Global Ex-U.S. Blend Funds Lead Broad Equity Inflows

Flows among issuers on September 23 were dominated by the scale of iShares and Vanguard, whose positions moved in opposite directions: iShares posted a $23.86B single-day inflow, extending a 5-Day haul of $54.86B and a $286.48B YTD total, while Vanguard shed $21.87B on the day despite a positive 30-Day figure of $40.53B and $389.46B YTD, underscoring how large offsetting single-day prints can diverge from longer trends. SPDR added $5.06B and Invesco gathered $2.80B, both continuing multi-billion YTD accumulation of $99.25B and $71.79B respectively. Among smaller issuers, Avantis led non-mega absolute inflows with $429.4M, consistent with its $4.31B 30-Day and $41.66B YTD pace, while Leuthold (26.77% of AUM), Pictet (19.63%) and Raub Brock (14.05%) posted the largest relative gains. On the outflow side, Direxion lost $318.0M, Bushido $192.4M (-21.47% of its AUM), and GraniteShares $117.5M, with Bushido’s YTD figure still positive at $78.9M despite the daily pullback.

Total ETF flows reached $13.60B on September 23, well below the $23.84B 5-Day pace but consistent with the $122.04B 30-Day and $1,485.08B YTD totals. Equity led all asset classes with $10.30B in daily inflows, though this trailed its own $7.94B 1-Week figure only marginally and remains dwarfed by its $897.78B YTD and $1,296.12B 1-Year totals. Fixed Income added $1.78B, a modest daily figure relative to its $11.94B 1-Week and $51.82B 1-Month pace. Digital Asset ETFs gathered $1.02B, extending a $2.54B 1-Week and $5.93B 1-Month trend, while Commodity was the lone asset class with net outflows at ($166.8M) despite $1.03B in weekly inflows. At the category level, Global Ex-U.S. Large Cap – Blend led with $4.24B, followed by U.S. Large Cap – Blend at $3.81B and Fixed Income: Taxable – Core Enhanced at $2.90B, while U.S. Large Cap – Growth lagged with ($1.83B) and Fixed Income: Taxable – Securitized shed ($1.22B).

U.S. size and style flows were led by the iShares Core S&P 500 ETF (IVV) at $16.35B, followed by the State Street SPDR S&P 500 ETF (SPY) at $3.87B and the Invesco QQQ Trust Series I (QQQ) at $2.84B. The iShares Large Cap Core Active ETF (BLCR) added $1.94B and the iShares Russell 2000 ETF (IWM) gathered $1.39B. On the outflow side, the Vanguard S&P 500 ETF (VOO) shed ($18.37B), a scale comparable to the day’s largest inflows, while the iShares MSCI USA Momentum Factor ETF (MTUM) lost ($4.14B) and the Vanguard Morningstar Mid-Cap ETF (VO) declined ($1.11B).

Ex-U.S. size and style flows were dominated by the iShares International Country Rotation Active ETF (CORO), which added $4.16B, far outpacing the Vanguard Total International Stock ETF (VXUS) at $30.0M and the Freedom 100 Emerging Markets ETF (FRDM) at $14.5M. Outflows were comparatively small, led by the iShares MSCI EAFE Growth ETF (EFG) at ($146.9M) and the Pacer Emerging Markets Cash Cows 100 ETF (ECOW) at ($5.4M).

Sector flows were led by semiconductor exposure, with the iShares Semiconductor ETF (SOXX) taking in $1.29B and the VanEck Semiconductor ETF (SMH) adding $1.00B, consistent with the $2.48B category-level inflow into Information Technology. The State Street SPDR S&P Biotech ETF (XBI) gathered $501.7M and the State Street Financial Select Sector SPDR ETF (XLF) added $276.6M. On the downside, the iShares Expanded Tech-Software Sector ETF (IGV) lost ($149.5M) and the iShares Defense Industrials and Tech Active ETF (IDEF) shed ($124.9M).

