Large Cap Growth and Blend Lead Equity Surge

Vanguard topped the absolute leaderboard with $8.20B in single-day inflows, extending a run that has brought in $29.66B over five days and $76.12B over the past month, while Invesco gathered $3.79B and iShares added $1.62B, reinforcing the dominant positions of the largest brands. Among mid-size issuers, VanEck ($530.5M) and Schwab ($456.2M) posted solid absolute gains, while smaller players Relative Sentiment (27.07% of AUM), Miller (17.82%), and BeeHive (9.47%) led on a relative basis. On the outflow side, State Street (SPDR) shed $6.34B for the day despite a positive $16.74B 30-day and $127.55B YTD trend, while Alger lost $884.4M (-10.87% of AUM), a figure driven in part by redemptions from its Concentrated Equity and AI Enablers & Adopters funds. DFA ($471.0M) and Fundstrat ($172.1M) rounded out the day’s absolute laggards, with Abacus (-24.23%) and Clough (-5.63%) showing the steepest relative outflows among smaller issuers.

Total flows across all asset classes reached $8.59B on the day, building on a $67.55B five-day total and a $240.03B 30-day figure that keeps the $1.81T YTD pace intact. Equity led all classes with $7.24B in net inflows, dwarfing Fixed Income’s $1.11B and far outpacing Commodity ($196.1M), Multi-Asset ($64.3M), and Alternative ($37.6M) contributions. Non-Traditional products added $515.5M, while Digital Asset products saw $572.4M in net outflows, consistent with a weaker $2.07B five-day and $3.60B 30-day trend for that category despite a positive $914.1M YTD figure. Among categories, U.S. Large Cap – Blend ($3.97B) and U.S. Large Cap – Growth ($3.09B) led inflows, while Sector – Financials registered the largest outflow at $1.25B, followed by Government Ultrashort fixed income products shedding $685.9M.

U.S. size and style flows were led by the Vanguard S&P 500 ETF (VOO), which gathered $4.70B, alongside strong demand for the Invesco QQQ Trust Series I (QQQ) at $2.79B and its sibling Invesco NASDAQ 100 ETF (QQQM) at $1.03B. The Vanguard Morningstar Total Stock Market ETF (VTI) and iShares Russell 2000 ETF (IWM) also saw healthy inflows of $799.7M and $542.7M, respectively. On the outflow side, the State Street SPDR S&P 500 ETF (SPY) lost $2.31B and the SPDR Dow Jones Industrial Average ETF Trust (DIA) shed $1.08B, while the Alger Concentrated Equity ETF (CNEQ) saw $446.6M in redemptions.

Ex-U.S. size and style flows were comparatively modest, led by the Vanguard FTSE Developed Markets ETF (VEA) at $342.1M and the State Street SPDR Portfolio Developed World ex-US ETF (SPDW) at $247.4M, consistent with the $1.06B overall inflow seen in the Global Ex-U.S. Large Cap – Blend category. The iShares MSCI EAFE Small-Cap ETF (SCZ) added $114.8M, while the Goldman Sachs ActiveBeta International Equity ETF (GSIE) and Vanguard FTSE All-World ex-US Index Fund (VEU) each gathered roughly $73-75M. Outflows were minimal by comparison, with the PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) losing $16.1M and the AB International Low Volatility Equity ETF (ILOW) shedding $9.4M.

Sector flows reflected the $1.02B category inflow into Information Technology, led by the VanEck Semiconductor ETF (SMH) at $646.9M and the Vanguard Information Technology ETF (VGT) at $329.3M, with the State Street Technology Select Sector SPDR ETF (XLK) adding $146.1M. The State Street Energy Select Sector SPDR ETF (XLE) also gathered $95.6M. In contrast, the Financials sector lost $1.25B at the category level, with the State Street Financial Select Sector SPDR ETF (XLF) alone shedding $776.8M, while Utilities and Consumer Staples SPDR products (XLU, XLP) each lost roughly $390M.

