Fixed Income ETFs Attract $2 Billion as Equity Funds Shed Similar Amount

Issuer League Tables

Vanguard led all issuers with a $2.09B inflow, contributing to its $9.75B five-day haul and market-leading $290.68B year-to-date total. Roundhill secured the third-highest daily intake at $642.3M, followed by JPMorgan with $483.0M. On the other end of the spectrum, Invesco experienced the largest daily outflow at ($2.47B), a sharp reversal from its positive 30-day and year-to-date trends. SPDR and Schwab also saw significant redemptions, shedding ($1.58B) and ($403.0M) respectively, while SEI’s $752.0M inflow was the day’s second largest (may be the result of a custom rebalance).

Issuer Flows (Absolute)

Issuer Flows (Relative to AUM)

Daily ETF Flow Analysis

The ETF landscape saw modest net inflows of $634.0M, masking a significant rotation between major asset classes. Fixed Income products were the primary beneficiaries, attracting $2.01B in new assets, which continues a strong trend that has brought in $354.67B year-to-date. Conversely, Equity ETFs saw net redemptions of ($2.00B), a departure from their positive weekly and monthly trends. Commodities continued to see outflows, losing ($365.8M), while Digital Assets reversed recent negative flows to gain $233.7M.

Asset Class Flows

Category Flows (Top/Bottom 10)

U.S. Size & Style

Large-cap blend and value funds saw divergent results, with the Vanguard S&P 500 ETF (VOO) and iShares Core S&P 500 ETF (IVV) leading inflows at $728.0M and $490.9M, respectively. The Putnam Focused Large Cap Value ETF (PVAL) also posted a strong $331.3M intake. However, large-cap growth and small-caps faced heavy redemptions, led by a ($2.99B) outflow from the Invesco QQQ Trust Series I (QQQ). The iShares Russell 2000 ETF (IWM) and State Street SPDR S&P 500 ETF (SPY) also saw major outflows of ($1.10B) and ($1.09B).

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Size & Style ex-U.S.

Flows within the Ex-U.S. Size and Style category were relatively muted. The Avantis International Equity ETF (AVDE) led the group with a modest $58.4M inflow. It was followed by the Fidelity Enhanced International ETF (FENI), which attracted $56.1M in new capital. Outflows in this category were negligible, with the largest redemption amounting to just over ten thousand dollars.

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Sector & Industry

The sector space was marked by a significant retreat from technology and a pivot towards financials and energy. The iShares Semiconductor ETF (SOXX) experienced the day’s largest sector outflow at ($1.25B), while the iShares Expanded Tech-Software Sector ETF (IGV) shed ($187.3M). In contrast, the State Street Financial Select Sector SPDR ETF (XLF) led inflows with $202.2M. The State Street Energy Select Sector SPDR ETF (XLE) also saw healthy demand, adding $102.5M.

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Region & Country

Country-specific funds were dominated by a single, large inflow into the iShares MSCI South Korea ETF (EWY), which gathered a substantial $814.6M. Other inflows in the category were much smaller, with the Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR) adding $21.2M. Redemptions were minimal across the space, led by a ($12.4M) outflow from the iShares MSCI Germany ETF (EWG).

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Thematic

Thematic flows were heavily concentrated in a single disruptive technology fund. The Roundhill Memory ETF (DRAM) attracted a massive $658.8M, driving the bulk of the category’s net positive flows. On the redemption side, the ARK Innovation ETF (ARKK) continued its recent outflow trend, shedding ($198.9M). The State Street SPDR S&P Homebuilders ETF (XHB) also saw a notable ($70.3M) exit.

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Fixed Income

Fixed income ETFs saw broad inflows totaling $2.01B, with demand across the duration spectrum. The iShares 0-3 Month Treasury Bond ETF (SGOV) led all funds with a $271.4M intake, while the Vanguard Intermediate-Term Corporate Bond ETF (VCIT) gathered $212.9M. At the long end, the iShares 20+ Year Treasury Bond ETF (TLT) added $159.7M. Outflows were concentrated in inflation-protected and deferred income products, with the Schwab US TIPS ETF (SCHP) and Aptus Deferred Income ETF (DEFR) shedding ($136.2M) and ($133.0M), respectively.

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Commodity

Commodity ETFs registered net outflows of ($365.8M), driven primarily by redemptions from precious metals funds. The SPDR Gold Shares (GLD) saw the largest exit at ($336.6M). Energy-focused products also saw outflows, with the United States Oil Fund LP (USO) losing ($95.8M). Inflows were comparatively small, led by the SPDR Gold Minishares Trust of beneficial interest (GLDM) which collected $40.3M.

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Cryptocurrency

Digital asset ETFs posted a strong day of inflows, collecting a net $233.7M and reversing negative one-week and one-month flow trends. The iShares Bitcoin Trust ETF (IBIT) was the primary driver, pulling in $138.9M. The iShares Ethereum Trust ETF (ETHA) also saw significant interest, adding $58.3M. Outflows were minimal across the category, with the largest redemption being a modest ($4.6M) from the ProShares Bitcoin ETF (BITO).

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Non-Traditional

Synthetic income strategies led the Non-Traditional category, with the JPMorgan NASDAQ Equity Premium Income ETF (JEPQ) attracting $227.2M. Several funds saw large flows that may be related to rebalancing activity, including a $55.9M inflow for the FT Vest U.S. Equity Equal Weight Buffer ETF – June (RSJN) (may be the result of a custom rebalance) and a ($71.8M) outflow from the FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF (DHDG) (may be the result of a custom rebalance). Leveraged equity products saw significant redemptions, including ($101.3M) from the ProShares UltraPro QQQ (TQQQ) and ($92.9M) from the GraniteShares 2x Long NVDA Daily ETF (NVDL).

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Recent Launches

A large number of funds debuted, led by the SEI QiM U.S. Equity Factor Allocation Active ETF (SEUS), which launched with a substantial $871.2M in assets under management. The bulk of the other new listings consisted of leveraged single-stock ETFs from issuers including Corgi, T-REX, Leverage Shares, and GraniteShares. These newly launched funds began with relatively small asset bases, generally ranging from $150K to $500K.