Fixed Income Leads as Large-Cap Blend Draws Big Flows

Issuer flows were led on an absolute basis by Avantis with $1.30B in net inflows, outpacing its own 5-day ($2.27B) and 30-day ($5.48B) totals in a single session, while Vanguard added $1.28B and SPDR gathered $859.3M. T. Rowe Price also posted a notable $669.5M inflow day, consistent with its recent trend ($591.6M 5-day, $478.4M 30-day). On the outflow side, iShares shed $1.51B despite a strongly positive 30-day ($43.06B) and YTD ($375.03B) trend, suggesting a single-day reversal rather than a shift in longer-term demand. Alger recorded the sharpest outflow at ($1.43B), representing -29.31% of its $4.89B AUM, while Invesco ($1.07B), VanEck ($726.1M) and Direxion ($578.4M) also saw sizable redemptions. On a relative basis, smaller issuers Optimal (8.39%) and Diamond Hill (5.80%) posted the largest single-day inflows as a share of AUM.

Total net flows across all asset classes reached $1.54B on the day, well below the 1-week ($54.35B) and 30-day ($231.49B) paces but still positive. Fixed Income led all asset classes with $2.18B in inflows, extending a YTD total of $586.12B and a 1-year figure of $656.70B on $2.79T in AUM. Equity flows were comparatively muted at $163.9M, a sharp deceleration from the $43.25B 1-week and $153.27B 1-month totals. Commodity ($200.3M), Non-Traditional ($502.0M) and Digital Asset ($114.0M) categories all posted net outflows, while category-level data showed U.S. Large Cap – Blend leading with $3.65B and U.S. Large Cap – Growth lagging with ($2.88B) in outflows.

U.S. size and style flows were dominated by the State Street SPDR S&P 500 ETF (SPY) with $2.06B in inflows, followed by the T. Rowe Price Capital Appreciation Equity ETF (TCAF) at $651.8M and the Avantis U.S. Small Cap Value ETF (AVUV) at $491.2M. On the outflow side, the Alger Concentrated Equity ETF (CNEQ) lost ($1.28B), followed by the Invesco QQQ Trust (QQQ) at ($742.3M) and the iShares Russell 1000 Growth ETF (IWF) at ($564.4M). The spread between blend and growth categories was pronounced, with blend-style funds broadly gathering assets while growth-tilted funds saw redemptions across issuers.

Ex-U.S. size and style flows were modest by comparison, led by the Vanguard Total International Stock ETF (VXUS) at $215.5M and the Avantis International Small Cap Value ETF (AVDV) at $125.9M. The Vanguard FTSE All-World ex-US Index Fund (VEU) added $97.3M. The largest decline came from the 3EDGE Dynamic International Equity ETF (EDGI) at ($67.8M), though that figure may be the result of a custom rebalance. Remaining outflows were small in magnitude, with the Nomura ETF Trust Nomura Focused Emerging Markets Equity ETF (EMEQ) shedding just ($5.7M).

Sector flows showed technology-related funds gathering assets even as semiconductor exposure saw heavy redemptions. The Vanguard Information Technology ETF (VGT) led with $207.6M, followed by the State Street Health Care Select Sector SPDR ETF (XLV) at $132.2M and the State Street Technology Select Sector SPDR ETF (XLK) at $84.5M. On the losing side, the VanEck Semiconductor ETF (SMH) lost ($750.0M) and the State Street Utilities Select Sector SPDR ETF (XLU) shed ($673.3M), consistent with the category-level Utilities ($685.2M) and Information Technology ($673.8M) outflow readings. The iShares Semiconductor ETF (SOXX) also declined by ($168.5M).

Region and country flows were led by the iShares MSCI Poland ETF (EPOL) with $91.7M and the JPMorgan BetaBuilders Japan ETF (BBJP) at $43.9M, while the KraneShares CSI China Internet ETF (KWEB) added $29.1M. The largest redemption came from the iShares MSCI Taiwan ETF (EWT) at ($429.2M), well ahead of the iShares MSCI Brazil ETF (EWZ) at ($141.6M). The Franklin FTSE Taiwan ETF (FLTW) also saw a smaller decline of ($27.5M), aligning with the broader Country Specific category outflow of ($378.1M).

