SGOV Captures Fixed Income Lead; IBIT Tops Digital Assets

Issuer League Tables

Vanguard dominated daily absolute flows, attracting $6.53B, pushing its 1-week intake to $17.32B. Invesco and iShares followed with strong absolute flows of $3.01B and $2.36B, respectively, further cementing the dominance of the top issuers. Avantis faced the largest daily headwind in absolute terms, recording $774M in outflows, though its YTD flows remain robust at $21.38B. On a relative basis, Relative Sentiment led with a daily intake equivalent to 33.41% of its AUM, translating to $61M. Conversely, Symmetry Panoramic experienced the steepest relative drop, losing 6.70% of its asset base via a $5M daily outflow.

Daily ETF Flow Analysis

Equity ETFs spearheaded daily inflows, amassing $12.36B, bringing their 1-month haul to $136.64B. Fixed Income also posted strong daily gains of $2.53B, while Non-Traditional assets secured $1.05B. Conversely, Commodities experienced the most substantial daily outflows, shedding $616M, which extended its 1-month drain to $1.29B. On a category basis, U.S. Large Cap – Blend led the charge with $4.93B in daily flows, whereas Focused – Precious Metals trailed significantly with $553M in outflows.

U.S. Size & Style

Large Cap Blend was the clear favorite in the U.S. Size & Style space, drawing in $4.93B in daily flows. This segment was propelled by VOO, which alone captured $4.47B. Small Cap Blend, on the other hand, experienced the greatest outflow, losing $480M for the day. This underperformance was largely driven by a $409M withdrawal from IWM.

Size & Style ex-U.S.

Global Ex-U.S. Large Cap – Blend captured the majority of daily interest, logging $260M in inflows. A significant portion of this can be attributed to VT and URTH, which gained $190M and $123M, respectively. The Global Ex-U.S. Large Cap – Value segment faced a tough day, shedding $392M overall, heavily influenced by a $439M redemption from EFV.

Sector & Industry

Information Technology proved resilient, leading sector inflows with a $1.29B daily gain, highlighted by a strong showing from SOXX ($723M). The Energy sector encountered resistance, posting a $412M daily outflow. This was most pronounced in XLE and XOP, which lost $238M and $163M, respectively.

Region & Country

Asia-Pacific equities garnered the most attention among regional ETFs, logging $66M in daily inflows, aided by a $41M boost to KSTR. However, Latin America-focused funds encountered moderate selling pressure, ending the day with an $8M outflow. This decline was mirrored in single-country funds like EPU and TUR, each shedding $8M.

Thematic

Thematic inflows were anchored by Disruptive Tech, which posted a $450M daily gain, heavily influenced by $338M flowing into DRAM. Precious Metals continued to see capital exit, experiencing a $297M daily outflow, bringing its 1-month total to an outflow of $3.52B. Funds like CIBR and BAI also witnessed targeted redemptions, losing $86M and $53M, respectively.

Fixed Income

Government bond ETFs were the top draw in fixed income, capturing $694M in daily flows, driven in part by $367M allocated to SGOV. Corporate bond funds closely followed with $659M in daily intakes. Meanwhile, TLT posted the most significant daily outflow across fixed income categories, losing $282M. This contributed to the broader $268M daily outflow seen in Taxable – Government Long ETFs.

Commodity

Outflows dominated the Commodity segment, driven primarily by a $553M retreat from Precious Metals, pushing its YTD outflows to $8.45B. This was heavily influenced by GLD, which accounted for a staggering $702M in daily redemptions. IAU bucked the trend, attracting $186M, but it wasn’t enough to offset the broader category decline.

Cryptocurrency

Ethereum ETFs led daily digital asset inflows, recording $21M, largely supported by ETHA‘s $19M addition. Bitcoin funds lagged, registering a collective $22M outflow. This decline was marked by redemptions in prominent funds like BITO and ARKB, despite IBIT gaining $48M for the day.

Non-Traditional

Leverage | Inverse ETFs commanded the Non-Traditional category with a substantial $543M daily inflow. This was driven by significant movement into SOXL ($367M) and TQQQ ($298M). In contrast, outflows were notable in funds like BUFM and SQQQ, which registered daily drains of $190M and $115M, respectively.

Recent Launches

The pace of new ETF introductions remains brisk, with unclassified strategies and inverse/leveraged equity funds making up a significant portion of recent launches. Notably, Corgi introduced a slew of new products, while MFS also brought active international and blended research strategies to market. As these funds navigate their initial trading periods, BRSM and MIVL have already accumulated AUM exceeding $15M.