Single-Stock Leverage Surges as Semiconductor Flows Dominate

Invesco led all issuers in absolute terms with $4.62B of 1-day inflows, pushing its YTD total to $80.00B, while SPDR gathered $2.20B on the day and remains the YTD leader among issuers at $129.02B. GraniteShares posted both an outsized dollar inflow of $2.02B and the top relative gain of 16.90% of its $11.94B AUM, consistent with its $928.6M YTD pace, while Direxion added $1.13B on the day against a negative YTD total of ($1.51B). On the outflow side, ARK saw a ($3.01B) single-day redemption equal to -22.20% of AUM (may be the result of a custom rebalance), and FT Vest shed ($1.78B), both flagged as custom rebalance activity rather than genuine redemptions. Smaller issuers Timothy (-10.29%) and Avory (-9.53%) registered the sharpest relative outflows, while First Trust ($427.6M) and iM ($156.4M) rounded out the absolute laggards.

Total flows across all asset classes reached $10.26B on the day, with Equity leading at $4.26B and Fixed Income close behind at $3.93B, both well within their respective 1-month trends of $56.27B and $78.10B. Non-Traditional products gathered $2.27B, a sizable share of its $13.62B 1-week and $16.11B 1-month totals, while Digital Asset saw a modest ($163.2M) outflow despite a $2.74B YTD gain. Among categories, U.S. Large Cap – Growth topped inflows at $5.26B and U.S. Large Cap – Blend added $4.95B, while Non-Traditional Leverage | Inverse – Single Stock products brought in $2.03B. On the outflow side, Thematic – Health Innovation lost ($1.75B) and Non-Traditional Buffer – Equity shed ($1.74B), with Thematic – Multi-Sector down ($1.22B).

The Invesco QQQ Trust Series I (QQQ) led U.S. size and style flows with $4.90B, followed by the State Street SPDR S&P 500 ETF (SPY) at $3.47B, with the iShares Core S&P 500 ETF (IVV) and Vanguard S&P 500 ETF (VOO) adding $460.1M and $431.8M respectively. On the losing side, the iShares Russell 2000 ETF (IWM) shed ($513.8M) and the Invesco S&P 500 Equal Weight ETF (RSP) lost ($331.8M), with smaller outflows from the iShares Russell 2000 Growth ETF (IWO) and the iShares Core S&P Small Cap ETF (IJR).

The iShares MSCI Emerging Markets ex China ETF (EMXC) led ex-U.S. flows with $459.4M, while the iShares Core MSCI International Developed Markets ETF (IDEV) and Vanguard Total International Stock ETF (VXUS) added $107.2M and $90.5M respectively. On the outflow side, the Dimensional International Value ETF (DFIV) lost ($102.0M) and the Dimensional International Small Cap Value ETF (DISV) shed ($101.1M), with smaller redemptions from the Timothy Plan International ETF (TPIF).

The iShares Semiconductor ETF (SOXX) led sector flows with $666.0M, followed by the Vanguard Information Technology ETF (VGT) at $99.9M and the iShares U.S. Healthcare ETF (IYH) at $51.9M. On the outflow side, the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost ($354.3M) and the iShares U.S. Medical Devices ETF (IHI) shed ($341.4M), with the Vanguard Industrials ETF (VIS) and State Street SPDR S&P Aerospace & Defense ETF (XAR) also posting outflows above $280M, consistent with the Industrial category’s ($1.11B) overall daily outflow.

The iShares MSCI South Korea ETF (EWY) led regional flows with $300.7M, and the Franklin FTSE South Korea ETF (FLKR) added $107.9M, together marking the day’s strongest country-specific demand. The iShares MSCI Brazil Small-Cap ETF (EWZS) and iShares MSCI Mexico ETF (EWW) saw smaller inflows. Among laggards, the Invesco China Technology ETF (CQQQ) lost ($78.5M) and the iShares MSCI China ETF (MCHI) shed ($41.0M), with the iShares MSCI India ETF (INDA) and WisdomTree India Earnings Fund (EPI) also posting modest redemptions.

