Fixed Income Surges While Large Cap Blend Bleeds

Vanguard led all issuers with $8.01B in net inflows, building on a strong $19.48B 5-day and $24.51B 30-day pace, while iShares added $4.00B on the day against a much larger $56.11B 30-day haul. JPMorgan ($1.02B), ARK ($922.3M), and Schwab ($591.5M) rounded out the top absolute gatherers, with ARK’s figure driven almost entirely by the ARK Innovation ETF (ARKK). On the outflow side, State Street / SPDR shed $3.14B and Invesco lost $2.49B, extending Invesco’s negative 30-day trend of ($3.06B). Direxion ($507.1M), T. Rowe Price ($356.0M), and Roundhill ($203.8M) also saw notable single-day redemptions, while relative standouts included Performance Trust (32.52% of AUM) and Hennessy (26.13%) on the inflow side versus PMV (-16.58%) and Yoke (-6.88%) on the outflow side.

Total industry flows reached $10.44B on the day, well below the $62.00B 1-week and $158.26B 1-month totals but consistent with the broader YTD pace of $1,563.73B. Fixed Income was the standout asset class with $8.28B in net inflows, nearly matching its own 5-day total of $29.71B in a single session and outpacing Equity’s $1.79B. Within categories, Fixed Income: Taxable – Government Ultrashort led with $2.57B, followed by Equity: U.S. Large Cap – Value at $1.63B and Equity: Thematic – Multi-Sector at $1.47B. The largest category outflow came from Equity: U.S. Large Cap – Blend at ($2.75B), followed by Fixed Income: Taxable – Corporate at ($1.26B) and Non-Traditional: Leverage | Inverse – Equity at ($627.9M).

The Vanguard S&P 500 ETF (VOO) led U.S. size and style inflows with $4.28B, followed by the State Street SPDR Portfolio S&P 500 ETF (SPYM) at $2.14B and the State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) at $1.27B. The Vanguard Morningstar Mid-Cap ETF (VO) and iShares Russell 2000 ETF (IWM) also gathered over $800M each. On the outflow side, the State Street SPDR S&P 500 ETF (SPY) saw a steep ($8.25B) redemption, dwarfing the Invesco QQQ Trust Series I (QQQ) outflow of ($1.71B) and the Invesco MSCI USA ETF (PBUS) outflow of ($800.5M).

International flows were comparatively modest, led by the iShares International Country Rotation Active ETF (CORO) at $81.7M and the JPMorgan International Value ETF (JIVE) at $65.9M, with the Vanguard Total International Stock ETF (VXUS) adding $23.3M. The largest redemption came from the iShares MSCI EAFE Value ETF (EFV) at ($124.7M), followed by the Capital Group International Focus Equity ETF (CGXU) at ($56.2M) and the iShares MSCI Intl Quality Factor ETF (IQLT) at ($49.2M).

Sector flows were led by the VanEck Semiconductor ETF (SMH) with $494.3M, alongside the State Street Utilities Select Sector SPDR ETF (XLU) at $378.9M and the State Street Energy Select Sector SPDR ETF (XLE) at $329.0M. In contrast, the iShares Semiconductor ETF (SOXX) posted the largest sector outflow at ($864.4M), well ahead of the iShares Biotechnology ETF (IBB) at ($288.3M) and the Vanguard Materials ETF (VAW) at ($148.0M), highlighting divergent demand within the technology-adjacent complex.

Regional flows were comparatively small, led by the iShares MSCI Singapore ETF (EWS) at $79.3M and the iShares MSCI Brazil ETF (EWZ) at $55.7M. On the outflow side, the iShares MSCI Japan ETF (EWJ) led with ($190.3M), followed by the iShares MSCI South Korea ETF (EWY) at ($121.4M) and the JPMorgan BetaBuilders Japan ETF (BBJP) at ($70.7M), concentrating redemptions in North Asian exposures.

Thematic flows were dominated by the ARK Innovation ETF (ARKK) with $911.8M in inflows, closely trailed by the iShares U.S. Thematic Rotation Active ETF (THRO) at $512.3M, together reflecting the $1.47B inflow into the broader Thematic: Multi-Sector category. Conversely, the Roundhill Memory ETF (DRAM) saw the largest thematic redemption at ($167.7M), followed by the Alerian MLP ETF (AMLP) at ($118.9M) and the Global X Defense Tech ETF (SHLD) at ($29.9M).

Fixed Income inflows were broad-based, led by the iShares 0-3 Month Treasury Bond ETF (SGOV) with $1.42B and the State Street SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at $825.3M, consistent with the $2.57B category-level surge into Government Ultrashort products. The iShares 20+ Year Treasury Bond ETF (TLT) and the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) also drew over $600M each. On the redemption side, the Vanguard Intermediate-Term Corporate Bond ETF (VCIT) led with ($687.5M) and the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) followed with ($540.5M), aligning with the broader ($1.26B) outflow from the Taxable – Corporate category.

Commodity flows were roughly flat on net at ($40.2M), with the SPDR Gold Minishares Trust (GLDM) leading inflows at $49.3M and the Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) adding $45.8M. These gains were largely offset by a ($114.2M) outflow from the SPDR Gold Shares (GLD), the category’s largest single redemption, alongside smaller outflows from the State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY).

Digital Asset flows totaled $51.2M for the day, a step down from the $297.2M 5-day and $4.38B 1-month pace. The iShares Bitcoin Trust ETF (IBIT) led with $195.6M in inflows, followed by the Grayscale Bitcoin Mini Trust ETF (BTC) at $14.6M. These gains were partially offset by outflows from the Fidelity Wise Origin Bitcoin Fund (FBTC) at ($60.7M) and the Grayscale Bitcoin Trust ETF (GBTC) at ($31.4M).

Non-Traditional products added $304.0M on the day, led by the ProShares UltraPro Short QQQ (SQQQ) at $199.7M and the JPMorgan NASDAQ Equity Premium Income ETF (JEPQ) at $161.1M. The largest redemption by far came from the Direxion Daily Semiconductor Bull 3X ETF (SOXL) at ($823.1M), aligning with the category-level ($627.9M) outflow from Leverage | Inverse – Equity products, followed by the ProShares UltraPro QQQ (TQQQ) at ($247.7M) and the GraniteShares 2x Long NVDA Daily ETF (NVDL) at ($124.9M).

Recent launches spanned a mix of categories and issuers, including the NYLIM MacKay Muni High Income ETF (MMHI) with $25.0M in AUM and the T. Rowe Price Dynamic Emerging Markets Bond ETF (TDEM) at $19.9M, both in fixed income niches. The Logan Capital International ETF (LCIV) debuted with $18.9M in the Global Ex-U.S. Large Cap – Blend category, while buffer products from VanEck and AllianzIM (OCT and OCTI) launched with modest AUM under $5M. Smaller, newer entrants such as the Corgi Mangos ETF (MN), VegaShares Trillions ETF (TRIL), and Rareview Bloomberg Commodity Index ETF (BCOM) each launched with under $1.0M in assets.