Tech and Semiconductor ETFs Dominate Inflows, Led by Invesco’s QQQ

Issuer League Tables

Invesco led issuers with a commanding $4.06B daily inflow, building on its strong $24.78B 30-day trend and $77.81B YTD performance. Vanguard and VanEck also had strong showings, collecting $1.58B and $1.41B respectively, with VanEck’s daily intake significantly outpacing its $903.3M 5-day flow. In contrast, SPDR experienced the day’s largest redemptions at $4.16B, a sharp reversal from its positive $5.57B 30-day flow. US Commodity Funds was a notable laggard in both absolute terms, with a $190.1M outflow, and relative terms, shedding 4.41% of its AUM.

Issuer Flows (Absolute)

Issuer Flows (Relative to AUM)

Daily ETF Flow Analysis

The ETF market recorded a total of $7.27B in net inflows, contributing to a robust $189.86B over the past month. Equity was the primary driver, attracting $4.15B, followed by Fixed Income with $1.43B and Non-Traditional products with $1.08B. Digital Assets also saw considerable interest, pulling in $504.5M, while Commodity funds were the only major asset class to see net redemptions, losing $99.8M. At the category level, U.S. Large Cap Growth ($4.04B) and Information Technology ($1.72B) were the clear leaders, whereas U.S. Large Cap Blend experienced the day’s largest outflows at $3.35B.

Asset Class Flows

Category Flows (Top/Bottom 10)

U.S. Size & Style

U.S. Large Cap Growth funds saw massive inflows, headlined by the Invesco QQQ Trust Series I (QQQ) which collected $3.67B. Other broad market funds like the Vanguard Morningstar Total Stock Market ETF (VTI) and Vanguard S&P 500 ETF (VOO) also gathered significant assets, with $416.1M and $323.7M respectively. Conversely, the largest S&P 500 funds faced substantial redemptions, with the State Street SPDR S&P 500 ETF (SPY) shedding $3.82B and the iShares Core S&P 500 ETF (IVV) losing $920.5M.

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Size & Style ex-U.S.

Flows into international equity funds were positive but modest, led by broad developed and emerging market strategies. The Vanguard FTSE Developed Markets ETF (VEA) attracted $146.3M, closely followed by the iShares Core MSCI Emerging Markets ETF (IEMG) with $144.7M in new assets. The Avantis International Small Cap Value ETF (AVDV) also saw healthy demand, pulling in $83.7M. Outflows were minimal across the category, with the WisdomTree International Hedged Quality Dividend Growth Fund (IHDG) seeing the largest redemption at just $10.7M.

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Sector & Industry

The technology sector, specifically semiconductors, was the center of activity, attracting billions in new assets. The VanEck Semiconductor ETF (SMH) alone brought in a massive $1.39B, while the iShares Semiconductor ETF (SOXX) added another $379.8M. Health Care also saw strong interest, with the State Street SPDR S&P Biotech ETF (XBI) and State Street Health Care Select Sector SPDR ETF (XLV) gathering $340.5M and $235.8M, respectively. In contrast, Energy and Financials faced headwinds, with the State Street Energy Select Sector SPDR ETF (XLE) losing $457.7M.

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Region & Country

Country and region-focused funds saw mixed results, with a notable outflow from South Korea. The iShares MSCI South Korea ETF (EWY) experienced the day’s largest regional redemption by far, shedding $306.4M. On the inflow side, the iShares MSCI China ETF (MCHI) led the pack, gathering $109.9M. Other modest inflows were seen in the iShares MSCI Japan ETF (EWJ) and iShares Latin America 40 ETF (ILF), which collected $56.8M and $52.1M respectively.

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Thematic

Thematic fund flows were led by precious metals miners, with the VanEck Junior Gold Miners ETF (GDXJ) attracting $60.2M. Infrastructure themes also saw positive interest, as the First Trust Nasdaq Clean Edge Smart GRID Infrastructure Index (GRID) pulled in $35.6M. However, outflows were more significant, with the Roundhill Memory ETF (DRAM) seeing $123.5M in redemptions. Other funds experiencing outflows included the Invesco Solar ETF (TAN) and the VanEck Gold Miners ETF (GDX), which lost $54.2M and $51.8M respectively.

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Fixed Income

Investment-grade corporate bonds were the primary destination for fixed income flows, with the Vanguard Intermediate-Term Corporate Bond ETF (VCIT) leading all funds with a $406.4M intake. The iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) also saw strong demand, adding $254.7M. Ultrashort-term government debt was popular as well, evidenced by the $276.7M inflow into the iShares 0-3 Month Treasury Bond ETF (SGOV). Conversely, high-yield and long-duration Treasuries saw outflows, with the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and the iShares 20+ Year Treasury Bond ETF (TLT) shedding $262.6M and $156.8M, respectively.

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Commodity

Commodity fund flows revealed a divergence within precious metals, as the asset class saw net outflows overall. The SPDR Gold Minishares Trust of beneficial interest (GLDM) was the top performer, attracting $203.0M. However, the larger SPDR Gold Shares (GLD) experienced $171.1M in redemptions. Energy-focused products saw significant outflows, led by the United States Oil Fund LP (USO) which lost $145.4M. The iShares Silver Trust (SLV) also saw notable outflows of $80.7M.

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Cryptocurrency

Digital asset ETFs continued to attract substantial capital, with Bitcoin products leading the way. The iShares Bitcoin Trust ETF (IBIT) gathered $208.9M, and the Fidelity Wise Origin Bitcoin Fund (FBTC) brought in $104.6M. Ethereum products also saw strong demand, with the iShares Ethereum Trust ETF (ETHA) adding $90.9M. The Bitwise Solana Staking ETF (BSOL) was another notable collector with a $25.0M inflow, while outflows across the category were negligible.

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Non-Traditional

Leveraged equity products, particularly those focused on semiconductors, dominated the non-traditional category. The Direxion Daily Semiconductor Bull 3X ETF (SOXL) was the standout leader, pulling in $520.7M. Synthetic income strategies also continued to attract assets, with the JPMorgan NASDAQ Equity Premium Income ETF (JEPQ) and JPMorgan Equity Premium Income ETF (JEPI) adding $40.1M and $36.3M, respectively. On the other side of the ledger, the Tradr 2X Long SNDK Daily ETF (SNXX) saw the largest redemption at $47.2M.

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Recent Launches

The most recent launch was the Zcash ETF (ZCSH), adding another option to the digital asset space. Mast HedgeIndex was also active, launching a suite of funds including the Mast HedgeIndex Strategic Commodities ETF (HXC) and Mast HedgeIndex Adaptive Equities ETF (HXE). Among slightly older launches, the Guggenheim Enhanced Equity Income ETF (GEEQ), which debuted on August 20th, has already accumulated $36.1M in AUM. The Ai Funds High Conviction US Equity AI-Managed ETF (HIAI) also recently launched, bringing a new AI-managed strategy to market.