Equities Bleed While Flows Favor the Short-End of the Curve

Issuer League Tables

For the trading session on March 25, 2026, issuer flow dynamics revealed significant dispersion among both massive asset managers and niche providers. In absolute terms, iShares led the daily gathering with $5,724M in positive net flows, propelling their assets under management to $4,010.82B. Conversely, Vanguard registered substantial outflows of $12,826M for the session, outpacing the $5,079M in daily outflows seen by SPDR. Analyzing relative asset gathering, boutique issuer NPF expanded its asset base by 12.40% on a single-day $81M inflow. At the opposite end of relative performance, HCM contracted by 28.23% following redemptions totaling $330M.

Issuer Flows (Absolute)

Issuer Flows (Relative to AUM)

Daily ETF Flow Analysis

Total U.S. listed ETFs recorded net daily outflows of $11,861M, heavily influenced by sizable retractions in the Equity category. The Equity segment contracted by $13,621M on the day, bringing its total AUM to $10,308.1B, while Fixed Income funds absorbed $2,243M in net new capital. Deeper category analysis indicates that Fixed Income: Taxable – Government Ultrashort strategies were the premier asset gatherers, accumulating $2,439M in daily flows. Conversely, Equity: U.S. Large Cap – Blend portfolios saw the deepest net outflows, shedding $7,568M across the session. Total ETF assets under management closed the day at $13,626.9B following these collective movements.

Asset Class Flows

Top and Bottom Category Flows

U.S. Size & Style

The U.S. Size and Style segment experienced broad-based outflows totaling $12,726M for the single session. Capital movement was distinctly negative within the U.S. Large Cap – Blend category, which shed $7,568M and closed with $3,912.3B in aggregate assets. At the fund level, IVV countered the broader category trend by securing $5,806M in net daily inflows. In contrast, SPY and VOO anchored the laggards list, experiencing combined daily redemptions exceeding $14,500M. The U.S. Small Cap – Blend sector also faced material liquidations, surrendering $2,025M over the course of the day.

Size & Style ex-U.S.

International Size and Style exposures generated $517M in net new daily flows, contrasting the domestic equity retractions. Global Ex-U.S. Large Cap – Blend funds accounted for the majority of this capital formation with $286M in positive activity. EMXC stood out at the individual product level, attracting $228M to expand its asset base to $17.0B. Meanwhile, EEM paced the outflow column with $77M in single-day redemptions. The Emerging Large Cap category as a whole managed a positive net flow of $174M despite these isolated liquidations.

Sector & Industry

Sector and Industry ETFs posted collective net outflows of $971M during the March 25 trading window. The Financials sector led all positive category flows, taking in $310M to push its AUM to $90.9B. Technology-focused funds encountered the sharpest contraction, with the Information Technology category registering $1,143M in redemptions. XLF capitalized on the financial sector’s momentum by acquiring $584M in single-day net assets. Semiconductor funds faced significant liquidations, evidenced by SMH losing $769M to top the segment’s laggards list.

Region & Country

Region and Country specific mandates observed aggregate daily outflows of $611M across their listed product suite. Asia-Pacific exposures documented the steepest categorical decline, shedding $265M and lowering the group’s AUM to $143.3B. The Eurozone category followed closely behind with $259M in net daily liquidations. On a fund-specific basis, FLTW captured $87M in new capital to lead the localized inflow rankings. Conversely, VGK and EWJ recorded the most significant single-day outflows, losing $184M and $100M respectively.

Thematic

Thematic equity portfolios engineered $92M in positive net flow activity despite broader equity market retractions. The Multi-Sector theme anchored the inflow column with a daily asset gathering figure of $232M. Evolving Consumer funds faced a completely different reality, suffering $547M in net daily redemptions. GDX attracted $230M in daily capital, elevating its overall asset base to $25.89B. On the negative side of the ledger, FDN was responsible for the bulk of thematic liquidations, handing back $426M over the session.

Fixed Income

Fixed Income ETFs acquired $2,243M in net daily assets, driven almost entirely by the Government sub-category which gathered $2,057M. From a duration perspective, Ultrashort mandates dominated the flows landscape by absorbing $2,762M in single-day allocations. BIL and SGOV were the primary beneficiaries of this ultrashort demand, taking in $1,224M and $966M respectively. Corporate debt exposures represented the most severe outflows, bleeding $481M to finish the session. Fund-specific liquidations were led by LOD and VCIT, which recorded respective outflows of $401M and $371M.

Commodity

Commodity-backed ETFs experienced net redemptions of $115M across their product spectrum for the reporting date. Precious Metals funds accounted for the entirety of the net negative activity, reporting $125M in combined daily outflows. Multi-Sector commodity portfolios managed a minor positive offset by gathering $15M in net new assets. BNO led the individual product inflows with a modest $37M addition to its $0.78B asset base. GLD and USO realized the largest daily retractions, experiencing outflows of $81M and $46M respectively.

Cryptocurrency

Cryptocurrency ETFs documented a net outflow of $108M across the complex during the March 25 trading window. Bitcoin-focused portfolios drove the categorical decline, liquidating $75M and dropping their collective AUM to $91.61B. Ethereum products mirrored this trajectory with $41M in daily redemptions. At the fund level, BSOL secured the top inflow position by adding an incremental $3M. FBTC recorded the segment’s sharpest decline, shedding $45M from its $12.97B portfolio.

Non-Traditional

Non-Traditional ETF strategies surrendered $221M in net assets, heavily influenced by complex structural outflows. Buffer equity funds registered the largest category retraction, relinquishing $416M to close with an $83.73B total AUM. Synthetic Income strategies counterbalanced some of this weakness by accumulating $249M in single-day allocations. SQQQ capitalized on downside market positioning to gather $194M in net daily inflows. SIXO and SOXL experienced the sharpest liquidations, posting daily outflows of $421M and $206M respectively.

Recent Launches

The ETF issuance environment remains active with multiple new strategies entering the market over the past several days. Leveraged and inverse single-stock exposures continue to dominate recent listings, targeting high-volatility trading instruments. Tradr expanded its thematic leverage suite by introducing funds tied to specific equities like IBM and Amazon. Traditional equity models also debuted, highlighted by Northern Trust introducing a U.S. Large Cap Blend strategy. The diversity of launches underscores ongoing issuer innovation across both complex derivatives and core portfolio building blocks.