Semiconductor ETFs Attract Over $1 Billion as VanEck Leads Issuers

Issuer League Tables

VanEck led issuers with $1.13B in net inflows, continuing a strong year that has brought in $10.40B YTD. Schwab also had a solid day, adding $531.7M to its asset base, while Roundhill collected $448.9M. Anfield recorded a significant inflow of $481.3M, though this was largely driven by activity in a few funds that may be the result of a custom rebalance. On the other end of the spectrum, SPDR saw substantial redemptions totaling ($7.98B), and Invesco shed ($3.88B), marking a sharp reversal from their positive 30-day flow trends.

Issuer Flows (Absolute)

Issuer Flows (Relative to AUM)

Daily ETF Flow Analysis

The ETF landscape recorded a net outflow of ($5.13B) for the day, a departure from the positive trends seen over the past week ($27.58B) and month ($194.70B). This was driven almost entirely by the Equity asset class, which bled ($8.67B), with U.S. Large Cap Blend funds alone accounting for ($8.53B) in redemptions. In contrast, Fixed Income products continued to attract capital, pulling in $3.40B and building on a YTD total of $323.56B. Non-Traditional funds also saw inflows of $652.7M, while Commodity and Digital Asset categories experienced outflows of ($374.0M) and ($223.4M), respectively.

Asset Class Flows

Category Flows (Top/Bottom 10)

U.S. Size & Style

A stark divergence appeared in U.S. equity funds, as large-cap blend and growth products saw massive redemptions while small-cap and dividend strategies attracted new assets. The State Street SPDR S&P 500 ETF (SPY) experienced the day’s largest outflow at ($7.97B), followed by the Invesco QQQ Trust Series I (QQQ) shedding ($3.77B) and the iShares Core S&P 500 ETF (IVV) losing ($1.79B). Conversely, the iShares Russell 2000 ETF (IWM) led inflows with $836.9M. The Schwab US Dividend Equity ETF (SCHD) also saw strong demand, adding $320.9M.

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Size & Style ex-U.S.

International equity funds saw mixed results, with broad market strategies leading inflows while developed market funds faced redemptions. The Vanguard Total International Stock ETF (VXUS) was the clear leader, gathering $263.2M in new assets. Following behind was the iShares Core MSCI International Developed Markets ETF (IDEV), which added $106.5M. On the other side, the iShares MSCI EAFE ETF (EFA) registered the largest outflow in the category, shedding ($248.6M).

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Sector & Industry

Technology, and specifically semiconductors, dominated sector flows with substantial inflows. The VanEck Semiconductor ETF (SMH) single-handedly brought in $1.01B, leading all ETFs for the day. Other notable gainers included the State Street Industrial Select Sector SPDR ETF (XLI) with $530.2M and the iShares Semiconductor ETF (SOXX) with $245.7M. Meanwhile, the Invesco Aerospace & Defense ETF (PPA) saw the largest redemptions at ($422.1M), and the First Trust Nasdaq Oil & Gas ETF (FTXN) shed ($187.1M) (may be the result of a custom rebalance).

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Region & Country

Country-specific funds targeting Japan led regional inflows, with the JPMorgan BetaBuilders Japan ETF (BBJP) collecting $136.2M. India-focused funds also proved popular, as the iShares MSCI India Small Cap ETF (SMIN) added $41.8M and the Franklin FTSE India ETF (FLIN) gained $23.0M. In contrast, China-focused funds faced outflows, with the Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR) seeing redemptions of ($25.3M).

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Thematic

Technology-related themes were at the forefront of investor activity, with Roundhill funds seeing significant interest. The Roundhill Memory ETF (DRAM) attracted a notable $209.0M, while the Roundhill Magnificent Seven ETF (MAGS) added $73.0M. The VanEck Gold Miners ETF (GDX) also saw a healthy inflow of $71.9M. Outflows were led by the iShares A.I. Innovation and Tech Active ETF (BAI), which shed ($116.0M).

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Fixed Income

Fixed income flows were concentrated in corporate and long-duration government bonds. The Vanguard Short-Term Corporate Bond ETF (VCSH) led the category with $389.0M in new assets, closely followed by the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) with $372.9M. The iShares 20+ Year Treasury Bond ETF (TLT) also saw strong demand, adding $305.9M. On the redemption side, the iShares 0-3 Month Treasury Bond ETF (SGOV) experienced the largest outflow at ($151.0M).

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Commodity

Commodity ETFs experienced net outflows, driven primarily by redemptions from energy and gold products. The United States Oil Fund LP (USO) led the laggards with a ($214.8M) withdrawal. Gold funds also fell out of favor, with the iShares Gold Trust (IAU) shedding ($56.8M). A rare bright spot was the iShares Silver Trust (SLV), which managed to attract $36.5M in new capital.

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Cryptocurrency

Digital asset funds saw net redemptions, largely due to a significant withdrawal from the category’s largest product. The iShares Bitcoin Trust ETF (IBIT) recorded an outflow of ($300.4M), which more than offset inflows elsewhere. In contrast, the ARK 21Shares Bitcoin ETF (ARKB) was the top performer, gathering $50.0M. The iShares Staked Ethereum Trust ETF (ETHB) also saw outflows, losing ($37.5M).

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Non-Traditional

Activity in the non-traditional space was dominated by single-stock leveraged products. The Tradr 2X Long SNDK Daily ETF (SNXX) led all funds with a substantial $203.8M inflow. The Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) also attracted significant capital, adding $60.8M. On the other side of the ledger, the ProShares UltraPro QQQ (TQQQ) saw the largest redemption, with ($143.0M) exiting the fund.

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Recent Launches

The most recent additions to the ETF market include a large suite of leveraged single-stock funds from new issuer Corgi. These products, such as the Corgi PLTR 2x Daily ETF (PLTL) and Corgi MSFT 2x Daily ETF (MSFC), offer 2x daily exposure to popular technology and growth stocks. Having launched just a few days ago, these funds currently hold modest assets under management, which is typical for newly incepted ETFs. The suite covers a range of widely followed names including Tesla, Amazon, and Meta.