Fixed Income and Financials Lead While Large-Blend Bleeds

Flows remained concentrated among the largest issuers, with iShares pulling in $2.59B and Vanguard adding $1.40B, both consistent with their outsized 30-Day ($39.40B and $61.34B, respectively) and YTD ($354.19B and $448.75B) trends. ProShares stood out with a $1.19B single-day haul, well above its 5-Day pace of $469.7M, driven largely by leveraged equity demand. On the downside, VanEck shed $412.5M, extending a rougher 5-Day stretch of ($789.7M) and 30-Day outflow of ($4.09B), while smaller shops Burney, Defiance, and Hartford posted absolute outflows of $168.1M, $111.6M, and $90.9M. On a relative basis, Aztlan (21.44%), Nelson (16.22%), and PMV (9.08%) saw the largest single-day inflows as a share of AUM, while Stacked (-48.82%) and Burney (-11.61%) logged the steepest relative redemptions.

Total flows across all asset classes reached $8.07B on the day, well below the 5-Day pace of $34.48B but tracking toward the $204.26B 30-Day and $1.75T YTD totals. Fixed Income led all categories with $4.22B in net inflows, consistent with its strong 1W ($12.01B) and 1M ($74.01B) trends, while Equity added a more modest $1.50B against a 1W figure of $19.16B. Non-Traditional funds gathered $2.17B, nearly matching their entire 5-Day total of $2.49B, pointing to a single-day surge in leveraged and synthetic income products. At the category level, Fixed Income: Taxable – Corporate led with $1.43B, followed by Equity: Sector – Financials at $1.10B and Non-Traditional: Leverage | Inverse – Equity at $1.06B, while Equity: U.S. Large Cap – Blend lagged with a $2.86B outflow.

Within U.S. size and style, the iShares Core S&P Small Cap ETF (IJR) led inflows at $397.6M, followed by the iShares Russell 1000 Growth ETF (IWF) at $199.9M and the Vanguard Morningstar Value ETF (VTV) at $177.7M. The largest redemptions came from broad large-cap blend exposures, with the State Street SPDR S&P 500 ETF (SPY) shedding $2.04B, the Vanguard S&P 500 ETF (VOO) losing $659.8M, and the iShares Core S&P 500 ETF (IVV) down $579.7M. The Invesco QQQ Trust Series I (QQQ) and iShares Russell 2000 ETF (IWM) also saw notable outflows of $464.9M and $312.6M, respectively.

International size and style funds saw modest activity, led by the Vanguard Total International Stock ETF (VXUS) with $121.1M and the First Trust WCM International Equity ETF (WCMI) at $109.7M. Smaller inflows went to the Fidelity Enhanced International ETF (FENI) and the Schwab International Small-Cap Equity ETF (SCHC), at $31.9M and $29.2M. On the outflow side, the iShares ESG Aware MSCI EAFE ETF (ESGD) lost $62.1M, while the iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) shed a smaller $14.5M.

Sector flows were dominated by Financials, with the State Street Financial Select Sector SPDR ETF (XLF) pulling in $885.2M, consistent with the category’s $1.10B daily total. Health care also drew sizable interest, with the State Street Health Care Select Sector SPDR ETF (XLV) adding $423.4M and the State Street SPDR S&P Biotech ETF (XBI) gaining $288.0M, alongside energy exposure via the State Street Energy Select Sector SPDR ETF (XLE) at $257.7M. Technology-related sectors lagged, with the VanEck Semiconductor ETF (SMH) losing $533.6M and the iShares Expanded Tech-Software Sector ETF (IGV) down $286.3M, reflecting the broader $435.1M outflow from the Information Technology category. Utilities and Communication Services also saw modest redemptions via the State Street Utilities Select Sector SPDR ETF (XLU) and the State Street Communication Services Select Sector SPDR ETF (XLC).

Regional flows were relatively light, led by the iShares MSCI Japan ETF (EWJ) at $71.0M and the iShares MSCI Canada ETF (EWC) at $36.9M, with the iShares MSCI Germany ETF (EWG) adding $25.4M. On the outflow side, the iShares MSCI Brazil ETF (EWZ) lost $48.0M and the iShares MSCI Eurozone ETF (EZU) shed $46.4M, while China exposure via the Invesco China Technology ETF (CQQQ) declined $21.3M.

