Small Caps Rally, Growth Slips

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Weekly Channel Summary

The U.S. Size & Style ETF channel continues to command a massive footprint, ending the week with $7,226 Billion in total Assets Under Management across 917 ETFs from 249 unique issuers. Flow activity was robust this week, with the channel attracting a net $26.68 Billion in fresh capital. This strong weekly haul adds to an impressive year, bringing Year-to-Date net inflows to $502.57 Billion, while the rolling 1-year flow total stands at $572.59 Billion.

This Week’s Performance Leaders and Laggards

Value and Small Caps took the lead this week, with U.S. Small Cap – Value emerging as the top-performing category, delivering a 2.24% return. U.S. Small Cap – Blend also performed well, gaining 1.73%. On the other end of the spectrum, Growth strategies struggled, with U.S. Large Cap – Growth lagging the group with a -1.25% decline. Despite the weekly dip, Large Cap Growth remains the dominant category Year-to-Date, up 16.18% in 2025.

Category Performance Snapshot

Category WTD 1 Month 3 Month 6 Month YTD 1 Year
U.S. Small Cap – Value 2.24% 4.82% 4.17% 15.38% 9.15% 3.18%
U.S. Small Cap – Blend 1.73% 3.94% 3.71% 13.62% 10.60% 4.63%
U.S. Mid Cap – Value 1.61% 3.84% 2.53% 11.50% 10.21% 5.07%
U.S. Small Cap – Growth 1.32% 3.29% 4.64% 14.28% 11.81% 5.26%
U.S. Large Cap – Value 0.97% 2.13% 4.01% 10.69% 14.06% 10.43%
U.S. Mid Cap – Blend 0.90% 2.41% 2.23% 10.68% 9.63% 4.01%
U.S. Large Cap – Blend -0.10% 0.46% 3.22% 11.06% 14.34% 10.52%
U.S. Mid Cap – Growth -0.17% 0.38% -0.44% 8.02% 9.98% 4.08%
U.S. Large Cap – Growth -1.25% -1.15% 2.53% 12.34% 16.18% 12.36%

Top & Bottom ETFs by Weekly Performance

Individual ETF performance varied widely. In Large Cap, RPV (Invesco S&P 500 Pure Value ETF) led the pack with a 2.92% gain, while MEME (Roundhill Meme Stock ETF) dropped significantly by -7.39%. Among Mid Caps, XMVM (Invesco S&P MidCap Value with Momentum ETF) surged 4.18%, whereas IPO (Renaissance IPO ETF) fell -1.94%. In the Small Cap space, FDM (First Trust Dow Jones Select MicroCap Index Fund) was the top performer with a 3.82% return, while MMSC (First Trust Multi-Manager Small Cap Opportunities ETF) was the laggard, effectively flat at -0.01%.

Large Cap Performance

Ticker Fund Name WTD Performance
Top Performers
RPV Invesco S&P 500 Pure Value ETF 2.92%
FDLS Inspire Fidelis Multi Factor ETF 2.63%
ECML Euclidean Fundamental Value ETF 2.55%
SPVU Invesco S&P 500 Enhanced Value ETF 2.46%
OAKM Oakmark U.S. Large Cap ETF 2.45%
Bottom Performers
MEME Roundhill Meme Stock ETF -7.39%
QBIG Invesco Top QQQ ETF -3.19%
BUZZ VanEck Social Sentiment ETF -3.17%
DARP Grizzle Growth ETF -3.00%
QQH HCM Defender 100 Index ETF -2.82%

Mid Cap Performance

Ticker Fund Name WTD Performance
Top Performers
XMVM Invesco S&P MidCap Value with Momentum ETF 4.18%
SAEF Schwab Ariel Opportunities ETF 2.75%
HWSM Hotchkis & Wiley SMID Cap Diversified Value Fund 2.57%
FNK First Trust Mid Cap Value AlphaDEX Fund 2.25%
EPMV Harbor Mid Cap Value ETF 2.19%
Bottom Performers
IPO Renaissance IPO ETF -1.94%
CSMD Congress SMid Growth ETF -1.37%
GLRY Inspire Growth ETF -1.01%
VOT Vanguard Mid-Cap Growth ETF -0.90%
CBSE Clough Select Equity ETF -0.66%

