Leveraged Tech and Large-Cap Growth Lead Inflows

Invesco topped the absolute issuer table with $4.82B in daily inflows, consistent with its strong 5-day ($2.87B), 30-day ($7.19B) and YTD ($80.36B) trends, while Vanguard added $2.51B and continues to lead cumulative flows with $446.86B YTD. Direxion posted $1.16B in net creations, standing out among non-mega issuers and building on its $11.33B 30-day and $2.42B YTD totals. On the relative side, Weitz (23.22% of AUM), Elm (14.47%) and Anfield (13.02%) saw the largest proportional inflows, while Main Funds (-3.65%) and Procure (-3.33%) posted the steepest relative outflows. SPDR was the largest dollar loser at ($1.11B), reversing some of its $11.37B 30-day gain, and Main Funds also led absolute redemptions at ($194.4M), followed by Amplify at ($86.9M).

Total flows across all asset classes reached $11.95B for the day, extending a run of $45.26B over 1-week and $219.09B over 1-month. Equity led all classes with $8.19B in net creations, dwarfing Fixed Income’s $2.02B and Non-Traditional’s $1.21B, while Commodity added $289.4M and Digital Asset gathered $94.6M. Among categories, U.S. Large Cap – Growth dominated with $4.81B, followed by U.S. Large Cap – Blend at $1.02B and Non-Traditional Leverage | Inverse – Single Stock at $953.6M. On the outflow side, Government Ultrashort fixed income shed ($652.7M), Government Long lost ($571.9M), and Region – Country Specific equity gave back ($461.1M), the latter reflecting pronounced single-country redemptions.

The Invesco QQQ Trust Series I (QQQ) led U.S. size & style flows with $4.29B, far outpacing the iShares Core S&P 500 ETF (IVV) at $1.35B and the Vanguard S&P 500 ETF (VOO) at $462.3M. On the outflow side, the State Street SPDR S&P 500 ETF (SPY) lost ($2.35B), the largest redemption in the category, while the iShares Russell Mid-Cap Value ETF (IWS) shed ($388.6M). The spread between QQQ’s gains and SPY’s losses highlights the divergence between growth-oriented and broad blend-style large-cap flows on the day.

Ex-U.S. size & style flows were modest, led by the Vanguard FTSE Developed Markets ETF (VEA) with $419.6M and the Avantis Emerging Markets Equity ETF (AVEM) with $229.5M. Smaller inflows went to the JPMorgan International Value ETF (JIVE) at $42.3M and the iShares MSCI Intl Momentum Factor ETF (IMTM) at $36.0M. Outflows were minimal by comparison, with the WisdomTree Global ex-U.S. Quality Growth Fund (DNL) the largest at ($48.1M), underscoring the category’s overall limited daily activity relative to domestic size & style flows.

Sector flows were led by the State Street SPDR S&P Biotech ETF (XBI) at $301.8M and the iShares Semiconductor ETF (SOXX) at $255.5M, aligning with the broader $601.8M gathered by the Information Technology category and $520.3M by Health Care. The State Street Industrial Select Sector SPDR ETF (XLI) and Communication Services Select Sector SPDR ETF (XLC) added $167.9M and $165.7M, respectively. On the outflow side, the State Street Energy Select Sector SPDR ETF (XLE) lost ($283.2M), consistent with the Energy sector’s ($302.5M) category-level outflow, while the State Street SPDR S&P Regional Banking ETF (KRE) shed ($123.3M).

Regional flows were comparatively muted, with the iShares MSCI Japan ETF (EWJ) leading at $85.7M, followed by the JPMorgan BetaBuilders Canada ETF (BBCA) at $36.8M and the JPMorgan BetaBuilders Europe ETF (BBEU) at $26.5M. The iShares MSCI Brazil ETF (EWZ) was the standout laggard with ($632.4M) in redemptions, the primary driver behind the Country Specific category’s ($461.1M) outflow for the day. Other Latin America-focused funds, including the iShares Latin America 40 ETF (ILF), saw comparatively minor outflows of ($8.4M).

