Large-Cap Blend and Growth Lead Record Equity Haul

Flows skewed heavily toward the mega-issuers on an absolute basis, with Vanguard pulling in $7.14B (against a 5-Day outflow of $25.77B, underscoring daily volatility), Invesco adding $3.59B, and iShares gathering $3.40B, extending its 30-Day haul of $43.39B. Among non-mega names, Putnam stood out with $783.1M, a 4.99% single-day AUM gain, while Avantis added $615.5M, consistent with its $42.49B YTD trend. On the relative side, smaller shops LeaderShares (15.85%), Horizons (13.06%), and Variant Perception (11.45%) posted the largest AUM-percentage gains. SPDR led outflows in dollar terms at ($2.98B), while GQG Partners (-13.41%) and US Commodity Funds (-5.65%) saw the steepest relative redemptions; Simplify also lost ground both in dollars (($285.9M)) and as a share of AUM (-2.35%).

Total flows across all asset classes reached $14.89B on the day, led decisively by Equity at $9.24B and Fixed Income at $4.64B, together accounting for the bulk of the day’s activity and consistent with the 1-Month totals of $62.45B and $52.85B, respectively. Non-Traditional products added $1.03B, building on a $80.08B YTD trend, while Digital Asset inflows were modest at $48.4M despite a stronger $2.24B 5-Day figure. Commodity ($76.1M outflow), Alternative ($29.6M outflow), and Currency ($57.3M outflow) categories were the day’s laggards, a reversal from Commodity’s $5.11B 1-Month inflow. At the category level, Equity: U.S. Large Cap – Blend ($3.71B) and Equity: U.S. Large Cap – Growth ($3.67B) led all categories, while Equity: Sector – Information Technology posted the largest outflow at ($802.8M), followed by Fixed Income: Taxable – Core at ($688.7M).

Broad market and large-cap exposures dominated U.S. size & style flows, led by the Vanguard S&P 500 ETF (VOO) at $4.45B and the Invesco QQQ Trust Series I (QQQ) at $3.13B, with the Vanguard Morningstar Total Stock Market ETF (VTI) adding $902.0M. The newly prominent Putnam Focused Large Cap Value ETF (PVAL) gathered $783.1M, aligning with Putnam’s strong issuer-level showing. On the outflow side, the State Street SPDR S&P 500 ETF (SPY) lost ($1.88B) and the State Street SPDR Portfolio S&P 500 ETF (SPYM) shed ($720.6M), suggesting rotation within similar S&P 500 exposures rather than a broad style shift.

International developed and broad ex-U.S. funds led inflows, with the iShares MSCI ACWI ex U.S. ETF (ACWX) gathering $745.8M and the Vanguard Total International Stock ETF (VXUS) adding $694.8M, consistent with the category-level Equity: Global Ex-U.S. Large Cap – Blend inflow of $1.86B. The Avantis International Small Cap Value ETF (AVDV) added $187.5M. On the downside, the iShares Core MSCI Emerging Markets ETF (IEMG) shed ($343.1M) and the iShares MSCI EAFE Growth ETF (EFG) lost ($144.1M), matching the broader Equity: Emerging Large Cap category outflow of ($316.4M).

Semiconductor exposure showed a notable split, as the VanEck Semiconductor ETF (SMH) added $420.2M even as the iShares Semiconductor ETF (SOXX) lost ($728.9M), the largest sector outflow of the day. The State Street Financial Select Sector SPDR ETF (XLF) gained $119.2M and the State Street SPDR S&P Biotech ETF (XBI) added $117.4M. Regional banks and technology broadly lagged, with the State Street SPDR S&P Regional Banking ETF (KRE) down ($374.0M) and the State Street Technology Select Sector SPDR ETF (XLK) down ($184.8M), consistent with the category-level Information Technology outflow of ($802.8M) and Financials outflow of ($372.9M).

Country-specific flows were led by the Franklin FTSE South Korea ETF (FLKR) at $78.5M and the iShares MSCI Hong Kong ETF (EWH) at $30.2M, with smaller additions to Spain and Singapore funds. Japan exposure lagged notably, as the iShares MSCI Japan ETF (EWJ) shed ($203.1M) and the Franklin FTSE Japan Hedged ETF (FLJH) lost ($23.0M). The KraneShares CSI China Internet ETF (KWEB) also saw redemptions of ($85.3M), aligning with the broader Equity: Region – Country Specific category outflow of ($234.7M).

