Commodities Surge as Gold ETFs Attract Over $1.3 Billion in New Assets

Issuer League Tables

Vanguard led all issuers with a significant $3.08 billion inflow, continuing a strong trend that has brought its year-to-date total to $348.93 billion. FT Vest recorded the second-largest intake at $1.41 billion, though this was primarily driven by large creations in its monthly buffer series (which may be the result of a custom rebalance). On the redemption side, Invesco saw the largest daily outflow at ($958.5 million), while Fundstrat and Tradr also experienced notable withdrawals of ($350.5 million) and ($348.4 million), respectively. In relative terms, Hashdex grew its AUM by 34.08% on the back of a $98.3 million inflow.

Issuer Flows (Absolute)

Issuer Flows (Relative to AUM)

Daily ETF Flow Analysis

The ETF market registered a total of $7.05 billion in net inflows, pushing the year-to-date total to $1.36 trillion. Fixed Income products were the primary drivers of this activity, collecting $3.94 billion, followed by a strong showing from Commodities with $1.53 billion and Digital Assets with $963.0 million. In a notable divergence, Equity ETFs experienced net redemptions of ($977.1 million), a reversal from their positive one-week and one-month trends. This was largely due to outflows from U.S. Large Cap Blend and Growth categories, which shed ($1.75 billion) and ($1.27 billion), respectively, while Precious Metals-focused commodity funds led all categories with $1.47 billion in new assets.

Asset Class Flows

Category Flows (Top/Bottom 10)

U.S. Size & Style

U.S. Large Cap Value was a standout category, led by a massive $998.7 million inflow into the Avantis U.S. Large Cap Value ETF (AVLV). Broad market and growth funds also saw pockets of demand, with the Vanguard Morningstar Total Stock Market ETF (VTI) adding $562.2 million and the Vanguard Russell 1000 Growth ETF (VONG) gaining $557.9 million. Conversely, several of the largest index-tracking ETFs faced heavy redemptions, including the Invesco QQQ Trust Series I (QQQ) with ($1.60 billion) in outflows, followed by the iShares Core S&P 500 ETF (IVV) at ($1.49 billion) and the State Street SPDR S&P 500 ETF (SPY) at ($1.26 billion).

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Size & Style ex-U.S.

Flows into international equity ETFs were led by the Vanguard FTSE Developed Markets ETF (VEA), which attracted $254.3 million in new capital. Emerging markets also saw positive interest, with the Avantis Emerging Markets Equity ETF (AVEM) gathering $97.8 million. Outflows in this category were relatively muted, with the Avantis International Equity ETF (AVDE) seeing the largest redemption at ($32.6 million).

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Sector & Industry

The semiconductor industry saw divergent flows, as the VanEck Semiconductor ETF (SMH) pulled in $168.8 million while the iShares Semiconductor ETF (SOXX) shed a substantial ($653.1 million). Healthcare also experienced mixed activity, with the iShares U.S. Healthcare ETF (IYH) adding $87.5 million and the State Street Health Care Select Sector SPDR ETF (XLV) losing ($146.5 million). Regional banking faced headwinds, with the State Street SPDR S&P Regional Banking ETF (KRE) recording ($127.1 million) in outflows.

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Region & Country

Country-specific ETFs saw modest but targeted interest, with the Franklin FTSE South Korea ETF (FLKR) leading inflows at $59.1 million. Broader regional exposure was also sought, as evidenced by the $27.6 million added to the iShares Asia 50 ETF (AIA). On the other hand, Latin America and South Korea saw outflows, with the iShares MSCI Brazil ETF (EWZ) and iShares MSCI South Korea ETF (EWY) shedding ($75.2 million) and ($62.2 million), respectively.

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Thematic

Gold miners were a popular thematic play, with the VanEck Junior Gold Miners ETF (GDXJ) attracting $90.3 million. Digital infrastructure themes also gathered assets, including a $33.6 million inflow for the Pacer Data and Digital Revolution ETF (TRFK). Redemptions were concentrated in the housing sector, where the State Street SPDR S&P Homebuilders ETF (XHB) lost ($74.0 million), and in innovation-focused funds from ARK.

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Fixed Income

Demand for fixed income was concentrated at the front end of the curve and in investment-grade corporate debt. The iShares 0-3 Month Treasury Bond ETF (SGOV) led all fixed income funds with a $492.9 million inflow, closely followed by the Vanguard Intermediate-Term Corporate Bond ETF (VCIT) which added $486.8 million. In contrast, the high-yield space saw significant outflows, with the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) experiencing redemptions of ($587.9 million).

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Commodity

Precious metals funds dominated asset gathering, accounting for the vast majority of the category’s $1.53 billion net inflow. The SPDR Gold Shares (GLD) alone attracted a massive $1.19 billion, its largest daily intake in over a month. Additional interest was seen in the iShares Gold Trust (IAU) with $122.2 million and the iShares Silver Trust (SLV) with $42.2 million. Outflows were minimal, led by a ($13.5 million) withdrawal from the United States Oil Fund LP (USO).

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Cryptocurrency

Digital asset ETFs saw robust inflows totaling $963.0 million, driven by strong demand for the largest spot crypto products. The iShares Bitcoin Trust ETF (IBIT) led the pack with a $503.0 million collection, while the iShares Ethereum Trust ETF (ETHA) also saw significant interest, adding $173.3 million. The Hashdex Nasdaq CME Crypto Index ETF (NCIQ) posted a notable $98.3 million inflow, representing a large portion of its AUM. Redemptions were negligible across the asset class.

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Non-Traditional

Defined outcome or ‘buffer’ ETFs saw the largest creations, led by an $851.2 million inflow for the FT Vest U.S. Equity Buffer ETF – August (FAUG) and a $225.7 million inflow for the FT Vest U.S. Equity Deep Buffer ETF – August (DAUG), though these may be the result of a custom rebalance. Among other strategies, the Amplify CWP Enhanced Dividend Income ETF (DIVO) attracted a significant $156.6 million. Outflows were concentrated in leveraged and income strategies, with the Tradr 2X Long Innovation 100 Monthly ETF (MQQQ) and the Calamos Autocallable Income ETF (CAIE) shedding ($96.6 million) and ($92.6 million), respectively.

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Recent Launches

The past few days have seen a variety of new ETF launches from several issuers. Ai Funds debuted its High Conviction US Equity AI-Managed ETF (HIAI), while Mast Partners entered the market with two hedge fund replication strategies. Guggenheim also expanded its lineup with an enhanced equity income fund and an investment-grade CLO product. These newly listed funds have yet to report significant assets under management.