Large-Cap Blend Leads as Leverage/Inverse Bleeds Out

Issuer flows remained concentrated among the largest brands, with iShares pulling in $6.12B, Vanguard $4.07B, and SPDR $3.83B on the day, consistent with their respective 30-day hauls of $43.47B, $57.48B, and $20.59B. Invesco and JPMorgan added $1.19B and $593.0M respectively, keeping the top five issuers firmly in positive territory. On the laggard side, ProShares shed $1.08B, extending its negative 5-day trend of ($667.8M), while Alger lost $293.4M, largely tied to its Concentrated Equity ETF. On a relative basis, Meridian (11.21% of AUM) and Hull (6.88%) stood out among smaller issuers, while Ritholtz (-10.05%) and Gadsden (-9.54%) saw the largest percentage outflows.

Total net flows across all ETFs reached $18.58B on the day, well above the 5-day pace of $55.16B when annualized, and tracking toward the $2,147.37B 1-year total. Equity dominated with $14.78B of inflows, followed by Fixed Income at $5.03B, while Digital Asset ($568.2M), Non-Traditional ($284.4M), and Commodity ($470.4M) categories posted outflows. At the category level, Equity: U.S. Large Cap – Blend led decisively with $9.00B, trailed by Equity: U.S. Large Cap – Value at $1.87B and Fixed Income: Taxable – Government Ultrashort at $1.82B. On the losing side, Non-Traditional: Leverage | Inverse – Equity shed $1.15B, Commodity: Focused – Precious Metals lost $477.9M, and Digital Asset: Cryptocurrency – Bitcoin fell $421.0M.

U.S. size and style flows were led by large-cap core products, with the State Street SPDR S&P 500 ETF (SPY) taking in $3.91B, followed by the iShares Core S&P 500 ETF (IVV) at $1.70B and the Vanguard S&P 500 ETF (VOO) at $1.55B. The Invesco S&P 500 Equal Weight ETF (RSP) added $613.6M. On the outflow side, the Alger Concentrated Equity ETF (CNEQ) lost $294.3M, while the Vanguard Mega Cap Growth ETF (VUG) shed $151.2M.

Ex-U.S. size and style flows were led by developed-market funds, with the Vanguard FTSE Developed Markets ETF (VEA) gathering $417.3M and the iShares Core MSCI EAFE ETF (IEFA) adding $385.2M. The iShares Core MSCI Total International Stock ETF (IXUS) also saw $276.8M of inflows. On the outflow side, the Cambria Global Value ETF (GVAL) lost $10.9M, while the iShares Currency Hedged MSCI EAFE ETF (HEFA) declined $7.0M.

Sector flows favored technology and healthcare, with the State Street Technology Select Sector SPDR ETF (XLK) adding $479.0M and the State Street SPDR S&P Regional Banking ETF (KRE) gaining $265.3M. The iShares Semiconductor ETF (SOXX) added $204.1M. On the losing side, the State Street Industrial Select Sector SPDR ETF (XLI) shed $263.1M, and the State Street Utilities Select Sector SPDR ETF (XLU) lost $203.1M.

Regional flows were led by the iShares MSCI Japan ETF (EWJ) at $221.4M, followed by the iShares Core MSCI Europe ETF (IEUR) at $97.0M. The iShares India 50 ETF (INDY) added $45.3M. On the outflow side, the iShares MSCI Taiwan ETF (EWT) lost $261.4M, the largest regional decline, while the iShares MSCI Australia ETF (EWA) shed $35.2M.

Thematic flows were modest on the inflow side, led by the State Street SPDR S&P Metals & Mining ETF (XME) at $19.5M and the ARK Genomic Revolution ETF (ARKG) at $14.5M. Outflows were larger, with the ARK Innovation ETF (ARKK) losing $134.4M, the iShares U.S. Home Construction ETF (ITB) shedding $82.5M, and the Roundhill Memory ETF (DRAM) losing $81.6M, consistent with broader declines in Thematic: Disruptive Tech ($215.2M) and Evolving Consumer ($180.1M) categories.

Fixed income flows were led by the iShares 0-3 Month Treasury Bond ETF (SGOV) at $1.35B, aligning with the $1.82B category inflow into Government Ultrashort products. The iShares 20+ Year Treasury Bond ETF (TLT) added $841.4M and the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) gained $789.5M. On the outflow side, the iShares Core U.S. Aggregate Bond ETF (AGG) shed $471.3M, and the WisdomTree Floating Rate Treasury Fund (USFR) lost $220.3M.

Commodity flows were negative overall at ($470.4M), driven by precious metals outflows, with the SPDR Gold Shares (GLD) losing $362.5M and the SPDR Gold Minishares Trust (GLDM) shedding $78.2M, consistent with the $477.9M category-wide decline in Precious Metals. On the inflow side, the United States Oil Fund LP (USO) gained $47.4M and the iShares S&P GSCI Commodity Indexed Trust (GSG) added $10.7M.

Digital asset flows were negative at ($568.2M) for the day, consistent with the ($421.0M) decline in the Bitcoin category, led by the iShares Bitcoin Trust ETF (IBIT) losing $405.3M and the iShares Ethereum Trust ETF (ETHA) shedding $138.3M. The Fidelity Wise Origin Bitcoin Fund (FBTC) was a bright spot with $6.7M of inflows, while the Morgan Stanley Ethereum Trust ETF (MSSE) added $3.2M. This contrasts with the 1-year Digital Asset total of $1.58B, suggesting the day’s decline sits against a still-positive longer-term trend.

Non-traditional flows were led by the Direxion Daily Semiconductor Bull 3X ETF (SOXL) at $432.7M, followed by the ETC 6 Meridian Hedged Equity Index Option ETF (SIXH) at $107.4M and the JPMorgan NASDAQ Equity Premium Income ETF (JEPQ) at $94.1M. Outflows were concentrated in leveraged products, with the ProShares Ultra QQQ (QLD) losing $605.9M and the ProShares Ultra S&P 500 (SSO) shedding $267.9M, aligning with the broader $1.15B category decline in Leverage | Inverse – Equity.

Recent launches span a range of strategies, led in size by the Hartford Alpha Capture International Equity ETF (ACIN), which debuted on 10/26/2026 with $624.7M in AUM in the Global Large Cap – Growth category. Other launches included Franklin’s twin Bitcoin DRIP Index ETFs (FBEQ and FIBT) in the Alternative Asset Sleeve category, each gathering around $4.7M-$4.9M, and the Buffered Bulldog ETF by C.J. Lawrence (ACJL) with $6.2M in the Buffer – Equity space. Smaller launches from Eventide (ETDG, ELCF), FINQ (AIBE), VanEck (WBMO), YieldMax (YSKH), and Calamos (CAYN) rounded out the period, with AUM levels generally under $2.5M as of their respective inception dates.