Tech Sector Selloff Overshadows Broad Equity Inflows

Issuer flows were sharply bifurcated at the top of the league table, with Invesco pulling in $2.93B and Vanguard adding $1.98B, both tracking well within their robust 30-day ($14.67B and $70.12B, respectively) and YTD trends. JPMorgan and Capital Group also posted solid absolute gains of $936.6M and $409.4M, the latter aligning with its steady $4.06B 30-day pace. On the other side, SPDR shed $3.32B and iShares lost $2.82B despite both carrying strongly positive 30-day and YTD totals, suggesting single-day rebalancing rather than a trend reversal. Alger stood out as the day’s most stressed issuer, down $1.99B (-31.62% of AUM), compounding a negative 5-day trend of $3.17B in outflows, while Direxion also lagged with $467.3M in redemptions. Among smaller issuers, Monarch (+13.69%) and US Commodity Funds (+5.66%, $276.4M) posted the strongest relative inflows of the day.

Total industry flows were negative at ($2.15B) for the day, a sharp contrast to the positive 1-week ($51.05B), 1-month ($203.00B), and YTD ($1,810.56B) trends. Equity led outflows at ($4.35B), the lone asset class in negative territory alongside Digital Asset at ($534.9M) and Currency at ($52.2M), even as Equity’s YTD haul stands at $1,083.08B. Fixed Income was the standout gainer at $1.93B, consistent with its strong $54.75B 30-day trend, while Commodity added $358.1M and Non-Traditional grew by $353.3M. At the category level, U.S. Large Cap – Growth led with $2.59B and U.S. Large Cap – Value followed with $1.10B, while Sector – Information Technology suffered the heaviest redemptions at ($4.36B), well ahead of U.S. Small Cap – Blend’s ($1.48B) outflow.

Within U.S. size and style, the Invesco QQQ Trust Series I (QQQ) led with $2.36B and the iShares Core S&P 500 ETF (IVV) followed closely at $2.22B, with the Vanguard S&P 500 ETF (VOO) adding $886.8M. On the outflow side, the State Street SPDR S&P 500 ETF (SPY) posted the largest redemption at ($4.19B), followed by the Alger Concentrated Equity ETF (CNEQ) at ($1.27B) and the iShares Russell 2000 ETF (IWM) at ($1.10B).

Ex-U.S. size and style flows were comparatively modest, led by the State Street SPDR Portfolio Developed World ex-US ETF (SPDW) at $264.8M and the iShares Core MSCI EAFE ETF (IEFA) at $170.5M, with the Vanguard FTSE Emerging Markets ETF (VWO) adding $111.1M. Outflows were comparatively light, topped by the First Trust Dorsey Wright International Focus 5 ETF (IFV) at ($21.3M) and the Freedom 100 Emerging Markets ETF (FRDM) at ($11.8M).

Sector flows were dominated by steep technology-related redemptions, with the iShares Semiconductor ETF (SOXX) losing ($4.13B) and the VanEck Semiconductor ETF (SMH) shedding ($1.04B), while the State Street Financial Select Sector SPDR ETF (XLF) gave back ($551.6M). In contrast, broader technology funds attracted inflows, led by the State Street Technology Select Sector SPDR ETF (XLK) at $626.3M and the Vanguard Information Technology ETF (VGT) at $296.1M, highlighting a split between semiconductor-specific exposure and diversified tech sector vehicles.

Regional flows favored the KraneShares CSI China Internet ETF (KWEB), which gathered $227.8M, alongside the iShares MSCI India ETF (INDA) at $132.8M and the JPMorgan BetaBuilders Japan ETF (BBJP) at $106.7M. On the redemption side, the iShares MSCI Brazil ETF (EWZ) led with ($137.9M), followed by the iShares MSCI Singapore ETF (EWS) at ($85.1M) and the iShares MSCI Taiwan ETF (EWT) at ($63.1M).

Thematic flows were led by the VanEck Gold Miners ETF (GDX) at $152.9M, followed by the Global X Magnificent Six ETF (SIX) at $98.8M (may be the result of a custom rebalance) and the iShares A.I. Innovation and Tech Active ETF (BAI) at $62.4M. The largest outflow came from the Alger AI Enablers & Adopters ETF (ALAI) at ($586.8M), followed by the KraneShares Public-Private AI & Technology ETF (AGIX) at ($257.1M) (may be the result of a custom rebalance) and the Roundhill Magnificent Seven ETF (MAGS) at ($186.9M).

Fixed income inflows were broadly diversified across maturities and credit quality, led by the State Street SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at $314.6M and the Vanguard Short-Term Corporate Bond ETF (VCSH) at $241.1M, with the State Street SPDR Portfolio Aggregate Bond Index ETF (SPAB) adding $228.8M. On the outflow side, the Vanguard Short-Term Treasury ETF (VGSH) led with ($428.0M), followed closely by the Schwab Short-Term US Treasury ETF (SCHO) at ($398.1M) and the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) at ($365.4M), consistent with the Fixed Income: Taxable – Government Short category’s broader ($852.0M) outflow.

Commodity flows were led by the United States Oil Fund LP (USO) at $282.7M, followed by the SPDR Gold Shares (GLD) at $148.4M and the SPDR Gold Minishares Trust (GLDM) at $64.1M, aligning with the asset class’s overall $358.1M daily gain. Outflows were comparatively minor, led by the VanEck Commodity Strategy ETF (PIT) at ($43.6M) and the Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) at ($33.8M).

Digital Asset flows were negative overall at ($534.9M) for the day, extending negative 5-day ($1.77B) and 1-month ($3.05B) trends despite a positive YTD total of $379.1M. The iShares Bitcoin Trust ETF (IBIT) led redemptions at ($403.0M), followed by the iShares Ethereum Trust ETF (ETHA) at ($90.8M), while the Fidelity Wise Origin Bitcoin Fund (FBTC) was the lone notable gainer at $42.8M.

Non-Traditional flows gained $353.3M overall, led by the JPMorgan Equity Premium Income ETF (JEPI) at $410.2M, consistent with the Synthetic Income – Equity category’s $637.0M inflow, alongside the Direxion Daily MSCI South Korea Bull 3X ETF (KORU) at $153.2M and the GraniteShares 2x Long NVDA Daily ETF (NVDL) at $136.9M. The largest redemption came from the Direxion Daily Semiconductor Bear 3X ETF (SOXS) at ($510.9M), consistent with the broader Leverage | Inverse – Equity category’s ($495.6M) outflow, followed by the Direxion Daily Semiconductor Bull 3X ETF (SOXL) at ($55.2M).

Recent launches spanned a range of categories and issuers, with the BondBloxx Core Plus ETF (BBLX) debuting with $8.0M in assets and the Davidson Intermediate Taxable ETF (DFIT) at $6.3M, both targeting fixed income mandates. Thematic and buffer products also entered the market, including the Tuttle Capital AI Bottleneck ETF (DLAY) at $1.7M and the paired Columbia RECS Laddered Moderate Buffer ETF (RECM) and Columbia RECS Laddered Deep Buffer ETF (RECD), each with $4.9M in assets. The largest of the recent launches was the Global X Magnificent Six ETF (SIX), which has already accumulated $196.1M in AUM since its inception, while the Canary Staked INJ ETF (INJC) launched into the Altcoin category with $15.6M.