Overall Market Snapshot
The U.S. Size & Style ETF market, as of the week ending August 8, 2025, represents $6.357 trillion in Assets Under Management (AUM) across 881 funds from 234 issuers. The market experienced net outflows of $2.67 billion over the past week, a reversal from the $30.52 billion in positive flows seen over the last 30 days. Year-to-date, the category has attracted $240.44 billion. Product innovation continues at a steady pace, with 33 new ETFs launched in the past three months.
Performance Analysis
This week saw positive performance across all nine U.S. Size & Style categories, though returns varied significantly. Small-cap value funds were the week’s top performers, returning 2.50%. In the large-cap space, growth strategies led with a 2.36% gain, outpacing blend (1.98%) and value (1.58%). The dynamic was different for mid-caps, where value (1.10%) and blend (1.09%) styles outperformed a lagging growth segment (0.53%), which was the weakest performing category of the week. The strong results from small-caps, where blend and growth also posted solid gains of 2.08% and 1.81% respectively, underscore a clear performance rotation into smaller companies for the week.
Flows and AUM Trends
Despite the week’s gains, investor flows painted a conflicting picture of risk aversion, with the market experiencing $2.67 billion in total net outflows.
- Large-Cap: This segment was the primary source of the week’s outflows, driven by significant withdrawals from blend (-$2.42 billion) and growth (-$1.86 billion) ETFs. In a stark counter-trend, large-cap value funds were the clear favorite, attracting $1.81 billion in new assets.
- Flow Leaders: VOO (+$3,258M), IVV (+$3,097M), VTI (+$1,035M).
- Flow Laggards: SPY (-$11,314M), QQQ (-$3,544M), IWB (-$469M).
- Mid-Cap: This segment saw modest net inflows, with value funds attracting $124 million and blend strategies gathering $83 million. Mid-cap growth saw minor outflows of $44 million.
- Flow Leaders: IWR (+$117M), VXF (+$75M), IWS (+$60M).
- Flow Laggards: VO (-$151M), IWP (-$49M), IJH (-$44M).
- Small-Cap: Contrasting with their strong performance, small-cap funds saw net withdrawals. Blend (-$382 million) and value (-$18 million) strategies both saw outflows, while the growth category attracted a negligible $39 million in new assets.
- Flow Leaders: AVUV (+$44M), VB (+$26M), DFAS (+$21M).
- Flow Laggards: IWM (-$252M), IJR (-$204M), CALF (-$48M).
Issuer Landscape
The issuer landscape remains dominated by a few key players. Vanguard leads with a 34.11% market share, followed by iShares (BlackRock) at 27.53% and SPDR (State Street) at 14.77%. Vanguard was also the top flow gatherer for the week, attracting over $5.4 billion in new assets. However, major outflows from flagship funds at
SPDR (-$9.26 billion) and Invesco (-$3.24 billion) made them the biggest laggards and drove the category’s overall negative flow number for the week.
This weekly commentary was generated with the assistance of AI. The data is sourced from the U.S. Size & Style ETF AUM & Flows, Performance, and League Table reports. For a more detailed analysis, including complete lists of individual fund flows and performance metrics, please access the full reports.
