Large-Cap Growth and Value Gain as Blend Funds See Outflows

Vanguard led all issuers in absolute terms with $4.55B on the day, extending a run that has produced $19.64B over five days, $76.64B over 30 days, and $404.81B YTD against a $4,689.89B asset base. Invesco ($1.45B), Avantis ($1.19B), Dimensional ($812.0M), and ProShares ($601.8M) rounded out the daily leaders, with Avantis notable for pulling in $8.42B over 30 days on a much smaller $156.21B AUM base. On the outflow side, SPDR shed $2.70B and iShares gave back $2.07B, both continuing negative five-day trends of ($6.87B) and ($14.00B) respectively, though both remain firmly positive on a YTD basis at $90.29B and $240.89B. Among smaller issuers, US Global (8.33% of AUM), Optimal (7.61%), and LOGIQ (6.69%) posted the largest relative inflows, while Myriad Capital (-4.13%), Meridian (-3.67%), and Hartford (-3.11%, or $254.8M) saw the steepest relative redemptions.

Total flows across all asset classes reached $5.90B for the day, building on $11.73B over the past week and $150.46B over the trailing month. Equity led with $3.08B, though this trailed the asset class’s $1M-plus trailing figures, including $864.80B YTD and $1,291.72B over one year on a $12,624.23B base. Fixed Income added $1.06B, Non-Traditional products gathered $1.55B, and Commodity funds took in $271.1M, while Digital Asset products saw a modest ($85.9M) outflow and Alternative funds gave back ($59.0M). At the category level, U.S. Large Cap – Growth ($2.01B) and U.S. Large Cap – Value ($1.14B) led inflows alongside Global Ex-U.S. Large Cap – Blend ($1.12B), while U.S. Large Cap – Blend saw the largest redemption at ($3.58B), followed by Municipal – Intermediate fixed income at ($417.1M).

U.S. size and style flows were dominated by the Vanguard S&P 500 ETF (VOO), which gathered $3.54B, alongside the Invesco QQQ Trust (QQQ) at $1.32B and the SPDR S&P 500 ETF (SPY) at $457.3M. Avantis funds also featured prominently, with the U.S. Large Cap Value ETF (AVLV) adding $454.9M and the U.S. Small Cap Value ETF (AVUV) taking in $362.8M. On the other side, the iShares Core S&P 500 ETF (IVV) saw the largest daily redemption at ($5.05B), followed closely by the SPDR Portfolio S&P 500 ETF (SPYM) at ($3.00B), illustrating a divergence within core large-cap blend exposure despite the category’s aggregate outflow.

Ex-U.S. size and style flows were led by the iShares Core MSCI EAFE ETF (IEFA) at $596.7M and the Vanguard Total International Stock ETF (VXUS) at $305.6M, consistent with the day’s $1.12B category-level inflow into Global Ex-U.S. Large Cap – Blend. The Avantis International Small Cap Value ETF (AVDV) added $168.0M and the Fidelity Enhanced International ETF (FENI) gathered $106.6M. The Hartford Multifactor Developed Markets (ex-US) ETF (RODM) was the clear laggard, giving back ($163.8M), well ahead of smaller redemptions from emerging market and international moat products.

Sector flows favored technology and financials, with the iShares Semiconductor ETF (SOXX) leading at $558.5M and the Financial Select Sector SPDR ETF (XLF) adding $325.2M, consistent with the day’s $591.7M and $425.2M category totals for Information Technology and Financials. The Energy Select Sector SPDR ETF (XLE) took in $173.0M and the Vanguard Real Estate ETF (VNQ) added $142.9M. On the outflow side, the SPDR S&P Biotech ETF (XBI) shed ($259.0M), consistent with the Health Care category’s ($235.9M) daily redemption, followed by the Technology Select Sector SPDR ETF (XLK) at ($169.1M).

Regional and country flows were modest in scale, led by the iShares MSCI Norway ETF (ENOR) at $84.6M and the iShares MSCI Singapore ETF (EWS) at $52.4M, with the WisdomTree European Opportunities Fund (OPPE) adding $38.9M. The KraneShares CSI China Internet ETF (KWEB) posted the largest redemption at ($36.5M), followed by the iShares Core MSCI Pacific ETF (IPAC) at ($25.8M) and the iShares MSCI Poland ETF (EPOL) at ($22.8M).

