Semiconductors and Leveraged Equity Lead Fund Flows

Vanguard led all issuers in absolute terms with $5.08B on the day, extending a 5-day pull of $11.49B, a 30-day haul of $53.41B, and YTD inflows of $453.83B against $4,669.88B in AUM. Invesco followed with $3.77B, well above its 5-day pace of $7.42B, while iShares ($2.56B), SPDR ($2.23B), and Direxion ($2.10B) rounded out the top absolute gainers, with Direxion’s single day nearly matching its own 5-day total of $153.8M. On the relative side, smaller shops Ritholtz (9.13% of AUM), Gadsden (9.09%), and PrimeCap (8.85%) posted the largest percentage gains, while Aztlan (-21.60%) and Alger (-12.89%) saw the steepest relative outflows. Alger also topped absolute outflows at ($1.29B), consistent with its negative 5-day trend of ($418.4M), followed by Capital Group ($632.7M) and Global X ($465.1M), the latter deepening a 5-day decline of ($225.8M) and 30-day decline of ($274.3M).

Total flows across all asset classes reached $14.37B on the day, extending a 1-week total of $43.91B and a 30-day total of $193.52B against YTD inflows of $1,759.57B. Equity dominated with $8.98B in daily inflows, building on a $30.72B 5-day and $106.18B 30-day trend, while Fixed Income added $3.15B, consistent with its $10.08B weekly and $63.73B monthly pace. Non-Traditional products gathered $2.60B, a sharp pickup versus its $2.61B 5-day total, indicating the day accounted for nearly all of the week’s flow in that category. Digital Asset products saw outflows of ($836.8M), deepening a negative 5-day trend of ($671.7M) and 30-day trend of ($2.29B), while U.S. Large Cap – Blend led category inflows at $9.63B and U.S. Large Cap – Value lagged at ($2.78B), alongside a ($1.68B) outflow from Government Ultrashort funds.

Large-cap blend funds dominated inflows, led by the State Street SPDR S&P 500 ETF (SPY) at $5.14B, followed by the Invesco QQQ Trust Series I (QQQ) at $3.94B and the Vanguard S&P 500 ETF (VOO) at $2.57B, with the iShares Core S&P 500 ETF (IVV) adding $1.48B. On the outflow side, the State Street SPDR S&P Dividend ETF (SDY) shed ($1.61B), the largest redemption in the category, while the Alger Concentrated Equity ETF (CNEQ) lost ($1.11B) and the Capital Group Dividend Value ETF (CGDV) gave back ($710.7M).

Ex-U.S. flows were comparatively modest, led by the Vanguard FTSE Developed Markets ETF (VEA) at $485.2M, with the JPMorgan International Research Enhanced Equity ETF (JIRE) adding $69.2M. The JPMorgan International Dynamic ETF (JIDE) gathered $36.4M, representing 56% of its AUM (may be the result of a custom rebalance). On the outflow side, the First Trust WCM International Equity ETF (WCMI) led with ($96.8M), followed by the JPMorgan BetaBuilders International Equity ETF (BBIN) at ($62.0M).

Semiconductor exposure drove sector flows, as the iShares Semiconductor ETF (SOXX) pulled in $1.01B, far outpacing the State Street Consumer Staples Select Sector SPDR ETF (XLP) at $134.1M and the Vanguard Information Technology ETF (VGT) at $105.5M. On the outflow side, the iShares Expanded Tech-Software Sector ETF (IGV) lost ($396.5M) and the State Street Financial Select Sector SPDR ETF (XLF) shed ($370.2M), consistent with the broader Financials category outflow of ($691.3M) noted at the category level.

Regional flows were comparatively light, led by the iShares MSCI Mexico ETF (EWW) at $22.3M and the iShares Core MSCI Pacific ETF (IPAC) at $16.5M. On the outflow side, the iShares MSCI Taiwan ETF (EWT) led redemptions at ($20.4M), followed by the iShares MSCI Brazil ETF (EWZ) at ($14.6M) and the iShares MSCI Eurozone ETF (EZU) at ($13.1M).

Thematic flows skewed negative, with the Global X Copper Miners ETF (COPX) losing ($237.8M), the Roundhill Magnificent Seven ETF (MAGS) shedding ($222.1M), and the Global X Silver Miners ETF (SIL) giving back ($119.9M), consistent with the Natural Resources category outflow of ($298.9M). Smaller inflows came from the State Street SPDR S&P Global Natural Resources ETF (GNR) at $22.6M and the American Beacon GLG Natural Resources ETF (MGNR) at $15.4M, both far smaller in magnitude than the mining-sector redemptions.

Treasury exposure led fixed income inflows, with the iShares 7-10 Year Treasury Bond ETF (IEF) gathering $669.4M and the Fidelity Investment Grade Bond ETF (FIGB) adding $463.9M, while the iShares 20+ Year Treasury Bond ETF (TLT) brought in $409.0M, aligning with the $1.19B category inflow into Government Long bonds. On the outflow side, the iShares 0-3 Month Treasury Bond ETF (SGOV) lost ($1.29B) and the State Street SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) shed ($270.5M), reflecting the ($1.68B) category-wide decline in Government Ultrashort funds.

Commodity flows were led by the United States Oil Fund LP (USO) at $255.6M and the iShares Silver Trust (SLV) at $183.1M, contributing to the asset class’s $444.4M daily total versus $778.8M over the past week. The United States Natural Gas Fund LP (UNG) added $55.6M, while gold products diverged as the SPDR Gold Shares (GLD) lost ($143.5M) and the iShares Gold Trust (IAU) gave back ($51.5M).

Digital asset flows remained negative overall, with the Digital Asset class losing ($836.8M) on the day and ($2.29B) over the past 30 days. The iShares Bitcoin Trust ETF (IBIT) led outflows at ($233.7M), followed by the Fidelity Wise Origin Bitcoin Fund (FBTC) at ($201.0M) and the ARK 21Shares Bitcoin ETF (ARKB) at ($129.5M), consistent with the Cryptocurrency – Bitcoin category decline of ($662.2M). Inflows were minimal across the category, with the ProShares CoinDesk 20 Crypto ETF (KRYP) adding just $618.1K.

Leveraged equity products drove the Non-Traditional class to a $2.60B daily total, led by the Direxion Daily Semiconductor Bull 3X ETF (SOXL) at $1.63B and the Direxion Daily Semiconductor Bear 3X ETF (SOXS) at $499.6M, aligning with the $2.44B category inflow into Leverage | Inverse – Equity. The JPMorgan NASDAQ Equity Premium Income ETF (JEPQ) added $270.5M and the ProShares UltraPro QQQ (TQQQ) gathered $263.4M. On the outflow side, the Innovator Defined Wealth Shield ETF (BALT) lost ($227.1M), the largest redemption in the category.

Recent launches span a range of categories and issuers, led by the Hartford Alpha Capture International Equity ETF (ACIN) with $555.2M in AUM since its 10/26/2026 inception, and the AB US Research Advanced ETF (RADD) at $1.12B, both notably large for new entrants. Smaller debuts include the Buffered Bulldog ETF by C.J. Lawrence (ACJL) at $2.5M and two Eventide equity funds (ETDG, ELCF) each under $500K in AUM. Franklin introduced two Bitcoin-linked DRIP index products, FBEQ and FIBT, each gathering roughly $5M, while VanEck’s Wealth Builder ETF (WBMO) and Calamos’s Least-Of Autocallable Income ETF (CAYN) launched with sub-$3M asset bases.