Thematic flows were dominated by outflows, led by the ARK Genomic Revolution ETF (ARKG) at ($1.75B, may be the result of a custom rebalance) and the ARK Innovation ETF (ARKK) at ($1.26B), together driving the category’s broader Health Innovation and Multi-Sector losses. The iShares U.S. Home Construction ETF (ITB) shed ($302.6M) and the First Trust NASDAQ Cybersecurity ETF (CIBR) lost ($148.2M). On the inflow side, the VanEck Gold Miners ETF (GDX) added $61.3M and the Global X U.S. Infrastructure Development ETF (PAVE) gathered $40.2M, with the Goldman Sachs Technology Opportunities ETF (GTOP) and VanEck Junior Gold Miners ETF (GDXJ) rounding out the smaller inflow leaders.

Fixed Income gathered $3.93B on the day, well within its $78.10B 1-month and $542.92B YTD trends, led by the iShares National Muni Bond ETF (MUB) at $654.0M and the WisdomTree Floating Rate Treasury Fund (USFR) at $304.4M. The ProShares GENIUS Money Market ETF (IQMM) and Vanguard Total Bond Market ETF (BND) also saw notable inflows above $270M each. On the outflow side, the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) lost ($368.8M) and the iShares 20+ Year Treasury Bond ETF (TLT) shed ($240.0M), consistent with the broader Taxable High Yield category’s ($383.5M) daily outflow.

Commodity flows totaled $159.5M for the day, modest against the $1.02B 1-week and $10.54B YTD trends, led by the SPDR Gold Minishares Trust (GLDM) at $165.7M and the United States Oil Fund LP (USO) at $97.1M. The iShares Gold Trust Micro ETF (IAUM) and United States Natural Gas Fund LP (UNG) added smaller sums. On the outflow side, the SPDR Gold Shares (GLD) lost ($76.8M) and the abrdn Bloomberg All Commodity Strategy K-1 Free ETF (BCI) shed ($30.3M).

Digital Asset flows were negative overall at ($163.2M) on the day, contrasting with a $2.34B 1-month gain, as the iShares Bitcoin Trust ETF (IBIT) lost ($71.8M) and the iShares Ethereum Trust ETF (ETHA) shed ($69.7M). The Bitwise Solana Staking ETF (BSOL) and Fidelity Wise Origin Bitcoin Fund (FBTC) also posted redemptions. Smaller crypto products saw modest inflows, with the Bitwise NEAR ETF (NRR) adding $2.6M and the Bitwise Chainlink ETF (CLNK) gathering $1.6M.

Non-Traditional products gathered $2.27B overall, led by single-stock leverage demand as the Direxion Daily Semiconductor Bull 3X ETF (SOXL) took in $1.12B and the GraniteShares 2x Long NVDA Daily ETF (NVDL) added $992.3M, helping push the Leverage | Inverse – Single Stock category to $2.03B. The GraniteShares 2x Long MU Daily ETF (MULL) and ProShares Ultra QQQ (QLD) also posted sizable inflows. On the outflow side, defined-outcome products led losses, with the FT Vest U.S. Equity Buffer ETF – October (FOCT) shedding ($1.10B, may be the result of a custom rebalance) and the FT Vest U.S. Equity Deep Buffer ETF – October (DOCT) losing ($364.4M, may be the result of a custom rebalance), consistent with the Buffer – Equity category’s broader ($1.74B) daily outflow.

Recent launches were dominated by a slate of ten Corgi FTSE fixed income ETFs that debuted on 10/16/2026, spanning corporate bond maturities, Treasury durations, fallen angels, and high yield exposures, each launching with between roughly $250K and $500K in AUM. The Tuttle – Rareview Humanoid Robotics ETF (HOID) also launched the same day with $244.9K in AUM, representing the lone thematic equity entrant among an otherwise fixed income-heavy cohort of new products.