Thematic flows were led by the Global X Robotics & Artificial Intelligence ETF (BOTZ), which gathered $177.4M, followed by the iShares Global Clean Energy ETF (ICLN) at $75.5M and the U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU) at $70.8M. On the outflow side, the ARK Genomic Revolution ETF (ARKG) gave back ($62.5M), the VanEck Gold Miners ETF (GDX) shed ($54.7M), and the Roundhill Magnificent Seven ETF (MAGS) lost ($47.1M).

Fixed Income gathered $1.06B for the day, a slowdown relative to the trailing week’s $10.09B and 30-day total of $57.99B. The iShares 0-3 Month Treasury Bond ETF (SGOV) led with $577.8M, followed by the iShares 20+ Year Treasury Bond ETF (TLT) at $416.7M and the ProShares GENIUS Money Market ETF (IQMM) at $275.2M, consistent with the day’s leading category flows into Government Long and Government Ultrashort exposures. The RBB Fund Inc F/m Accumulator Ultrashort Treasury Fund (SGVA) posted the steepest redemption at ($263.6M), while the SPDR Portfolio Intermediate Term Corporate Bond ETF (SPIB) shed ($229.9M) and the iShares National Muni Bond ETF (MUB) lost ($217.6M), aligning with the Municipal – Intermediate category’s ($417.1M) daily outflow.

Commodity funds added $271.1M on the day, a continuation of the $788.5M weekly and $9.63B monthly trend. Gold-related products led, with the SPDR Gold Minishares Trust (GLDM) gathering $174.7M and the iShares Gold Trust (IAU) adding $83.0M, while the United States Oil Fund LP (USO) took in $44.8M. The United States Brent Oil Fund LP (BNO) saw the largest redemption at ($59.1M), followed by the iShares Silver Trust (SLV) at ($47.9M).

Digital Asset products saw a net outflow of ($85.9M) on the day, a reversal from the $1.06B gathered over the trailing week and $5.68B over the trailing month. The iShares Staked Ethereum Trust ETF (ETHB) led inflows at $22.9M, followed by the Bitwise Solana Staking ETF (BSOL) at $11.2M and the iShares Ethereum Trust ETF (ETHA) at $9.7M. Bitcoin products were broadly weaker, with the ARK 21Shares Bitcoin ETF (ARKB) shedding ($78.0M), the Grayscale Bitcoin Trust ETF (GBTC) losing ($27.2M), and the iShares Bitcoin Trust ETF (IBIT) giving back ($19.5M), consistent with the Cryptocurrency – Bitcoin category’s ($138.2M) daily outflow.

Non-Traditional products gathered $1.55B on the day, extending a $3.36B weekly and $10.75B monthly trend. The NEOS S&P 500 High Income ETF (SPYI) led with $210.0M, followed by the ProShares UltraPro QQQ (TQQQ) at $150.1M and the NEOS Nasdaq 100 High Income ETF (QQQI) at $138.6M, while the ProShares Short QQQ (PSQ) also gained $124.2M. On the outflow side, the Direxion Daily TSLA Bull 2X ETF (TSLL) lost ($51.2M) and the Direxion Daily META Bull 2X ETF (METU) shed ($44.1M). Separately, the ProShares VIX Mid-Term Futures ETF (VIXM) recorded a $108.1M inflow representing 68% of its AUM (may be the result of a custom rebalance), while the Pacer Swan SOS Moderate (October) ETF and TrueShares Structured Outcome (October) ETF each saw single-day moves near 50% of AUM consistent with defined-outcome roll dynamics (may be the result of a custom rebalance).

Recent launches spanned a wide range of categories and issuers. State Street’s SPDR UC Investments 90/10 Endowment Strategy Index ETF (UCBG) debuted with a notably large $2.50B in AUM within the Target Risk – Aggressive category, while the Canary Staked TRX ETF (TRXS) launched into the Cryptocurrency – Altcoin space with $50.2M. Raub Brock’s Dividend Growth ETF (HQDG) entered U.S. Large Cap – Blend with $74.0M, and T. Rowe Price’s Securitized Income ETF (TSCZ) launched with $20.0M in the Taxable – Securitized fixed income category. Smaller thematic and single-stock leveraged launches included Roundhill’s MLCC & Electronic Components ETF (CCML), Tema’s Trading & Prediction Markets ETF (DICE), and T-REX’s 2X Long PURR Daily Target ETF (KATT), each starting with under $2.0M in assets.