Semiconductor and U.S. Large-Cap ETFs Attract Billions in New Capital

Issuer League Tables

SPDR led all issuers with a significant $5.41 billion daily inflow, bolstering its year-to-date total to $78.42 billion. iShares followed with a strong $4.82 billion intake, contributing to its impressive $117.25 billion 30-day haul, while Invesco secured the third position with $3.05 billion in new assets. Roundhill also had a standout day, collecting $1.11 billion, which represents a substantial addition to its $35.51 billion AUM. On the other end of the spectrum, GraniteShares experienced the largest daily redemptions at $108.3 million, extending its 30-day outflow trend to $1.73 billion.

Issuer Flows (Absolute)

Issuer Flows (Relative to AUM)

Daily ETF Flow Analysis

ETFs recorded total net inflows of $18.79 billion, bringing the year-to-date total to over $1.14 trillion. Equity funds were the primary driver of the day’s activity, gathering $16.25 billion and pushing their one-month total to $124.06 billion. Fixed Income products also saw positive demand, adding $1.81 billion, while Non-Traditional and Digital Asset funds collected $475.7 million and $154.0 million, respectively. The leading categories were U.S. Large Cap Blend with $5.46 billion and U.S. Large Cap Growth with $2.87 billion, underscoring a clear preference for domestic large-capitalization exposure.

Asset Class Flows

Category Flows (Top/Bottom 10)

U.S. Size & Style

U.S. large-cap blend and growth funds dominated inflows, led by the State Street SPDR S&P 500 ETF (SPY) which collected $2.72 billion. The Invesco QQQ Trust Series I (QQQ) was a close second, adding $2.37 billion, followed by the iShares Core S&P 500 ETF (IVV) with a $1.18 billion intake. Conversely, factor-based strategies faced headwinds, with the iShares MSCI USA Momentum Factor ETF (MTUM) shedding $484.8 million. The iShares MSCI USA Value Factor ETF (VLUE) also saw significant redemptions of $363.5 million.

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Size & Style ex-U.S.

Flows into international developed markets were mixed, with currency-hedged strategies seeing notable interest. The iShares Currency Hedged MSCI EAFE ETF (HEFA) led with $183.0 million in new assets, while the Vanguard FTSE Developed Markets ETF (VEA) added $177.4 million. Emerging markets also saw some demand, with the Avantis Emerging Markets Equity ETF (AVEM) bringing in $124.2 million. On the other side, the unhedged iShares MSCI EAFE ETF (EFA) experienced the largest outflow in the category at $125.5 million.

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Sector & Industry

The Information Technology sector was the clear leader, driven by massive demand for semiconductor funds. The iShares Semiconductor ETF (SOXX) attracted a remarkable $1.61 billion in a single session. Financials also had a strong showing, with the State Street Financial Select Sector SPDR ETF (XLF) gathering $958.2 million. In contrast, the State Street Industrial Select Sector SPDR ETF (XLI) saw the largest sector outflow at $126.0 million, followed by the iShares U.S. Healthcare ETF (IYH) with a $120.2 million redemption.

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Region & Country

Country-specific funds were highlighted by an exceptionally large inflow into South Korean equities. The iShares MSCI South Korea ETF (EWY) single-handedly brought in $1.12 billion, dominating all other regional flows for the day. Other modest inflows were seen in the Invesco China Technology ETF (CQQQ) with $51.1 million and the Franklin FTSE South Korea ETF (FLKR) with $40.9 million. Meanwhile, the iShares China Large-Cap ETF (FXI) registered the largest regional outflow, shedding $144.5 million.

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Thematic

Disruptive technology themes saw significant activity, led by a $938.7 million inflow into the Roundhill Memory ETF (DRAM). The Roundhill Magnificent Seven ETF (MAGS) also continued to attract capital, adding another $120.0 million. In contrast, the iShares A.I. Innovation and Tech Active ETF (BAI) experienced the day’s largest thematic redemption of $247.3 million. Infrastructure and home construction themes also faced outflows, with the Global X U.S. Infrastructure Development ETF (PAVE) losing $62.1 million.

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Fixed Income

High-yield corporate bonds led fixed income inflows, with the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) collecting $382.5 million. Intermediate-term duration was also favored, as seen in the $234.4 million inflow for the iShares 7-10 Year Treasury Bond ETF (IEF) and the $131.0 million addition to the Vanguard Intermediate-Term Corporate Bond ETF (VCIT). Conversely, the long end of the Treasury curve saw outflows, with the iShares 20+ Year Treasury Bond ETF (TLT) shedding $202.1 million.

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Commodity

Commodity ETFs saw net inflows of $134.5 million, reversing a negative trend over the past week and month. Precious metals were a key contributor, with the iShares Silver Trust (SLV) adding $68.1 million. Energy also saw positive flows, as the United States Oil Fund LP (USO) brought in $48.1 million. Outflows were modest and led by the Invesco DB Precious Metals Fund (DBP), which saw redemptions of $23.1 million.

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Cryptocurrency

Digital asset products attracted $154.0 million in net new assets, a positive result that contrasts with outflows seen over the past week and month. The iShares Bitcoin Trust ETF (IBIT) was the primary recipient, gathering $80.8 million. Ethereum-focused products also saw demand, with the iShares Ethereum Trust ETF (ETHA) adding $45.3 million. Outflows were minimal across the category, with the largest being a modest $8.8 million from the ProShares Bitcoin ETF (BITO).

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Non-Traditional

Leveraged equity products captured the top inflow spots, with the ProShares UltraPro QQQ (TQQQ) adding $245.5 million and the Direxion Daily Semiconductor Bull 3X ETF (SOXL) bringing in $155.4 million. Buffer ETFs also saw some creations, including a $66.6 million inflow for the Innovator U.S. Small Cap Power Buffer ETF – July (KJUL). On the redemption side, the Innovator U.S. Small Cap Power Buffer ETF – November (KNOV) saw a $65.9 million outflow (may be the result of a custom rebalance), while the GraniteShares 2x Long NVDA Daily ETF (NVDL) shed $62.8 million.

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Recent Launches

Recently launched funds include several single-stock leveraged products from Direxion and Corgi, such as the Direxion Daily SK Hynix Bull 2X ETF (SKHL). Texas Precious Metals Trust debuted physical metal ETFs with the Y’all Street Physical Gold ETF (YSAU) and Y’all Street Physical Silver ETF (YSAG). Other recent additions to the ETF landscape include the KraneShares Photonic and Optical ETF (LUMA) and the TappAlpha Cboe Magnificent 10 Growth & Daily Income ETF (TMGN).