iShares and Invesco Lead Billions into Large-Cap Growth ETFs

Issuer League Tables

iShares led all issuers with a massive $14.21 billion inflow, a significant single-day haul that outpaced its recent 30-day average of $50.95 billion. SPDR and Invesco also posted strong results, attracting $6.89 billion and $5.39 billion, respectively. In a stark reversal, Vanguard experienced the day’s largest outflows, shedding $17.92 billion, which stands in sharp contrast to its $286.81 billion of net inflows year-to-date. On a relative basis, smaller issuers like Bushido and Elm saw significant interest, with inflows representing 17.05% and 14.79% of their assets under management.

Issuer Flows (Absolute)

Issuer Flows (Relative to AUM)

Daily ETF Flow Analysis

ETFs collectively gathered $17.72 billion in net inflows, bringing the year-to-date total to just under the trillion-dollar mark at $997.35 billion. Equity funds were the primary driver of the day’s activity, pulling in $15.89 billion, while Non-Traditional products also saw robust demand with $1.80 billion in new assets. Conversely, Commodity funds experienced significant redemptions of $1.14 billion, continuing a negative trend seen over the past month and year-to-date. Among categories, U.S. Large Cap Blend ($9.39 billion) and U.S. Large Cap Growth ($6.13 billion) were the dominant leaders, while U.S. Mid and Small Cap categories saw broad-based outflows.

Asset Class Flows

Category Flows (Top/Bottom 10)

U.S. Size & Style

A massive divergence in flows defined the U.S. large-cap blend space, as the iShares Core S&P 500 ETF (IVV) attracted a staggering $16.23 billion. At the same time, its direct competitor, the Vanguard S&P 500 ETF (VOO), shed $14.05 billion. Large-cap growth also saw immense interest, with the Invesco QQQ Trust Series I (QQQ) pulling in $5.39 billion. On the other end of the spectrum, the Pacer US Small Cap Cash Cows ETF (CALF) recorded outflows of $1.00 billion, contributing to a difficult day for small-cap strategies.

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Size & Style ex-U.S.

International equity funds saw modest but positive flows, led by the Vanguard Total International Stock ETF (VXUS) which gathered $347.3 million. Avantis demonstrated strength in the category, with its Avantis International Large Cap Value ETF (AVIV) and Avantis Emerging Markets Equity ETF (AVEM) attracting $212.5 million and $74.8 million, respectively. Outflows were minimal across the space, with the Invesco RAFI Developed Markets ex-U.S. ETF (PXF) seeing the largest redemption at just $15.4 million.

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Sector & Industry

Divergent flows were evident within key sectors, particularly in semiconductors and real estate. The VanEck Semiconductor ETF (SMH) was a top performer, attracting $601.8 million in new assets. In contrast, the iShares Semiconductor ETF (SOXX) led sector outflows, shedding $655.2 million. A similar split occurred in real estate, where the Schwab U.S. REIT ETF (SCHH) gathered $459.2 million while the iShares U.S. Real Estate ETF (IYR) saw redemptions of $172.7 million.

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Region & Country

Single-country ETFs saw relatively light activity, with Japan-focused funds leading the modest inflows. The iShares MSCI Japan ETF (EWJ) was the clear favorite, pulling in $87.2 million. Franklin FTSE South Korea ETF (FLKR) followed with a $21.1 million inflow. Meanwhile, China-focused funds experienced outflows, as the KraneShares CSI China Internet ETF (KWEB) and iShares China Large-Cap ETF (FXI) shed $64.8 million and $20.1 million, respectively.

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Thematic

Thematic flows were dominated by a single fund, as the Roundhill Memory ETF (DRAM) recorded an exceptionally large inflow of $2.25 billion. Infrastructure-related themes also garnered interest, with the First Trust Nasdaq Clean Edge Smart GRID Infrastructure Index (GRID) adding $245.8 million. On the redemption side, the Tema Space Innovators ETF (NASA) saw the largest outflow at $139.1 million. Home construction funds also faced headwinds, with the State Street SPDR S&P Homebuilders ETF (XHB) and iShares U.S. Home Construction ETF (ITB) losing a combined $118.4 million.

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Fixed Income

Fixed income flows favored the front end of the yield curve, with ultrashort and short-duration funds leading collections. The iShares 0-3 Month Treasury Bond ETF (SGOV) brought in $261.5 million, while the Capital Group Short Duration Municipal Income ETF (CGSM) added $192.8 million. Conversely, longer-dated Treasury funds saw notable redemptions. The iShares 7-10 Year Treasury Bond ETF (IEF) and the iShares 20+ Year Treasury Bond ETF (TLT) experienced outflows of $178.6 million and $146.3 million, respectively.

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Commodity

Commodity ETFs faced a difficult session, shedding over $1.1 billion in assets, driven almost entirely by outflows from precious metals. The SPDR Gold Shares (GLD) recorded the largest redemption with $616.3 million exiting the fund. Other precious metals products followed suit, with the iShares Silver Trust (SLV) losing $174.0 million and the iShares Gold Trust (IAU) seeing outflows of $94.7 million. Inflows into the asset class were negligible, with the largest collection being just $11.4 million for the abrdn Bloomberg All Commodity Strategy K-1 Free ETF (BCI).

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Cryptocurrency

Digital asset funds saw net outflows of $105.6 million, continuing a negative trend over the past month. The iShares Bitcoin Trust ETF (IBIT) led redemptions with a $172.0 million outflow, while the Grayscale Bitcoin Trust ETF (GBTC) shed another $81.0 million. Bucking the trend, the ARK 21Shares Bitcoin ETF (ARKB) and Fidelity Wise Origin Bitcoin Fund (FBTC) attracted positive flows of $64.0 million and $57.4 million, respectively. The newly launched iShares Ethereum Trust ETF (ETHA) also saw a notable $66.4 million redemption.

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Non-Traditional

Leveraged single-stock ETFs were at the center of activity in the non-traditional space. The GraniteShares 2x Long NVDA Daily ETF (NVDL) saw immense demand, pulling in $888.6 million. Broad market leveraged products were also popular, with the ProShares UltraPro QQQ (TQQQ) adding $479.4 million. In contrast, the GraniteShares 2x Long AMD Daily ETF (AMDL) recorded a massive outflow of $918.9 million (may be the result of a custom rebalance). The Direxion Daily Semiconductor Bull 3X ETF (SOXL) also saw significant redemptions of $301.3 million.

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Recent Launches

The past week has seen a variety of new ETF launches across different asset classes and strategies. Defiance launched the Defiance Daily Target 2X Long UMAC ETF (UMAL), a leveraged single-stock product. Fidelity expanded its fixed income lineup with the Fidelity Intermediate Municipal Income ETF (FIMU). Other recent additions include the PurePlay Nvidia Ecosystem Picks & Shovels Index ETF (NVPS) and the FT Vest Nasdaq-100 Dual Directional Buffer ETF – June (DQJN), both of which have accumulated modest assets since their inception.