Vanguard Captures $10.7 Billion as S&P 500 ETFs See Major Reshuffling

Issuer League Tables

Vanguard led all issuers with a commanding $10.68 billion inflow, reinforcing its strong year-to-date trend of nearly $360 billion in new assets. ProShares and Invesco also had positive sessions, gathering $529.5 million and $481.4 million, respectively. In stark contrast, SPDR and iShares experienced the day’s largest redemptions, shedding $10.05 billion and $6.13 billion from their platforms. FT Vest saw outflows of $1.30 billion, though this was largely driven by scheduled fund resets (may be the result of a custom rebalance).

Issuer Flows (Absolute)

Issuer Flows (Relative to AUM)

Daily ETF Flow Analysis

The ETF market recorded a net outflow of $5.30 billion, driven by a significant $9.41 billion redemption from Equity funds. Conversely, Fixed Income products attracted $3.79 billion in new capital, continuing a strong monthly trend that has brought in over $56 billion. Commodity funds also had a robust session, adding $966.2 million, while Digital Assets saw inflows of $516.7 million. At the category level, U.S. Large Cap Blend funds saw the largest exodus at $7.63 billion, while Global Ex-U.S. Large Cap and Precious Metals funds led inflows with over $1 billion each.

Asset Class Flows

Category Flows (Top/Bottom 10)

U.S. Size & Style

U.S. Large Cap Blend funds experienced a dramatic reshuffling, headlined by an $8.83 billion inflow into the Vanguard S&P 500 ETF (VOO). This was offset by massive redemptions from its largest peers, with the State Street SPDR S&P 500 ETF (SPY) losing $9.26 billion and the iShares Core S&P 500 ETF (IVV) shedding $7.42 billion. Elsewhere, the Avantis U.S. Large Cap Value ETF (AVLV) collected a notable $268.7 million. Small caps saw outflows, with the iShares Russell 2000 ETF (IWM) seeing $465.1 million in redemptions.

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Size & Style ex-U.S.

International equity funds saw broad-based demand, particularly within emerging markets. The iShares Core MSCI Emerging Markets ETF (IEMG) led the category with a $440.6 million inflow, closely followed by the Vanguard FTSE Emerging Markets ETF (VWO), which added $362.1 million. Developed markets also attracted capital, with the iShares Core MSCI International Developed Markets ETF (IDEV) gathering $321.6 million. On the other side of the ledger, the Fidelity International Value Factor ETF (FIVA) posted the largest outflow at $136.4 million.

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Sector & Industry

Sector flows were broadly negative, led by an $843.5 million redemption from the Vanguard Information Technology ETF (VGT). Other major sectors also saw significant outflows, including Health Care, where the State Street Health Care Select Sector SPDR ETF (XLV) lost $515.1 million, and Financials, with the State Street Financial Select Sector SPDR ETF (XLF) shedding $494.4 million. Inflows were more modest, though the State Street SPDR S&P Regional Banking ETF (KRE) collected $112.3 million. The State Street SPDR S&P Retail ETF (XRT) saw a $122.8 million inflow (may be the result of a custom rebalance).

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Region & Country

Activity in single-country and regional funds was mixed, with outflows outweighing inflows. The iShares MSCI South Korea ETF (EWY) experienced the day’s largest redemption in this category, shedding $116.9 million. The WisdomTree Japan Hedged Equity Fund (DXJ) also saw a notable outflow of $17.7 million. On the positive side, the iShares MSCI Spain ETF (EWP) led inflows by gathering $18.8 million, while the Franklin FTSE Taiwan ETF (FLTW) added $10.0 million.

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Thematic

Thematic funds saw pockets of demand, with the iShares U.S. Home Construction ETF (ITB) attracting $151.0 million. Cybersecurity and Metals & Mining themes also proved popular, as the First Trust NASDAQ Cybersecurity ETF (CIBR) and the State Street SPDR S&P Metals & Mining ETF (XME) gathered $137.4 million and $131.2 million, respectively. In contrast, the Roundhill Memory ETF (DRAM) posted a substantial $279.0 million outflow. The Global X AI Semiconductor & Quantum ETF (CHPX) also saw significant redemptions of $89.9 million.

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Fixed Income

Fixed income ETFs attracted significant assets, led by demand for long-duration government debt. The iShares 20+ Year Treasury Bond ETF (TLT) was the top gatherer with a $590.3 million inflow. Broad market and ultrashort strategies also saw strong interest, with the Vanguard Total Bond Market ETF (BND) adding $303.2 million and the ProShares GENIUS Money Market ETF (IQMM) collecting $300.3 million. Conversely, corporate bond funds faced redemptions, as the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) and the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) shed $307.0 million and $230.5 million, respectively.

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Commodity

Precious metals funds dominated the commodity space, accounting for the vast majority of the category’s $966.2 million net inflow. SPDR Gold Shares (GLD) led the way with a $336.2 million collection. Strong demand was also seen for the iShares Silver Trust (SLV) and the iShares Gold Trust (IAU), which attracted $232.4 million and $215.4 million, respectively. In contrast, energy products saw outflows, with the United States Oil Fund LP (USO) seeing redemptions of $121.8 million.

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Cryptocurrency

Digital asset ETFs posted a strong session with over half a billion dollars in net inflows. The iShares Bitcoin Trust ETF (IBIT) continued its asset-gathering leadership, pulling in $239.3 million. The iShares Ethereum Trust ETF (ETHA) also had a significant day, adding $150.8 million to its AUM. The Fidelity Wise Origin Bitcoin Fund (FBTC) contributed another $30.2 million in new assets. Outflows were minimal across the category.

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Non-Traditional

Non-Traditional funds saw net outflows of $1.20 billion, heavily influenced by large redemptions in buffer ETFs that coincided with their reset dates. The FT Vest U.S. Equity Buffer ETF – August (FAUG) recorded an $848.6 million outflow (may be the result of a custom rebalance). Similarly, the FT Vest U.S. Equity Deep Buffer ETF – August (DAUG) shed $215.0 million (may be the result of a custom rebalance). On the inflow side, leveraged products saw the most activity, with the ProShares UltraPro QQQ (TQQQ) gathering $156.4 million.

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Recent Launches

The most recent market entrants include the Ai Funds High Conviction US Equity AI-Managed ETF (HIAI) and a suite of three alternative strategy funds from Mast HedgeIndex. Guggenheim recently launched two funds, the Guggenheim Enhanced Equity Income ETF (GEEQ) and the Guggenheim Investment Grade CLO ETF (GCLO), which have gathered $20.9 million and $8.7 million in AUM, respectively. Other recent additions include new leveraged single-stock ETFs from Leverage Shares and an inverse Taiwan ETN from MicroSectors.