Tech & Large-Blend Lead as Ultrashort Bonds Retreat

Vanguard topped the absolute leaderboard with $2.02B in daily inflows, extending a trend that has delivered $18.57B over five days and $444.36B year-to-date against its $4.69T base, while VanEck ($1.33B), SPDR ($1.04B) and Invesco ($868.5M) also posted sizable single-day gains. Alger stood out on a relative basis, pulling in $669.0M, a 5.86% single-day lift versus its $11.41B AUM, consistent with its $6.91B 30-day and $10.94B YTD accumulation. On the other side, iShares recorded the largest single-day outflow among majors at ($1.27B), though its 5-day ($12.19B) and YTD ($349.01B) totals remain firmly positive. PIMCO ($440.4M), CCM ($270.3M) and Direxion ($252.6M) rounded out the daily laggards, with CCM’s ($270.3M) withdrawal representing a steep 17.42% of its $1.55B AUM.

Total net flows across all tracked ETFs reached $7.30B on the day, building on a $44.68B five-day and $219.47B thirty-day pace that has driven $1.72T into the industry year-to-date. Equity led all asset classes with $6.83B in daily inflows, continuing a run that has added $111.14B over the past month and $1.02T YTD against $12.58T in AUM. Fixed Income moved the opposite direction, shedding ($873.6M) for the day even as its 1-week ($14.58B) and 30-day ($82.53B) totals stayed positive. At the category level, Equity: Sector – Information Technology led with $1.69B, followed by Equity: U.S. Large Cap – Blend ($1.51B) and Equity: U.S. Large Cap – Growth ($1.16B), while Fixed Income: Taxable – Government Ultrashort posted the day’s steepest outflow at ($1.66B), alongside Equity: U.S. Large Cap – Value ($1.38B) and Fixed Income: Taxable – Ultrashort ($810.5M).

Within U.S. size and style, the Vanguard S&P 500 ETF (VOO) led inflows with $901.8M, followed by the State Street SPDR Portfolio S&P 500 ETF (SPYM) at $495.3M and the iShares S&P 500 Growth ETF (IVW) at $386.2M. The Alger Concentrated Equity ETF (CNEQ) added $379.1M, a sizable single-day gain for the issuer. On the outflow side, the iShares Russell 1000 Value ETF (IWD) led redemptions at ($1.87B), well ahead of the iShares Core S&P 500 ETF (IVV) at ($730.1M) and the iShares Russell Mid-Cap Value ETF (IWS) at ($438.9M).

Ex-U.S. size and style flows were comparatively modest, led by the Vanguard FTSE Developed Markets ETF (VEA) at $313.2M and the Vanguard FTSE Emerging Markets ETF (VWO) at $227.4M, with the Vanguard International High Dividend Yield ETF (VYMI) adding $161.8M. Outflows in this segment were minor by comparison, with the Sequoia ETF (SEQ) losing just ($2.8M) and the Vident International Equity Strategy ETF (VIDI) shedding ($2.0M), underscoring the lack of meaningful redemption pressure in international equity products on the day.

Sector flows were dominated by the VanEck Semiconductor ETF (SMH), which gathered $1.25B, a leading contributor to the day’s broader $1.69B Information Technology category total. The State Street Health Care Select Sector SPDR ETF (XLV) added $340.6M and the State Street Financial Select Sector SPDR ETF (XLF) took in $271.7M. On the outflow side, the State Street SPDR S&P Biotech ETF (XBI) led with ($146.8M), followed by the State Street Consumer Staples Select Sector SPDR ETF (XLP) at ($79.2M).

Regional flows were led by the Franklin FTSE Japan ETF (FLJP), which gathered $95.9M, followed by the iShares MSCI Mexico ETF (EWW) at $60.2M and the JPMorgan BetaBuilders Canada ETF (BBCA) at $52.4M. The iShares MSCI Brazil ETF (EWZ) posted the largest regional outflow at ($156.2M), with the Invesco China Technology ETF (CQQQ) shedding ($48.2M). Overall country-level activity remained fairly contained compared with broader sector and style categories.

Thematic flows were led by the ARK Innovation ETF (ARKK), which gathered $675.0M on the day, alongside the Alger AI Enablers & Adopters ETF (ALAI) at $213.5M. The State Street SPDR S&P Homebuilders ETF (XHB) added a more modest $53.9M. Conversely, the ARK Genomic Revolution ETF (ARKG) led thematic outflows at ($187.6M), with the iShares U.S. Telecommunications ETF (IYZ) shedding ($60.1M), highlighting a split within the ARK lineup on the day.

Fixed income activity was mixed, as the asset class overall lost ($873.6M) despite high yield strength: the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) added $416.1M and the iShares Broad USD High Yield Corporate Bond ETF (USHY) gathered $261.7M, contributing to the $777.7M High Yield category total. Short-duration products bore the brunt of outflows, led by the State Street SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at ($1.08B) and the iShares 0-1 Year Treasury Bond ETF (SHV) at ($549.5M), consistent with the ($1.66B) Government Ultrashort and ($810.5M) Ultrashort category declines. The ProShares GENIUS Money Market ETF (IQMM) and the JPMorgan Ultra-Short Income ETF (JPST) also saw notable redemptions of ($511.6M) and ($486.1M), respectively.

Commodity flows were positive overall at $57.0M, led by SPDR Gold Shares (GLD) at $110.6M and United States Oil Fund LP (USO) at $49.9M. The iShares Gold Trust (IAU) offset much of that gain with ($75.6M) in outflows, and the WisdomTree Enhanced Commodity Strategy Fund (GCC) lost ($39.8M), illustrating divergence even within precious metals exposure on the day.

Digital asset flows were roughly flat at $3.5M for the day, a pullback from the asset class’s $2.83B YTD total, with the iShares Bitcoin Trust ETF (IBIT) leading inflows at $110.3M and the Fidelity Ethereum Fund ETF (FETH) adding $16.1M. The iShares Ethereum Trust ETF (ETHA) offset much of that, losing ($104.7M), consistent with the broader ($88.6M) Cryptocurrency – Ethereum category outflow. Smaller funds such as the Bitwise Solana Staking ETF (BSOL) saw modest redemptions of ($7.2M).

Non-Traditional strategies gathered $1.20B overall, led by the ProShares Ultra QQQ (QLD) at $554.6M and the Main BuyWrite ETF (BUYW) at $198.6M, with the Synthetic Income – Equity category adding $872.0M broadly. The GraniteShares 2x Long NVDA Daily ETF (NVDL) led outflows at ($515.2M), while the ProShares UltraPro QQQ (TQQQ) lost ($181.3M). Several single-stock leveraged products in the GraniteShares and Innovator lineups also showed large swings that appear tied to custom rebalances rather than organic demand (may be the result of a custom rebalance).

Recent launches skewed toward growth and income strategies, led by the AB US Research Advanced ETF (RADD) in U.S. Large Cap – Growth, which has already amassed $1.12B since its 10/23/2026 inception. The Hartford Alpha Capture International Equity ETF (ACIN) launched with $551.4M in Global Large Cap – Growth, while the HCM Select 50 ETF (FIFT) debuted with $65.3M in U.S. Large Cap – Blend. Several smaller Synthetic Income – Equity entrants, including the Calamos Least-Of Autocallable Income ETF (CAYN) and the Overlay Shares Nasdaq 100 Income ETF (OVQ), launched with AUM under $10M, alongside niche products like the xETFs Samsung Group ETF (SMNG) and Tema’s commodity-focused Tema Commodity Infrastructure ETF (THRU).