Fixed Income and Semiconductors Lead as Growth Equity Lags

Vanguard and iShares again topped the absolute leaderboard with $5.60B and $3.97B in single-day inflows respectively, both extending multi-billion-dollar 30-Day ($61.40B and $51.11B) and YTD ($442.34B and $350.28B) accumulations. Among non-mega issuers, Direxion pulled in a genuine $1.23B on the day, led by its leveraged semiconductor products, while GraniteShares added $958.1M, though a portion of that figure reflects single-stock leveraged products flagged as potential custom rebalances rather than organic demand. On a relative basis, CCM stood out with inflows equal to 17.40% of its $1.55B AUM, and GraniteShares’ $958.1M represented 9.08% of its base. On the outflow side, SPDR shed $5.25B and Invesco lost $4.16B, with Avantis ($1.01B) and ARK ($445.6M, -3.47% of AUM) also posting notable redemptions, the latter driven largely by its flagship Innovation fund.

Total flows across all asset classes reached $4.32B on the day, a figure well below the $38.98B 5-Day and $211.62B 30-Day paces but consistent with the $1,715.09B YTD trend. Fixed Income was the standout asset class with $5.08B in net inflows, building on a $15.85B 5-Day and $83.41B 30-Day trajectory, while Equity saw net outflows of $3.20B despite a positive $20.34B 5-Day and $103.76B 30-Day backdrop. Non-Traditional products added $2.49B, continuing a strong run ($4.79B 5-Day, $24.42B 30-Day), whereas Digital Asset products lost $117.1M. At the category level, Fixed Income: Taxable – Core Enhanced led with $1.64B, followed by Non-Traditional: Leverage | Inverse – Equity at $1.46B and Fixed Income: Taxable – Government Long at $1.41B, while Equity: U.S. Large Cap – Growth suffered the largest single-day category outflow at $3.42B, alongside a $2.54B outflow from Fixed Income: Taxable – Government Ultrashort.

Within U.S. size and style, the Vanguard S&P 500 ETF (VOO) led with $2.60B, followed by the iShares Core S&P 500 ETF (IVV) at $954.0M and the State Street SPDR Portfolio S&P 500 ETF (SPYM) at $474.0M. On the outflow side, the Invesco QQQ Trust Series I (QQQ) lost $4.33B and the State Street SPDR S&P 500 ETF (SPY) shed $3.57B, together accounting for the bulk of the category’s $3.42B Growth outflow and reflecting a sharp divergence from core S&P 500 vehicle flows. The Vanguard Morningstar Mid-Cap ETF (VO) also posted a $620.1M redemption, consistent with the broader $573.0M outflow from the U.S. Mid Cap – Blend category.

Ex-U.S. size and style flows were modest relative to domestic activity, with the Vanguard Total International Stock ETF (VXUS) leading at $434.9M, followed by the iShares International Country Rotation Active ETF (CORO) at $98.8M and the Vanguard FTSE All-World ex-US Index Fund (VEU) at $97.6M. On the outflow side, the Avantis International Small Cap Value ETF (AVDV) led redemptions at $185.4M, with smaller Avantis international and emerging-market funds also posting single-digit-to-double-digit million-dollar outflows.

Sector flows were dominated by semiconductors, with the iShares Semiconductor ETF (SOXX) pulling in $1.84B, contributing to the $908.2M net inflow into the Sector – Information Technology category. The State Street Energy Select Sector SPDR ETF (XLE) added $204.5M, and the State Street SPDR S&P Oil & Gas Exploration & Production ETF (XOP) gained $110.9M. In contrast, the VanEck Semiconductor ETF (SMH) lost $685.3M despite the broader category’s strength, while the State Street Consumer Staples Select Sector SPDR ETF (XLP) shed $529.6M, aligning with the $530.6M Consumer Staples category outflow.

Regional and country-specific flows were comparatively small in magnitude, with the iShares MSCI Poland ETF (EPOL) leading inflows at $26.1M, followed by the Franklin FTSE United Kingdom ETF (FLGB) at $11.0M. The iShares Latin America 40 ETF (ILF) stood out as the largest single-country outflow at $113.1M, well ahead of the next-largest redemption from the iShares MSCI Brazil Small-Cap ETF (EWZS) at $16.6M.

