Note on Flow Volatility: Daily flow outliers may be driven by specialized portfolio rebalancing. With the continued growth of actively managed ETFs, these events occur with greater frequency and often do not align with traditional, scheduled index rebalance dates.
Vanguard led all issuers in absolute daily flows with an intake of $543.75B, representing 9.36% of its $5.81T total assets under management. State Street Global Advisors (SPDR) captured the second-highest daily influx at $2.08B, pushing its one-year asset gathering past the $102B mark. On the downside, iShares experienced the largest absolute daily outflow, losing $1.74B, which contrasts with its positive $109.93B year-to-date total. When viewed proportionally, DFA experienced a massive relative flow day, expanding its asset base by 55.22%, while Clough led proportional losses by contracting 9.40%.
Issuer Flows (Absolute)
Brand
AUM
1 Day
5 Day
30 Day
YTD
1 Year
Top 5 Leaders (Absolute)
Vanguard
$5,809.07B
$543,748M
$554,425M
$525,403M
$702.79B
$1,003.98B
SPDR
$1,896.69B
$2,075M
$12,291M
$42,737M
$40.55B
$102.10B
Dimensional
$279.50B
$611M
$1,306M
$3,143M
$15.98B
$46.08B
Innovator
$33.53B
$531M
$487M
$1,059M
$2.42B
$5.17B
Capital Group
$132.54B
$404M
$1,293M
$4,979M
$21.16B
$57.45B
Top 5 Laggards (Absolute)
iShares
$4,331.38B
($1,735M)
$8,948M
$48,417M
$109.93B
$424.97B
Direxion
$56.75B
($262M)
($5,845M)
($1,918M)
($9.45B)
($27.84B)
Xtrackers
$30.88B
($136M)
$128M
$612M
$0.53B
$1.26B
WisdomTree
$95.40B
($109M)
($433M)
$403M
$2.04B
$1.53B
Tradr
$4.41B
($75M)
$27M
$304M
$1.24B
$3.77B
Issuer Flows (Relative)
Brand
AUM
1 Day Flow
% of AUM
Top 5 Leaders (Relative to AUM)
DFA
$176M
$103M
55.22%
Vanguard
$5,809.07B
$543,748M
9.36%
T-Rex
$2,546M
$90M
5.60%
ERShares
$773M
$37M
4.81%
Procure
$739M
$33M
4.42%
Top 5 Laggards (Relative to AUM)
Clough
$100M
($9M)
-9.40%
US Global
$1,107M
($66M)
-5.97%
Long Pond
$149M
($5M)
-3.07%
Themes
$341M
($7M)
-1.98%
iPath
$1,398M
($27M)
-1.94%
Daily ETF Flow Analysis
U.S. Equity ETFs dominated daily category flows by pulling in $547.26B, raising the asset class’s year-to-date accumulation to an industry-leading $904.90B. Fixed Income and Multi-Asset strategies also registered positive daily inflows, capturing $963M and $326M respectively, contributing to a combined daily total flow of $548.35B across all asset classes. Conversely, Non-Traditional products recorded a daily deficit of $1.21B, largely driven by leverage and inverse equity redemptions. At the sub-category level, U.S. Mid Cap Blend and U.S. Large Cap Growth products captured the top spots, amassing $297.79B and $244.26B respectively for the session.
