Leveraged Single-Stock & Semis Trades Drive Daily Flows

Issuer flows were led on an absolute basis by iShares ($2.46B) and Vanguard ($2.12B), both consistent with their scale and long-term trends ($336.04B and $416.15B YTD, respectively), while Direxion ($2.05B) and GraniteShares ($1.55B) posted outsized single-day totals tied to leveraged product demand. On a relative basis, Alger gathered $1.02B, equal to 12.41% of its $8.19B AUM, while GraniteShares added 11.78% of AUM and Tradr brought in $366.0M, or 7.67% of its base. Invesco and SPDR were the day’s largest dollar laggards, shedding $4.10B and $2.96B respectively, though both remain well ahead on a 5-Day and 30-Day basis. Smaller-issuer outflows were concentrated in Roundhill (-$373.4M), ERShares (-$231.7M, -15.11% of AUM), and Franklin (-$82.1M), with Osprey (-27.07%) and Rayliant (-6.65%) rounding out the relative laggards.

Total net flows across all asset classes reached $8.36B on the day, building on a $53.57B 5-Day and $213.97B 30-Day pace, with YTD flows now at $1,643.70B. Non-Traditional products led all categories with $5.27B in single-day inflows, far outpacing Fixed Income ($1.57B) and Equity ($1.27B), and reflecting the asset class’s $93.14B YTD and $111.36B 1-Year totals. Within categories, Leverage | Inverse – Equity ($2.50B) and Leverage | Inverse – Single Stock ($2.48B) were the top gatherers, alongside Equity: Region – Country Specific ($1.40B) and U.S. Small Cap – Blend ($1.11B). On the outflow side, U.S. Large Cap – Growth shed $2.37B, with Sector – Financials (-$885.9M) and U.S. Large Cap – Blend (-$714.8M) also notable laggards against a backdrop of steady Commodity outflows (-$8.9M) that remain positive YTD at $8.89B.

U.S. size and style flows were led by the iShares Russell 2000 ETF (IWM) at $1.04B and the iShares Russell 1000 Growth ETF (IWF) at $876.9M, with the Alger Concentrated Equity ETF (CNEQ) adding $717.9M and the Vanguard S&P 500 ETF (VOO) gathering $507.2M. On the outflow side, the Invesco QQQ Trust Series I (QQQ) lost $4.28B, the largest single-fund outflow in the group, while the State Street SPDR S&P 500 ETF (SPY) shed $1.40B. Smaller redemptions came from the iShares MSCI USA Min Vol Factor ETF (USMV) at $201.3M and the Nuveen Dividend Growth Fund ETF (NUDG) at $90.6M.

International size and style funds saw the WisdomTree International Hedged Quality Dividend Growth Fund (IHDG) lead with $412.5M, followed by the State Street SPDR Portfolio Developed World ex-US ETF (SPDW) at $317.4M and the iShares MSCI Emerging Markets ex China ETF (EMXC) at $145.0M. Outflows were comparatively modest, topped by the Fidelity Emerging Markets Multifactor ETF (FDEM) at $63.1M and the iShares ESG Aware MSCI EM ETF (ESGE) at $31.9M. The State Street SPDR Portfolio Emerging Markets ETF (SPEM) lost $31.2M, rounding out a day with smaller magnitude flows relative to domestic size and style funds.

Sector flows were dominated by semiconductor exposure, with the VanEck Semiconductor ETF (SMH) pulling in $617.7M, well ahead of the State Street Energy Select Sector SPDR ETF (XLE) at $124.3M and the iShares Semiconductor ETF (SOXX) at $108.8M, consistent with the category-level $901.6M gain in Information Technology. On the outflow side, the State Street Financial Select Sector SPDR ETF (XLF) lost $726.4M and the State Street Consumer Staples Select Sector SPDR ETF (XLP) shed $694.4M, aligning with broader category outflows of $885.9M from Financials and $692.9M from Consumer Staples. The iShares Biotechnology ETF (IBB) also declined by $220.0M on the day.

Regional flows were led by the WisdomTree Japan Hedged Equity Fund (DXJ) at $939.2M and the iShares MSCI Brazil ETF (EWZ) at $451.2M, together driving much of the $1.40B gathered by the Country Specific category. The JPMorgan BetaBuilders Canada ETF (BBCA) added $123.5M, while the KraneShares CSI China Internet ETF (KWEB) brought in $46.7M. On the outflow side, the iShares MSCI Spain ETF (EWP) led with $284.1M in redemptions, while the Vanguard FTSE Europe ETF (VGK) saw a smaller $25.9M decline.

