Country-Specific Equity Surge Overshadows Tech Thematic Selloff

Issuer flows were dominated at the top by mega-brands, with SPDR gathering $3.83B, Invesco adding $3.68B, and Vanguard collecting $2.53B on the day, all broadly consistent with their 30-Day and YTD trajectories. Among non-mega names, BNY Mellon stood out with a $729.8M absolute inflow, well above its 5-Day pace of $763.1M, while Alger posted the strongest relative gain at 9.40% of AUM on a $555.4M inflow. On the outflow side, VanEck shed $415.6M, extending a 5-Day outflow of $908.2M and a 30-Day outflow of $1.34B, while Roundhill ($110.7M), US Commodity Funds ($109.1M), and Abacus ($80.4M) rounded out the day’s absolute laggards. Relative laggards included Abacus at -13.82% of AUM and ROC at -6.42%, both notably sharper than their 30-Day trends. WisdomTree’s headline $14.25B inflow and ARK’s $4.60B outflow both reflect custom rebalance activity rather than organic demand.

Total flows across all asset classes reached $25.42B on the day, well below the 1-Week pace of $55.80B but consistent with a market still running at a $202.07B 1-Month and $1,619.96B YTD clip. Equity led all categories with $19.93B in net inflows, followed by Fixed Income at $4.54B, while Commodity ($472.8M) and Digital Asset ($332.1M) posted outflows. Within Equity, Region – Country Specific led all categories with $14.54B, though this figure is skewed by a custom rebalance; excluding that, U.S. Large Cap – Growth ($4.20B) and U.S. Large Cap – Blend ($3.49B) were the genuine standouts. On the outflow side, Thematic – Multi-Sector shed $4.04B and Sector – Information Technology lost $1.37B, with Fixed Income: Taxable – High Yield also declining by $602.6M.

U.S. size and style flows were led by the Invesco QQQ Trust Series I (QQQ) at $2.80B and the State Street SPDR Portfolio S&P 500 ETF (SPYM) at $2.03B, with the BNY Mellon US Large Cap Core Equity ETF (BKLC) adding $801.6M. On the outflow side, the iShares Core S&P 500 ETF (IVV) shed $777.2M and the State Street SPDR S&P 500 ETF (SPY) lost $464.3M, with smaller redemptions from the iShares Russell 2000 Growth ETF (IWO) and the State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM).

Ex-U.S. size and style activity was comparatively modest, led by the iShares Core MSCI International Developed Markets ETF (IDEV) at $264.8M and the Vanguard Total International Stock ETF (VXUS) at $83.7M. The JPMorgan International Value ETF (JIVE) and iShares MSCI EAFE Small-Cap ETF (SCZ) each added roughly $70M and $66.3M respectively. The largest redemption came from the State Street SPDR Portfolio Emerging Markets ETF (SPEM) at $72.7M, with smaller outflows across Capital Group, Invesco, John Hancock, and Harding Loevner international funds all under $10M.

Sector flows were led by the State Street Financial Select Sector SPDR ETF (XLF) at $783.7M and the State Street Energy Select Sector SPDR ETF (XLE) at $495.6M, consistent with the day’s $1.03B and $693.6M category-level inflows for Financials and Energy. The State Street SPDR S&P Regional Banking ETF (KRE) added $341.2M and the iShares Biotechnology ETF (IBB) gathered $250.7M. Technology and semiconductor exposures saw the heaviest redemptions, with the iShares U.S. Technology ETF (IYW) losing $762.6M and the VanEck Semiconductor ETF (SMH) shedding $697.7M, reflecting the broader $1.37B Information Technology category outflow.

Region and country flows were dominated by the WisdomTree Japan Hedged Equity Fund (DXJ) at $14.14B (may be the result of a custom rebalance), which drove the bulk of the $14.54B Country Specific category total. Excluding that figure, the iShares MSCI Brazil ETF (EWZ) led genuine demand with $486.7M, while the iShares Core MSCI Europe ETF (IEUR) added $72.5M. On the outflow side, redemptions were modest and broad-based, led by the Invesco China Technology ETF (CQQQ) at $34.6M and the iShares MSCI South Korea ETF (EWY) at $26.6M.

