SPDR and iShares Dominate Inflows, Fueled by U.S. Large-Cap ETFs

Issuer League Tables

SPDR led all issuers with a substantial $7.97 billion net inflow, significantly outpacing its 30-day average and bringing its year-to-date total to $94.45 billion. iShares followed with a strong $4.40 billion intake, contributing to its market-leading $255.55 billion in year-to-date flows. Invesco also had a positive session, adding $2.15 billion. Conversely, Vanguard experienced the day’s largest redemptions, shedding $2.09 billion, which contrasts sharply with its robust $326.56 billion in year-to-date inflows. On a relative basis, Fairlead stood out, with new assets representing 19.17% of its AUM.

Issuer Flows (Absolute)

Issuer Flows (Relative to AUM)

Daily ETF Flow Analysis

ETFs recorded a total net inflow of $15.40 billion, bringing the year-to-date total to over $1.25 trillion. Equity funds were the primary driver, attracting $10.56 billion, while Fixed Income products added a respectable $3.09 billion. Among categories, U.S. Large Cap – Blend was the clear leader, pulling in $6.99 billion, followed by U.S. Large Cap – Growth with $2.09 billion. On the other end of the spectrum, U.S. Mid Cap – Blend funds saw the largest category-level outflows at $954.2 million, followed by the Information Technology sector, which shed $852.5 million.

Asset Class Flows

Category Flows (Top/Bottom 10)

U.S. Size & Style

U.S. large-cap blend and growth funds saw immense interest, led by the State Street SPDR S&P 500 ETF (SPY) which gathered $4.13 billion. The iShares Core S&P 500 ETF (IVV) and Invesco QQQ Trust Series I (QQQ) also saw significant demand, with inflows of $2.71 billion and $1.84 billion, respectively. In contrast, the Vanguard Morningstar Total Stock Market ETF (VTI) experienced the day’s largest single-fund outflow at $2.18 billion. Mid-cap funds also faced redemptions, with the Vanguard Morningstar Mid-Cap ETF (VO) shedding $689.8 million.

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Size & Style ex-U.S.

Flows in international equity were modest and mixed. The Schwab Fundamental International Equity ETF (FNDF) led with $54.2 million in new assets. Dimensional and VictoryShares also saw moderate inflows into their emerging markets and international free cash flow strategies. On the outflow side, the iShares MSCI Emerging Markets ex China ETF (EMXC) saw the largest redemption of $95.5 million. The Dimensional International Small Cap ETF (DFIS) also experienced a notable outflow of $80.1 million.

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Sector & Industry

Sector flows revealed a significant divergence within technology. The State Street Industrial Select Sector SPDR ETF (XLI) was the top gainer with a $764.1 million inflow, while the Health Care Select Sector SPDR ETF (XLV) added $332.2 million. Despite inflows into software and broad tech funds, the semiconductor industry faced heavy selling pressure, with the iShares Semiconductor ETF (SOXX) shedding $1.16 billion and the VanEck Semiconductor ETF (SMH) losing $402.8 million.

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Region & Country

Country-specific flows showed a notable split in Taiwan-focused funds. The Franklin FTSE Taiwan ETF (FLTW) attracted $113.8 million, making it the day’s leader in the category. Conversely, the iShares MSCI Taiwan ETF (EWT) was the top laggard, with outflows of $102.3 million. The iShares MSCI Canada ETF (EWC) also saw a significant inflow of $95.9 million.

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Thematic

Thematic fund flows were led by the Roundhill Magnificent Seven ETF (MAGS), which continued its asset-gathering streak with a $133.5 million inflow. The ARK Innovation ETF (ARKK) also saw renewed interest, adding $76.7 million. In contrast, funds focused on natural resources and infrastructure experienced the largest redemptions. The FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) shed $156.8 million, while the iShares Global Infrastructure ETF (IGF) lost $126.5 million.

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Fixed Income

Fixed income flows were positive, with high-yield and municipal bond funds attracting the most capital. The iShares iBoxx $ High Yield Corporate Bond ETF (HYG) led with a $325.5 million inflow, followed closely by the Vanguard Tax-Exempt Bond ETF (VTEB) with $312.6 million. On the other hand, long-duration government bonds saw outflows, as the iShares 20+ Year Treasury Bond ETF (TLT) recorded $438.9 million in redemptions. The F/m Compoundr U.S. Aggregate Bond ETF (CPAG) shed $144.1 million (may be the result of a custom rebalance).

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Commodity

Commodity funds saw net inflows of $531.3 million, largely driven by precious metals. The SPDR Gold Shares (GLD) dominated the category with a $636.9 million intake. However, this was partially offset by a $230.4 million outflow from the iShares Gold Trust (IAU). Energy-focused products faced headwinds, with the United States Oil Fund LP (USO) losing $104.2 million.

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Cryptocurrency

Digital asset products attracted $262.3 million in net new assets, continuing a positive trend for the week. The iShares Bitcoin Trust ETF (IBIT) was the clear leader, pulling in $170.3 million. The firm’s Ethereum offering, the iShares Ethereum Trust ETF (ETHA), also saw strong interest with a $42.5 million inflow. Outflows in the category were minimal.

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Non-Traditional

Activity in non-traditional ETFs was robust, with flows often moving in opposite directions to underlying asset classes. The Direxion Daily Semiconductor Bear 3X ETF (SOXS) saw the largest inflow of $274.3 million, coinciding with heavy outflows from semiconductor ETFs. In contrast, the GraniteShares 2x Long NVDA Daily ETF (NVDL) experienced the largest redemption, shedding $109.6 million. The ProShares UltraPro QQQ (TQQQ) also saw a notable outflow of $78.5 million.

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Recent Launches

The most recent launches were dominated by a large suite of buffer strategy funds from issuer Corgi. The new products offer various levels of structured downside protection for U.S. equity, international developed, and emerging markets exposures. Most of these funds began trading with initial assets of around $1.0 million. Additionally, Fitz-Gerald launched the Must Have Portfolio and Options Overlay ETF (FIZY), a synthetic income strategy.