Long Treasuries Draw $1.4B as Large-Cap Blend Retreats

Issuer flows were dominated on the leader board by iShares, which pulled in $5.01B on the day and continues to lead over longer windows with $43.23B over 5 days and $299.17B YTD, while First Trust added a notable $917.6M despite a negative 5-day total of ($2.33B). Capital Group stood out among non-mega issuers with $283.0M in daily inflows, extending a 30-day gain of $4.13B and $45.43B YTD, while ProShares and Dimensional posted smaller but positive daily totals of $203.6M and $190.1M respectively. On the outflow side, SPDR led all issuers with ($6.11B) removed even as its 5-day and 30-day figures remain strongly positive at $23.59B and $14.96B, and Invesco shed ($2.08B) with a negative 30-day trend of ($4.44B). Smaller issuers Simplify and Principal saw daily outflows of ($339.0M) and ($182.8M), while relative movers Humilis (+15.58%) and Academy (+7.27%) posted the largest percentage gains against AUM, contrasted by Jensen (-9.19%) and Texas Capital (-6.25%) on the downside.

Total fund flows across all asset classes were negative on the day at ($1.09B), a reversal from the 30-day and YTD trends of $136.48B and $1,501.64B respectively. Equity led outflows at ($3.47B), consistent with the 1-week figure of ($29.56B) despite a positive $60.79B over the trailing month, while Fixed Income was the standout gainer with $1.84B added, building on $51.12B in 30-day inflows and $475.78B YTD. Category-level detail showed Fixed Income: Taxable – Government Long leading with $1.36B, followed by Equity: Global Large Cap – Blend at $740.5M and Fixed Income: Taxable – Government Ultrashort at $727.7M, while Equity: U.S. Large Cap – Blend saw the steepest category outflow at ($5.12B) and Equity: U.S. Large Cap – Growth shed ($1.69B). Digital Asset and Non-Traditional categories posted modest gains of $309.4M and $337.8M respectively, while Commodity and Currency categories saw small daily declines of ($71.3M) and ($132.2M).

Within U.S. size and style, the iShares Core S&P 500 ETF (IVV) led inflows with $1.70B, followed by the First Trust Dorsey Wright Focus 5 ETF (FV) at $869.4M and the iShares Russell 2000 ETF (IWM) at $366.0M. On the outflow side, the State Street SPDR S&P 500 ETF (SPY) lost ($5.68B), the largest single-fund outflow in the category, while the Vanguard S&P 500 ETF (VOO) shed ($2.81B) and the Invesco QQQ Trust Series I (QQQ) declined ($2.11B). These large-cap blend redemptions align with the broader category outflow of ($5.12B) noted at the sector level.

Ex-U.S. size and style flows were comparatively modest, led by the iShares MSCI ACWI ex U.S. ETF (ACWX) at $182.6M and the iShares International Country Rotation Active ETF (CORO) at $125.1M, with the Dimensional International Core Equity Market ETF (DFAI) adding $91.4M. On the laggard side, outflows were minimal in scale, with the iShares Emerging Markets Dividend ETF (DVYE) shedding just ($6.9M) and the Pacer Emerging Markets Cash Cows 100 ETF (ECOW) losing ($5.3M).

Sector flows were led by the State Street Financial Select Sector SPDR ETF (XLF) at $259.0M and the State Street Utilities Select Sector SPDR ETF (XLU) at $236.2M, consistent with the category-level gains of $437.3M for Financials and $265.9M for Utilities. On the outflow side, the State Street SPDR S&P Biotech ETF (XBI) lost ($304.5M) and the VanEck Semiconductor ETF (SMH) declined ($270.3M), while the broader Industrial sector category shed ($353.1M) alongside individual redemptions from the State Street Industrial Select Sector SPDR ETF (XLI) of ($135.1M).