Thematic flows were led by the Alger AI Enablers & Adopters ETF (ALAI) at $93.5M and the VanEck Gold Miners ETF (GDX) at $91.0M, with the iShares U.S. Home Construction ETF (ITB) adding $43.0M. Outflows were dominated by the ARK Innovation ETF (ARKK) at $4.19B (may be the result of a custom rebalance), which weighed heavily on the day’s $4.04B Multi-Sector thematic category total. The ARK Next Generation Technology ETF (ARKW) also shed $369.5M, while the Roundhill Memory ETF (DRAM) lost $150.4M and the Disruptive Tech category fell $413.5M overall.

Fixed Income gathered $4.54B on the day, trailing the $21.37B 1-Week and $76.64B 1-Month pace but still positive, led by the Vanguard Tax-Exempt Bond ETF (VTEB) at $528.9M and the iShares National Muni Bond ETF (MUB) at $431.0M, consistent with the $1.59B Municipal – Intermediate category inflow. The iShares 20+ Year Treasury Bond ETF (TLT) added $280.2M and the Janus Henderson AAA CLO ETF (JAAA) gathered $234.9M. Credit exposures were the weakest spot, with the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) losing $563.4M and the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) shedding $292.5M, aligning with the $602.6M High Yield category outflow.

Commodity flows were negative overall at $472.8M, extending a weak 1-Week trend of -$81.8M despite a positive $2.02B 1-Month and $8.63B YTD backdrop. The iShares Silver Trust (SLV) led inflows with $42.5M, followed by the Breakwave Tanker Shipping ETF (BWET) at $25.0M. The SPDR Gold Shares (GLD) saw the largest redemption at $302.5M, contributing to the $370.8M Precious Metals category outflow, while the United States Oil Fund LP (USO) lost $103.8M.

Digital Asset flows were negative on the day at $332.1M, though this marks an improvement relative to the 1-Week outflow of $1.00B and remains well ahead of the 1-Year decline of $2.08B. The Franklin XRP ETF (XRPZ) led inflows with $8.2M and the Fidelity Ethereum Fund ETF (FETH) added $5.5M. The Fidelity Wise Origin Bitcoin Fund (FBTC) saw the heaviest redemption at $197.1M, with the iShares Ethereum Trust ETF (ETHA) losing $71.1M, together driving the $244.1M Bitcoin category outflow.

Non-Traditional strategies gathered $1.55B on the day, consistent with the 1-Week pace of $2.27B and $8.13B 1-Month trend, led by the Direxion Daily Semiconductor Bull 3X ETF (SOXL) at $263.3M and the GraniteShares 2x Long COIN Daily ETF (CONL) at $154.4M. The NEOS Nasdaq 100 High Income ETF (QQQI) and NEOS S&P 500 High Income ETF (SPYI) added $84.1M and $76.5M respectively. The Direxion Daily MU Bull 2X ETF (MUU) led outflows at $108.0M, with smaller redemptions from Tradr’s leveraged SNDK product and GraniteShares’ AMD-linked fund.

Recent launches were modest in size and concentrated in specialty and thematic structures, with the Simplify Brookwood Global Macro ETF (GMAC) gathering $61.1M in Alternative: Absolute Return – Multi-Strategy and the Russell Investments Multisector Bond ETF (RINK) accumulating $37.5M in Fixed Income: Taxable – Core Enhanced since their October 6 inceptions. The Direxion U.S. 500 Plus ETF (SPXP) launched with $19.8M in the Specialty Alternative Asset Sleeve category. WisdomTree introduced two smaller offerings, the Efficient Long/Short U.S. SmallCap Equity Fund (WSLS) and Global Alpha Fund (WTAL), each with $2.5M in assets, alongside Subversive’s redacted S&P 500 and Growth 100 products carrying similarly small initial AUM. Several sub-$1M launches rounded out the week, including Tuttle Capital’s Photonics Income Blast ETF (OPTO) and XFUNDS Technology Income ETF (VGTX).