SPDR and Invesco Lead Billions into Large-Cap and Short-Term Treasury ETFs

Issuer League Tables

SPDR led all issuers with $2.79 billion in net inflows, reversing a recent trend that saw the firm shed $9.22 billion over the prior five sessions. Invesco followed with a strong $2.66 billion intake, contributing to its impressive $21.63 billion 30-day total and $75.94 billion year-to-date figure. Vanguard also had a significant day, adding $2.26 billion to continue its market-leading pace of $364.16 billion in year-to-date collections. On the other end of the spectrum, Global X experienced the largest net redemptions at $210.3 million, consistent with its negative flows over the past 5-day and 30-day periods. On a relative basis, ERShares saw the largest outflows, with redemptions of $106.8 million equating to 6.11% of its assets under management.

Issuer Flows (Absolute)

Issuer Flows (Relative to AUM)

Daily ETF Flow Analysis

The ETF market recorded $11.81 billion in total net inflows, bringing the year-to-date total to $1.38 trillion. Equity products drove the day’s activity, collecting $9.14 billion, while Fixed Income ETFs added a more modest $1.38 billion. Among categories, a distinct duration preference was visible in fixed income, as Short-Term Government funds attracted $3.15 billion while Intermediate-Term Government funds shed $3.30 billion. In equities, U.S. Large-Cap Blend and Growth categories were dominant, pulling in a combined $5.53 billion. Conversely, Sector ETFs for Financials and Industrials saw the most significant equity-based outflows, losing $521.6 million and $334.1 million, respectively.

Asset Class Flows

Category Flows (Top/Bottom 10)

U.S. Size & Style

U.S. large-cap growth and blend funds dominated inflows, led by a $2.28 billion collection for the Invesco QQQ Trust Series I (QQQ). The State Street SPDR S&P 500 ETF (SPY) also saw substantial demand, pulling in $1.84 billion. Small-cap blend was also in favor, with the iShares Russell 2000 ETF (IWM) adding $508.1 million. The largest redemption in this category was a $106.8 million outflow from the State Street SPDR Dow Jones Industrial Average ETF Trust (DIA).

Explore the U.S. Size & Style Explorer →

Size & Style ex-U.S.

Flows into developed market international equities were positive, headlined by a $463.7 million inflow for the iShares Core MSCI EAFE ETF (IEFA). The State Street SPDR Portfolio Developed World ex-US ETF (SPDW) also gathered a notable $124.9 million in new assets. Outflows were comparatively small and spread across various funds. The largest redemption was seen in the Vanguard FTSE All-World ex-US Small-Cap ETF (VSS), which experienced a modest outflow of $48.3 million.

Explore the Global (ex-U.S.) Size & Style Explorer →

Sector & Industry

Sector flows revealed a split in activity, with Technology and Energy funds attracting capital while Financials and Industrials faced redemptions. The semiconductor industry was a clear winner, as the iShares Semiconductor ETF (SOXX) and VanEck Semiconductor ETF (SMH) collected $386.5 million and $222.2 million, respectively. Energy funds also saw strong interest, led by a $327.7 million inflow into the State Street Energy Select Sector SPDR ETF (XLE). Conversely, the State Street Financial Select Sector SPDR ETF (XLF) and State Street Industrial Select Sector SPDR ETF (XLI) posted the largest outflows of $500.9 million and $369.7 million.

Explore the Sector & Industry Explorer →

Region & Country

Activity in region- and country-specific ETFs was relatively subdued, with modest inflows leading the day. The iShares MSCI India ETF (INDA) was the top performer, attracting $89.2 million in new assets. Following at a distance was the iShares MSCI Germany ETF (EWG), which collected $53.2 million. Outflows were minimal across the board, with the JPMorgan BetaBuilders Canada ETF (BBCA) registering the largest redemption at just $16.1 million.

Explore the Region & Country Explorer →

Thematic

Thematic funds saw a standout inflow for the American Beacon GLG Natural Resources ETF (MGNR), which pulled in $318.7 million. Artificial intelligence themes were mixed, as the Alger AI Enablers & Adopters ETF (ALAI) gained $71.2 million while the Global X Artificial Intelligence & Technology ETF (AIQ) shed $166.1 million. The ERShares Private-Public Crossover ETF (XOVR) also experienced a significant outflow of $106.8 million.

Explore the Thematic Explorer →

Fixed Income

Fixed income flows were heavily concentrated at the front end of the Treasury curve, with short-duration funds seeing massive inflows while intermediate-term funds faced large redemptions. The Vanguard Short-Term Treasury ETF (VGSH) led all ETFs with a $1.83 billion intake, followed by the State Street SPDR Portfolio Short Term Treasury ETF (SPTS) with $788.1 million. The RBB Fund Inc F/m Accumulator Ultrashort Treasury Fund (SGVA) added $258.9 million (may be the result of a custom rebalance). In contrast, the iShares U.S. Treasury Bond ETF (GOVT) and Vanguard Intermediate-Term Treasury ETF (VGIT) saw the day’s largest outflows at $2.16 billion and $1.11 billion, respectively.

Explore the related Explorers: Taxable → · Municipal → · Specialty →

Commodity

Commodity ETFs gathered $489.0 million in net new assets, with flows almost entirely directed toward gold-backed products. The SPDR Gold Shares (GLD) led the category with a $169.9 million inflow, closely followed by the SPDR Gold Minishares Trust of beneficial interest (GLDM) which added $146.6 million. Other gold ETFs like the iShares Gold Trust Micro ETF of Benef Interest (IAUM) and iShares Gold Trust (IAU) also saw positive flows. The largest redemption came from the Breakwave Tanker Shipping ETF (BWET), which shed $39.4 million.

Explore the Commodities Explorer →

Cryptocurrency

Digital asset ETFs posted a strong session, collecting a net $415.1 million and adding to a robust $2.95 billion one-week total. The iShares Bitcoin Trust ETF (IBIT) was the top asset gatherer, pulling in $200.8 million. Its sister fund, the iShares Ethereum Trust ETF (ETHA), also saw significant demand with a $115.7 million inflow. On the redemption side, the ProShares Bitcoin ETF (BITO) and Grayscale Bitcoin Trust ETF (GBTC) both saw outflows exceeding $50 million.

Explore the Digital Assets Explorer →

Non-Traditional

Activity in non-traditional ETFs was mixed, with leveraged long S&P 500 exposure proving popular while leveraged long Nasdaq-100 funds saw outflows. The ProShares Ultra S&P 500 (SSO) led inflows with $277.1 million. The TrueShares Structured Outcome September ETF (SEPZ) recorded a $130.1 million inflow (may be the result of a custom rebalance). Conversely, the ProShares UltraPro QQQ (TQQQ) experienced the largest redemption at $221.8 million, while the GraniteShares 2x Long NVDA Daily ETF (NVDL) shed $161.1 million.

Explore the related Explorers: Buffer → · Synthetic Income → · Leverage | Inverse →

Recent Launches

Northern Trust continued its build-out of laddered bond portfolios, launching several new inflation-linked and tax-exempt ETFs with various maturity dates. A new spot cryptocurrency product, the Zcash ETF (ZCSH), debuted with a significant $303.3 million in assets under management. Defiance also entered the market with its Defiance AI Capacitors Leaders ETF (CAPA), focused on an emerging technology theme.