Tech and Large-Cap Blend Lead as Single-Stock Leverage Slumps

Vanguard topped the issuer tables with $4.16B in net inflows, extending a 5-Day haul of $13.21B and a 30-Day total of $21.63B against YTD inflows of $432.96B. iShares followed with $2.10B on the day, though its 5-Day figure of $3.28B trails its massive 30-Day intake of $80.26B. Among mid-sized issuers, Avantis gathered $1.27B and Alger added $454.5M, with Alger’s 4.47% single-day AUM gain among the strongest relative moves outside the $50M-minimum leaders Schroder (10.60%) and Synera Funds (4.46%). On the outflow side, SPDR shed $2.67B, Capital Group lost $784.2M, and T. Rowe Price gave back $292.9M, while GraniteShares’ reported $2.54B outflow and -24.29% AUM swing reflects custom rebalance activity across several of its leveraged single-stock products rather than genuine redemptions.

Total net flows across all asset classes reached $4.52B on the day, trailing the 1W pace of $31.19B and far below the 30-Day sum of $220.84B, though YTD totals stand at $1.69T. Equity led all classes with $5.75B in inflows, supported by Fixed Income’s $1.99B, while Commodity ($1.44B outflow) and Non-Traditional ($2.12B outflow) weighed on the total. At the category level, U.S. Large Cap – Blend drew $2.41B and Sector – Information Technology added $1.53B, with Emerging Large Cap rounding out the top three at $902.2M. The largest category outflow came from Leverage | Inverse – Single Stock at $2.75B, followed by Commodity: Focused – Precious Metals at ($1.45B) and U.S. Small Cap – Blend at ($920.5M), underscoring a split between broad equity demand and leveraged/commodity redemptions.

The Vanguard S&P 500 ETF (VOO) led all U.S. size and style funds with $2.91B in inflows, followed by the Avantis U.S. Large Cap Value ETF (AVLV) at $398.4M and the Avantis U.S. Small Cap Value ETF (AVUV) at $362.7M. The Vanguard Morningstar Total Stock Market ETF (VTI) and Alger Concentrated Equity ETF (CNEQ) also drew substantial inflows of $298.6M and $296.5M respectively. On the outflow side, the iShares Core S&P 500 ETF (IVV) lost $1.24B and the iShares Russell 2000 ETF (IWM) shed $994.9M, while the Capital Group Dividend Value ETF (CGDV) saw $701.1M exit.

The iShares MSCI Emerging Markets ex China ETF (EMXC) led ex-U.S. flows with $745.5M, more than double the next closest fund, the Avantis International Small Cap Value ETF (AVDV) at $271.3M. The iShares MSCI ACWI ex U.S. ETF (ACWX) and Vanguard FTSE Developed Markets ETF (VEA) added $149.5M and $105.7M respectively. Outflows in this group were comparatively modest, with the iShares MSCI Intl Quality Factor ETF (IQLT) giving back $45.5M and the Hotchkis & Wiley Opportunities Fund ETF (HWO) down $28.2M.

Sector flows were dominated by technology-adjacent funds, with the iShares Semiconductor ETF (SOXX) pulling in $1.30B and the VanEck Semiconductor ETF (SMH) adding $194.9M. The State Street Industrial Select Sector SPDR ETF (XLI) gathered $244.0M and the Invesco KBW Bank ETF (KBWB) added $191.1M. On the downside, the State Street Utilities Select Sector SPDR ETF (XLU) lost $703.9M and the State Street Health Care Select Sector SPDR ETF (XLV) shed $411.5M, with the State Street Financial Select Sector SPDR ETF (XLF) also giving back $333.2M.

Regional flows were led by South Korea exposure, with the iShares MSCI South Korea ETF (EWY) gathering $102.9M and the Franklin FTSE South Korea ETF (FLKR) adding $52.1M. The iShares MSCI Japan ETF (EWJ) brought in $28.7M, while Brazil exposure via the iShares MSCI Brazil Small-Cap ETF (EWZS) and iShares MSCI Brazil ETF (EWZ) saw smaller gains. Outflows were muted across the board, with the iShares Europe ETF (IEV) the largest at just ($21.6M), followed by the iShares MSCI Australia ETF (EWA) at ($17.5M).

