Mid-Cap Blend and Value Lead Broad Equity Inflows

Vanguard topped the absolute issuer table with $6.36B in daily inflows, consistent with its outsized 5-Day ($33.82B), 30-Day ($93.21B) and YTD ($429.31B) trends, while SPDR added $1.55B on the day. Direxion posted a genuine $532.9M inflow, a notable reversal from its negative 30-Day (($672.4M)) and YTD (($10.16B)) trends. iShares was the largest laggard at ($1.68B) for the day, extending a rough stretch that includes a ($26.56B) 5-Day and ($41.83B) 30-Day figure despite a positive $220.08B YTD tally. Among smaller issuers, Angel Oak led outflows in dollar terms at ($226.3M), equal to a steep -6.97% of its $3.25B AUM, while Simplify and Global X also saw redemptions of ($102.5M) and ($93.2M) respectively. On a relative basis, SonicShares (6.45% of AUM) and Optimal (3.56%) stood out among smaller shops, while Leuthold’s ($63.7M) redemption represented -33.59% of its AUM.

Total ETF flows reached $10.43B on the day, led by Equity at $5.48B and Fixed Income at $1.82B, with Commodity ($974.9M), Non-Traditional ($1.64B) and Digital Asset ($305.3M) rounding out contributions against a $16.23T total AUM base. Equity’s daily haul compares to a $14.72B 1-Week, $46.20B 1-Month and massive $871.42B YTD figure, underscoring the category’s persistent gathering power. Among categories, U.S. Mid Cap – Blend led with $1.43B, followed by U.S. Large Cap – Growth ($1.20B) and U.S. Large Cap – Value ($931.2M), while U.S. Large Cap – Blend added $882.2M. On the outflow side, Fixed Income: Taxable – Government Long shed ($587.1M), Equity: Region – Country Specific gave back ($275.5M), and Equity: Sector – Industrial lost ($236.1M), highlighting a rotation away from long-duration bonds and select equity sub-segments even as the broader asset classes gathered assets.

U.S. size and style saw heavy activity, led by the SPDR Portfolio S&P 500 ETF (SPYM) with $2.72B, alongside Vanguard’s Total Stock Market ETF (VTI) at $1.25B and S&P 500 ETF (VOO) at $1.05B, alongside Vanguard’s Growth (VUG, $1.01B) and Mid-Cap (VO, $911.0M) funds. On the outflow side, the SPDR S&P 500 ETF (SPY) shed ($2.36B) and the iShares Core S&P 500 ETF (IVV) gave back ($1.99B), with the iShares Russell 2000 ETF (IWM) losing ($302.2M), suggesting a shift within core large-cap and small-cap exposures rather than a wholesale category exit.

Ex-U.S. size and style flows were modest relative to domestic activity, with the Vanguard FTSE Developed Markets ETF (VEA) leading inflows at $72.6M, followed by the iShares MSCI EAFE Small-Cap ETF (SCZ) at $51.1M and the Dimensional International Core Equity Market ETF (DFAI) at $46.6M. On the redemption side, the Lazard International Dynamic Equity ETF (IDEQ) lost ($26.6M) and the Xtrackers Bloomberg Developed Markets ex US Equity ETF (DMXU) gave back ($25.0M). Overall dollar magnitudes here were far smaller than domestic size/style moves, reflecting comparatively limited daily turnover in international core equity exposures.

Sector flows were led by the Financial Select Sector SPDR ETF (XLF) at $336.5M, consistent with the category’s $484.4M daily Financials total, followed by the iShares U.S. Real Estate ETF (IYR, $130.4M) and the SPDR S&P Regional Banking ETF (KRE, $111.2M). On the outflow side, the Industrial Select Sector SPDR ETF (XLI) led losses at ($212.4M), aligning with the ($236.1M) Industrial category outflow, while the VanEck Semiconductor ETF (SMH) shed ($162.2M) and the Energy Select Sector SPDR ETF (XLE) gave back ($161.4M).

Regional flows were comparatively contained, with the Franklin FTSE Taiwan ETF (FLTW) drawing $83.5M and the iShares MSCI Thailand ETF (THD) adding $43.7M, against a broader Region: Country Specific category outflow of ($275.5M). On the losing side, the iShares MSCI Japan ETF (EWJ) shed ($101.9M), the iShares MSCI Germany ETF (EWG) lost ($89.9M), and the iShares MSCI South Korea ETF (EWY) gave back ($89.3M), reflecting concentrated redemptions from several major developed and emerging Asia-Pacific and European country funds.

