Large-Cap Blend and Growth Lead Broad Equity Surge

Issuer flows were led on an absolute basis by iShares ($15.20B) and Schwab ($14.85B), with Invesco ($10.44B), VanEck ($6.59B), and Vanguard ($4.85B) also posting sizable single-day inflows well above their recent 30-day paces in some cases. SPDR was the clear absolute laggard at ($4.80B), extending a negative 5-Day ($4.62B) and 30-Day ($11.77B) trend despite a positive YTD figure of $85.68B. On a relative basis, VictoryShares (11.51% of AUM, $3.25B) and Counterpoint (10.37%, $85.4M) stood out among smaller issuers, while ARK added 6.39% of its AUM ($939.5M), driven largely by ARKK. Sophus was the sharpest relative outflow at -53.81% of AUM ($36.0M), alongside John Hancock’s absolute outflow of ($262.3M) and Alpha Architect’s ($115.8M), both modest relative to their respective 30-Day flows.

Total flows across all asset classes reached $54.67B for the day, well above the 1W pace annualized and consistent with the $201.19B seen over the trailing month. Equity dominated with $50.55B in daily inflows, roughly two-thirds of the $75.58B 1-Week total, while Fixed Income added $3.79B, a slower pace versus its $56.22B 30-Day and $463.07B YTD accumulation. Commodity ($395.7M), Alternative ($45.5M), and Multi-Asset ($2.6M) categories saw modest inflows, while Digital Asset was the lone negative asset class at ($530.4M), reversing some of its $5.13B 30-Day gain. Among categories, U.S. Large Cap – Blend ($11.85B), Growth ($10.83B), and Value ($8.86B) led inflows, while Sector – Financials ($1.01B), Region – Country Specific ($517.2M), and Sector – Energy ($363.3M) were the day’s largest outflow categories.

U.S. size and style flows were led by the iShares Core S&P 500 ETF (IVV) at $9.59B, followed by the Invesco S&P 500 Momentum ETF (SPMO) at $6.21B and the Schwab U.S. Small-Cap ETF (SCHA) at $3.22B. On the outflow side, the State Street SPDR S&P 500 ETF (SPY) shed ($4.98B), by far the largest single-fund redemption in the category, while the iShares Russell 2000 ETF (IWM) lost ($1.65B). Mid-cap exposure also saw pressure via the State Street SPDR S&P MIDCAP 400 ETF Trust (MDY), down ($399.4M).

Ex-U.S. size and style flows were comparatively modest, led by the Schwab Fundamental International Equity ETF (FNDF) at $557.5M and the Schwab International Small-Cap Equity ETF (SCHC) at $195.8M. On the outflow side, the Sophus Capital Emerging Market ETF (EMEM) lost ($29.7M) (may be the result of a custom rebalance), while the GMO International Value ETF (GMOI) shed ($28.6M). Overall activity in this category was far smaller in magnitude than the U.S. size and style segment.

Sector flows were dominated by technology and semiconductor exposure, with the VanEck Semiconductor ETF (SMH) taking in $3.60B and the iShares Semiconductor ETF (SOXX) adding $778.0M, consistent with the $4.94B category-level inflow into Information Technology. On the outflow side, the State Street Financial Select Sector SPDR ETF (XLF) lost ($623.6M), aligning with the broader Financials category outflow of ($1.01B), while the State Street Energy Select Sector SPDR ETF (XLE) shed ($307.4M), tracking the Energy category’s ($363.3M) net redemption.

Region and country flows were comparatively small in scale, led by the Vanguard FTSE Pacific ETF (VPL) at $68.9M and the iShares MSCI Canada ETF (EWC) at $65.8M. The iShares MSCI South Korea ETF (EWY) posted the largest single-country outflow at ($450.9M), well ahead of the iShares MSCI India ETF (INDA) at ($152.4M), together driving much of the Region: Country Specific category’s ($517.2M) net outflow.

Thematic flows were headlined by the ARK Innovation ETF (ARKK), which added $910.6M, a standout figure that also underpinned ARK’s 6.39% relative issuer inflow for the day. The First Trust NASDAQ Cybersecurity ETF (CIBR) added $90.2M and the iShares Self-driving EV & Tech ETF (IDRV) gained $86.3M. On the outflow side, the VanEck Gold Miners ETF (GDX) lost ($102.2M), consistent with the Precious Metals thematic category’s ($124.4M) net redemption.

Fixed income inflows totaled $3.79B for the day, a slower clip relative to the $56.22B seen over the trailing 30 days, led by the Vanguard Intermediate-Term Corporate Bond ETF (VCIT) at $588.7M and the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) at $345.2M. Municipal exposure also gathered assets via the iShares National Muni Bond ETF (MUB), up $328.4M. On the outflow side, the State Street SPDR Portfolio Short Term Corporate Bond ETF (SPSB) lost ($207.6M), while the iShares 20+ Year Treasury Bond ETF (TLT) shed ($121.3M).

Commodity flows totaled $395.7M for the day, a modest figure compared to the $9.09B accumulated over the trailing 30 days. The SPDR Gold Shares (GLD) led with $119.1M, followed by the iShares Gold Trust (IAU) at $65.1M and the United States Oil Fund LP (USO) at $62.7M. On the outflow side, the Invesco DB Agriculture Fund (DBA) lost ($31.7M), the largest single redemption in the category.

Digital asset flows were negative overall at ($530.4M) for the day, reversing part of the $5.13B accumulated over the trailing 30 days, driven largely by outflows in the iShares Bitcoin Trust ETF (IBIT) at ($144.1M) and the iShares Ethereum Trust ETF (ETHA) at ($110.0M), consistent with category-level redemptions in Bitcoin ($311.4M) and Ethereum ($225.0M). Smaller funds saw modest inflows, led by the Franklin XRP ETF (XRPZ) at $3.5M and the Morgan Stanley Bitcoin Trust ETF (MSBT) at $3.5M.

Non-traditional flows totaled $392.2M for the day, led by the Direxion Daily S&P 500 Bull 3X ETF (SPXL) at $149.4M and the NEOS Nasdaq 100 High Income ETF (QQQI) at $115.1M. The ProShares UltraPro Short QQQ (SQQQ) also gained $107.6M, contrasting with the ProShares UltraPro QQQ (TQQQ), which lost ($169.8M), the largest outflow in the category.

Recent launches skewed toward international and thematic equity strategies, including the Janus Henderson International Core Alpha ETF (JINT), the MarketDesk International Momentum ETF (XUSM) with $244.5K in AUM, and the Astoria International Quality Growth Kings ETF (IQGR). Thematic entries included the Rebuild America ETF (BUIL) focused on infrastructure and the China AI ETF (AICH) targeting country-specific exposure, both launching with no reported AUM yet. Fixed income and structured product launches were also notable, with the Invesco BulletShares 2036 Municipal Bond ETF (BSMA) gathering $5.0M and two Corgi structured buffer ETFs (SEPC and QSE) each starting near $1.0M in AUM.