ETF Flow Report: Thematic Strategies Boom While Broad Tech Falters

Issuer League Tables

The daily flow data across ETF issuers demonstrates high concentration among industry leaders, with iShares capturing $3,000M in absolute inflows against an asset base of $4,551.54B. Capital Group and GraniteShares followed with $1,167M and $950M in daily inflows, respectively. Conversely, Nuveen experienced the most significant absolute outflows, shedding $1,655M, while ALPS saw $648M exit its products. On a relative basis, Golden Eagle expanded its AUM by 25.61% following $13M in daily inflows. Relative Sentiment led proportional outflows, losing 17.33% of its total assets representing a $21M withdrawal.

Daily ETF Flow Analysis

Total ETF net flows for the day reached $5,025M, bringing the 1-month accumulation to $191,018M across the $15,717.6B industry. Fixed Income products gathered $5,701M in daily inflows, pushing the asset class to $2,543.7B in total AUM. Equity ETFs faced a daily contraction of $1,480M, despite maintaining a leading $12,147.6B asset base and $114,376M in 1-month inflows. The Equity: Specialty – Long | Short category captured the highest daily influx at $2,615M. Meanwhile, the Equity: U.S. Large Cap – Value category observed the most severe daily outflows at $2,270M.

U.S. Size & Style

The U.S. Size & Style segment recorded divergent daily flows, heavily influenced by broad market index tracking products. The IVV and VOO products accumulated $2,622M and $1,121M in daily inflows, respectively. Additional large-cap core allocations favored SPY, which added $832M to its $784.6B asset base. Growth and value factor tilts faced targeted redemptions, with QQQ registering $1,735M in outflows. Similarly, the VLUE product contracted by $1,724M in a single session.

Size & Style ex-U.S.

International equity allocations demonstrated localized concentration within specific developed market strategies. The CORO product led the ex-U.S. category with $344M in daily inflows, expanding its $7.2B asset base. The EFG and AVDV portfolios followed, capturing $148M and $119M, respectively. Value-oriented international exposures encountered measurable headwinds, primarily driven by the EFV product’s $1,451M daily outflow. Emerging market strategies also observed minor liquidations, highlighted by ESGE shedding $99M.

Sector & Industry

Sector-specific ETF flows exhibited wide dispersion, particularly within technology and semiconductor categories. The PSI and IGV products led daily accumulations, gathering $748M and $493M, respectively. Additional tech-focused capital moved into SMH, which absorbed $389M. Conversely, broad technology benchmarks faced intense selling pressure, with VGT and SOXX registering outflows of $1,723M and $1,081M. Healthcare allocations also contracted, as XLV lost $621M from its $37.6B asset base.

Region & Country

Country-specific allocations indicated selective regional positioning across Asian and North American markets. The AIA product secured the top position with $106M in daily inflows. Capital also flowed into single-country exposures, with EWC and EWJ accumulating $77M and $70M, respectively. Latin American and specific Asian exposures faced daily redemptions, led by the ARGT product’s $39M outflow. The HEWJ and KWEB products experienced similar contractions, shedding $34M and $30M.

Thematic

Thematic ETF flows were dominated by technology sub-sectors, specifically memory and artificial intelligence strategies. The DRAM product captured a category-leading $336M, expanding its assets to $14.22B. The AGIX product followed with $239M in daily accumulations. Broader thematic innovation funds saw substantial capital withdrawals, highlighted by the BAI product losing $542M in a single session. Thematic rotation and energy infrastructure strategies also contracted, with THRO and MLPX declining by $251M and $135M.

Fixed Income

Fixed Income allocations favored a mix of global government and broad aggregate bond exposures. The GGOV product led the entire asset class, pulling in $2,102M against a $2.15B asset base. Domestic aggregate strategies also grew, with IUSB and AGG securing $1,219M and $565M in respective daily inflows. Ultrashort and treasury-specific duration targets experienced heavy liquidations. The SGOV product registered the largest daily outflow of $1,203M, while TLT shed $446M.

Commodity

Commodity ETF flows demonstrated muted overall activity with slight preferences for energy and agriculture. The USO product recorded the largest daily inflow within the category at $26M. The DBA and CPER products tied for secondary accumulation levels, each adding $12M. Precious metals experienced concentrated selling, as the SLV product contracted by $93M. Gold exposures followed this negative trajectory, with IAUM and GLD shedding $59M and $42M, respectively.

Cryptocurrency

Digital asset product flows were relatively constrained, with niche altcoin strategies outpacing major token exposures. The BHYP product secured the top inflow position, adding $22M to its $0.09B asset base. The FETH and THYP products followed closely, gathering $11M and $10M. Major Bitcoin and Ethereum spot ETFs accounted for the category’s primary daily outflows. The IBIT product contracted by $68M, while ETHA and FBTC lost $41M and $32M.

Non-Traditional

Non-Traditional ETF flows were heavily concentrated in leveraged single-stock and premium income strategies. The NVDL product experienced an outsized daily inflow of $773M, increasing its total AUM to $5.23B. The JEPQ and INTW products secured $226M and $152M in respective daily additions. Conversely, leveraged semiconductor benchmarks faced steep redemptions, highlighted by the SOXL product’s $369M daily outflow. Leveraged broad market indices also declined, with TQQQ shedding $199M.

Recent Launches

Product innovation continues across the ETF landscape, highlighted by 324 new launches over the past three months. Buffer and leveraged single-stock strategies dominate the most recent market introductions. Innovator expanded its defined outcome suite with the launches of DDTZ and DDFZ, which have both gathered $0.97M since inception. Active management also saw new entries, including the Baillie Gifford products BGGG and BGCG. Inverse and leveraged exposures remain highly active, demonstrated by new Tradr offerings like CBRZ and CBRX.