Thematic flows were led by the Alger AI Enablers & Adopters ETF (ALAI) at $278.0M, with the iShares U.S. Home Construction ETF (ITB) adding $160.7M and the VanEck Gold Miners ETF (GDX) at $104.7M. The ARK Innovation ETF (ARKK) gathered $100.3M as well. On the outflow side, the Roundhill Memory ETF (DRAM) lost $481.7M and the ERShares Private-Public Crossover ETF (XOVR) shed $231.7M, both standing out against the broader Disruptive Tech category’s $353.1M outflow.

Fixed Income gathered $1.57B on the day, contributing to a $19.16B 5-Day and $81.61B 30-Day total, with municipal exposure prominent as the Vanguard Tax-Exempt Bond ETF (VTEB) took in $411.7M and the Schwab Municipal Bond ETF (SCMB) added $225.3M, aligning with the Municipal – Intermediate category’s $997.5M gain. The Vanguard Short-Term Corporate Bond ETF (VCSH) led all fixed income funds with $479.3M. On the outflow side, the iShares 7-10 Year Treasury Bond ETF (IEF) lost $268.6M and the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) shed $205.0M, with the iShares 20+ Year Treasury Bond ETF (TLT) also down $180.1M.

Commodity flows were essentially flat on the day at -$8.9M, a continuation of the recent softer 5-Day trend of -$868.9M, though the asset class remains positive at $8.89B YTD. The SPDR Gold Minishares Trust (GLDM) led inflows with $74.2M, followed by the Harbor Commodity All-Weather Strategy ETF (HGER) at $38.2M and the iShares Silver Trust (SLV) at $24.5M. On the outflow side, the iShares Gold Trust (IAU) lost $62.7M and the United States Oil Fund LP (USO) shed $60.9M.

Digital Asset products gathered $177.3M on the day, reversing some of the recent 5-Day decline of $1.02B though still below the $2.35B 30-Day and $3.40B YTD totals. The Fidelity Wise Origin Bitcoin Fund (FBTC) led inflows at $103.1M, with the iShares Bitcoin Trust ETF (IBIT) adding $65.9M and the Grayscale Ethereum Staking Mini ETF (ETH) at $16.7M. The Osprey Bitcoin Trust (OBTC) saw the largest outflow at $16.5M, equal to 27.07% of its AUM, while the Grayscale Zcash Trust (ZCSH) lost $5.2M.

Non-Traditional led all asset classes with $5.27B in net inflows, driven by the Direxion Daily Semiconductor Bull 3X ETF (SOXL) at $1.71B and the GraniteShares 2x Long NVDA Daily ETF (NVDL) at $1.08B, reflecting the broad $2.50B gain in Leverage | Inverse – Equity and $2.48B in Single Stock categories. The ProShares UltraPro QQQ (TQQQ) added $654.0M and the GraniteShares 2x Long MU Daily ETF (MULL) gathered $310.9M. On the outflow side, the GraniteShares 2x Long NOW Daily ETF (NOWL) lost $192.6M (may be the result of a custom rebalance), while the ProShares UltraPro Short QQQ (SQQQ) shed $105.4M and the Direxion Daily S&P Biotech Bear 3X ETF (LABD) declined $89.0M (may be the result of a custom rebalance).

Recent launches have spanned a mix of income-oriented and allocation strategies, including the Tuttle Capital Photonics Income Blast ETF (OPTO) and XFUNDS Technology Income ETF (VGTX), both categorized as Synthetic Income – Equity with sub-$1M AUM shortly after their October 8-9 inceptions. WisdomTree introduced two Specialty Alternative Asset Sleeve products, the Global Alpha Fund ETF (WTAL) and Efficient Long/Short U.S. SmallCap Equity Fund ETF (WSLS), each launching with $2.5M in AUM. Direxion’s U.S. 500 Plus ETF (SPXP) debuted with a comparatively larger $19.9M, while Russell Investments’ Multisector Bond ETF (RINK) launched in the Taxable Core Enhanced category with $37.5M. Smaller thematic and commodity-income entries included Amplify’s Top 10 Semiconductors ETF (CPU) and NEOS Silver High Income ETF (SLVI), both under $2M in early AUM.