Invesco’s QQQ Leads with Nearly $5 Billion Inflow Amidst Style Rotation

Issuer League Tables

Vanguard led all issuers with a commanding $5.71B inflow, continuing its impressive year-to-date accumulation of $318.44B. Invesco secured the second position with $2.80B in new assets, a notable daily performance that contrasts with its modest 30-day outflow of ($648.6M). On the other end of the spectrum, SPDR experienced the day’s largest redemptions at ($4.06B), a significant departure from its positive 30-day and year-to-date trends. Global X and VanEck also faced substantial outflows, shedding ($1.75B) and ($1.08B) respectively, while iShares, the largest issuer by AUM, saw a relatively mild outflow of ($285.3M).

Issuer Flows (Absolute)

Issuer Flows (Relative to AUM)

Daily ETF Flow Analysis

The ETF market recorded a net inflow of $4.81B, bringing the year-to-date total to over $1.22 trillion. Equity funds were the primary drivers of this growth, collecting $3.55B, while Fixed Income products also saw healthy demand with $1.23B in new assets. In contrast, Digital Asset and Commodity funds experienced outflows, shedding ($221.3M) and ($147.1M) respectively. A significant divergence was evident at the category level, where U.S. Large Cap Growth funds attracted $4.87B, while U.S. Large Cap Value funds saw redemptions of ($3.97B), and Information Technology sector funds lost ($1.61B).

Asset Class Flows

Category Flows (Top/Bottom 10)

U.S. Size & Style

U.S. Large Cap Growth funds dominated inflows, led by a massive $4.95B collection for the Invesco QQQ Trust Series I (QQQ). Other large-cap blend funds also saw strong demand, with the Vanguard S&P 500 ETF (VOO) adding $3.52B and the Vanguard Morningstar Total Stock Market ETF (VTI) gathering $1.60B. Conversely, the State Street SPDR S&P 500 ETF (SPY) experienced the largest outflow of the day at ($3.21B). Dividend and small-cap funds also faced significant redemptions, including ($1.74B) from the State Street SPDR S&P Dividend ETF (SDY) and ($1.40B) from the iShares Russell 2000 ETF (IWM).

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Size & Style ex-U.S.

Broad international and emerging market ETFs were the primary beneficiaries of flows into ex-U.S. equities. The Vanguard Total International Stock ETF (VXUS) led the category with a $404.5M inflow. Following closely were two large emerging markets funds, the iShares MSCI Emerging Markets ETF (EEM) and the Vanguard FTSE Emerging Markets ETF (VWO), which attracted $318.8M and $293.4M, respectively. Outflows were comparatively small, with the Avantis Responsible International Equity ETF (AVSD) seeing the largest redemption at ($97.2M).

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Sector & Industry

Sector flows revealed a clear preference for cyclical areas, with Energy, Communication Services, and Financials leading inflows. The State Street Energy Select Sector SPDR ETF (XLE) was the top performer, gathering $488.2M. In stark contrast, the Information Technology sector faced heavy redemptions, particularly within the semiconductor industry. The VanEck Semiconductor ETF (SMH) experienced a substantial outflow of ($1.11B), while the Vanguard Information Technology ETF (VGT) and the iShares Semiconductor ETF (SOXX) also saw significant losses of ($458.1M) and ($226.8M).

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Region & Country

Country-specific funds focused on Asia saw the most significant activity, with the iShares MSCI South Korea ETF (EWY) standing out with a massive $740.1M inflow. Other funds targeting the region also gathered assets, including the iShares MSCI Taiwan ETF (EWT) with $76.5M and the iShares Asia 50 ETF (AIA) with $67.2M. Outflows from regional funds were minimal, led by a modest ($26.1M) redemption from the Vanguard FTSE Europe ETF (VGK).

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Thematic

Thematic fund flows were marked by large, concentrated movements in specific areas. The Roundhill Memory ETF (DRAM) was the clear leader, attracting $329.7M in new capital. However, outflows were more pronounced, particularly in infrastructure and broad AI themes. The Global X U.S. Infrastructure Development ETF (PAVE) and the Global X Artificial Intelligence & Technology ETF (AIQ) saw the largest redemptions, shedding ($787.7M) and ($764.8M) respectively.

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Fixed Income

Within fixed income, floating rate and high yield products saw the strongest demand. The WisdomTree Floating Rate Treasury Fund (USFR) led all bond ETFs with a $588.3M inflow, followed by the Janus Henderson AAA CLO ETF (JAAA) which added $295.4M. Conversely, funds at the very short end of the duration spectrum and investment-grade corporate bond funds experienced the largest outflows. The iShares 0-3 Month Treasury Bond ETF (SGOV) lost ($851.0M), while the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) saw redemptions of ($742.8M). The F/m Compoundr U.S. Aggregate Bond ETF (CPAG) shed ($144.8M) (may be the result of a custom rebalance).

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Commodity

Commodity ETFs registered net outflows of ($147.1M), driven by redemptions from the largest funds in the category. The SPDR Gold Shares (GLD) and the United States Oil Fund LP (USO) led the exodus, losing ($147.8M) and ($141.9M) respectively. Inflows were concentrated in smaller gold-focused products. The SPDR Gold Minishares Trust of beneficial interest (GLDM) was the top gainer with a modest $47.8M.

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Cryptocurrency

Digital Asset ETFs saw net redemptions of ($221.3M), with spot bitcoin products bearing the brunt of the outflows. The iShares Bitcoin Trust ETF (IBIT) led the laggards with a ($122.7M) redemption, followed by the Fidelity Wise Origin Bitcoin Fund (FBTC) at ($54.8M) and the Grayscale Bitcoin Trust ETF (GBTC) at ($52.6M). The futures-based ProShares Bitcoin ETF (BITO) was the only fund to see a notable inflow, gathering $28.1M.

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Non-Traditional

Activity in non-traditional ETFs reflected trends seen elsewhere in the market, particularly in the technology sector. The Direxion Daily Semiconductor Bear 3X ETF (SOXS) was the top asset gatherer with a $249.7M inflow. Covered call strategies also remained popular, with the JPMorgan NASDAQ Equity Premium Income ETF (JEPQ) adding another $112.0M. On the outflow side, the FT Vest S&P 500 Dividend Aristocrats Target Income ETF (KNG) saw the largest redemption at ($144.8M).

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Recent Launches

Recent launch activity has been varied, with JPMorgan entering the U.S. Large Cap Value space with its new Plus ETF (JLVP), which has already accumulated $25.3M in assets. Aristotle introduced a suite of three actively managed fixed income funds covering short-term, multi-sector, and core plus strategies. Direxion expanded its popular single-stock synthetic income lineup with four new funds offering defined income strategies on individual large-cap tech stocks.