Massive S&P 500 Fund Rotation Dominates as Gold ETFs Shine

Issuer League Tables

A significant divergence among the largest ETF issuers defined the day’s activity, with iShares attracting a substantial $16.0B in net inflows, pushing its year-to-date total to $180.6B. First Trust and Pacer also had standout sessions, gathering $7.5B and $3.6B respectively. In stark contrast, Vanguard and SPDR experienced heavy redemptions, shedding $13.2B and $11.2B on the day, though both maintain strong positive flows over longer periods. On a relative basis, Pacer’s daily inflow represented a notable 8.25% of its total assets under management.

Issuer Flows (Absolute)

Issuer Flows (Relative to AUM)

Daily ETF Flow Analysis

The ETF market recorded $6.7B in total net inflows, though the headline number masks significant underlying rotations between asset classes. Equity ETFs saw a slight net outflow of $128.6M, a departure from the strong positive trends seen over the past week ($112.6B) and month ($222.3B). The day’s creations were driven by Non-Traditional products, which added $3.4B, Fixed Income with $2.4B, and Commodities with $1.3B. At the category level, U.S. Large Cap Value funds led with $6.4B in inflows, while U.S. Large Cap Blend funds saw the largest redemptions, losing a net $8.8B.

Asset Class Flows

Category Flows (Top/Bottom 10)

U.S. Size & Style

U.S. large-cap blend funds experienced a dramatic reshuffling, with the iShares Core S&P 500 ETF (IVV) attracting a massive $12.1B inflow. This was more than offset by outflows from its largest peers, as the State Street SPDR S&P 500 ETF (SPY) and the Vanguard S&P 500 ETF (VOO) shed $12.6B and $9.9B, respectively. Outside of the S&P 500 complex, the Pacer US Cash Cows 100 ETF (COWZ) saw a remarkable $3.0B inflow. Redemptions were also notable in the Invesco QQQ Trust Series I (QQQ), which lost $3.3B.

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Size & Style ex-U.S.

Flows into international equity ETFs were led by emerging markets strategies. The Vanguard FTSE Emerging Markets ETF (VWO) gathered $155.9M, while the iShares MSCI Emerging Markets ex China ETF (EMXC) added $121.6M. Dimensional funds also featured among the leaders, with its International Value ETF (DFIV) and International Core Equity 2 ETF (DFIC) seeing inflows of $78.3M and $53.7M. The largest outflow was from the iShares MSCI EAFE Value ETF (EFV), which saw redemptions of $92.0M.

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Sector & Industry

Technology sector funds saw significant two-way action, with Information Technology as a category adding a net $963.8M. First Trust’s offerings were particularly popular, with the First Trust NASDAQ-100 Technology Sector Index Fund (QTEC) and First Trust NASDAQ Technology Dividend Index Fund (TDIV) bringing in a combined $1.04B. However, the largest fund in the space, the State Street Technology Select Sector SPDR ETF (XLK), experienced the day’s largest sector outflow at $603.7M. The iShares Semiconductor ETF (SOXX) also continued to attract assets, adding another $329.6M.

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Region & Country

Single-country European ETFs saw pockets of demand, led by a $112.7M inflow into the iShares MSCI Italy ETF (EWI). The iShares MSCI Germany ETF (EWG) and iShares MSCI Canada ETF (EWC) also gathered notable assets, with inflows of $74.3M and $64.0M, respectively. In contrast, the broad-based Vanguard FTSE Europe ETF (VGK) registered the largest regional outflow of the day, shedding $88.8M. China-focused funds also saw redemptions, including a $38.9M outflow from the KraneShares CSI China Internet ETF (KWEB).

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Thematic

Disruptive technology themes attracted significant capital, with the Defiance Quantum ETF (QTUM) leading all thematic funds with a substantial $959.2M inflow. Cybersecurity funds also proved popular, as the First Trust NASDAQ Cybersecurity ETF (CIBR) added $686.5M. Conversely, home construction-related ETFs faced redemptions, with the State Street SPDR S&P Homebuilders ETF (XHB) and the iShares U.S. Home Construction ETF (ITB) losing $102.0M and $91.1M, respectively. The ARK Innovation ETF (ARKK) also saw outflows totaling $82.4M.

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Fixed Income

Fixed income ETFs added a net $2.4B, with investment-grade corporate bond funds leading the way. The iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) was the top asset gatherer, pulling in $511.3M. The Vanguard Long-Term Corporate Bond ETF (VCLT) also saw strong demand with a $293.1M inflow. On the other hand, high-yield and short-duration funds experienced outflows, led by a $384.8M redemption from the State Street SPDR Bloomberg High Yield Bond ETF (JNK). The Vanguard Tax-Exempt Bond ETF (VTEB) was the largest loser in the municipal space, shedding $221.7M.

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Commodity

Commodity ETFs had a strong session, adding a net $1.3B and bucking a negative 30-day trend of $4.4B in outflows for the asset class. The inflows were heavily concentrated in precious metals, with the SPDR Gold Shares (GLD) attracting a substantial $1.04B. The iShares Gold Trust (IAU) also saw a significant inflow of $196.0M. Outflows were modest and concentrated in diversified and energy-focused products, including a $20.9M redemption from the Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC).

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Cryptocurrency

Digital asset ETFs recorded a net outflow of $106.6M, extending the category’s 30-day redemption trend which now stands at $5.2B. The day’s outflows were led by the ARK 21Shares Bitcoin ETF (ARKB), which lost $43.5M, and the iShares Bitcoin Trust ETF (IBIT), which shed $30.8M. Bucking the trend, the Fidelity Wise Origin Bitcoin Fund (FBTC) managed to attract $14.0M in new assets. The Grayscale Bitcoin Trust ETF (GBTC) continued to see outflows, losing another $15.5M.

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Non-Traditional

Non-traditional ETFs were a major source of inflows, led by defined outcome or buffer strategies. The FT Vest U.S. Equity Buffer ETF – June (FJUN) was the top performer with a $706.2M inflow, followed by the FT Vest Nasdaq-100 Buffer ETF – June (QJUN) with $385.2M. Leveraged single-stock funds also saw activity, with the Tradr 2X Long SNDK Daily ETF (SNXX) adding $352.4M. Conversely, broad-market leveraged products saw significant redemptions, as the ProShares UltraPro QQQ (TQQQ) and Direxion Daily Semiconductor Bull 3X ETF (SOXL) shed $430.1M and $245.7M, respectively.

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Recent Launches

The latest ETF launches include several new funds from established issuers. Fidelity introduced the Fidelity Intermediate Municipal Income ETF (FIMU), which debuted with $2.0M in assets. PurePlay launched the PurePlay Nvidia Ecosystem Picks & Shovels Index ETF (NVPS), a thematic fund focused on the semiconductor supply chain. Other recent additions include the Nuveen US Infrastructure ETF (NUIF) and the Kurv SpaceX Enhanced Income ETF (XSHP), a synthetic income fund.