Invesco’s QQQ Leads $3.2B Haul as Fixed Income Outpaces Equity

Issuer League Tables

Invesco dominated the issuer league table with $3.29B in net inflows, significantly boosting its year-to-date total to $60.13B. Avantis and Schwab also posted strong results, collecting $276.4M and $266.9M, respectively. On the other end of the spectrum, Vanguard experienced the largest daily outflows at ($983.6M), though it remains the year-to-date leader with over $325B in new assets. In relative terms, Hashdex led with a 25.65% increase in assets under management from a $58.2M inflow, while Fairlead saw the largest relative decline, shedding 23.72% of its AUM.

Issuer Flows (Absolute)

Issuer Flows (Relative to AUM)

Daily ETF Flow Analysis

The ETF market recorded a net inflow of $2.93B, bringing the year-to-date total to over $1.25 trillion. Fixed Income was the primary driver, attracting $3.28B in new assets, which aligns with its strong one-month trend of $50.72B. Conversely, Equity products saw a net redemption of ($733.1M), a departure from their positive weekly and monthly trends. Category flows revealed a significant rotation within equities, as U.S. Large Cap – Growth funds pulled in $3.42B while U.S. Large Cap – Blend funds shed a substantial ($4.80B).

Asset Class Flows

Category Flows (Top/Bottom 10)

U.S. Size & Style

A stark divergence appeared in U.S. size and style categories, driven by large movements in flagship funds. The Invesco QQQ Trust Series I (QQQ) was the day’s top asset gatherer, pulling in $3.16B, followed by a $1.59B inflow for the Vanguard S&P 500 ETF (VOO). These gains were more than offset by significant redemptions from broad market and blend strategies. The Vanguard Morningstar Total Stock Market ETF (VTI) experienced the largest outflow of the day at ($4.39B), while the iShares Core S&P 500 ETF (IVV) shed ($1.39B).

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Size & Style ex-U.S.

International equity funds saw modest but targeted inflows, with a clear preference for value-oriented strategies. The iShares MSCI EAFE Value ETF (EFV) led the category with a $292.9M collection, contributing to its positive momentum. Avantis also saw continued demand for its international products, with the Avantis Emerging Markets Equity ETF (AVEM) and Avantis International Equity ETF (AVDE) adding $82.8M and $65.0M, respectively. Outflows were concentrated in the small-cap space, led by a ($68.7M) redemption from the iShares MSCI EAFE Small-Cap ETF (SCZ).

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Sector & Industry

Sector flows were negative overall, with a notable split within the technology space. While the iShares Global Tech ETF (IXN) attracted $146.9M, semiconductor funds faced heavy redemptions. The iShares Semiconductor ETF (SOXX) and VanEck Semiconductor ETF (SMH) shed ($583.9M) and ($228.2M), respectively, driving Information Technology to be the day’s worst-performing category with ($972.8M) in outflows. Elsewhere, the iShares U.S. Aerospace & Defense ETF (ITA) saw a solid $113.4M inflow.

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Region & Country

Region and country-specific ETFs saw relatively light activity, with a slight positive bias toward Asian markets. The iShares Asia 50 ETF (AIA) was the category leader, gathering $54.2M in new assets. Franklin Templeton’s single-country funds also saw demand, with the Franklin FTSE South Korea ETF (FLKR) and Franklin FTSE Taiwan ETF (FLTW) adding $39.3M and $39.1M. On the other side, the iShares MSCI Mexico ETF (EWW) led laggards with a ($46.0M) redemption.

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Thematic

Thematic fund flows were mixed, with continued interest in large-cap technology themes. The Roundhill Magnificent Seven ETF (MAGS) led all thematic funds with a $153.2M inflow, while the KraneShares Public-Private AI & Technology ETF (AGIX) also saw strong demand, collecting $118.3M. Conversely, natural resources and innovation-focused funds experienced outflows. The FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) saw the largest redemption at ($210.6M), followed by an ($87.6M) outflow from the ARK Innovation ETF (ARKK).

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Fixed Income

Fixed income ETFs attracted $3.28B, with the majority of flows directed toward the front end of the yield curve. The iShares 0-3 Month Treasury Bond ETF (SGOV) led all funds with a $582.5M inflow, followed by a $268.0M addition to the Vanguard Ultra-Short Bond ETF (VUSB). Broader market funds also saw healthy demand, as the Vanguard Total Bond Market ETF (BND) collected $282.6M. In contrast, long-duration government bonds faced headwinds, with the iShares 20+ Year Treasury Bond ETF (TLT) shedding ($282.1M).

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Commodity

Commodity funds posted a net inflow of $369.2M, driven primarily by interest in precious metals. The iShares Silver Trust (SLV) was the top performer, adding $83.1M, closely followed by the SPDR Gold Shares (GLD) with a $77.2M inflow. Broad-based commodity strategies also saw positive flows, including a $49.4M addition for the abrdn Bloomberg All Commodity Strategy K-1 Free ETF (BCI). Outflows were minimal and spread across various smaller funds.

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Cryptocurrency

Digital asset products had a strong session, bringing in a collective $360.9M and continuing a positive weekly trend of over $800M in inflows. The iShares Bitcoin Trust ETF (IBIT) continued its dominance, attracting $196.8M in new capital. The Hashdex Nasdaq CME Crypto Index ETF (NCIQ) also had a notable day, gathering $58.2M, while the iShares Ethereum Trust ETF (ETHA) added $50.3M. Redemptions were minor, led by a ($14.7M) outflow from the VanEck Bitcoin ETF (HODL).

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Non-Traditional

The non-traditional category recorded net outflows of ($417.7M), largely due to redemptions from popular leveraged and income-oriented products. The Direxion Daily S&P 500 Bull 3X ETF (SPXL) saw the largest single outflow at ($161.2M). Covered call strategies also faced withdrawals, with the JPMorgan Equity Premium Income ETF (JEPI) and JPMorgan NASDAQ Equity Premium Income ETF (JEPQ) shedding ($128.0M) and ($50.5M), respectively. Inflows were modest, led by a $42.1M addition to the Goldman Sachs S&P 500 Premium Income ETF (GPIX).

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Recent Launches

The latest ETF launches feature a variety of strategies, with a strong emphasis on defined outcome and active management. Corgi has been particularly active, rolling out a suite of structured buffer ETFs covering U.S. small-cap, international developed, and emerging markets. MicroSectors expanded its leveraged offerings with a 3x long semiconductor ETN. Other recent additions include the Calamos Active Hedged Equity ETF (CHDG) and the Fitz-Gerald Must Have Portfolio and Options Overlay ETF (FIZY), both employing active approaches.