Fixed Income Leads as Leveraged Single-Stock ETFs Surge

Flows among the largest issuers were broadly positive, with SPDR gathering $2.55B on the day, extending a 5-Day haul of $8.71B and a 30-Day total of $27.94B, while Vanguard added $2.38B and iShares collected $2.21B, each continuing multi-billion dollar YTD trends above $300B. JPMorgan posted a solid $841.4M single-day intake against a $64.79B YTD total, and GraniteShares stood out among non-mega issuers with $792.5M in daily inflows (6.23% of its $12.71B AUM), its largest single-day pull in recent weeks versus a mixed 30-Day figure of $613.8M. On the outflow side, ARK shed $357.9M on the day, consistent with its negative 5-Day ($2.72B) and 30-Day ($100.3M) trends, while Invesco gave back $287.4M despite a positive 30-Day figure of $1.55B. Smaller relative movers included Alger, up 9.06% of AUM on $593.7M in inflows, and Anfield, which saw outflows equal to 5.00% of its $686.7M AUM.

Total ETF flows reached $10.65B on the day, well below the $46.43B 5-Day pace but consistent with the $188.69B 30-Day and $1.62T YTD totals. Fixed Income was the standout asset class with $6.81B in daily inflows, the largest of any category and a meaningful share of its $24.33B 5-Day and $82.69B 30-Day totals, while Equity added $2.33B against a much larger $88.90B 30-Day figure. Non-Traditional funds pulled in $1.02B, continuing a strong YTD trend of $85.40B, while Digital Asset products saw a modest $33.4M outflow, extending a negative 5-Day trend of $1.28B. At the category level, Equity: U.S. Large Cap – Blend led with $3.49B, followed by Fixed Income: Municipal – Intermediate at $1.80B, while Equity: U.S. Small Cap – Blend lagged with ($797.3M) and Equity: Sector – Industrial gave back ($729.5M).

U.S. size and style flows were led by the State Street SPDR Portfolio S&P 500 ETF (SPYM), which gathered $1.82B, alongside the Vanguard S&P 500 ETF (VOO) at $575.4M and the Alger Concentrated Equity ETF (CNEQ) at $515.3M. The iShares Core S&P 500 ETF (IVV) added $390.9M as well. On the downside, the Invesco QQQ Trust Series I (QQQ) shed $1.16B and the iShares Russell 2000 ETF (IWM) lost $641.5M, with the iShares Core S&P Mid-Cap ETF (IJH) also declining $143.2M.

Ex-U.S. flows were modest, led by the Avantis International Equity ETF (AVDE) at $80.6M and the Vanguard FTSE Developed Markets ETF (VEA) at $70.7M, with the First Trust Developed Markets ex-US AlphaDEX Fund (FDT) adding $69.3M. The Dimensional International Core Equity 2 ETF (DFIC) rounded out leaders with $48.6M. On the outflow side, the State Street SPDR Portfolio Emerging Markets ETF (SPEM) lost $146.7M, while other laggards such as the State Street SPDR S&P Emerging Markets Dividend ETF (EDIV) saw a smaller $6.0M decline.

Sector flows showed technology strength, with the First Trust NASDAQ-100 Technology Sector Index Fund (QTEC) gathering $397.7M and the State Street Financial Select Sector SPDR ETF (XLF) adding $254.5M, alongside the State Street SPDR S&P Biotech ETF (XBI) at $126.8M. The First Trust Nasdaq Transportation ETF (FTXR) recorded a ($714.6M) outflow equal to 251% of its AUM (may be the result of a custom rebalance), while the iShares Semiconductor ETF (SOXX) declined $140.0M and the VanEck Semiconductor ETF (SMH) gave back $120.7M, consistent with the Sector – Industrial category’s overall ($729.5M) decline.