Thematic flows were led modestly by the Roundhill Magnificent Seven ETF (MAGS) at $39.3M and the VanEck Agribusiness ETF (MOO) at $30.2M, alongside the SPDR S&P Homebuilders ETF (XHB, $24.6M). On the redemption side, the Global X Copper Miners ETF (COPX) led losses at ($51.1M), followed by the TCW Transform Systems ETF (PWRD, ($36.1M)) and the Global X Silver Miners ETF (SIL, ($25.8M)), showing pressure specifically within metals-mining thematic exposures.

Fixed Income gathered $1.82B on the day, well below its $52.26B 30-Day pace but consistent with a strong $456.30B YTD figure. The Vanguard Tax-Exempt Bond ETF (VTEB) led with $554.0M, aligning with the $692.2M Municipal – Intermediate category inflow, while the iShares 0-3 Month Treasury Bond ETF (SGOV) added $316.6M and the iShares National Muni Bond ETF (MUB) drew $257.4M. The VictoryShares Pioneer Asset-Based Income ETF (ABI) posted $405.5M (may be the result of a custom rebalance). On the outflow side, the iShares 20+ Year Treasury Bond ETF (TLT) led losses at ($534.1M), consistent with the ($587.1M) Government Long category outflow, while the Angel Oak UltraShort Income ETF (UYLD) shed ($220.2M) and the iShares Broad USD High Yield Corporate Bond ETF (USHY) lost ($212.7M).

Commodity flows totaled $974.9M for the day, tracking a $1.54B 1-Week and $9.80B 1-Month pace, with gold-linked products dominating inflows: SPDR Gold Shares (GLD) drew $391.3M, the iShares Gold Trust (IAU) added $220.6M, and the iShares Gold Trust Micro (IAUM) gathered $102.0M, consistent with the $733.8M Precious Metals category total. On the outflow side, the United States Oil Fund LP (USO) lost ($93.7M) and the iShares Silver Trust (SLV) gave back ($51.1M), showing divergence between precious metals demand and energy/silver redemptions.

Digital Asset flows totaled $305.3M on the day, well above the muted $100.0M 1-Week figure but below the $6.19B 1-Month pace, led by the iShares Bitcoin Trust ETF (IBIT) at $134.3M and the iShares Ethereum Trust ETF (ETHA) at $80.5M, with the Fidelity Wise Origin Bitcoin Fund (FBTC) adding $53.3M. The ARK 21Shares Bitcoin ETF (ARKB) led outflows at ($42.0M), with the ProShares Bitcoin ETF (BITO) also shedding ($6.2M), pointing to a concentration of bitcoin demand in a subset of larger spot products.

Non-Traditional strategies gathered $1.64B on the day, tracking a $4.25B 1-Week and $11.16B 1-Month pace, led by the Direxion Daily Semiconductor Bull 3X ETF (SOXL) at $428.9M and the NEOS Nasdaq 100 High Income ETF (QQQI) at $157.7M, with the Direxion Daily TSLA Bull 2X ETF (TSLL) adding $125.9M. On the outflow side, the ProShares S&P 500 High Income ETF (ISPY) shed ($50.8M) and the ProShares UltraPro Short QQQ (SQQQ) lost ($33.9M), reflecting a mix of leveraged bullish demand alongside modest redemptions from inverse and income-overlay strategies.

Recent launches skew toward Fixed Income and thematic Disruptive Tech categories, including the TCW Securitized Income ETF (TIZE) with $20.2M in AUM and the MFS Active Short Duration Income ETF (MFSD) at $25.4M, alongside the MFS Active Short Muni Bond ETF (MFSX) at $15.0M. Thematic entrants include the Global X MLCC & Electronic Components ETF (MLCC) and the Yorkville America Next Generation Memory Index ETF (NRAM), both still under $1M in AUM, alongside the International Vegan Climate ETF (VEGX) at $608.8K. Several MicroSectors leveraged/inverse note products (XLPU, XLCU, XLPD) launched with $0 AUM, reflecting early-stage structured note listings yet to attract flows.