Semiconductor ETFs Shed Billions Amid Broad Tech and Equity Outflows

Issuer League Tables

Dimensional and Capital Group led issuers with genuine net inflows, attracting $585.5M and $382.1M respectively, continuing their strong year-to-date collection trends. SPDR also landed in positive territory with a $337.0M intake, a reversal from its prior 5-day outflow trend. The day’s story, however, was dominated by redemptions, with Vanguard experiencing a massive ($12.66B) outflow that stands in stark contrast to its $88.24B 30-day inflow. Other major issuers also faced heavy withdrawals, including VanEck with ($9.18B), First Trust with ($7.17B), and Invesco with ($7.01B).

Issuer Flows (Absolute)

Issuer Flows (Relative to AUM)

Daily ETF Flow Analysis

ETFs saw total net outflows of ($52.06B), driven almost entirely by a ($52.94B) redemption from Equity products, which erased the prior week’s gains and dented the category’s strong monthly and year-to-date totals. In contrast, Fixed Income ETFs continued to attract capital, pulling in $2.11B for the day, while Commodity funds added $344.4M. The exodus from equities was concentrated in U.S. Large Cap Value, which shed ($17.14B), U.S. Large Cap Blend with ($10.49B) in outflows, and the Information Technology sector, which saw ($10.46B) depart. Global Ex-U.S. Large Cap was a notable bright spot, leading all categories with $2.68B in new assets.

Asset Class Flows

Category Flows (Top/Bottom 10)

U.S. Size & Style

A stark divergence appeared in the U.S. Large Cap Blend space, as the iShares Core S&P 500 ETF (IVV) attracted a substantial $3.23B, while the Vanguard S&P 500 ETF (VOO) led all funds in outflows with a massive ($8.36B) redemption. Small caps also saw mixed interest, with the iShares Russell 2000 ETF (IWM) and Pacer US Small Cap Cash Cows ETF (CALF) pulling in $1.29B and $1.00B, respectively, while the iShares Core S&P Small Cap ETF (IJR) shed ($2.75B). Other significant outflows came from the Schwab US Dividend Equity ETF (SCHD) at ($4.74B) and the Pacer US Cash Cows 100 ETF (COWZ) at ($2.97B).

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Size & Style ex-U.S.

Vanguard dominated inflows for international equity, with its funds taking the top four spots for asset gathering in the category. The Vanguard FTSE Developed Markets ETF (VEA) led the way with a $1.30B intake, followed by the Vanguard Total International Stock ETF (VXUS) with $693.4M and the Vanguard FTSE Emerging Markets ETF (VWO) with $679.2M. Outflows were more modest and concentrated in fundamental strategies. The Schwab Fundamental International Equity ETF (FNDF) saw the largest redemption at ($367.4M), while a suite of VictoryShares international funds also experienced smaller outflows.

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Sector & Industry

The semiconductor industry was the epicenter of sector outflows, with the VanEck Semiconductor ETF (SMH) shedding a staggering ($7.19B). This was compounded by significant redemptions from the iShares Semiconductor ETF (SOXX), which lost ($831.1M), and the Invesco S&P 500 Equal Weight Technology ETF (RSPT), which saw ($736.5M) depart. Inflows into the sector space were minimal by comparison. The iShares U.S. Technology ETF (IYW) managed to collect $152.2M, while the Invesco KBW Bank ETF (KBWB) added $70.4M.

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Region & Country

Europe-focused funds led regional inflows, headlined by a $423.0M collection for the Vanguard FTSE Europe ETF (VGK). South Korea also attracted significant capital, with the Franklin FTSE South Korea ETF (FLKR) pulling in $210.0M. Conversely, China-focused ETFs experienced outflows, with the iShares China Large-Cap ETF (FXI) losing ($85.4M) and the KraneShares CSI China Internet ETF (KWEB) seeing ($78.7M) in redemptions.

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Thematic

Thematic flows were led by a significant $415.4M intake for the Roundhill Memory ETF (DRAM), while infrastructure funds also saw positive interest, including a $133.3M inflow for the iShares U.S. Infrastructure ETF (IFRA). However, these gains were overshadowed by large redemptions from disruptive technology and cybersecurity themes. The Defiance Quantum ETF (QTUM) saw ($989.4M) depart, the First Trust NASDAQ Cybersecurity ETF (CIBR) shed ($702.7M), and the ARK Innovation ETF (ARKK) lost ($188.5M).

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Fixed Income

Fixed income ETFs posted a positive day, attracting a net $2.11B, with international and core bond funds leading collections. The Vanguard Total International Bond ETF (BNDX) gathered $288.6M, and the iShares Core Total USD Bond Market ETF (IUSB) added $262.7M. Ultra-short duration funds also saw demand, with the WisdomTree Floating Rate Treasury Fund (USFR) and JPMorgan Ultra-Short Income ETF (JPST) pulling in $185.1M and $156.5M, respectively. Outflows were concentrated at the long end of the curve, as the iShares 20+ Year Treasury Bond ETF (TLT) shed ($355.4M).

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Commodity

Commodity ETFs gathered a net $344.4M, though flows within the precious metals space were divided. The SPDR Gold Shares (GLD) led all commodity funds with a $233.3M inflow, and the iShares Silver Trust (SLV) added $183.8M. In contrast, the iShares Gold Trust (IAU) experienced the largest outflow in the category, losing ($239.0M). The United States Oil Fund LP (USO) also had a strong session, pulling in $138.0M.

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Cryptocurrency

Digital Asset ETFs recorded net outflows of ($70.6M), extending a negative trend over the past month where the category has shed nearly $4B. The spot bitcoin ETFs led the day’s redemptions, with the iShares Bitcoin Trust ETF (IBIT) losing ($96.7M). Spot ether products also saw outflows, including a ($12.8M) withdrawal from the iShares Ethereum Trust ETF (ETHA). Bucking the trend was the futures-based ProShares Bitcoin ETF (BITO), which attracted $27.3M in new assets.

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Non-Traditional

Leveraged and inverse funds saw heavy, mixed activity, with flows in the semiconductor space being particularly pronounced. The Direxion Daily Semiconductor Bull 3X ETF (SOXL) experienced a massive ($1.72B) outflow, while its bearish counterpart, the Direxion Daily Semiconductor Bear 3X ETF (SOXS), took in $437.0M. The GraniteShares 2x Long AMD Daily ETF (AMDL) recorded an $883.2M inflow (may be the result of a custom rebalance). Buffer ETFs also saw large redemptions, with the FT Vest U.S. Equity Buffer ETF – June (FJUN) shedding ($699.0M) (may be the result of a custom rebalance).

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Recent Launches

The most recent ETF launches include the PurePlay Nvidia Ecosystem Picks & Shovels Index ETF (NVPS) and the Fidelity Intermediate Municipal Income ETF (FIMU). Other newly listed funds offer exposure to single-stock leverage, infrastructure themes, and international equities. These recently launched products are still in their early asset-gathering stages, with most holding under $3M in AUM so far.