Semiconductors and Leveraged Single Stocks Lead Flows

Flow leadership stayed concentrated among the largest issuers, with iShares pulling in $3.95B and Vanguard adding $3.02B on the day, both well within their typical ranges given 30-day totals of $91.46B and $2.89B, respectively. GraniteShares stood out among non-mega issuers with $2.12B in net inflows, a figure that equates to 16.92% of its $12.52B AUM and dwarfs its 30-day pace of $2.46B, driven largely by leveraged single-stock products. Alger also posted a notable day with $873.2M in inflows (9.10% of AUM), while VanEck added $1.36B. On the outflow side, SPDR saw $1.71B leave, consistent with ongoing short-term pressure despite a $42.11B 30-day inflow figure, and ARK shed $297.9M, extending a negative 30-day trend of ($2.93B) and a negative 1-year total of ($1.35B).

Total flows across all asset classes reached $11.23B on the day, led by Equity at $6.31B and Fixed Income at $2.51B, both tracking well below their 5-day paces of $25.15B and $10.11B. Non-Traditional products gathered $2.97B, a disproportionately large share relative to the category’s $516.59B AUM base, while Commodity funds shed ($427.3M), bucking the asset class’s positive 30-day ($775.0M) and YTD ($10.03B) trends. At the category level, Equity: Sector – Information Technology led with $3.77B, followed by Non-Traditional: Leverage | Inverse – Single Stock at $2.32B and Equity: U.S. Large Cap – Value at $1.53B. On the losing side, Equity: U.S. Large Cap – Blend shed ($1.31B), Equity: Sector – Consumer Staples lost ($548.1M), and Commodity: Focused – Precious Metals fell ($323.1M).

Among U.S. size and style funds, the Vanguard S&P 500 ETF (VOO) led with $1.23B in inflows, followed by the State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) at $366.9M and the Alger 35 ETF (ATFV) at $251.8M. The largest outflow by far came from the State Street SPDR S&P 500 ETF (SPY), which shed ($2.42B), while the Invesco QQQ Trust Series I (QQQ) lost ($573.9M) and the iShares Core S&P 500 ETF (IVV) fell ($501.9M). The divergence between SPY’s outflow and VOO’s inflow highlights contrasting single-day activity within the same large-cap blend exposure.

Ex-U.S. size and style flows were modest in scale, led by the iShares International Country Rotation Active ETF (CORO) at $50.0M and the iShares Currency Hedged MSCI EAFE ETF (HEFA) at $44.1M. The Fidelity Enhanced International ETF (FENI) added $39.6M, and Dimensional funds DFIC and DFIV gathered $30.1M and $25.3M, respectively. On the outflow side, the AB Emerging Markets Opportunities ETF (EMOP) led laggards with ($14.5M), while remaining outflows were negligible in size.

Sector flows were dominated by semiconductor exposure, with the iShares Semiconductor ETF (SOXX) pulling in $2.55B and the VanEck Semiconductor ETF (SMH) adding $1.37B, together accounting for the bulk of the $3.77B Information Technology category total. The State Street SPDR S&P Biotech ETF (XBI) and State Street SPDR S&P Regional Banking ETF (KRE) added $271.9M and $268.2M, respectively. On the downside, the State Street Financial Select Sector SPDR ETF (XLF) shed ($292.4M), the iShares U.S. Consumer Staples ETF (IYK) lost ($282.4M), and the State Street Consumer Staples Select Sector SPDR ETF (XLP) fell ($263.2M), consistent with the ($548.1M) category-wide outflow in Consumer Staples.

Regional flows were comparatively small, led by the JPMorgan BetaBuilders Canada ETF (BBCA) at $94.3M and the iShares MSCI Japan ETF (EWJ) at $71.4M. The iShares MSCI Canada ETF (EWC) added $36.5M, while the Synera Funds Takumi+ ETF (SMTJ) gathered $24.4M, representing a large share of Synera’s overall AUM. On the outflow side, the Invesco China Technology ETF (CQQQ) led decliners with ($68.9M), followed by the iShares Latin America 40 ETF (ILF) at ($28.6M).

