Global Ex-U.S. Value Lags as Investors Favor Large-Cap Blend ETFs

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Market Overview

The Global Ex-U.S. Size & Style market encompasses 308 ETFs from 84 issuers, with total Assets Under Management (AUM) of $1.357 trillion. This week, the market narrative was defined by a distinct performance divergence, with Emerging Market Small | Mid Caps showing resilience while Global Ex-U.S. Large Cap Value strategies faltered. On the capital flows front, investors demonstrated a strong preference for core international blend strategies, continuing a year-long trend. The channel saw total net flows of +$1.51 billion for the week, contributing to a Year-to-Date total of +$89.78 billion and a 1-Year total of +$129.85 billion.

Weekly Performance & Flows Recap

This week saw varied performance across international equity segments. The strongest segment was Emerging Small | Mid Cap, which posted a WTD return of +0.50%. In contrast, Global Ex-U.S. Large Cap – Value was the weakest, declining by -1.44%. Over a one-year period, the top-performing category has been Global Ex-U.S. Small | Mid Cap with a return of +22.01%.

The channel experienced a net inflow of +$1.51 billion over the last five days. Global Ex-U.S. Large Cap – Blend was the primary beneficiary, attracting +$1.162 billion in new capital, bringing its YTD total to an impressive +$60.13 billion. Conversely, Emerging Large Cap saw the most significant withdrawals, with outflows totaling -$59 million, though it maintains a strong YTD inflow of +$15.17 billion.

Global Ex-U.S. | AUM: $1.032 trillion

Returns:

  • Large Cap – Growth: WTD: -1.03% | 3-Month: +3.61% | YTD: +16.86%
  • Large Cap – Blend: WTD: -1.34% | 3-Month: +5.50% | YTD: +21.79%
  • Large Cap – Value: WTD: -1.44% | 3-Month: +7.62% | YTD: +27.33%
  • Small | Mid Cap: WTD: -0.77% | 3-Month: +10.41% | YTD: +28.34%

Top 3 Performers (WTD):

  • Renaissance International IPO ETF (IPOS): +1.17%
  • Capital Group International Focus Equity ETF (CGXU): +0.18%
  • Vident International Equity Strategy ETF (VIDI): +0.07%

Bottom 3 Performers (WTD):

  • Global X MSCI SuperDividend EAFE ETF (EFAS): -2.34%
  • iShares International Equity Factor Rotation Active ETF (IDYN): -2.34%
  • iShares MSCI Intl Value Factor ETF (IVLU): -2.29%

Flows (As of 8/28/2025):

  • Large Cap – Growth: 5-Day: +$155M | 90-Day: +$1,465M | YTD: -$1,004M
  • Large Cap – Blend: 5-Day: +$1,162M | 90-Day: +$28,280M | YTD: +$60,133M
  • Large Cap – Value: 5-Day: +$148M | 90-Day: +$4,842M | YTD: +$13,177M
  • Small | Mid Cap: 5-Day: +$99M | 90-Day: +$2,340M | YTD: +$2,791M

Top 3 Inflows (5-Day):

  • SPDR Portfolio Developed World ex-US ETF (SPDW): +$447M
  • iShares Core MSCI EAFE ETF (IEFA): +$313M
  • Vanguard FTSE Developed Markets ETF (VEA): +$213M

Top 3 Outflows (5-Day):

  • ActivePassive International Equity ETF (APIE): -$82M
  • Xtrackers MSCI EAFE Hedged Equity ETF (DBEF): -$37M
  • Fidelity Enhanced International ETF (FENI): -$32M

Emerging Markets | AUM: $324.28 billion

Returns:

  • Large Cap: WTD: -0.62% | 3-Month: +8.76% | YTD: +17.12%
  • Small | Mid Cap: WTD: +0.50% | 3-Month: +10.33% | YTD: +15.28%

Top 3 Performers (WTD):

  • Macquarie Focused Emerging Markets Equity ETF (EMEQ): +1.23%
  • WisdomTree Emerging Markets SmallCap Dividend Fund (DGS): +1.04%
  • SPDR S&P Emerging Markets Small Cap ETF (EWX): +0.99%

Bottom 3 Performers (WTD):

  • National Security Emerging Markets Index ETF (NSI): -1.86%
  • iShares ESG Advanced MSCI EM ETF (EMXF): -1.80%
  • WisdomTree True Emerging Markets Fund (XC): -1.77%

Flows (As of 8/28/2025):

  • Large Cap: 5-Day: -$59M | 90-Day: +$10,097M | YTD: +$15,174M
  • Small | Mid Cap: 5-Day: +$0M | 90-Day: -$97M | YTD: -$489M

Top 3 Inflows (5-Day):

  • Avantis Emerging Markets Equity ETF (AVEM): +$43M
  • Vanguard FTSE Emerging Markets ETF (VWO): +$19M
  • Freedom 100 Emerging Markets ETF (FRDM): +$17M

Top 3 Outflows (5-Day):

  • iShares MSCI Emerging Markets ex China ETF (EMXC): -$103M
  • iShares ESG Aware MSCI EM ETF (ESGE): -$82M
  • Nuveen ESG Emerging Markets Equity ETF (NUEM): -$3M

Issuer and Product Landscape

Market Share: The top three issuers by AUM continue to dominate the landscape. iShares leads with 40.07%, followed by Vanguard at 33.68%, and Schwab at 7.00%.

Issuer Flows: SPDR attracted the most absolute net inflows over the past week, pulling in +$447 million.

Product Development: Over the past three months, there have been 11 new ETF launches, with Harbor and VictoryShares leading the pack with 2 launches each. During the same period, there were 5 ETF closures, with First Trust and Hartford closing 2 funds each.

Weekly Issuer Flow Leaders:

Top 3 Inflows:

    1. SPDR: 5-Day: +$447M | 30-Day: +$1,285M | YTD: +$5.82B
    1. Vanguard: 5-Day: +$371M | 30-Day: +$3,911M | YTD: +$28.52B
    1. Avantis: 5-Day: +$216M | 30-Day: +$1,257M | YTD: +$8.96B

Top 3 Outflows:

    1. ActivePassive: 5-Day: -$82M | 30-Day: +$4M | YTD: -$0.07B
    1. Schwab: 5-Day: -$48M | 30-Day: +$5M | YTD: +$1.12B
    1. Xtrackers: 5-Day: -$34M | 30-Day: -$511M | YTD: +$0.64B

Disclosures

This material is for informational purposes only and should not be considered investment advice. All investments, including ETFs, involve risk, including the possible loss of principal. Investors should consider their investment objectives, risks, charges, and expenses carefully before investing.

This analysis was developed by the team at ETF Action. We leverage advanced AI tools to assist in the drafting and refinement of our content, based on our expert prompts, direction, and final review.

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