Thematic flows were led by the ARK Genomic Revolution ETF (ARKG) at $99.7M and the Alger AI Enablers & Adopters ETF (ALAI) at $88.5M, with the ALPS CoreCommodity Natural Resources ETF (CCNR) and VistaShares Artificial Intelligence Supercycle ETF (AIS) also drawing double-digit millions. Housing-related themes lagged, with the State Street SPDR S&P Homebuilders ETF (XHB) down $52.6M and the iShares U.S. Home Construction ETF (ITB) off $30.3M. The ARK Innovation ETF (ARKK) and First Trust RBA American Industrial Renaissance ETF (AIRR) rounded out the laggards with outflows near $25M each.

Fixed Income gathered $1.99B overall, with the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) leading at $526.0M and the iShares National Muni Bond ETF (MUB) adding $398.9M. The Vanguard Short-Term Corporate Bond ETF (VCSH) and Vanguard Intermediate-Term Treasury ETF (VGIT) rounded out the top inflows with $155.0M and $91.3M respectively. Treasury-focused funds saw the largest redemptions, with the iShares 0-3 Month Treasury Bond ETF (SGOV) losing $231.4M and the iShares 20+ Year Treasury Bond ETF (TLT) down $152.4M, while the iShares Core U.S. Aggregate Bond ETF (AGG) shed $95.3M.

Commodity funds saw net outflows of $1.44B on the day, deepening the 1W decline of ($544.9M) despite a positive YTD total of $8.60B. The SPDR Gold Shares (GLD) accounted for the bulk of the outflow at ($1.59B), with the iShares Gold Trust (IAU) also losing ($50.4M). In contrast, smaller gold vehicles gathered inflows, with the iShares Gold Trust Micro ETF of Benef Interest (IAUM) adding $135.7M and the SPDR Gold Minishares Trust (GLDM) bringing in $57.1M.

Digital Asset products gathered $578.0M on the day, extending a 5-Day total of $695.3M, led by the iShares Bitcoin Trust ETF (IBIT) at $235.0M and the Fidelity Wise Origin Bitcoin Fund (FBTC) at $212.7M. The Grayscale Bitcoin Trust ETF (GBTC) added $32.6M and the Grayscale Ethereum Staking Mini ETF (ETH) brought in $28.1M. The iShares Ethereum Trust ETF (ETHA) was the notable laggard, giving back ($29.3M) while several smaller crypto products saw no flow activity.

Non-Traditional products saw a net outflow of ($2.12B), driven primarily by Leverage | Inverse – Single Stock products at ($2.75B), led by the GraniteShares 2x Long NVDA Daily ETF (NVDL) at ($974.7M). Several additional GraniteShares single-stock leveraged products, including the 2x Long MU, PLTR, and MRVL Daily ETFs, posted large outflows that appear tied to custom rebalance activity (may be the result of a custom rebalance) rather than organic redemptions. On the inflow side, the ProShares UltraPro QQQ (TQQQ) led with $501.5M, followed by the NEOS Nasdaq 100 High Income ETF (QQQI) at $119.3M and the Direxion Daily Technology Bull 3X ETF (TECL) at $71.5M.

Recent launches spanned both equity and fixed income categories, with the GMO International Equity Fund, ETF Class (GMIE) notably debuting with $965.6M in AUM in the Global Ex-U.S. Large Cap – Blend category. Thrivent entered the market with two funds, the Thrivent Securitized Income ETF (TSIE) and Thrivent Large Cap Stock ETF (TLCE), each launching with roughly $20-25M in assets. Allspring introduced three new fixed income products across high yield municipal, short-term high income, and strategic municipal categories, while Schwab launched the Schwab International Bond ETF (SCIN) with $25.0M. Smaller thematic and active launches included the iShares Future Robotics and Related Technologies Active ETF (RBTX) at $10.2M and the PRIMECAP Odyssey Discovery ETF (POMG) at $12.8M.