1 million. The leading categories were Commodity Multi-Sector with $1.20 billion and U.S. Small Cap Blend with $940.5 million, while Sector Financials saw the largest category-level outflows at $554.3 million.

Asset Class Flows

Category Flows (Top/Bottom 10)

U.S. Size & Style

U.S. Size and Style funds saw a significant divergence in flows, particularly within the large-cap blend space. The State Street SPDR S&P 500 ETF (SPY) led all funds with a $1.56 billion inflow, followed by the Invesco QQQ Trust Series I (QQQ) which added $626.2 million. However, these gains were overshadowed by a massive $2.50 billion redemption from the iShares Core S&P 500 ETF (IVV). Large-cap growth and value also saw significant outflows, with the iShares Russell 1000 Growth ETF (IWF) and iShares Russell 1000 Value ETF (IWD) shedding $943.5 million and $728.3 million, respectively.

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Size & Style ex-U.S.

International equity funds were led by emerging markets, with the iShares MSCI Emerging Markets ETF (EEM) attracting $427.3 million in new assets. Developed markets also saw solid interest, as the Vanguard FTSE Developed Markets ETF (VEA) gathered $327.0 million. The iShares Core MSCI International Developed Markets ETF (IDEV) and Avantis Emerging Markets Equity ETF (AVEM) also posted inflows exceeding $100 million each. Outflows in this category were minimal and concentrated in smaller funds.

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Sector & Industry

Sector flows revealed a split within the technology space, particularly among semiconductor funds. The VanEck Semiconductor ETF (SMH) was a clear leader, pulling in a substantial $725.7 million. Conversely, the iShares Semiconductor ETF (SOXX) saw outflows of $366.9 million. Health Care also saw strong interest, with the State Street SPDR S&P Biotech ETF (XBI) adding $362.1 million. The State Street Financial Select Sector SPDR ETF (XLF) experienced the largest sector redemptions at $445.4 million.

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Region & Country

Flows focused on specific countries and regions were relatively light. The iShares MSCI Japan ETF (EWJ) registered the most significant move, with outflows totaling $122.0 million. Inflows were modest and spread across several funds, led by the iShares MSCI Italy ETF (EWI) which collected $26.9 million. Other funds attracting assets included the iShares MSCI Australia ETF (EWA) with $17.1 million and the iShares Core MSCI Pacific ETF (IPAC) with $16.2 million.

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Thematic

Thematic ETFs saw mixed activity with relatively small flow totals. The Roundhill Memory ETF (DRAM) led inflows by gathering $76.1 million, followed by the First Trust NASDAQ Cybersecurity ETF (CIBR) with $59.6 million. On the other side of the ledger, the Roundhill Magnificent Seven ETF (MAGS) recorded the largest redemption of the day at $77.6 million. Other outflows were seen in funds focused on quantum computing and artificial intelligence.

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Fixed Income

Fixed income products attracted over $1 billion in net assets, with demand centered on long-duration government debt and broad corporate bond funds. The iShares 20+ Year Treasury Bond ETF (TLT) led all fixed income funds with a $276.8 million inflow. The Vanguard Total Bond Market ETF (BND) and iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) also saw significant interest, adding $203.4 million and $192.9 million, respectively. High yield was split, as the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) shed $183.2 million.

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Commodity

Commodity ETFs had a banner day, pulling in $1.42 billion and reversing recent outflow trends. Broad, multi-sector strategies were the primary drivers of this activity, with the Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) attracting a massive $662.1 million. Similarly, the abrdn Bloomberg All Commodity Strategy K-1 Free ETF (BCI) gathered $406.6 million. Precious metals also saw strong demand, as the SPDR Gold Shares (GLD) added $293.9 million.

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Cryptocurrency

Digital asset ETFs recorded a positive session with $264.0 million in net inflows, bucking the negative trend seen over the past month and year-to-date. The iShares Bitcoin Trust ETF (IBIT) was the clear leader, bringing in $116.5 million. The ARK 21Shares Bitcoin ETF (ARKB) also saw solid demand with a $72.7 million inflow. Meanwhile, the Grayscale Bitcoin Trust ETF (GBTC) continued its pattern of redemptions, losing $45.4 million.

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Non-Traditional

Non-Traditional ETFs gathered $738.5 million, led by a large creation in a single-stock leveraged fund. The Tradr 2X Long ALAB Daily ETF (LABX) saw a $307.2 million inflow (may be the result of a custom rebalance). Elsewhere, inverse products saw notable activity, with the ProShares UltraPro Short QQQ (SQQQ) adding $89.7 million while its leveraged long counterpart, the ProShares UltraPro QQQ (TQQQ), saw outflows of $111.5 million. Income-oriented strategies like the Amplify CWP Enhanced Dividend Income ETF (DIVO) also attracted assets, pulling in $85.5 million.

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Recent Launches

The most recent launch was the Harding Loevner International Developed Markets Select Equity ETF (LOEV), an actively managed fund focused on global ex-U.S. large-cap blend equities. In the digital asset space, the T. Rowe Price Active Crypto ETF (TKNZ), which launched on July 15th, has already accumulated $14.5 million in assets. Other recent additions include the Texas Precious Metals Trust Y’all Street Physical Silver ETF (YSAG) and several thematic funds from VistaShares focused on defense and robotics.