Regional flows were led by the iShares Core MSCI Europe ETF (IEUR) at $134.2M and the iShares MSCI Japan ETF (EWJ) at $86.0M, consistent with the category-level Global Ex-U.S. Large Cap – Blend gain of $600.4M. On the outflow side, the iShares MSCI India ETF (INDA) shed ($47.6M) and the Invesco China Technology ETF (CQQQ) declined ($28.1M), with other country funds seeing single-digit-million redemptions.

Thematic flows leaned toward gold and cybersecurity exposure, with the VanEck Gold Miners ETF (GDX) leading with $179.8M and the First Trust NASDAQ Cybersecurity ETF (CIBR) adding $103.0M, followed by smaller inflows into the Global X Cybersecurity ETF (BUG) and the Amplify Cybersecurity ETF (HACK). On the outflow side, the iShares A.I. Innovation and Tech Active ETF (BAI) lost ($113.2M) and the State Street SPDR S&P Homebuilders ETF (XHB) shed ($82.3M), with metals and mining thematics also seeing modest redemptions.

Fixed Income flows totaled $1.84B on the day, extending a 30-day gain of $51.12B and $475.78B YTD, led by the iShares 20+ Year Treasury Bond ETF (TLT) at $1.12B, consistent with the category leader Government Long at $1.36B. The iShares iBoxx $ High Yield Corporate Bond ETF (HYG) added $389.1M and the iShares 0-3 Month Treasury Bond ETF (SGOV) gained $261.6M, aligning with the Government Ultrashort category’s $727.7M inflow. On the outflow side, the iShares Broad USD High Yield Corporate Bond ETF (USHY) lost ($450.6M) and the iShares JP Morgan USD Emerging Markets Bond ETF (EMB) shed ($351.2M), consistent with the Emerging USD category’s ($331.2M) decline.

Commodity flows were negative overall at ($71.3M) for the day, continuing a negative 1-week trend of ($651.1M) despite a positive 30-day figure of $4.65B. Gains were modest, led by the iShares Gold Trust Micro ETF (IAUM) at $42.5M and the iShares Silver Trust (SLV) at $34.5M. The largest outflow came from the United States Oil Fund LP (USO) at ($106.5M), followed by the 3EDGE Dynamic Hard Assets ETF (EDGH) at ($44.6M) and the United States Natural Gas Fund LP (UNG) at ($25.5M).

Digital Asset flows were positive on the day at $309.4M, extending a strong 1-week gain of $3.74B, led by the iShares Bitcoin Trust ETF (IBIT) at $162.6M. The Bitwise Solana Staking ETF (BSOL) added $28.0M and the iShares Ethereum Trust ETF (ETHA) gained $26.8M, while outflows were minor, with the WisdomTree Bitcoin Fund (BTCW) shedding just ($4.0M) and the Bitwise 10 Crypto Index ETF (BITW) losing ($3.3M).

Non-Traditional flows were positive overall at $337.8M for the day, led by the Tradr 2X Long SNDK Daily ETF (SNXX) at $96.4M and the JPMorgan NASDAQ Equity Premium Income ETF (JEPQ) at $80.9M, with the ProShares UltraPro Short QQQ (SQQQ) adding $63.1M. On the outflow side, the Direxion Daily S&P 500 Bull 3X ETF (SPXL) lost ($143.6M), and the NEOS Nasdaq 100 High Income ETF (QQQI) shed ($55.0M), alongside smaller redemptions from buffer and defined-outcome products.

Recent launches were led by the Man Active Global Infrastructure ETF (MGIN), which debuted with $10.0M in AUM in the Thematic – Infrastructure category, alongside the REX AI Chipmaking ETF (CHIP) and the Invesco Nasdaq International Innovators 100 ETF (QQI), which launched with $4.0M in the Global Ex-U.S. Large Cap – Growth category. Smaller launches included the T-Strive Digital Credit Preferred Income ETF (DCAP) with $249.3K in AUM, the VegaShares US Equity Autocallable Conservative Income ETF (VAIC) at $999.7K, and the Hotchkis & Wiley Mid-Cap Value Fund ETF (HWMV) at $497.2K, alongside several Portfolio Building Block sector-focused launches that began trading with no assets yet reported.