Thematic flows were modest in scale, with the iShares U.S. Home Construction ETF (ITB) adding $39.9M and the Global X Cybersecurity ETF (BUG) gaining $39.1M. The standout outflow came from the Roundhill Memory ETF (DRAM), which shed ($273.5M), consistent with Roundhill’s issuer-level outflow of ($309.1M) and the broader Equity: Thematic – Disruptive Tech category loss of ($255.6M). The Global X Defense Tech ETF (SHLD) and Roundhill Magnificent Seven ETF (MAGS) also posted redemptions of ($47.1M) and ($32.2M), respectively.

Fixed Income gathered $4.64B overall, with municipal and investment-grade credit funds leading: the Vanguard Tax-Exempt Bond ETF (VTEB) added $678.7M and the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) gained $645.3M, aligning with the Municipal – Intermediate category’s $1.33B inflow. The iShares iBoxx $ High Yield Corporate Bond ETF (HYG) added $587.1M and the iShares 20+ Year Treasury Bond ETF (TLT) gained $424.4M. The BNY Mellon Core Bond ETF (BKAG) posted the day’s largest fixed income outflow at ($858.6M) (may be the result of a custom rebalance), while shorter-duration funds like the iShares 3-7 Year Treasury Bond ETF (IEI) lost ($204.1M), consistent with the Taxable – Core category outflow of ($688.7M).

Commodity flows were slightly negative overall at ($76.1M), a pullback from the $5.11B 1-Month trend. Gold-related products led inflows, with the SPDR Gold Minishares Trust (GLDM) adding $106.6M and the iShares Gold Trust Micro ETF (IAUM) gaining $97.0M, while the iShares Gold Trust (IAU) added $77.9M. In contrast, the United States Oil Fund LP (USO) shed ($208.5M) and the SPDR Gold Shares (GLD) lost ($190.0M), consistent with US Commodity Funds’ broader issuer-level outflow of ($236.6M) and the Commodity: Focused – Energy category loss of ($234.1M).

Digital Asset flows were positive but modest at $48.4M for the day, trailing the $2.24B 5-Day figure. The iShares Bitcoin Trust ETF (IBIT) led with $54.8M, followed by the iShares Ethereum Trust ETF (ETHA) at $15.4M and the Grayscale Bitcoin Mini Trust ETF (BTC) at $10.3M. The Grayscale Bitcoin Trust ETF (GBTC) saw the largest redemption at ($23.2M), with the ProShares Bitcoin ETF (BITO) and Fidelity Wise Origin Bitcoin Fund (FBTC) also posting modest outflows of ($11.2M) and ($10.9M), respectively.

Non-Traditional strategies added $1.03B on the day, extending a $80.08B YTD trend, led by the JPMorgan NASDAQ Equity Premium Income ETF (JEPQ) at $169.5M and the Direxion Daily TSLA Bull 2X ETF (TSLL) at $156.4M. The Amplify CWP Enhanced Dividend Income ETF (DIVO) added $75.3M and the ProShares UltraPro Short QQQ (SQQQ) gained $61.0M. On the outflow side, the ProShares Ultra Technology (ROM) lost ($39.3M) and the 2x Ether ETF (ETHU) shed ($26.2M).

Recent launches skewed toward niche equity and income strategies, led by the Putnam Focused U.S. Research ETF (PFRX), a large-cap blend fund that debuted with no reported AUM yet. Portfolio Building Block continued its sector-specific rollout with the US Banks ETF (PBUB), World Ex US Industrials ETF (PBWN), and World Consumer Staples ETF (PBCS), each launching with roughly $1M in AUM. Other notable additions include the Hotchkis & Wiley Mid-Cap Value Fund ETF (HWMV) and the Invesco Nasdaq International Innovators 100 ETF (QQI), which launched with $4.0M in AUM, alongside thematic entrants like the REX AI Chipmaking ETF (CHIP) and KraneShares Actuator ETF (TORK).