Asset Class Flows
Asset Class
AUM
1 Week
1 Day
1 Month
YTD
1 Year
Equity
$12,901.5B
$591,184M
$547,261M
$610,622M
$904,896M
$1,578,575M
Fixed Income
$2,473.9B
$2,160M
$963M
$29,517M
$192,400M
$521,396M
Commodity
$375.9B
$296M
($809M)
$1,454M
$1,527M
$40,521M
Alternative
$12.1B
($7M)
$188M
$732M
$1,800M
$4,907M
Multi-Asset
$37.4B
$63M
$326M
$1,030M
$11,019M
$4,800M
Currency
$2.8B
($254M)
($37M)
($303M)
($31M)
$462M
Non-Traditional
$439.6B
$663M
($1,207M)
($985M)
$65,945M
$23,022M
Digital Asset
$119.6B
$1,878M
$257M
$2,005M
$1,087M
$37,296M
Total Flows
$16,362.8B
$594,571M
$548,353M
$644,071M
$1,129,993M
$2,259,627M
Top/Bottom 10 Category Flows
Category
AUM
1 Day Flow
Top 10 Category Flows
Equity: U.S. Mid Cap – Blend
$712.66B
$297,787M
Equity: U.S. Large Cap – Growth
$2,613.47B
$244,257M
Equity: U.S. Large Cap – Blend
$4,289.68B
$3,287M
Non-Traditional: Buffer – Equity
$88.12B
$669M
Equity: Sector- Health Care
$95.49B
$551M
Equity: Region – Country Specific
$179.69B
$541M
Equity: Emerging Large Cap
$448.64B
$473M
Fixed Income: Taxable – Corporate
$176.28B
$343M
Non-Traditional: Synthetic Income – Equity
$172.08B
$320M
Equity: Global Large Cap – Blend
$155.80B
$282M
Bottom 10 Category Flows
Equity: U.S. Small Cap – Blend
$365.84B
($1,281M)
Commodity: Focused – Precious Metals
$344.97B
($768M)
Non-Traditional: Leverage | Inverse – Equity
$116.34B
($491M)
Fixed Income: Taxable – Short-Term
$160.03B
($207M)
Equity: Thematic – Precious Metals
$57.80B
($70M)
Equity: Sector – Materials
$14.09B
($69M)
Equity: Thematic – Natural Resources
$61.74B
($47M)
Fixed Income: Taxable – Government Long
$133.07B
($46M)
Equity: U.S. Mid Cap – Growth
$62.14B
($40M)
Currency
$2.77B
($37M)
U.S. Size & Style
Mid-cap and mega-cap growth exposures commanded the highest inflows within the U.S. Size and Style segment, led by the Vanguard Mid-Cap ETF (VO) with a staggering $297.60B daily intake. The Vanguard Mega Cap Growth ETF (MGK) and the Vanguard S&P 500 Growth ETF (VOOG) followed closely, securing $125.73B and $117.80B respectively. In contrast, the iShares Russell 2000 ETF (IWM) shed $1.37B during the session, registering the steepest outflow among all size and style funds. Broad-based market index funds exhibited mixed results, with the iShares Core S&P 500 ETF (IVV) declining by $391M while other core S&P 500 trackers gathered net new assets.
International equity flow activity was comparatively subdued, topped by the iShares MSCI Emerging Markets ex China ETF (EMXC), which secured $264M in daily net inflows. The Vanguard Total World Stock ETF (VT) and the Avantis Emerging Markets Equity ETF (AVEM) rounded out the top three, adding $212M and $133M respectively. On the redemption side, currency-hedged international exposures faced the highest distribution activity, with the Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) declining by $125M. Unhedged developed market exposures also experienced moderate outflows, as seen with the $38M exit from the iShares Currency Hedged MSCI EAFE ETF (HEFA).
Health Care and Technology strategies represented the primary beneficiaries in the sector breakdown, with the Health Care Select Sector SPDR ETF (XLV) capturing $553M. The Technology Select Sector SPDR ETF (XLK) registered the second-highest daily influx at $325M, lifting its total assets under management to $99.9B. The semiconductor industry recorded significant divergence, as the VanEck Semiconductor ETF (SMH) added $162M while the broader iShares Semiconductor ETF (SOXX) shed $480M. Regional banking faced the second-heaviest sector redemption, with the SPDR S&P Regional Banking ETF (KRE) distributing $208M for the session.
Single-country emerging market strategies attracted the most capital within regional equity funds, spearheaded by a $180M inflow to the KraneShares CSI China Internet ETF (KWEB). The iShares MSCI Brazil ETF (EWZ) and iShares MSCI South Korea ETF (EWY) posted near-identical results, gathering $82M and $81M respectively. Country-specific outflows were relatively minor, with the iShares MSCI Australia ETF (EWA) leading the laggards by shedding just $18M. European exposures also recorded slight redemptions, including a $7M decline for the Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) and a $6M exit from the Global X MSCI Greece ETF (GREK).