Thematic flows were modest overall, led by the State Street SPDR S&P Homebuilders ETF (XHB) at $86.1M and the Global X NYSE 100 ETF (NYSX) at $62.6M, with innovation exposure via the ARK Next Generation Technology ETF (ARKW) and ARK Innovation ETF (ARKK) adding $62.0M and $43.0M respectively. The iShares U.S. Telecommunications ETF (IYZ) saw the largest redemption at $110.7M, followed by the Global X Copper Miners ETF (COPX) at $56.8M and the Roundhill Magnificent Seven ETF (MAGS) at $50.9M.

Fixed Income inflows totaled $4.22B for the day, among the strongest asset-class showings, led by the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) at $1.39B, consistent with the Corporate category’s $1.43B total. The Vanguard Intermediate-Term Corporate Bond ETF (VCIT) and Vanguard Short-Term Corporate Bond ETF (VCSH) added $381.5M and $365.6M, while the PIMCO Active Bond Exchange-Traded Fund (BOND) gathered $204.2M. On the outflow side, the State Street SPDR Portfolio Intermediate Term Corporate Bond ETF (SPIB) lost $345.6M and short-duration Treasury products including the iShares 1-3 Year Treasury Bond ETF (SHY) and iShares 0-3 Month Treasury Bond ETF (SGOV) declined $130.5M and $100.7M, respectively, consistent with the $171.6M outflow in Government Ultrashort.

Commodity flows were positive overall at $217.8M, led by the iShares Silver Trust (SLV) at $175.1M and the SPDR Gold Shares (GLD) at $73.8M, with the SPDR Gold Minishares Trust (GLDM) adding $39.8M. Agriculture exposure lagged, with the Invesco Agriculture Commodity Strategy No K-1 ETF (PDBA) losing $132.3M, consistent with the $134.1M Agriculture category outflow, while the iShares Gold Trust (IAU) shed a smaller $30.3M.

Digital Asset flows were modestly negative at ($56.4M) for the day, though still above the 1-Year total of ($1.95B). Bitcoin-linked products led inflows, with the ProShares Bitcoin ETF (BITO) gathering $31.2M, the Grayscale Zcash Trust (ZCSH) adding $14.8M, and the iShares Bitcoin Trust ETF (IBIT) at $12.8M. Ethereum products led redemptions, with the iShares Ethereum Trust ETF (ETHA) losing $71.7M, consistent with the Ethereum category’s ($105.5M) outflow, while the Bitwise Solana Staking ETF (BSOL) shed $23.7M.

Non-Traditional strategies gathered $2.17B on the day, led by the ProShares UltraPro QQQ (TQQQ) at $992.9M and the Direxion Daily GOOGL Bull 2X ETF (GGLL) at $253.9M, consistent with the $1.06B inflow into Leverage | Inverse – Equity. The GraniteShares 2x Long INTC Daily ETF (INTW) added $199.0M (may be the result of a custom rebalance), while the Innovator Defined Wealth Shield ETF (BALT) gathered $232.3M. On the outflow side, the Direxion Daily MU Bull 2X ETF (MUU) lost $159.2M and the Direxion Daily Semiconductor Bull 3X ETF (SOXL) shed $107.6M.

Recent launches continued to span a range of categories, with the Hartford Alpha Capture International Equity ETF (ACIN) debuting with a notably large $556.9M in AUM since its October 26 inception. Franklin introduced two Bitcoin DRIP-linked products, the Franklin US Equity Bitcoin Drip Index ETF (FBEQ) and Franklin US Innovation Bitcoin DRIP Index ETF (FIBT), each gathering roughly $5M in early assets. Eventide launched two U.S. large-cap offerings, the Eventide Large Cap Focus ETF (ELCF) and Eventide Dividend Growth ETF (ETDG), while several smaller synthetic income and single-stock strategies from YieldMax, Calamos, and Tuttle Capital launched with AUM under $3M each.