Large-Cap ETFs SPY and QQQ Dominate Inflows Amidst Broader Equity Gains

Issuer League Tables

SPDR led all issuers with $2.82 billion in net inflows, adding to its $26.72 billion 30-day total, followed closely by Vanguard which attracted $2.66 billion and Invesco with $2.52 billion. JPMorgan also had a strong session, gathering $1.02 billion, which contributes to its $44.81 billion year-to-date haul. On the other end of the spectrum, iShares experienced significant redemptions totaling ($3.85 billion), a sharp reversal from its positive $34.62 billion 30-day flow. Avantis and VanEck were also among the top laggards, shedding ($783.4 million) and ($545.9 million) respectively.

Issuer Flows (Absolute)

Issuer Flows (Relative to AUM)

Daily ETF Flow Analysis

ETFs saw total net inflows of $7.02 billion, bringing the year-to-date total to over $1.17 trillion. Equity funds were the primary driver, collecting $5.22 billion, despite showing a net outflow of ($10.53 billion) over the past week. Fixed Income products also saw healthy demand, adding $969.9 million, while Non-Traditional ETFs pulled in $919.7 million. U.S. Large Cap Blend was the most popular category with $3.40 billion in new assets, whereas Information Technology Sector funds saw the largest redemptions, losing ($966.9 million) on the day.

Asset Class Flows

Category Flows (Top/Bottom 10)

U.S. Size & Style

U.S. large-cap blend and growth funds captured the lion’s share of inflows, led by the State Street SPDR S&P 500 ETF (SPY) which brought in $2.22 billion. The Invesco QQQ Trust Series I (QQQ) was a close second with $2.01 billion in new assets, while the Vanguard S&P 500 ETF (VOO) added $1.38 billion. In a notable divergence, the iShares Core S&P 500 ETF (IVV) experienced the day’s largest single-fund outflow at ($2.34 billion). Small-cap funds also faced redemptions, with the iShares Russell 2000 ETF (IWM) shedding ($1.14 billion).

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Size & Style ex-U.S.

Flows into international developed markets were led by the Vanguard FTSE Developed Markets ETF (VEA), which attracted $244.4 million. Other funds gathering assets included the iShares MSCI EAFE Min Vol Factor ETF (EFAV) with a $45.0 million inflow and the GMO International Value ETF (GMOI) with $40.7 million. On the redemption side, the Avantis International Small Cap Value ETF (AVDV) saw the largest outflow at ($112.1 million). The Capital Group International Focus Equity ETF (CGXU) also experienced outflows, losing ($41.9 million).

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Sector & Industry

Sector flows revealed a preference for defensive industries, with Health Care and Consumer Staples leading inflows. The State Street Health Care Select Sector SPDR ETF (XLV) collected $589.3 million, and the State Street Consumer Staples Select Sector SPDR ETF (XLP) added $487.0 million. Conversely, technology-focused funds, particularly semiconductors, faced heavy redemptions. The iShares Semiconductor ETF (SOXX) shed ($633.7 million), while the VanEck Semiconductor ETF (SMH) lost ($522.3 million).

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Region & Country

South Korea-focused ETFs were a bright spot in regional flows, with the iShares MSCI South Korea ETF (EWY) attracting a substantial $451.0 million. Japan-focused funds saw divergent activity, as the JPMorgan BetaBuilders Japan ETF (BBJP) gained $265.1 million. Meanwhile, the Franklin FTSE Japan ETF (FLJP) and iShares MSCI Japan ETF (EWJ) saw outflows of ($94.4 million) and ($54.7 million), respectively. Other country-specific funds seeing redemptions included the iShares MSCI India ETF (INDA), which lost ($71.9 million).

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Thematic

Thematic fund flows were relatively subdued, with the Global X Cybersecurity ETF (BUG) leading inflows at $50.9 million. The iShares U.S. Thematic Rotation Active ETF (THRO) and WisdomTree Artificial Intelligence and Innovation Fund (WTAI) also gathered assets, adding $26.2 million and $24.6 million respectively. On the other side, the Roundhill Magnificent Seven ETF (MAGS) recorded the largest outflow of ($103.7 million). Natural resources-related themes also saw redemptions, with the iShares MSCI Global Gold Miners ETF (RING) shedding ($103.3 million).

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Fixed Income

Demand within fixed income was concentrated at the front end of the curve, as ultrashort and short-term bond ETFs gathered the most assets. The iShares 0-3 Month Treasury Bond ETF (SGOV) led the way with $291.8 million in inflows, followed by the PGIM Ultra Short Bond ETF (PULS) which added $197.3 million. In contrast, municipal and corporate bond funds faced outflows, with the iShares National Muni Bond ETF (MUB) losing ($252.5 million). The Vanguard Intermediate-Term Corporate Bond ETF (VCIT) and iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) also saw significant redemptions of ($243.4 million) and ($223.1 million), respectively.

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Commodity

Commodity ETFs posted a net inflow of $208.5 million, reversing a negative trend over the past month. Gold and oil products led the charge, with the iShares Gold Trust (IAU) adding $68.5 million and the United States Oil Fund LP (USO) gaining $56.1 million. Broad-based commodity funds also saw inflows, such as the abrdn Bloomberg All Commodity Strategy K-1 Free ETF (BCI) with $46.9 million. Conversely, the iShares Silver Trust (SLV) was the primary laggard, shedding ($42.4 million).

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Cryptocurrency

Digital asset products experienced net outflows of ($191.5 million), driven by significant redemptions from spot Bitcoin ETFs. The iShares Bitcoin Trust (IBIT) led the exodus with a ($202.5 million) outflow, contributing to the category’s negative $1.23 billion flow over the past month. In contrast, Ethereum-focused ETFs saw modest inflows, with the Fidelity Ethereum Fund ETF (FETH) adding $14.9 million and the iShares Ethereum Trust ETF (ETHA) gaining $8.5 million. The futures-based ProShares Bitcoin ETF (BITO) also bucked the trend, attracting $8.3 million.

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Non-Traditional

Leveraged single-stock ETFs dominated flows in the non-traditional category, with the Direxion Daily TSLA Bull 2X ETF (TSLL) pulling in a massive $394.7 million. Income-generating strategies also proved popular, as the NEOS S&P 500 High Income ETF (SPYI) and NEOS Nasdaq 100 High Income ETF (QQQI) added $162.0 million and $125.9 million, respectively. The Roundhill AMD WeeklyPay ETF (AMDW) saw a notable inflow of $87.0 million (may be the result of a custom rebalance). On the redemption side, weekly income and leveraged products saw outflows, led by the Roundhill NVDA WeeklyPay ETF (NVDW) with ($97.2 million).

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Recent Launches

Recent ETF launches include several actively managed and thematic strategies. Alpha Architect debuted the US Equity 4 ETF (AAUB), which launched with a significant $837.3 million in assets. Hotchkis & Wiley introduced two funds, the International Value Fund ETF (HWIV) and the Opportunities Fund ETF (HWO). Other recent additions include the Tema Healthcare AI ETF (HLTH) and the First Trust Indxx Quality Precious Metals Miners ETF (PMTL).