Blend Strategies Surge while Tech and Growth ETF Flows Cool

Issuer League Tables

Vanguard led all issuers with $3.82 billion in net inflows, continuing a strong period that has seen it attract $27.88 billion over the past month and $278.77 billion year-to-date. iShares also had a robust day, securing $3.19 billion in new assets, contributing to its $234.54 billion haul for the year. Conversely, Invesco experienced the largest daily outflows, shedding ($2.98 billion), which significantly impacted its otherwise positive 30-day flow of $14.73 billion. First Trust also saw considerable redemptions of ($747.7 million). On a relative basis, smaller issuers like Adaptiv and River1 led, with inflows representing 9.71% and 9.30% of their AUM, respectively.

Issuer Flows (Absolute)

Issuer Flows (Relative to AUM)

Daily ETF Flow Analysis

The ETF market recorded $7.54 billion in total net inflows, bringing the year-to-date total to over $1.08 trillion. Fixed Income products led all asset classes with $3.91 billion in new assets, followed by Equity with $2.82 billion. At the category level, a significant divergence occurred within U.S. Large Cap, as Blend strategies attracted $3.25 billion while Growth strategies shed ($3.03 billion). U.S. Small Cap Blend also saw strong demand, pulling in $1.38 billion. The largest category-level outflows came from Information Technology, which saw redemptions totaling ($1.01 billion).

Asset Class Flows

Category Flows (Top/Bottom 10)

U.S. Size & Style

Activity in U.S. size and style funds was dominated by a massive ($3.40 billion) outflow from the Invesco QQQ Trust Series I (QQQ). In contrast, S&P 500-tracking funds saw significant demand, with the Vanguard S&P 500 ETF (VOO) adding $1.44 billion and the State Street SPDR Portfolio S&P 500 ETF (SPYM) gathering $932.6 million. Small-cap exposure was also popular, evidenced by a $1.03 billion inflow into the iShares Russell 2000 ETF (IWM). The T. Rowe Price Capital Appreciation Equity ETF (TCAF) also stood out with a $717.0 million inflow.

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Size & Style ex-U.S.

Broad international equity funds saw mixed results, with the iShares Core MSCI Total International Stock ETF (IXUS) leading inflows at $345.7 million. The iShares MSCI EAFE Value ETF (EFV) also attracted a healthy $187.9 million. On the other side of the ledger, the iShares MSCI EAFE ETF (EFA) experienced the largest outflows in the category, with redemptions of ($316.1 million). The Avantis International Equity ETF (AVDE) was another notable gainer, adding $54.4 million.

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Sector & Industry

Financials led sector flows, paced by a $466.0 million inflow into the State Street Financial Select Sector SPDR ETF (XLF). The Consumer Discretionary and Materials sectors also saw strong interest, with the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) and State Street Materials Select Sector SPDR ETF (XLB) adding $377.5 million and $288.3 million, respectively. Technology-focused funds saw the largest redemptions, highlighted by a ($758.0 million) outflow from the First Trust Technology AlphaDEX Fund (FXL).

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Region & Country

Regional and country-specific funds saw relatively muted activity, with modest inflows directed toward European and Pacific exposures. The JPMorgan BetaBuilders Europe ETF (BBEU) collected $27.5 million, while the iShares Core MSCI Pacific ETF (IPAC) added $25.0 million. Outflows were concentrated in Asia-focused funds, particularly those with China exposure. The Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR) and the iShares Asia 50 ETF (AIA) led redemptions with outflows of ($154.9 million) and ($147.2 million), respectively.

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Thematic

Thematic funds saw a standout inflow for the Roundhill Memory ETF (DRAM), which attracted $362.0 million. Gold miner funds also saw renewed interest, with the VanEck Gold Miners ETF (GDX) and iShares MSCI Global Gold Miners ETF (RING) gathering $82.7 million and $67.9 million. On the redemption side, the Global X Data Center And Digital Infrastructure ETF (DTCR) shed ($194.0 million). The ARK Innovation ETF (ARKK) also saw outflows, losing ($54.3 million).

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Fixed Income

Fixed income funds attracted the most assets of any category, led by strong demand for CLO and short-duration government debt strategies. The Janus Henderson AAA CLO ETF (JAAA) was the top performer with $381.4 million in new assets. The iShares 1-3 Year Treasury Bond ETF (SHY) and iShares 0-3 Month Treasury Bond ETF (SGOV) also saw significant inflows of $344.2 million and $326.4 million, respectively. In contrast, the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) experienced the largest redemption at ($199.3 million), while the Longview Advantage Fixed Income ETF (LVIG) shed ($93.4 million) (may be the result of a custom rebalance).

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Commodity

Commodity ETFs posted a net inflow of $108.3 million, a positive turn from their negative 5-day and 30-day flow trends. Gold-backed products saw diverging flows, as the iShares Gold Trust (IAU) brought in $97.3 million while the SPDR Gold Shares (GLD) saw outflows of ($38.0 million). The iShares Silver Trust (SLV) also added a notable $30.9 million. Broad-based commodity funds like the Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) saw modest redemptions of ($18.5 million).

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Cryptocurrency

Digital asset products recorded a strong day with $279.0 million in net inflows, bucking a recent trend that saw the category lose ($2.90 billion) over the past month. The iShares Bitcoin Trust ETF (IBIT) was the primary driver, attracting $209.4 million in new capital. Other spot bitcoin ETFs, including the Grayscale Bitcoin Mini Trust ETF (BTC) and ARK 21Shares Bitcoin ETF (ARKB), also saw inflows of $42.3 million and $33.0 million, respectively. The Grayscale Bitcoin Trust ETF (GBTC) continued to see redemptions, with outflows of ($44.5 million).

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Non-Traditional

Leveraged and income-oriented strategies saw significant two-way flows. The ProShares UltraPro QQQ (TQQQ) led inflows with $229.0 million, while the JPMorgan Equity Premium Income ETF (JEPI) added $48.2 million. On the other hand, its Nasdaq-focused counterpart, the JPMorgan NASDAQ Equity Premium Income ETF (JEPQ), experienced the largest outflow in the category at ($145.9 million). Leveraged single-stock ETFs also saw notable redemptions, including a ($42.2 million) outflow from the GraniteShares 2x Long NVDA Daily ETF (NVDL).

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Recent Launches

The most recent launches have been dominated by defined outcome or ‘buffer’ strategies, particularly from issuer Corgi. The firm launched a series of U.S. Equities, International, and Growth & Technology structured buffer ETFs in early July, each with various levels of downside protection. These funds, including the Corgi U.S. Equities 15% Structured Buffer ETF – July Series (CJUL), have each seeded with approximately $1.0 million in assets. AllianzIM also entered the space with its AllianzIM International Equity Buffer15 Uncapped Jul ETF (JULI), which has accumulated $5.0 million since its July 1st inception.