Regional flows were led by the iShares MSCI Canada ETF (EWC) at $340.3M, followed by the iShares Core MSCI Europe ETF (IEUR) at $113.5M and the iShares MSCI Switzerland ETF (EWL) at $91.6M, consistent with the $674.9M Country Specific category inflow. Outflows were led by the iShares MSCI India ETF (INDA) at ($43.4M) and the WisdomTree India Earnings Fund (EPI) at ($25.2M), with the Invesco China Technology ETF (CQQQ) losing ($14.4M).

Thematic flows were led by the Roundhill Magnificent Seven ETF (MAGS) at $152.5M, followed by the ARK Innovation ETF (ARKK) at $110.0M and the First Trust NASDAQ Cybersecurity ETF (CIBR) at $107.6M. The iShares Global Clean Energy ETF (ICLN) added $74.6M. On the outflow side, the First Trust Dow Jones Internet Index Fund (FDN) lost ($29.3M) and the iShares U.S. Thematic Rotation Active ETF (THRO) shed ($28.5M).

Fixed Income inflows were led by the iShares Core Total USD Bond Market ETF (IUSB) at $2.87B, followed by the iShares National Muni Bond ETF (MUB) at $523.2M, aligning with the $623.4M Municipal Intermediate category gain. The iShares Mortgage-Backed Securities Active ETF (MBBA) added $437.2M (may be the result of a custom rebalance), while the Vanguard Long-Term Treasury ETF (VGLT) gathered $286.8M. Outflows were led by the iShares MBS ETF (MBB) at ($1.26B), consistent with the ($1.22B) Securitized category loss, and the ProShares GENIUS Money Market ETF (IQMM) at ($465.3M).

Commodity flows were mixed on a day when the asset class posted an overall net outflow of ($166.8M), despite a positive $1.03B 1-Week trend. The SPDR Gold Shares (GLD) led inflows at $119.1M, followed by the iShares Gold Trust (IAU) at $48.8M and the 3EDGE Dynamic Hard Assets ETF (EDGH) at $46.2M. Outflows were led by the SPDR Gold Minishares Trust (GLDM) at ($239.8M) and the Breakwave Tanker Shipping ETF (BWET) at ($61.9M).

Digital Asset ETFs added $1.02B on the day, extending a $2.54B 1-Week and $5.93B 1-Month trend. The iShares Bitcoin Trust ETF (IBIT) led with $350.3M, followed by the Fidelity Wise Origin Bitcoin Fund (FBTC) at $257.4M and the Morgan Stanley Bitcoin Trust ETF (MSBT) at $99.0M, aligning with the $775.5M Bitcoin category inflow. The iShares Ethereum Trust ETF (ETHA) added $88.1M, while the Hashdex Nasdaq CME Crypto Index ETF (NCIQ) was the day’s only decliner at ($1.1M).

Non-Traditional flows totaled $449.2M on the day, a reversal from the ($252.4M) 1-Week figure but consistent with the $9.06B 1-Month trend. The Direxion Daily Semiconductor Bear 3X ETF (SOXS) led with $200.9M, followed by the FT Vest Buffered Allocation Growth ETF (BUFG) at $150.6M. On the opposite side, the Direxion Daily Semiconductor Bull 3X ETF (SOXL) shed ($540.0M), the largest single-fund outflow in the category, while the ProShares UltraPro QQQ (TQQQ) lost ($186.0M).

Recent launches were dominated by Non-Traditional buffer and leveraged/inverse products, including VistaShares’ Shield Nasdaq 100 Enhanced Protection ETF (QQQB) and Shield S&P 500 Enhanced Protection ETF (VOOB), each launched with $1.0M in AUM, alongside FT Vest’s Nasdaq-100 Quarterly 15 Buffer ETF (QQBF) and Dual Directional Buffer ETF – September (DQSE). Yorkville America introduced leveraged single-theme products with the 2X Inverse MANGOS Plus Daily Target ETF (MNGB) and 2X Long MANGOS Plus Daily Target ETF (MNGZ), both launching with sub-$300K in assets. Notably larger at launch was the Main Active Rotation ETF (SECA) in the U.S. Large Cap – Blend category, debuting with $451.3M in AUM, alongside the CG Flagship Equity ETF (CGFS) at $112.3M, both suggesting seeded institutional interest relative to the smaller thematic and buffer launches.