Disruptive technology and digital infrastructure funds led the thematic category, driven by a $123M single-day creation in the ARK Innovation ETF (ARKK). The Roundhill Memory ETF (DRAM) and the iShares A.I. Innovation and Tech Active ETF (BAI) sustained the trend, accumulating $79M and $72M respectively. Natural resources and basic materials themes sustained the heaviest losses, highlighted by an $81M outflow from the iShares MSCI Global Gold Miners ETF (RING). Agricultural and broad resource exposures followed suit, with the VanEck Agribusiness ETF (MOO) shedding $46M and the iShares North American Natural Resources ETF (IGE) losing $30M.
Short-duration and money market strategies exhibited split activity in the fixed income segment, with the ProShares GENIUS Money Market ETF (IQMM) gathering a category-leading $334M. Investment-grade corporate bonds also demonstrated strength, as the Vanguard Intermediate-Term Corporate Bond ETF (VCIT) pulled in $225M. Conversely, high-yield credit experienced the most significant single-day contraction, marked by a $298M redemption from the iShares iBoxx $ High Yield Corporate Bond ETF (HYG). Other short-term corporate and treasury exposures distributed capital, with the Vanguard Short-Term Corporate Bond ETF (VCSH) recording a $167M deficit.
State Street SPDR Portfolio Intermediate Term Corporate..
$11.02B
($88M)
Commodity
Broad-based commodity strategies represented the few bright spots in the asset class, with the Harbor Commodity All-Weather Strategy ETF (HGER) taking in $23M. Physical precious metals followed closely via the VanEck Merk Gold ETF (OUNZ), which added $21M to bring its asset total to $2.95B. The commodity sector’s overall net flow was dragged downward by massive redemptions in legacy physical gold trusts, led by a $663M outflow from SPDR Gold Shares (GLD). The SPDR Gold Minishares Trust (GLDM) and the iShares Gold Trust (IAU) similarly contracted, registering exits of $76M and $50M respectively.
Spot Bitcoin and Ethereum funds maintained consistent daily creations, topped by the iShares Bitcoin Trust ETF (IBIT) accumulating $256M. The iShares Ethereum Trust ETF (ETHA) secured the second-highest influx with $76M, followed by its staked counterpart, the iShares Staked Ethereum Trust ETF (ETHB), which added $13M. Legacy futures-based and early-generation spot funds registered mild outflows, illustrated by the ProShares Bitcoin ETF (BITO) shedding $33M. The Grayscale Bitcoin Trust ETF (GBTC) and the Grayscale Ethereum Staking ETF (ETHE) continued their measured distributions, losing $25M and $17M respectively for the day.
Defined outcome buffer strategies attracted notable capital allocations, driven by a $145M inflow into the Innovator U.S. Equity Buffer ETF – May (BMAY). The Innovator Power Buffer Step-Up Strategy ETF (PSTP) and the NEOS Nasdaq 100 High Income ETF (QQQI) also posted strong daily gains of $127M and $106M. On the opposite side of the ledger, leveraged technology index trackers experienced the sharpest retractions, highlighted by a $203M exit from the ProShares UltraPro QQQ (TQQQ). Leveraged semiconductor exposures sustained corresponding redemptions, with the Direxion Daily Semiconductor Bull 3X ETF (SOXL) distributing $154M in daily activity.
The exchange-traded fund landscape expanded with ten distinct product launches across multiple categories in mid-April. Calamos introduced a major structured product, launching the Calamos Tax-Aware Collateral ETF (CBOX), which debuted with an initial $801.4M in assets. Vanguard expanded its international lineup by introducing the Vanguard Developed Markets ex-US Value Index ETF (VDV) and the corresponding Vanguard Developed Markets ex-US Growth Index ETF (VDG). Additional offerings included targeted options strategies, specialized municipal bond maturities, and thematic space technology funds, reflecting a continued trend toward hyper-specific market exposures.
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