Thematic flows favored innovation-oriented strategies, with the ARK Innovation ETF (ARKK) gathering $139.7M and the ARK Next Generation Technology ETF (ARKW) adding $78.5M. The Sprott Uranium Miners ETF (URNM) and Global X Cybersecurity ETF (BUG) added $59.4M and $55.9M, respectively. On the outflow side, the First Trust Nasdaq Clean Edge Smart GRID Infrastructure Index (GRID) lost ($75.0M), consistent with the broader Infrastructure thematic category’s ($178.5M) outflow, while the iShares Global Infrastructure ETF (IGF) shed ($52.0M).

Fixed income inflows were led by the Schwab US TIPS ETF (SCHP) at $899.6M, aligning with the $882.0M gathered by the Inflation Protected category, and the Vanguard Tax-Exempt Bond ETF (VTEB) at $437.5M. Other gainers included the Vanguard Intermediate-Term Corporate Bond ETF (VCIT) at $174.7M and JPMorgan Active Bond ETF (JBND) at $165.5M. Redemptions were concentrated in Treasuries, with the iShares 7-10 Year Treasury Bond ETF (IEF) shedding ($592.0M) and the ProShares GENIUS Money Market ETF (IQMM) losing ($238.1M), consistent with the Government Long ($571.9M) and Government Ultrashort ($652.7M) category-level outflows.

Commodity flows were led by precious metals, with SPDR Gold Shares (GLD) gathering $223.1M and the iShares Silver Trust (SLV) adding $72.1M, consistent with the $324.1M Precious Metals category total. The iShares Gold Trust Micro ETF of Benef Interest (IAUM) added a further $24.3M. On the outflow side, the United States Oil Fund LP (USO) lost ($32.7M), while the Breakwave Tanker Shipping ETF (BWET) shed ($9.0M), both modest relative to the day’s overall $289.4M net commodity inflow.

Crypto flows were positive overall at $94.6M for the day, though this trails the 5-day decline of ($192.8M) and 1-month decline of ($1.57B). The iShares Bitcoin Trust ETF (IBIT) led with $151.5M, followed by the Fidelity Ethereum Fund ETF (FETH) at $28.6M and the Fidelity Wise Origin Bitcoin Fund (FBTC) at $24.5M. The iShares Ethereum Trust ETF (ETHA) offset much of this with ($93.3M) in redemptions, while the Grayscale Solana Staking ETF (GSOL) lost ($19.1M).

Non-Traditional strategies gathered $1.21B on the day, led by the Direxion Daily Technology Bull 3X ETF (TECL) at $1.44B and the Direxion Daily MU Bull 2X ETF (MUU) at $700.8M, consistent with the $953.6M Leverage | Inverse – Single Stock category inflow. The GraniteShares 2x Long TSLA Daily ETF (TSLR) added $169.0M (may be the result of a custom rebalance). Offsetting these gains, the Direxion Daily Semiconductor Bull 3X ETF (SOXL) shed ($929.5M), and the ProShares Ultra QQQ (QLD) lost ($248.3M), while the GraniteShares 2x Long NOW Daily ETF (NOWL) declined ($206.5M) (may be the result of a custom rebalance).

Recent launches skewed toward income and single-stock strategies, including the YieldMax SKHY Option Income Strategy ETF (YSKH) and Calamos Least-Of Autocallable Income ETF (CAYN), both launching with modest sub-$3M AUM. Larger debuts included the Hartford Alpha Capture International Equity ETF (ACIN), which arrived with $653.1M in AUM, and the AB US Research Advanced ETF (RADD), which launched with $1.13B, both among the largest recent entries. The HCM Select 50 ETF (FIFT) launched in the U.S. Large Cap – Blend category with $65.0M in AUM, while smaller thematic and single-country launches such as the Tema Commodity Infrastructure ETF (THRU) and xETFs Samsung Group ETF (SMNG) debuted with under $1M in assets.