Tech Sector and Ex-US Blend Lead While Large Blend Bleeds

Issuer flows diverged sharply from the broader iShares and Vanguard dominance, with iShares pulling in $1.37B on the day and extending a $73.48B 30-day and $324.94B YTD haul, while Vanguard shed $684.9M despite a $16.73B 5-day and $402.29B YTD surplus. Invesco posted the largest outflow at $2.11B, compounding a $5.64B 5-day drawdown even as its YTD figure remains positive at $71.12B, and SPDR lost $1.72B on the day despite a $15.10B 30-day inflow. Among smaller issuers, Leverage Shares stood out with $692.7M in daily inflows (21.01% of its $3.30B AUM) and VanEck added $627.7M, while GraniteShares lagged with a $99.3M outflow extending its negative $657.5M 30-day and $1.44B YTD trend. Relative standouts included EA Series Trust at 12.77% of AUM and Anfield at 9.10%, contrasted against 21Shares (-2.70%) and Monarch (-2.40%) on the laggard side.

Total net flows across all ETFs came in at $896.9M for the day, a modest figure against a $41.58B 5-day and $158.97B 30-day pace, with Equity posting a $4.05B outflow that stands in contrast to its $71.78B 30-day and $935.73B YTD inflow totals. Fixed Income was the leading asset class with $3.26B in daily inflows, building on a $28.65B 5-day and $68.06B 30-day trend, while Non-Traditional added $1.19B and Commodity contributed $608.1M. At the category level, Equity: Sector – Information Technology led with $2.00B, followed by Equity: Global Ex-U.S. Large Cap – Blend at $1.40B and Fixed Income: Taxable – Corporate at $1.12B. On the outflow side, Equity: U.S. Large Cap – Blend shed $6.16B, with Equity: U.S. Mid Cap – Blend ($1.80B) and Equity: U.S. Large Cap – Growth ($1.32B) also posting sizable daily redemptions.

U.S. size and style flows were led by the Vanguard S&P 500 ETF (VOO) at $680.2M, with the Invesco NASDAQ 100 ETF (QQQM) adding $211.6M and the Vanguard Morningstar Total Stock Market ETF (VTI) gathering $197.8M. The category saw far larger redemptions, however, as the State Street SPDR S&P 500 ETF Trust (SPY) lost $4.18B and the iShares Core S&P 500 ETF (IVV) shed $2.53B. The Invesco QQQ Trust Series I (QQQ) also gave back $2.34B, while the Vanguard Morningstar Mid-Cap ETF (VO) declined by $1.17B, underscoring the broad U.S. Large Cap – Blend outflow noted at the category level.

Ex-U.S. size and style funds showed strength at the top, with the iShares Core MSCI International Developed Markets ETF (IDEV) gathering $630.5M and the Vanguard Total International Stock ETF (VXUS) close behind at $628.1M, together driving the $1.40B category-level inflow in Global Ex-U.S. Large Cap – Blend. Smaller inflows came from the First Trust Developed Markets ex-US AlphaDEX Fund (FDT) at $61.4M and the Cambria Global Value ETF (GVAL) at $50.3M. On the outflow side, the iShares MSCI EAFE Value ETF (EFV) lost $62.9M and the First Trust International Equity Opportunities ETF (FPXI) gave back $41.4M.

Sector flows were dominated by Information Technology, which gathered $2.00B at the category level, led by the State Street Technology Select Sector SPDR ETF (XLK) at $974.3M and the VanEck Semiconductor ETF (SMH) at $538.9M. The State Street Financial Select Sector SPDR ETF (XLF) added $659.7M, consistent with the $662.0M category-level inflow in Financials, while the State Street Industrial Select Sector SPDR ETF (XLI) brought in $289.1M. On the downside, the Vanguard Communication Services ETF (VOX) shed $106.0M and the State Street Utilities Select Sector SPDR ETF (XLU) lost $95.9M.

Regional flows were anchored by the iShares MSCI Brazil ETF (EWZ), which gathered $702.1M, consistent with the $654.6M category-level inflow into Country Specific exposures. Smaller additions came into the Franklin FTSE Taiwan ETF (FLTW) at $22.7M and the JPMorgan BetaBuilders Canada ETF (BBCA) at $20.2M. On the outflow side, the Vanguard FTSE Europe ETF (VGK) led redemptions at $122.6M, matching the Eurozone category-level outflow of $122.6M, while the Invesco China Technology ETF (CQQQ) lost $27.1M.