Thematic flows were led by the ARK Genomic Revolution ETF (ARKG) at $187.9M, while the Pacer Data and Digital Revolution ETF (TRFK) and Global X Artificial Intelligence & Technology ETF (AIQ) each added roughly $12.1M. The category overall faced pressure, however, as the ARK Innovation ETF (ARKK) lost $432.4M and the Roundhill Memory ETF (DRAM) shed $209.1M, consistent with the $486.7M Disruptive Tech category outflow and $432.4M Multi-Sector thematic outflow.

Fixed Income was the day’s strongest asset class, and flows at the fund level reflected that strength: the iShares 7-10 Year Treasury Bond ETF (IEF) led with $1.32B, the JPMorgan Core Plus Bond ETF (JCPB) added $1.09B, and the State Street SPDR Portfolio Intermediate Term Treasury ETF (SPTI) gained $964.0M, together driving the $1.41B Government Long and $1.15B Government Intermediate category inflows. Conversely, ultrashort exposures saw heavy redemptions, with the State Street SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) losing $1.56B and the iShares 0-1 Year Treasury Bond ETF (SHV) shedding $1.32B, accounting for the bulk of the $2.54B Government Ultrashort category outflow.

Commodity flows were roughly balanced overall at $50.1M for the day, a reversal from the $1.84B 5-Day and $198.7M 30-Day outflow trends. The United States Natural Gas Fund LP (UNG) led inflows at $95.8M, followed by the United States Oil Fund LP (USO) at $50.7M. On the other side, SPDR Gold Shares (GLD) saw the largest redemption at $110.4M, with the Invesco DB Agriculture Fund (DBA) and iShares Gold Trust (IAU) also posting outflows of $44.6M and $26.4M, respectively.

Digital asset products saw a net outflow of $117.1M on the day, a reversal from the positive $86.5M 5-Day trend but still within the context of a $2.82B YTD inflow. The Grayscale Zcash Trust (ZCSH) led inflows at $20.5M, while smaller gains came from the Morgan Stanley Bitcoin Trust ETF (MSBT) and Fidelity Ethereum Fund ETF (FETH). The iShares Bitcoin Trust ETF (IBIT) drove the bulk of the day’s redemptions with $110.3M in outflows, followed by the Fidelity Wise Origin Bitcoin Fund (FBTC) at $31.8M.

Non-Traditional products added $2.49B on the day, continuing a strong recent trend of $4.79B over 5 days and $24.42B over 30 days, led by leveraged equity and semiconductor exposures. The Direxion Daily Semiconductor Bull 3X ETF (SOXL) took in $814.8M, the GraniteShares 2x Long NVDA Daily ETF (NVDL) added $451.4M, and the Direxion Daily Semiconductor Bear 3X ETF (SOXS) gained $341.2M, together underpinning the $952.8M inflow into Leverage | Inverse – Single Stock and $1.46B into Leverage | Inverse – Equity categories. On the outflow side, the Amplify CWP Enhanced Dividend Income ETF (DIVO) led redemptions at $80.9M, followed by the Tradr 2X Long SNDK Daily ETF (SNXX) at $57.4M.

Recent launches have skewed toward income-generating and fixed-income strategies, including the Tuttle Capital Innovation 100 Income & Hedge ETF (QQDH) and Overlay Shares Nasdaq 100 Income ETF (OVQ), both Synthetic Income – Equity products with sub-$10M in assets since their October 23 inceptions. On the fixed-income side, Schwab International Bond ETF (SCIN) launched with $25.0M in AUM and Thrivent Securitized Income ETF (TSIE) debuted with $33.9M, both from October 21. Thematic entrants were smaller in scale, with the Tema Commodity Infrastructure ETF (THRU), Tema Commodity Income ETF (ICOM), and Emerging Markets AI Mag 3 ETF (EMAG) each launching with under $1M in assets. The HCM Select 50 ETF (FIFT), a U.S. Large Cap – Blend product, launched with $59.7M in AUM but saw a single-day inflow of $58.7M representing 98% of its assets, a pattern suggestive of a custom rebalance rather than organic demand.