Roundhill Leads Issuers with $1.4 Billion Inflow, Driven by Disruptive Tech Demand

Issuer League Tables

Roundhill captured the top spot for genuine net inflows, adding $1.44 billion to its asset base, which has grown by over $20.5 billion year-to-date. Capital Group also had a strong session, attracting $1.06 billion, contributing to its $33.3 billion haul for the year. Conversely, iShares experienced a massive $25.32 billion net redemption, significantly reducing its 30-day intake to $70.4 billion. Vanguard followed with substantial outflows of its own, shedding $7.55 billion and pushing its 5-day flow total into negative territory at ($45.16 billion). Putnam saw the largest relative decline, with outflows of $2.25 billion equating to over 18% of its total assets under management.

Issuer Flows (Absolute)

Issuer Flows (Relative to AUM)

Daily ETF Flow Analysis

The ETF market recorded a significant net outflow of $38.00 billion, driven almost entirely by a $40.89 billion redemption from Equity funds. This single-day withdrawal contrasts sharply with the category’s positive $144.5 billion one-month and $665.7 billion year-to-date trends. Fixed Income provided a notable offset, attracting $4.24 billion in new assets and continuing its steady accumulation of $320.0 billion for the year. The day’s largest outflows were heavily concentrated in U.S. Large Cap Value and Growth categories, which shed a combined $29.5 billion, while Disruptive Technology and Information Technology categories led inflows with over $1 billion each.

Asset Class Flows

Category Flows (Top/Bottom 10)

U.S. Size & Style

U.S. size and style funds saw dramatic outflows from core value and growth exposures, while broad market funds attracted assets. The Vanguard S&P 500 ETF (VOO) was the day’s top gatherer with a $2.41 billion inflow, followed by the Vanguard Total Stock Market ETF (VTI) which added $1.16 billion. On the other side of the ledger, the iShares Russell 1000 Value ETF (IWD) and iShares Russell 1000 Growth ETF (IWF) experienced massive redemptions of $8.66 billion and $6.10 billion, respectively. Vanguard’s comparable funds, Vanguard Russell 1000 Growth ETF (VONG) and Vanguard Russell 1000 Value ETF (VONV), also saw multi-billion dollar outflows.

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Size & Style ex-U.S.

Flows in international equity were positive but concentrated in a single broad-market fund. The Vanguard Total International Stock ETF (VXUS) dominated the category, pulling in $555.6 million in new assets. Other notable inflows included $61.9 million for the Avantis International Equity ETF (AVDE) and $42.9 million for the Schwab International Small-Cap Equity ETF (SCHC). Outflows were modest in comparison, led by a $75.7 million redemption from the Cambria Foreign Shareholder Yield ETF (FYLD).

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Sector & Industry

The technology sector saw significant, albeit divergent, activity, with semiconductor funds leading inflows. The iShares Semiconductor ETF (SOXX) was the clear winner, attracting $1.33 billion in new capital. First Trust’s technology funds also saw strong demand, with the First Trust Technology AlphaDEX Fund (FXL) and First Trust NASDAQ-100 Technology Sector Index Fund (QTEC) adding $641.6 million and $568.8 million, respectively. In contrast, the iShares U.S. Technology ETF (IYW) experienced the largest sector outflow of the day, shedding $1.93 billion.

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Region & Country

Activity in region- and country-specific ETFs was relatively subdued, with modest inflows into North American exposures. The JPMorgan BetaBuilders Canada ETF (BBCA) led the group with a $44.9 million inflow. The iShares MSCI Turkey ETF (TUR) also saw a small inflow of $7.9 million. Outflows were more pronounced, particularly from Asian markets, as the iShares MSCI Emerging Markets Asia ETF (EEMA) saw $274.6 million in redemptions.

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Thematic

Thematic funds were highlighted by a single, massive inflow into a disruptive technology strategy. The Roundhill Memory ETF (DRAM) was the day’s standout fund, attracting $1.14 billion and driving Roundhill to the top of the issuer league table. The Tuttle Capital Pure Play Photonics ETF (FOTO) also saw a large inflow of $84.1 million (may be the result of a custom rebalance). On the redemption side, home construction funds saw outflows, with the iShares U.S. Home Construction ETF (ITB) losing $157.4 million.

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Fixed Income

Fixed income ETFs saw broad-based inflows totaling $4.24 billion, with investment-grade corporate and Treasury funds leading the way. The iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) was the top asset gatherer, adding $744.4 million. Government bond funds were also popular, as the iShares U.S. Treasury Bond ETF (GOVT) and Schwab Short-Term US Treasury ETF (SCHO) attracted $363.3 million and $343.1 million, respectively. Outflows were concentrated in longer-duration products, with the Vanguard Long-Term Corporate Bond ETF (VCLT) shedding $295.2 million.

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Commodity

Commodity funds saw net inflows of $226.9 million, primarily driven by interest in crude oil. The United States Oil Fund LP (USO) led all commodity products with a significant $346.7 million inflow. Gold-related funds saw modest inflows, such as the $32.2 million added to the SPDR Gold Minishares Trust of beneficial interest (GLDM). Conversely, other precious metals saw outflows, with the iShares Silver Trust (SLV) and iShares Gold Trust (IAU) losing $84.5 million and $53.6 million, respectively.

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Cryptocurrency

Digital asset products experienced another day of net outflows, shedding a collective $445.1 million. The vast majority of the redemptions came from the iShares Bitcoin Trust ETF (IBIT), which saw $444.5 million exit the fund. This continues a negative trend for the category, which has seen outflows of $1.95 billion over the past week and $5.76 billion year-to-date. Inflows were minimal and concentrated in altcoin products, led by the Bitwise XRP ETF (XRP) which added $11.7 million.

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Non-Traditional

Activity in non-traditional ETFs was mixed, with leveraged semiconductor funds attracting capital while single-stock products saw large redemptions. The Direxion Daily Semiconductor Bull 3X ETF (SOXL) led inflows with $275.3 million. Income-focused strategies also saw demand, with the JPMorgan NASDAQ Equity Premium Income ETF (JEPQ) adding $96.8 million. Conversely, the GraniteShares 2x Long NVDA Daily ETF (NVDL) experienced a massive $1.71 billion outflow, leading the day’s laggards.

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Recent Launches

A new suite of leveraged single-stock ETFs from issuer Corgi entered the market on June 26th. The ten new funds, including the Corgi TSLA 2x Daily ETF (TESC) and Corgi NVDA 2x Daily ETF (NVC), offer 2x daily exposure to various well-known technology and growth stocks. The products are still in their initial seeding phase, with assets under management for each fund currently below $300,000.