ETF Flow Analysis: Large-Cap Value Dominates as Precious Metals Languish

Issuer League Tables

Fidelity led all issuers in absolute daily flows, securing $3,514M in net new assets, which represents a 2.28% relative gain to its $154.22B AUM. Vanguard and Invesco followed as major absolute winners, attracting $2,396M and $2,018M respectively, maintaining their strong one-year trajectories of $465.59B and $68.37B in net flows. Conversely, State Street (SPDR) was the primary absolute laggard with -$802M in daily outflows, contrasting sharply with its one-year positive flow figure of $84.94B. On a relative basis, Obra and Acuitas dominated the leadership board, with daily inflows representing 23.74% and 22.88% of their total assets under management.

Issuer Flows (Absolute)

Issuer Flows (Relative)

Daily ETF Flow Analysis

The total U.S. ETF landscape attracted $11,235M in daily net flows, bringing total market AUM to $14,139.9B. Equity funds dominated the intake with $7,051M, extending their robust one-month flow trend of $111,187M. Non-Traditional funds followed with a substantial $2,221M inflow, while Digital Assets and Alternatives saw the only net outflows of the day at -$230M and -$20M, respectively. At the category level, U.S. Large Cap Value led all segments with $3,129M in daily flows, while Thematic Precious Metals lagged significantly with -$478M in outflows.

Asset Class Flows

Top 10 / Bottom 10 Category Flows

U.S. Size & Style

U.S. Value styles led daily intake with $3,131M, while Growth styles followed with $1,557M in net new assets. On a size basis, Large Cap funds attracted $4,498M daily, contrastingly with Small Cap funds which saw -$429M in outflows. FDVV stood out as the top fund leader with $1,968M in daily inflows, significantly contributing to its $10.8B AUM. On the downside, SPY experienced major daily outflows of -$2,162M, diverging from its massive $697.9B AUM base.

U.S. Size & Style Fund Flows

Size & Style ex-U.S.

International Large Cap Blend led the non-U.S. segment with $1,087M in daily inflows, significantly higher than Emerging Large Cap’s $354M intake. VEA and IDEV were the primary fund drivers, attracting $345M and $308M daily. The segment has shown consistent strength over the past month, with Global Ex-U.S. Large Cap Blend securing $19,348M in cumulative 1-month flows. Conversely, ABLG was a minor laggard with -$3M in daily outflows.

Size & Style ex-U.S. Fund Flows

Sector & Industry

Energy led daily sector inflows with $276M, followed by Information Technology at $110M. Health Care and Industrial sectors saw significant daily net outflows of -$406M and -$106M respectively. IGV and XLE were the top fund leaders, attracting $180M and $178M daily. Sector laggards were driven by XBI, which experienced -$349M in daily outflows, nearly double the negative flows of SMH at -$206M.

Sector & Industry Fund Flows

Region & Country

The Asia-Pacific region led daily geographic inflows with $465M, maintaining its year-to-date leadership with $13,155M in total flows. Latin America followed with $76M in daily intake, while North America saw only $8M in net flows. EWJ was the clear leader within the segment, attracting $302M daily, whereas VPL lagged with daily outflows of -$42M. The total segment AUM stands at $278.2B, with Eurozone representing $86.7B of that total.

Region & Country Fund Flows

Thematic

Thematic ETFs saw a total daily outflow of -$525M, driven primarily by the Precious Metals category which experienced -$478M in net withdrawals. Infrastructure was a notable bright spot with $140M in daily inflows, significantly contributing to its $12,264M YTD flow total. IYZ and BAI led fund-level inflows with $48M and $45M daily. Conversely, junior mining ETFs GDXJ and SILJ were major laggards, losing -$195M and -$119M respectively.

Thematic Fund Flows

Fixed Income

Fixed Income funds attracted $1,688M in daily net flows, with Multi-Sector types leading the intake at $700M. From a duration perspective, Intermediate duration funds dominated with $1,400M in daily inflows, while Short duration saw -$200M in outflows. VCIT and LQD were the primary fund drivers, attracting $329M and $223M daily. On the other end, VCSH and VTEB experienced the largest outflows at -$352M and -$196M.

Fixed Income Fund Flows

Commodity

Commodity ETFs secured $422M in daily net flows, driven primarily by the Precious Metals category which attracted $399M. This daily performance contrasts with the category’s weekly flow of -$1,053M, though its 1-year total remains high at $57,549M. Fund leaders were led by GLD and GLDM, which saw daily inflows of $506M and $139M respectively. Silver lagged behind gold, with SLV experiencing -$229M in daily outflows.

Commodity Fund Flows

Cryptocurrency

Cryptocurrency ETFs experienced -$230M in daily net outflows, bringing their 1-month negative flow total to -$5,365M. Bitcoin funds saw the largest category withdrawal at -$140M daily, followed by Ethereum funds at -$90M. BSOL and NCIQ were minor leaders with $2M and $1M in daily inflows. Major laggards included IBIT and EETH, losing -$84M and -$52M respectively.

Cryptocurrency Fund Flows

Non-Traditional

Non-Traditional funds recorded $2,221M in daily net flows, with Buffer strategies contributing $1,712M to that total. Synthetic Income strategies followed with $447M daily, continuing their strong YTD intake of $10,534M. FFEB was the dominant fund leader with $900M in daily net flows, nearly triple the intake of DFEB at $274M. Leverage and Inverse strategies saw mixed results, with SOXL lagging the segment with -$113M in daily outflows.

Non-Traditional Fund Flows

Recent Launches

The ETF industry has seen 289 new launches in the past three months, with Year-To-Date launches totaling $9.32B in current AUM. Active strategies have dominated the new issuance landscape, accounting for 115 of the total YTD launches compared to only 18 passive products. The most recent launches include several income-focused and staked digital asset strategies, such as GSUI and SLVX. Leverage Shares and Tradr remain among the most prolific issuers of new Non-Traditional products in the current quarter.

Most Recent ETF Launches