SPDR Leads with $2.4B Inflow as U.S. Large Caps Attract Capital

Issuer League Tables

SPDR topped the issuer league table with a substantial $2.37 billion net inflow, contributing to its $24.60 billion 30-day total. Vanguard also had a strong session, attracting $1.22 billion, which builds on its impressive $300.35 billion year-to-date haul. Roundhill placed third with $946.9 million in creations, though this was influenced by large single-fund rebalances. On the other end of the spectrum, iShares experienced the largest net redemptions, shedding $478.4 million for the day. US Commodity Funds saw the second-largest relative decline, with outflows of $271.7 million representing 5.83% of its assets under management.

Issuer Flows (Absolute)

Issuer Flows (Relative to AUM)

Daily ETF Flow Analysis

ETFs recorded a total of $5.03 billion in net inflows, bringing the year-to-date total to $1.17 trillion. Equity funds were the primary driver, collecting $3.51 billion, while Fixed Income products also saw positive demand with $1.10 billion in new assets. In contrast, Commodity ETFs experienced net redemptions of $185.5 million. Among categories, U.S. Large Cap Blend was the clear leader, pulling in $3.68 billion. Conversely, Sector – Information Technology funds faced the most significant withdrawals, shedding $782.6 million on the day.

Asset Class Flows

Category Flows (Top/Bottom 10)

U.S. Size & Style

U.S. Large Cap Blend funds dominated inflows, led by a massive $2.58 billion creation in the State Street SPDR S&P 500 ETF (SPY). Other notable collectors included the Dimensional US Large Cap Core Equity Market ETF (DFAL) with $384.4 million and the Invesco S&P 500 Equal Weight ETF (RSP) with $312.6 million. On the redemption side, the iShares Core S&P 500 ETF (IVV) saw the largest outflow at $563.2 million. The Capital Group Dividend Value ETF (CGDV) and the iShares Russell 2000 ETF (IWM) also experienced significant outflows of $476.5 million and $308.7 million, respectively.

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Size & Style ex-U.S.

Developed market international equity funds led creations, with the iShares Core MSCI EAFE ETF (IEFA) attracting a substantial $640.0 million. Emerging markets also saw strong interest, as the Vanguard FTSE Emerging Markets ETF (VWO) gathered $389.2 million. The iShares MSCI EAFE Value ETF (EFV) rounded out the top three with a $190.3 million inflow. Outflows were more modest, with the iShares ESG Advanced MSCI EAFE ETF (DMXF) experiencing the largest redemption of $183.8 million.

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Sector & Industry

Sector flows revealed a distinct rotation, with significant redemptions from technology and healthcare funds. The iShares Expanded Tech-Software Sector ETF (IGV) shed $779.6 million, while the State Street Health Care Select Sector SPDR ETF (XLV) saw outflows of $565.8 million. In contrast, inflows were more broadly distributed among other sectors. The iShares U.S. Financials ETF (IYF) led with $140.0 million, followed by the State Street Materials Select Sector SPDR ETF (XLB) with $124.5 million.

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Region & Country

Country-specific ETFs saw targeted inflows, particularly focused on South Korea and Canada. The iShares MSCI South Korea ETF (EWY) was the standout leader, attracting $195.1 million in new assets. Canadian equity funds also saw positive flows, with the iShares MSCI Canada ETF (EWC) and JPMorgan BetaBuilders Canada ETF (BBCA) adding $77.0 million and $35.8 million, respectively. The largest redemption was from the broad-based Vanguard FTSE Europe ETF (VGK), which shed $88.7 million.

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Thematic

Thematic fund flows were dominated by a single large creation in the Roundhill Memory ETF (DRAM), which pulled in $859.9 million. Other areas attracting capital included clean energy infrastructure, with the First Trust Nasdaq Clean Edge Smart GRID Infrastructure Index (GRID) adding $63.0 million. Conversely, the KraneShares Public-Private AI & Technology ETF (AGIX) experienced the day’s largest thematic outflow at $245.2 million. The State Street SPDR S&P Homebuilders ETF (XHB) also saw a notable redemption of $101.6 million.

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Fixed Income

Demand in fixed income was concentrated in long-duration and ultra-short-duration government debt. The iShares 20+ Year Treasury Bond ETF (TLT) led all fixed income funds with a $341.9 million inflow, while the iShares 0-3 Month Treasury Bond ETF (SGOV) added $140.8 million. Corporate credit funds, particularly high yield, faced headwinds. The iShares iBoxx $ High Yield Corporate Bond ETF (HYG) saw the largest outflow of the day at $214.6 million.

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Commodity

Commodity ETFs registered net outflows of $185.5 million, driven primarily by a $277.6 million redemption from the United States Oil Fund LP (USO). Gold-focused funds presented a mixed picture, as the SPDR Gold Shares (GLD) attracted $190.6 million. However, this was offset by outflows from the SPDR Gold Minishares Trust of beneficial interest (GLDM) and the iShares Gold Trust (IAU), which lost $98.6 million and $46.9 million, respectively.

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Cryptocurrency

Digital asset ETFs saw net inflows of $158.8 million, reversing a negative one-month trend. The iShares Ethereum Trust ETF (ETHA) led the category with $53.5 million in new assets, followed closely by several bitcoin products. The iShares Bitcoin Trust ETF (IBIT) and Grayscale Bitcoin Mini Trust ETF (BTC) added $38.8 million and $37.9 million, respectively. Meanwhile, the Grayscale Bitcoin Trust ETF (GBTC) continued to see redemptions, losing $38.3 million.

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Non-Traditional

Leveraged long equity products were the primary focus within the non-traditional category, as the ProShares UltraPro QQQ (TQQQ) gathered $270.7 million. The Roundhill NVDA WeeklyPay ETF (NVDW) and Roundhill TSLA WeeklyPay ETF (TSLW) recorded inflows of $99.4 million and $55.9 million (may be the result of a custom rebalance). The largest outflow came from the inverse ProShares UltraPro Short QQQ (SQQQ), which saw redemptions of $118.7 million.

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Recent Launches

Recent ETF launches include the Harding Loevner International Developed Markets Select Equity ETF (LOEV), a Global Ex-U.S. Large Cap Blend fund. Defiance launched the Defiance AI Hyperscale Leaders ETF (AIHY), a thematic multi-sector product that has gathered nearly $500k in assets since its debut. In the commodity space, Texas Precious Metals Trust launched physical gold and silver ETFs, the Texas Precious Metals Trust Y’all Street Physical Gold ETF (YSAU) and Texas Precious Metals Trust Y’all Street Physical Silver ETF (YSAG), which have accumulated $10.1 million and $5.3 million in AUM, respectively.