Thematic fund flows were led by the ARK Innovation ETF (ARKK) at $146.5M and the Alerian MLP ETF (AMLP) at $85.4M, with the First Trust NASDAQ Cybersecurity ETF (CIBR) adding $61.4M. On the outflow side, the Tema Electrification ETF (VOLT) lost ($188.3M), a notable decline that aligns with Tema’s -5.50% relative issuer outflow for the day. The State Street SPDR S&P Homebuilders ETF (XHB) also declined by ($36.1M), a far smaller magnitude than the leading thematic gainers.

Fixed Income was the standout asset class with $2.18B in net inflows, led by the iShares 0-3 Month Treasury Bond ETF (SGOV) at $366.9M and the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) at $249.0M. The RBB Fund Inc F/m Accumulator Ultrashort Treasury Fund (SGVA) posted a $258.7M inflow equal to 101% of its AUM (may be the result of a custom rebalance). The Vanguard Short-Term Corporate Bond ETF (VCSH) added $209.2M, consistent with the Government Ultrashort category’s $786.8M inflow lead. On the outflow side, the Vanguard Tax-Exempt Bond ETF (VTEB) lost ($260.1M) and the iShares 20+ Year Treasury Bond ETF (TLT) shed ($194.1M).

Commodity flows were negative overall at ($200.3M) for the day, a reversal from the positive 1-week ($104.3M) and 1-month ($242.3M) trends. Gold-related micro and small-share vehicles gathered assets, led by the iShares Gold Trust Micro ETF (IAUM) at $32.3M and the SPDR Gold Minishares Trust (GLDM) at $16.0M. The largest outflow came from the SPDR Gold Shares (GLD) at ($148.5M), far exceeding redemptions from the United States Oil Fund LP (USO) at ($28.2M) and the Invesco DB Commodity Index Tracking Fund (DBC) at ($26.1M).

Digital asset flows were negative at ($114.0M) for the day, extending a ($1.52B) 1-week and ($3.57B) 1-month decline on $111.71B in AUM. The Morgan Stanley Bitcoin Trust ETF (MSBT) was the lone meaningful gainer at $20.0M, while the iShares Bitcoin Trust ETF (IBIT) led outflows at ($78.2M). The Fidelity Wise Origin Bitcoin Fund (FBTC) also declined by ($36.8M), with smaller redemptions from the Bitwise Solana Staking ETF (BSOL) at ($8.2M).

Non-Traditional strategies posted a net outflow of ($502.0M) on the day, contrasting with a positive $651.4M 1-week trend. The Direxion Daily S&P 500 Bear 1X ETF (SPDN) led inflows at $148.6M, followed by the MicroSectors 3x Long Semiconductor ETNs (SMHU) at $96.5M. The largest outflow by far was the Direxion Daily Semiconductor Bull 3X ETF (SOXL) at ($687.9M), consistent with the broader semiconductor sector redemptions seen elsewhere in the data. The Direxion Daily Financial Bull 3X ETF (FAS) also declined by ($53.5M).

Recent launches span a mix of issuers and categories, with the largest being the Equity Partners ETF (LTEQ), an Unclassified fund launched 11/10/2026 that has already accumulated $672.4M in AUM, and the Lyrical U.S. Value Equity ETF (LYR) in the U.S. Large Cap – Value category at $1.27B. Nomura has entered with two products, the Nomura Small and Mid Cap ETF (SMDC) at $247.4M and the Nomura Strategic Income ETF (MFIX) at $158.5M. Lazard also launched two fixed income products, including the Lazard US High Yield ETF (HYB) at $135.5M, while smaller launches from BNY Mellon, Principal and Lyrical rounded out the group with AUMs ranging from $10.2M to $36.2M.