Semiconductors Lead as Large-Cap Blend Dominates Flows

Flow leadership skewed toward the largest brands on an absolute basis, with VanEck pulling in $1.39B (AUM $157.27B, 30D $5.17B, YTD $19.17B) alongside SPDR’s $1.11B, Vanguard’s $886.0M, Invesco’s $874.3M, and iShares’ $823.9M. On a relative basis, smaller shops stood out, led by Tweedy, Browne Co. at 20.35% of AUM ($105.2M on $517.1M), AGF at 8.47% ($30.8M), and Amplius at 7.33% ($20.4M). Direxion posted the largest absolute outflow at $552.8M, consistent with its negative 5-Day trend of ($1.15B), while Meridian shed $201.9M (-11.10% of AUM) and Roundhill lost $160.8M. Day Hagan and HCM also registered notable relative outflows of -6.76% and -6.12%, respectively, underscoring a mixed day across mid-sized issuers even as mega-issuers absorbed the bulk of new dollars.

Total flows across all asset classes reached $7.24B on the day, with Equity dominating at $7.15B versus a 1W figure of $37.62B and a 30D total of $128.12B. Fixed Income added a modest $143.2M, trailing its own 5-Day pace of $14.08B, while Digital Asset saw the largest outflow at ($204.6M), extending a negative 1M trend of ($3.06B). Among categories, U.S. Large Cap – Blend led inflows with $4.10B, followed by Sector – Information Technology at $1.23B and Global Ex-U.S. Large Cap – Blend at $978.7M. On the outflow side, Fixed Income: Taxable – Corporate shed ($925.4M), Non-Traditional: Leverage | Inverse – Equity lost ($478.5M), and Fixed Income: Taxable – Core gave back ($471.5M).

U.S. size and style flows were led by the iShares Core S&P 500 ETF (IVV) at $1.06B and the State Street SPDR S&P 500 ETF (SPY) at $1.02B, with the Invesco S&P 500 Equal Weight ETF (RSP) adding $502.1M. On the outflow side, the Vanguard Extended Market ETF (VXF) lost ($369.1M) and the State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) declined ($310.3M). The iShares Russell 1000 Growth ETF (IWF) also gave back ($146.8M), contrasting with broad-market strength elsewhere in the category.

International equity flows favored developed-market exposures, with the Vanguard FTSE Developed Markets ETF (VEA) gathering $380.7M and the iShares Core MSCI Total International Stock ETF (IXUS) adding $321.7M. The Vanguard Total International Stock ETF (VXUS) rounded out the leaders with $136.6M. Outflows were comparatively small, led by the Sequoia ETF (SEQ) at ($17.8M) and the PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) at ($16.3M).

Sector flows were dominated by the VanEck Semiconductor ETF (SMH), which pulled in $1.43B, consistent with the broader $1.23B inflow into the Information Technology category. The State Street Health Care Select Sector SPDR ETF (XLV) added $294.5M, while the State Street SPDR S&P Retail ETF (XRT) gathered $128.7M. On the losing side, the State Street Communication Services Select Sector SPDR ETF (XLC) shed ($466.8M), aligning with the Communication Services category’s ($462.4M) outflow, while the iShares Semiconductor ETF (SOXX) lost ($372.0M) despite SMH’s strength in the same space.

Regional flows were modest, led by the JPMorgan BetaBuilders Canada ETF (BBCA) at $83.0M, the iShares MSCI India ETF (INDA) at $48.8M, and the iShares MSCI Canada ETF (EWC) at $48.2M. The iShares MSCI Brazil ETF (EWZ) led outflows at ($136.6M), with the WisdomTree India Earnings Fund (EPI) losing ($33.6M) and the iShares MSCI Taiwan ETF (EWT) giving back ($29.6M).

Thematic flows were led by the ARK Innovation ETF (ARKK), which added $104.3M, alongside the Tema Electrification ETF (VOLT) at $21.2M and the iShares A.I. Innovation and Tech Active ETF (BAI) at $16.8M. The Roundhill Memory ETF (DRAM) posted the day’s largest thematic outflow at ($143.6M), contributing to the Disruptive Tech category’s ($209.1M) decline, while the iShares U.S. Home Construction ETF (ITB) lost ($70.2M) and the VistaShares Artificial Intelligence Supercycle ETF (AIS) shed ($64.1M).

Fixed Income inflows were led by the iShares 7-10 Year Treasury Bond ETF (IEF) at $428.4M and the iShares 0-3 Month Treasury Bond ETF (SGOV) at $276.2M, consistent with Government Long ($460.7M) and Ultrashort ($431.7M) category strength. The iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) saw the day’s largest outflow at ($1.10B), driving the Corporate category’s ($925.4M) decline, while the Vanguard Short-Term Treasury ETF (VGSH) lost ($334.7M) and the iShares Core U.S. Aggregate Bond ETF (AGG) gave back ($259.1M). Overall, Fixed Income’s $143.2M net inflow was modest relative to its $14.08B 5-Day pace, reflecting offsetting flows within the asset class.

Commodity flows were led by SPDR Gold Shares (GLD), which added $360.8M, consistent with the Precious Metals category’s $338.6M inflow, while the Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) gathered $24.1M. Energy-linked products lagged, with the United States Oil Fund LP (USO) losing ($78.7M) and the United States Brent Oil Fund LP (BNO) shedding ($55.9M). The asset class overall gathered $179.2M, a modest total relative to its $8.72B YTD and $20.39B 1-Year figures.

Digital Asset flows were negative overall at ($204.6M), extending a soft 1M trend of ($3.06B), even as the Bitwise Bitcoin ETF Trust (BITB) gathered $21.9M and the Fidelity Wise Origin Bitcoin Fund (FBTC) added $6.8M. The iShares Bitcoin Trust ETF (IBIT) led outflows at ($95.0M), followed by the iShares Ethereum Trust ETF (ETHA) at ($74.4M) and the Grayscale Bitcoin Mini Trust ETF (BTC) at ($52.6M).

Non-Traditional flows were mixed, with the Tradr 2X Long Innovation 100 Monthly ETF (MQQQ) leading inflows at $56.2M and the Leverage Shares 2X Long SPCX Daily ETF (SPCH) adding $43.2M. The Direxion Daily Semiconductor Bull 3X ETF (SOXL) posted the largest outflow in the category at ($461.5M), aligning with the broader Leverage | Inverse – Equity category’s ($478.5M) decline, while the ETC 6 Meridian Hedged Equity Index Option ETF (SIXH) lost ($105.8M) and the Direxion Daily S&P 500 Bear 3X ETF (SPXS) shed ($85.1M). The category’s overall ($78.5M) net outflow contrasted with its strongly positive 30D ($23.86B) and YTD ($107.68B) trends.

Recent launches skewed toward smaller, niche strategies, led by VanEck’s EM Focus Inflation Bond ETF (EMIL), which opened with $10.0M in Fixed Income: Taxable – Emerging. Franklin introduced two Bitcoin Drip Index products, FBEQ and FIBT, in the Asset Allocation: Specialty – Alternative Asset Sleeve category with $5.0M and $4.7M in AUM, respectively. Eventide added two U.S. equity offerings, ETDG and ELCF, each launching with roughly $0.5M, while smaller sub-$1M debuts included XFUNDS’ VTVX, THOR’s THCR, and FINQ’s AIBE, reflecting continued diversification across issuer size and strategy type.