Regional flows were led by the iShares MSCI Brazil ETF (EWZ) with $528.3M, followed by the iShares MSCI Germany ETF (EWG) at $122.8M and the iShares MSCI Poland ETF (EPOL) at $105.3M. On the downside, the iShares MSCI Singapore ETF (EWS) lost $236.7M, while the iShares MSCI Netherlands ETF (EWN) declined $59.8M and the iShares MSCI China ETF (MCHI) slipped $42.2M.

Thematic flows were led by the First Trust Cloud Computing ETF (SKYY) at $61.2M and the TCW Transform Systems ETF (PWRD) at $21.4M, with the Roundhill Magnificent Seven ETF (MAGS) adding $17.7M. ARK products led outflows, with the ARK Innovation ETF (ARKK) declining $237.5M and the ARK Blockchain & Fintech Innovation ETF (ARKF) losing $97.7M, consistent with the broader Thematic – Multi-Sector category’s ($228.3M) decline. The iShares U.S. Home Construction ETF (ITB) also declined $42.4M.

Fixed Income was the day’s dominant category, with the Vanguard Tax-Exempt Bond ETF (VTEB) leading at $789.8M and the iShares National Muni Bond ETF (MUB) adding $645.3M, consistent with the Municipal – Intermediate category’s $1.80B total inflow. The iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) gathered $532.2M and the JPMorgan Core Plus Bond ETF (JCPB) added $325.8M. On the outflow side, the Vanguard Intermediate-Term Corporate Bond ETF (VCIT) lost $141.0M and the iShares 20+ Year Treasury Bond ETF (TLT) declined $124.6M.

Commodity flows totaled $427.1M for the day, led by SPDR Gold Shares (GLD) at $307.0M and the State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) at $88.9M, a contrast to the asset class’s flat 5-Day trend of ($5.8M). The United States Natural Gas Fund LP (UNG) added $35.5M, while silver products lagged, with abrdn Physical Silver Shares ETF (SIVR) declining $45.7M and the iShares Silver Trust (SLV) giving back $32.6M.

Digital Asset flows were slightly negative overall at ($33.4M), extending a negative 5-Day trend of ($1.28B) despite a positive 30-Day figure of $2.53B. The iShares Bitcoin Trust ETF (IBIT) led inflows at $22.4M, with the Grayscale Chainlink Trust ETF (GLNK) adding $9.5M. The iShares Ethereum Trust ETF (ETHA) led outflows with ($56.1M), consistent with the Cryptocurrency – Ethereum category’s ($56.1M) decline, while the ProShares Bitcoin ETF (BITO) lost $9.3M.

Non-Traditional funds gathered $1.02B on the day, led by single-stock leveraged products from GraniteShares, including the GraniteShares 2x Long NVDA Daily ETF (NVDL) at $526.7M, the GraniteShares 2x Long MU Daily ETF (MULL) at $315.8M, and the GraniteShares 2x Long MRVL Daily ETF (MVLL) at $216.3M, consistent with the category’s $677.7M inflow for Leverage | Inverse – Single Stock. The ProShares UltraPro QQQ (TQQQ) added $113.8M as well. On the outflow side, the GraniteShares 2x Long COIN Daily ETF (CONL) declined $137.8M and the Direxion Daily TSLA Bull 2X ETF (TSLL) lost $108.3M.

Recent launches have skewed toward smaller, income-oriented and alternative structures, including the Tuttle Capital Photonics Income Blast ETF (OPTO) and XFUNDS Technology Income ETF (VGTX), both in the Synthetic Income – Equity category with sub-$1M AUM so far. WisdomTree introduced two Specialty – Alternative Asset Sleeve products, the Efficient Long/Short U.S. SmallCap Equity Fund ETF (WSLS) and Global Alpha Fund ETF (WTAL), each gathering $2.5M at launch. The Direxion U.S. 500 Plus ETF (SPXP) debuted with a larger $19.8M in assets, while the Russell Investments Multisector Bond ETF (RINK) launched in the Core Enhanced Fixed Income category with $37.5M, the largest among the recent cohort.