Thematic flows were comparatively modest, led by the First Trust Nasdaq Clean Edge Smart GRID Infrastructure Index (GRID) at $109.0M and the Alger AI Enablers & Adopters ETF (ALAI) at $76.9M, with the ARK Next Generation Technology ETF (ARKW) adding $74.7M and the Roundhill Magnificent Seven ETF (MAGS) at $70.5M. On the outflow side, the AdvisorShares Pure US Cannabis ETF (MSOS) shed $20.5M and the iShares U.S. Telecommunications ETF (IYZ) lost $17.2M, with the Invesco Leisure and Entertainment ETF (PEJ) close behind at $16.3M.

Fixed Income led all asset classes with $3.26B in daily inflows, with the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) topping the list at $752.8M, consistent with the $1.12B category-level inflow into Taxable Corporate bonds. The iShares 0-3 Month Treasury Bond ETF (SGOV) gathered $527.3M and the iShares AAA CLO Active ETF (CLOA) added $409.0M, while the PGIM AAA CLO ETF (PAAA) brought in $255.3M, supporting PGIM’s $268.1M daily issuer total. On the outflow side, the Vanguard Tax-Exempt Bond ETF (VTEB) lost $489.6M, aligning with the $452.6M Municipal Intermediate category outflow, and the iShares 7-10 Year Treasury Bond ETF (IEF) shed $337.8M.

Commodity flows totaled $608.1M on the day, extending a $743.3M 5-day and $3.46B 30-day trend, led by SPDR Gold Shares (GLD) at $493.6M, consistent with the $518.7M Precious Metals category inflow. The United States Oil Fund LP (USO) added $115.4M and the SPDR Gold Minishares Trust (GLDM) gathered $65.5M. On the outflow side, the iShares Silver Trust (SLV) lost $27.9M and the iShares GSCI Commodity Dynamic Roll Strategy ETF (COMT) shed $22.1M.

Digital Asset flows were negative overall at $161.8M for the day, though they remain positive over the 1-month ($3.49B) and YTD ($4.51B) windows. The iShares Bitcoin Trust ETF (IBIT) was the sole notable gainer at $69.9M, while the ARK 21Shares Bitcoin ETF (ARKB) led redemptions at $85.2M, followed by the Fidelity Wise Origin Bitcoin Fund (FBTC) at $74.5M. The iShares Ethereum Trust ETF (ETHA) also shed $31.9M, with the Fidelity Ethereum Fund ETF (FETH) down $18.9M.

Non-Traditional strategies added $1.19B on the day, led by the TappAlpha Innovation 100 Growth & Daily Income ETF (TDAQ) at $426.8M (may be the result of a custom rebalance), with the Leverage Shares 2X Long SK Hynix Daily ETF (SKHX) adding $106.1M and the Leverage Shares 2X Long SNDK Daily ETF (SNDG) at $100.3M (may be the result of a custom rebalance). On the outflow side, the Amplify CWP Enhanced Dividend Income ETF (DIVO) shed $117.4M and the Direxion Daily TSLA Bull 2X ETF (TSLL) lost $77.4M, while the Innovator Equity Dual Directional 15 Buffer ETF – April (DDFA) declined by $51.1M (may be the result of a custom rebalance).

Recent launches span a range of issuers and categories, led by the NYLIM MacKay Muni High Income ETF (MMHI), which has gathered $25.0M in the Fixed Income: Municipal – High Yield category since its October 1 inception, alongside the Corgi Mangos ETF (MN) in Disruptive Tech with $23.4M. The T. Rowe Price Dynamic Emerging Markets Bond ETF (TDEM) has gathered $19.9M, while the Logan Capital International ETF (LCIV) has $19.2M in the Global Ex-U.S. Large Cap – Blend space. Smaller debuts include the Xtrackers MSCI EAFE 50% Hedged Equity ETF (EAFH) at $5.0M and the AllianzIM International Equity Buffer15 Uncapped Oct ETF (OCTI), also at $5.0M, rounding out a diverse slate of newly launched products.