Thematic flows centered on artificial intelligence exposure, with the Alger AI Enablers & Adopters ETF (ALAI) gathering $385.4M, the iShares A.I. Innovation and Tech Active ETF (BAI) adding $102.6M, and the Global X Artificial Intelligence & Technology ETF (AIQ) up $75.0M. On the outflow side, the ARK Genomic Revolution ETF (ARKG) lost ($221.3M) and the ARK Innovation ETF (ARKK) shed ($70.9M), contributing to ARK’s overall ($297.9M) daily outflow and its negative 30-day trend of ($2.93B).

Fixed income flows totaled $2.51B, led by municipal and high-yield exposures, with the iShares National Muni Bond ETF (MUB) gathering $306.4M and the Vanguard Tax-Exempt Bond ETF (VTEB) adding $256.9M, consistent with the $743.0M Municipal – Intermediate category total. The iShares iBoxx $ High Yield Corporate Bond ETF (HYG) added $237.8M and the iShares 0-3 Month Treasury Bond ETF (SGOV) gathered $176.1M. On the outflow side, the iShares 7-10 Year Treasury Bond ETF (IEF) led decliners with ($252.6M), while the ProShares GENIUS Money Market ETF (IQMM) lost ($113.6M).

Commodity funds overall shed ($427.3M), a reversal from the asset class’s positive 1-week ($1.14B) and 30-day ($775.0M) trends, driven primarily by a ($323.1M) outflow in the Precious Metals category. The SPDR Gold Shares (GLD) led all commodity outflows with ($340.2M), while the United States Oil Fund LP (USO) lost ($96.0M) and the iShares Silver Trust (SLV) shed ($36.1M). Smaller gold-focused vehicles bucked the trend, with the SPDR Gold Minishares Trust (GLDM) adding $32.6M and the iShares Gold Trust Micro ETF (IAUM) gathering $20.5M.

Digital asset flows were roughly flat on the day at ($20.6M), extending a negative 1-week trend of ($293.4M) despite positive YTD flows of $3.11B. The iShares Bitcoin Trust ETF (IBIT) led inflows with $29.9M, while the Fidelity Ethereum Fund ETF (FETH) and Fidelity Wise Origin Bitcoin Fund (FBTC) each added $3.6M. On the outflow side, the iShares Ethereum Trust ETF (ETHA) led with ($33.0M), followed by the Bitwise Bitcoin ETF Trust (BITB) at ($10.3M).

Non-Traditional products gathered $2.97B overall, led heavily by leveraged single-stock funds, with the GraniteShares 2x Long NVDA Daily ETF (NVDL) pulling in $997.4M and the GraniteShares 2x Long MU Daily ETF (MULL) adding $455.2M. The Direxion Daily Semiconductor Bull 3X ETF (SOXL) gathered $336.6M, while the GraniteShares 2x Long PLTR Daily ETF (PTIR) added $306.7M (may be the result of a custom rebalance). On the outflow side, the ProShares Ultra QQQ (QLD) shed ($241.7M), while the GraniteShares 2x Long MSFT Daily ETF (MSFL) lost ($118.5M) (may be the result of a custom rebalance) and the GraniteShares 2x Long TSLA Daily ETF (TSLR) fell ($77.4M) (may be the result of a custom rebalance).

Recent launches have skewed toward fixed income, including the William Blair Emerging Income ETF (WINC) and the Hartford High Yield ETF (HINC), the latter already carrying $396.2M in AUM since its 10/19/2026 inception. The Hartford Alpha Capture International Value ETF (ACIV) launched with $145.8M in global large-cap value exposure, while the MayTech Global Growth ETF (MTGG) debuted with $59.6M in an unclassified category. A cluster of Corgi FTSE-branded fixed income ETFs launched on 10/16/2026 across corporate and government long maturities, including AGGB, AAAB, LTB, BBBB, and TNTW, each with modest AUM under $1M, alongside the small Defiance AI Infrastructure Bond ETF (AIBN) at $2.0M.