Silver Streak: SLV Dominates as Commodities Capture $3.5B in Daily Flows

Issuer League Tables

The issuer landscape showed significant dispersion in absolute flows, led by SPDR and Vanguard with daily gains of $1,545M and $1,318M, respectively. Conversely, Invesco and Global X faced the steepest absolute outflows, shedding $1,358M and $1,199M in a single session. On a relative basis, smaller brands such as Stacked and USCF saw massive percentage-of-AUM shifts exceeding 20%, while Relative Sentiment led relative laggards with a 30.73% decline in assets. Total industry AUM stands at $13,998B across 483 brands, reflecting a highly concentrated market where top issuers continue to drive the majority of volume.

Issuer Flows (Absolute)

Issuer Flows (Relative)

Daily ETF Flow Analysis

Total net flows for the day reached $3,323M, with Commodities leading all asset classes by attracting $3,465M in new capital. Non-Traditional funds followed with $1,054M in inflows, while Digital Assets and Equities experienced broad outflows of $756M and $653M, respectively. At the category level, Precious Metals were the primary beneficiary with $3,563M in inflows, whereas U.S. Small Cap Blend funds faced the largest liquidation at $1,485M. Despite the daily volatility, 1-year total flows for the entire ETF universe remain robust at $1,555B.

Asset Class Flows

Top 10 Category Flows

Bottom 10 Category Flows

U.S. Size & Style

The U.S. Large Cap Blend category led style flows with $2,169M in daily inflows, primarily driven by massive activity in SPY. Growth strategies saw a modest $172M increase, while Large Cap Value faced significant headwinds with $1,419M in outflows. Small Cap strategies were particularly weak, as the Small Cap Blend category lost $1,485M on the day. Over a 1-year horizon, U.S. Large Cap Blend remains the dominant driver of domestic equity flows, capturing over $347B in net new money.

Size & Style ex-U.S.

International equity flows were concentrated in Emerging Large Cap funds, which added $1,034M in new assets. Global Ex-U.S. Large Cap Value also saw healthy activity with $325M in gains, while the Blend and Growth counterparts combined for $147M in inflows. IEMG led individual funds with $392M in daily flows, continuing its trend of strong YTD performance ($20.8B). Conversely, IQLT was the primary outlier on the downside, experiencing a sharp $553M outflow during the session.

Sector & Industry

Energy and Industrial sectors dominated the leaderboard, attracting $1,720M and $780M in daily flows, respectively. Information Technology saw more subdued growth of $168M, while defensive sectors like Consumer Staples and Utilities suffered significant outflows. Financials were the biggest laggard in the group, losing $436M on the day. XLF led individual fund outflows with $446M, contrasting with XOP which paced the leaders with $105M in daily gains.

Region & Country

Asia-Pacific regional ETFs captured $357M in net new assets, making it the top regional leader for the session. Eurozone funds also showed positive momentum with $178M in daily inflows, while North American regional ETFs added $103M. Individual highlights included AIA ($170M) and VGK ($140M), which both saw significant gains relative to their peers. Country-specific flows were largely quiet among the laggards, with KBA seeing the most meaningful outflow at $9M.

Thematic

Natural Resources and Precious Metals themes attracted $295M and $231M in daily flows, respectively, pacing thematic leaderboard. Infrastructure and Disruptive Tech faced heavy selling pressure, with the two categories losing a combined $1,258M on the day. Individual fund activity was headlined by COPX ($277M) and GDX ($251M), which accounted for nearly all thematic gains. Conversely, PAVE and AIQ were significant outliers on the downside, posting outflows of $688M and $500M.

Fixed Income

Multi-Sector fixed income funds saw a daily inflow of $2,261M, while Government bonds experienced the sharpest decline with $1,734M in outflows. Intermediate duration funds were the clear preference among investors, attracting $1,141M, compared to long-duration outflows of $681M. Aggregate-style products such as BND ($223M) and SPHY ($333M) led absolute fund flows for the session. In contrast, corporate credit bellwether LQD shed $1,039M, leading a list of laggards that also included significant selling in TLT and short-term treasury funds like SCHO.

Commodity

Commodity ETFs were the day’s standout winners, led by a $3,563M surge into Precious Metals. Industrial Metals also saw positive flows of $95M, whereas Multi-Sector and Energy commodities lost a combined $195M. SLV dominated the group with a massive $3,395M daily inflow, significantly outpacing all other thematic and asset class funds. On the downside, broad commodity exposures like GSG experienced the largest liquidations, totaling $162M for the session.

Cryptocurrency

The Digital Asset space faced broad selling pressure as the Bitcoin and Ethereum categories lost $493M and $265M, respectively. Outflows were most prominent in spot Bitcoin products, with IBIT alone shedding $528M during the day’s session. Interestingly, futures-based BITO saw a $16M inflow, positioning it as a top leader for the period. Total AUM for Digital Asset ETFs now rests at $129.4B, with Bitcoin products accounting for approximately 85% of the asset class total.

Non-Traditional

Non-Traditional ETFs were buoyed by strong demand for Leverage | Inverse strategies, which attracted $814M in net daily flows. Synthetic Income strategies also participated in the gains, adding $239M to their asset base during the session. Performance was highly bifurcated, with AGQ ($216M) and SQQQ ($202M) leading the session’s absolute gains. However, natural gas-focused KOLD faced significant selling pressure, posting a daily outflow of $232M.

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