Equity Demand Skyrockets as YTD Flows Eclipse $1 Trillion

Issuer League Tables

iShares led all issuers with a massive $31.14 billion inflow, a figure that surpasses its entire 30-day total of $26.06 billion and contributes significantly to its $164.63 billion year-to-date haul. Invesco and VanEck also had strong showings, attracting $10.88 billion and $8.55 billion, respectively. On the other end of the spectrum, GraniteShares saw the largest daily redemption at $922.3 million, while ARK’s outflows continued with a $652.7 million withdrawal, deepening its 30-day outflow total to $7.22 billion. On a relative basis, VictoryShares stood out among larger issuers, with its $2.66 billion inflow representing 11.62% of its assets under management.

Issuer Flows (Absolute)

Issuer Flows (Relative to AUM)

Daily ETF Flow Analysis

The ETF market recorded a substantial net inflow of $64.43 billion, bringing the year-to-date total past the trillion-dollar mark to $1.02 trillion. Equity funds were the overwhelming driver of the day’s activity, gathering $62.05 billion, which compares to a one-week total of $110.78 billion. Fixed Income products added a more modest $1.97 billion, while Commodity and Digital Asset funds posted small gains. Among categories, U.S. Large Cap Blend was the clear leader, pulling in $25.45 billion, followed by U.S. Large Cap Value with $11.69 billion and Information Technology sector funds with $8.35 billion.

Asset Class Flows

Category Flows (Top/Bottom 10)

U.S. Size & Style

U.S. size and style funds were dominated by a colossal $20.44 billion inflow into the iShares Core S&P 500 ETF (IVV). Significant demand was also seen for the Schwab US Dividend Equity ETF (SCHD), which attracted $5.09 billion, and the Invesco QQQ Trust Series I (QQQ), which added $3.43 billion. Conversely, several Vanguard funds experienced outflows, led by the Vanguard S&P 500 ETF (VOO) with an $819.5 million redemption. The Vanguard Russell 1000 Growth ETF (VONG) and Vanguard Small Cap Value ETF (VBR) also saw notable outflows of $714.8 million and $462.3 million, respectively.

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Size & Style ex-U.S.

International equity funds saw mixed activity, with the Schwab Fundamental International Equity ETF (FNDF) leading inflows by a wide margin, gathering $370.7 million. The Fidelity Enhanced International ETF (FENI) also saw healthy demand, adding $162.7 million in new assets. On the redemption side, the iShares MSCI EAFE ETF (EFA) experienced the largest outflow of the day at $312.5 million. Its value-focused counterpart, the iShares MSCI EAFE Value ETF (EFV), also shed $61.9 million.

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Sector & Industry

The technology sector, particularly semiconductors, was the center of attention, with the VanEck Semiconductor ETF (SMH) pulling in a massive $6.93 billion. Other semiconductor funds also saw strong interest, including the Invesco S&P 500 Equal Weight Technology ETF (RSPT) with $728.1 million and the Invesco PHLX Semiconductor ETF (SOXQ) with $309.8 million. However, not all tech funds gained, as the iShares Biotechnology ETF (IBB) saw outflows of $120.0 million. In a notable divergence, the iShares Semiconductor ETF (SOXX) shed $118.3 million.

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Region & Country

Country-specific funds focused on Asia led regional inflows, with the iShares MSCI South Korea ETF (EWY) attracting $194.6 million. The Franklin FTSE Taiwan ETF (FLTW) also saw significant demand, adding $144.9 million in new assets. Outflows were concentrated in China and Latin America-focused products. The KraneShares CSI China Internet ETF (KWEB) recorded the largest redemption at $62.1 million, while the iShares Latin America 40 ETF (ILF) shed $43.0 million.

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Thematic

Thematic fund flows were led by the Roundhill Memory ETF (DRAM), which brought in a strong $390.0 million. The Corgi Lithography & Semiconductor Photonics ETF (EUV) also saw positive interest with an $82.4 million inflow. In contrast, space-focused and innovation funds saw significant redemptions. The ARK Space & Defense Innovation ETF (ARKX) lost $333.6 million, the ARK Innovation ETF (ARKK) shed $324.0 million, and the Tema Space Innovators ETF (NASA) saw outflows of $311.1 million.

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Fixed Income

Investment grade corporate bonds led the fixed income category, with the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) attracting $414.7 million. Broad market exposure was also popular, as the Vanguard Total Bond Market ETF (BND) added $168.8 million. The iShares JP Morgan USD Emerging Markets Bond ETF (EMB) also saw a healthy inflow of $144.9 million. Outflows were led by the iShares Core International Aggregate Bond ETF (IAGG), which saw redemptions of $85.8 million.

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Commodity

Commodity funds saw net inflows of $192.4 million, reversing a trend of outflows over the past week and month. The Harbor Commodity All-Weather Strategy ETF (HGER) led with a $164.1 million inflow, closely followed by the United States Oil Fund LP (USO) which added $159.8 million. Gold also attracted capital, with SPDR Gold Shares (GLD) gaining $119.4 million. Conversely, silver-focused products saw the largest redemptions, with the abrdn Physical Silver Shares ETF (SIVR) and the iShares Silver Trust (SLV) losing $90.3 million and $76.4 million, respectively.

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Cryptocurrency

Digital asset funds saw a slight net inflow of $38.2 million, a small positive turn against a backdrop of significant outflows over the past month. The iShares Ethereum Trust ETF (ETHA) and iShares Bitcoin Trust ETF (IBIT) led the modest creations with $17.3 million and $16.4 million, respectively. On the other side, the Grayscale Bitcoin Trust ETF (GBTC) continued to see redemptions, losing another $16.8 million. The daily activity does little to offset the $5.46 billion in outflows seen over the last 30 days for the category.

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Non-Traditional

Activity in non-traditional ETFs was led by a substantial $627.6 million inflow into the Tradr 2X Long SNDK Daily ETF (SNXX). The Leverage Shares 2X Short SPCX Daily ETF (SSPC) and Leverage Shares 2X Long SPCX Daily ETF (SPCH) also saw large inflows of $136.9 million and $94.9 million (may be the result of a custom rebalance). Redemptions were most pronounced in the GraniteShares 2x Long NVDA Daily ETF (NVDL), which shed $824.4 million. The Direxion Daily Semiconductor Bull 3X ETF (SOXL) also experienced a significant $270.0 million outflow.

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Recent Launches

The most recent ETF launches have been dominated by a large suite of single-stock leveraged products from issuer Leverage Shares. These funds offer two-times daily leveraged exposure to various individual technology and semiconductor-related stocks. Separately, Guggenheim launched the Guggenheim Ultra Short Income ETF (GCSH), an actively managed fund in the ultrashort taxable fixed income category that has already grown to $130.3 million in assets. Also debuting was the VegaShares SpaceX & Beyond Earth ETF (XSPC), a new thematic fund.