Regional flows were led by Japan exposure, with the iShares MSCI Japan ETF (EWJ) gathering $159.2M and the JPMorgan BetaBuilders Japan ETF (BBJP) adding $86.1M. China exposure was also notable, with the KraneShares CSI China Internet ETF (KWEB) gathering $117.6M and the Invesco China Technology ETF (CQQQ) adding $37.9M. On the outflow side, the iShares MSCI Brazil ETF (EWZ) lost $142.9M and the iShares MSCI Taiwan ETF (EWT) shed $60.9M, with the iShares MSCI South Korea ETF (EWY) losing a further $33.4M.

Thematic flows were led by the ARK Innovation ETF (ARKK) at $113.3M, followed by the newly launched Global X Magnificent Six ETF (SIX) at $95.9M (may be the result of a custom rebalance), and the Invesco Solar ETF (TAN) at $59.9M. The Global X Data Center And Digital Infrastructure ETF (DTCR) added $56.5M. On the losing side, the Alger AI Enablers & Adopters ETF (ALAI) shed $219.2M, the iShares U.S. Telecommunications ETF (IYZ) lost $131.0M, and the Roundhill Memory ETF (DRAM) lost $111.6M.

Fixed Income gathered $1.11B overall, led by the PGIM AAA CLO ETF (PAAA) at $410.6M and the State Street SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at $353.0M, while the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) and Vanguard Total Bond Market ETF (BND) added $292.7M and $250.7M, respectively. Government Ultrashort products faced the heaviest category outflow at $685.9M, with the iShares 0-3 Month Treasury Bond ETF (SGOV) losing $467.1M and the ProShares GENIUS Money Market ETF (IQMM) shedding $332.8M. The State Street SPDR Bloomberg Convertible Securities ETF (CWB) also lost $336.2M, aligning with the $336.2M Convertible category outflow.

Commodity products added $196.1M for the day, a reversal from the negative $845.1M 30-day trend, led by gold exposure with the SPDR Gold Minishares Trust (GLDM) at $179.0M and SPDR Gold Shares (GLD) at $113.1M, alongside the United States Oil Fund LP (USO) gathering $163.0M. On the outflow side, the iShares Silver Trust (SLV) lost $71.5M and the State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy ETF (CERY) shed $49.5M, with the iShares Gold Trust (IAU) also losing $30.9M despite the broader strength in gold funds.

Digital Asset products saw a net outflow of $572.4M on the day, extending a negative $2.07B five-day and $3.60B 30-day trend, with the Fidelity Wise Origin Bitcoin Fund (FBTC) losing $199.9M and the iShares Bitcoin Trust ETF (IBIT) shedding $105.0M. The iShares Ethereum Trust ETF (ETHA) lost $75.2M and the Grayscale Bitcoin Trust ETF (GBTC) lost $49.9M, consistent with the Cryptocurrency – Bitcoin category outflow of $453.1M. No crypto products reported meaningful inflows, with several newly listed funds, including the Morgan Stanley Ethereum Trust ETF (MSSE), showing flat flows at $0.

Non-Traditional products added $515.5M overall, dominated by the Direxion Daily Semiconductor Bull 3X ETF (SOXL), which gathered $2.24B, alongside more modest inflows into the Direxion Daily S&P 500 Bull 3X ETF (SPXL) at $159.0M. On the opposite side, the Direxion Daily Semiconductor Bear 3X ETF (SOXS) lost $2.01B, nearly offsetting the inflow into its bullish counterpart, while the ProShares UltraPro Short QQQ (SQQQ) shed $106.5M. The Leverage Shares 2X Short SPCX Daily ETF (SSPC) lost $52.8M (may be the result of a custom rebalance), and the Tradr 2X Long APP Daily ETF (APPX) lost $41.2M (may be the result of a custom rebalance).

Recent launches spanned a range of categories and issuers, with BondBloxx introducing the Core Plus ETF (BBLX) at $8.0M in AUM and Davidson debuting the Intermediate Taxable ETF (DFIT) at $5.8M. Thematic and non-traditional entries included the Tuttle Capital AI Bottleneck ETF (DLAY) at $1.7M, Columbia’s RECS Laddered Deep Buffer and Moderate Buffer ETFs (RECD, RECM) at $0 in AUM, and AB’s Equity Premium Income ETF (INK) at $4.6M. The largest recent launch by AUM was the Global X Magnificent Six ETF (SIX) at $96.9M, while Canary’s Staked INJ ETF (INJC) entered the Digital Asset altcoin category with $15.0M.