Fixed Income and ARK Lead, Single-Stock Leverage Slumps

Among the largest issuers, iShares and Vanguard posted the biggest absolute gains at $3.07B and $2.98B respectively for the day, both consistent with substantial 30-Day and YTD totals ($84.70B and $12.25B 30-Day; $331.34B and $407.73B YTD). ARK stood out with $1.96B in net inflows, equal to 10.00% of its $19.57B AUM, extending a strong 5-Day haul of $3.35B. On the downside, SPDR saw $1.69B leave the fund family even as its 30-Day and YTD flows remain positive ($20.76B and $114.94B), while Leverage Shares lost $707.8M, a -28.12% swing relative to its $2.52B AUM, and GraniteShares shed $546.9M. Smaller, relative standouts included Bridges Capital (24.32% of AUM) and ROC (6.03%), both far outpacing the daily percentage moves seen among the mega-issuers.

Total net flows across all asset classes reached $6.27B on the day, well below the $41.16B 5-Day and $185.59B 30-Day paces but consistent with a $1,594.47B YTD total. Fixed Income led all categories with $5.41B in net inflows, building on a $25.16B 5-Day and $74.07B 30-Day trend, while Equity added $3.58B, a more modest contribution relative to its $93.85B 30-Day pace. Non-Traditional funds lost $1.46B on the day, dragged by a $1.81B outflow from Leverage/Inverse Single Stock products, and Digital Asset funds shed $656.3M despite a positive 30-Day trend of $2.51B. Commodity funds also declined by $661.9M, led by a $710.3M pullback in Precious Metals-focused products, contrasting with the category’s $9.10B YTD inflow total.

Within U.S. size and style, the Invesco QQQ Trust Series I (QQQ) led with $833.8M, followed by the Vanguard S&P 500 ETF (VOO) at $541.8M and the Vanguard Morningstar Value ETF (VTV) at $492.8M. On the outflow side, the iShares Core S&P 500 ETF (IVV) lost $1.21B, the largest single redemption in the category, while the State Street SPDR S&P 500 ETF (SPY) shed $505.3M. The U.S. Large Cap – Blend category overall posted a $988.7M net outflow, aligning with the heavy redemptions from IVV and SPY despite gains in Growth and Value sleeves.

Ex-U.S. size and style flows were comparatively modest, with the Avantis International Equity ETF (AVDE) leading inflows at $120.6M, followed by the State Street SPDR Portfolio Developed World ex-US ETF (SPDW) at $94.9M and the iShares MSCI Emerging Markets ex China ETF (EMXC) at $90.5M. The ActivePassive International Equity ETF (APIE) led outflows at $27.0M, a notably smaller redemption than the leading inflow figures, with remaining laggards registering only modest six-figure losses.

Sector flows were led by the State Street Communication Services Select Sector SPDR ETF (XLC) with $261.6M, followed by the State Street Utilities Select Sector SPDR ETF (XLU) at $242.9M and the State Street Health Care Select Sector SPDR ETF (XLV) at $236.4M. On the losing side, the VanEck Semiconductor ETF (SMH) saw the largest sector redemption at $781.5M, consistent with the broader $396.0M outflow recorded in the Information Technology sector category. The State Street Industrial Select Sector SPDR ETF (XLI) also declined by $226.7M, aligning with the $364.3M sector-wide Industrial outflow.

Regional flows were dominated by the iShares MSCI Brazil ETF (EWZ), which gathered $456.5M, far exceeding other country-specific funds such as the iShares MSCI Singapore ETF (EWS) at $19.5M. On the outflow side, the iShares MSCI Mexico ETF (EWW) lost $36.0M, the largest regional redemption, while the iShares MSCI India Small Cap ETF (SMIN) shed $13.7M. The Region – Country Specific category overall gained $460.3M, reflecting EWZ’s outsized contribution relative to the smaller country-fund moves elsewhere.

Thematic flows were dominated by the ARK Innovation ETF (ARKK), which gathered $1.89B, the single largest thematic inflow of the day and a major driver of the Multi-Sector thematic category’s $1.92B total. The ARK Next Generation Technology ETF (ARKW) added a further $75.0M, while the Global X Artificial Intelligence & Technology ETF (AIQ) gained $67.2M. On the outflow side, the Roundhill Memory ETF (DRAM) lost $197.1M, the largest thematic redemption, with housing- and clean energy-related funds posting smaller declines.

Fixed Income was the day’s leading asset class with $5.41B in net inflows, led by the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) at $510.3M and the iShares 0-3 Month Treasury Bond ETF (SGOV) at $391.8M. The iShares 20+ Year Treasury Bond ETF (TLT) added $331.7M and the iShares National Muni Bond ETF (MUB) gained $320.5M, consistent with the Municipal – Intermediate category’s $1.05B inflow. On the outflow side, the Invesco Short Term Treasury ETF (TBLL) lost $247.2M, while the RBB Fund Inc F/m Accumulator Ultrashort Treasury Fund (SGVA) declined $244.2M (may be the result of a custom rebalance).

Commodity funds posted a net outflow of $661.9M on the day, a reversal from the $351.0M 5-Day and $2.82B 30-Day inflow trends. The iShares Silver Trust (SLV) led inflows with $57.0M, followed by the iShares Gold Trust (IAU) at $42.3M. The SPDR Gold Shares (GLD) saw the largest redemption at $750.9M, driving much of the $710.3M outflow recorded in the Precious Metals-focused category, with the SPDR Gold Minishares Trust (GLDM) also shedding $56.7M.

Digital Asset flows were negative overall at $656.3M for the day, a reversal from the $2.51B 30-Day inflow trend, with smaller funds showing muted activity: the Bitwise NEAR ETF (NRR) gained just $3.3M and the Volatility Shares Trust XRP ETF (XRPI) added $1.8M. The iShares Bitcoin Trust ETF (IBIT) led outflows at $207.7M, followed by the iShares Ethereum Trust ETF (ETHA) at $116.1M and the Fidelity Wise Origin Bitcoin Fund (FBTC) at $105.1M, consistent with the $487.1M Bitcoin category outflow.

Non-Traditional funds saw net outflows of $1.46B overall, driven largely by the Leverage | Inverse – Single Stock category’s $1.81B decline. The ProShares UltraPro QQQ (TQQQ) led inflows with $309.6M, followed by the NEOS Nasdaq 100 High Income ETF (QQQI) at $160.8M. The GraniteShares 2x Long NVDA Daily ETF (NVDL) lost $507.5M, the category’s largest single redemption, while the TappAlpha Innovation 100 Growth & Daily Income ETF (TDAQ) declined $418.4M (may be the result of a custom rebalance).

Recent launches span a broad range of categories and issuers. Amplify’s Top 10 Semiconductors ETF (CPU) debuted in Disruptive Tech with under $500K in AUM, while Direxion’s U.S. 500 Plus ETF (SPXP) launched with $19.9M in the Alternative Asset Sleeve space. Fixed Income saw two notable entries: Russell Investments’ Multisector Bond ETF (RINK) with $37.5M and Nomura’s High Yield Total Return ETF (HFIX) with $76.1M, the largest AUM among the new launches. Simplify’s Brookwood Global Macro ETF (GMAC) also launched with $61.1M in the Absolute Return – Multi-Strategy category, while several smaller thematic and synthetic income products, including NEOS’s Silver High Income ETF (SLVI), launched with under $5M in assets.