Small Cap Performance

Ticker Fund Name WTD Performance
Top Performers
FDM First Trust Dow Jones Select MicroCap Index Fund 3.82%
SIXS ETC 6 Meridian Small Cap Equity ETF 3.61%
SQLV Royce Quant Small-Cap Quality Value ETF 3.43%
ROSC Hartford Multifactor Small Cap ETF 3.18%
MYLD Cambria Micro and SmallCap Shareholder Yield ETF 3.18%
Bottom Performers
MMSC First Trust Multi-Manager Small Cap Opportunities ETF -0.01%
VBK Vanguard Small-Cap Growth ETF 0.03%
AFSC abrdn Focused U.S. Small Cap Active ETF 0.29%
FSCC Federated Hermes MDT Small Cap Core ETF 0.39%
ISCG iShares Morningstar Small-Cap Growth ETF 0.41%

Analyzing the Weekly Flows

The channel attracted a total net inflow of approximately $26.6 Billion this week. U.S. Large Cap – Blend led all categories, pulling in a massive $9.24 Billion, bringing its total AUM to over $4 Trillion. U.S. Large Cap – Value also saw significant demand with $5.37 Billion in inflows. Interestingly, all tracked categories experienced net inflows this week, with U.S. Small Cap – Growth seeing the smallest positive flow of $291 Million.

Category Flows Summary

Category Fund Count AUM 5 Day 30 Day 90 Day YTD 1 Year
U.S. Large Cap – Blend 337 $4,045.1B $9,239M $42,084M $127,340M $297,482M $345,726M
U.S. Large Cap – Value 192 $909.4B $5,368M $15,630M $28,188M $66,146M $76,765M
U.S. Small Cap – Blend 60 $335.0B $4,406M $5,554M $7,773M ($1,403M) ($4,701M)
U.S. Large Cap – Growth 153 $1,270.5B $2,859M $11,201M $41,445M $114,718M $125,670M
U.S. Mid Cap – Blend 66 $373.8B $2,698M $5,064M $8,601M $24,797M $26,963M
U.S. Small Cap – Value 35 $101.1B $778M $1,089M $1,285M ($2,522M) ($2,096M)
U.S. Mid Cap Growth 24 $59.9B $555M $753M $1,155M $2,538M $3,155M
U.S. Mid Cap – Value 22 $78.5B $390M $1,083M $1,093M $2,218M $1,863M
U.S. Small Cap – Growth 18 $52.4B $291M $270M $606M ($1,508M) ($854M)

Top & Bottom ETFs by 5-Day Flow

Flow activity at the ETF level was massive. VOO (Vanguard S&P 500 ETF) saw an incredible inflow of nearly $40.5 Billion, while IVV (iShares Core S&P 500 ETF) experienced a similarly massive outflow of -$51.8 Billion, suggesting significant institutional rotation. In Mid Caps, VO (Vanguard Mid-Cap ETF) led with $1.06 Billion in inflows, while XMHQ (Invesco S&P MidCap Quality ETF) saw minor outflows of -$8 Million. For Small Caps, IWM (iShares Russell 2000 ETF) took in $3.12 Billion, while CALF (Pacer US Small Cap Cash Cows ETF) saw -$25 Million leave the fund.

Large Cap Flows

Ticker Fund Name 5-Day Flow
Inflows
VOO Vanguard S&P 500 ETF $40,475M
SPY SPDR S&P 500 ETF Trust $13,817M
VTI Vanguard Total Stock Market ETF $2,376M
VUG Vanguard Growth ETF $2,064M
RSP Invesco S&P 500 Equal Weight ETF $1,481M
Outflows
IVV iShares Core S&P 500 ETF ($51,827M)
QQQ Invesco QQQ Trust Series I ($2,220M)
ITOT iShares Core S&P Total U.S. Stock Market ETF ($739M)
OMFL Invesco Russell 1000 Dynamic Multifactor ETF ($242M)
QGRW WisdomTree U.S. Quality Growth Fund ($172M)

Mid Cap Flows

Ticker Fund Name 5-Day Flow
Inflows
VO Vanguard Mid-Cap ETF $1,067M
MDY SPDR S&P Midcap 400 ETF Trust $447M
IJH iShares Core S&P Mid-Cap ETF $409M
IWR iShares Russell Midcap ETF $304M
IWP iShares Russell Mid-Cap Growth ETF $294M
Outflows
XMHQ Invesco S&P MidCap Quality ETF ($8M)
DON Wisdom Tree U.S. MidCap Dividend Fund ($6M)
IVOV Vanguard S&P Mid-Cap 400 Value ETF ($6M)
FLQM Franklin U.S. Mid Cap Multifactor Index ETF ($6M)
NUMG Nuveen ESG Mid-Cap Growth ETF ($5M)

Small Cap Flows

Ticker Fund Name 5-Day Flow
Inflows
IWM iShares Russell 2000 ETF $3,123M
VB Vanguard Small-Cap ETF $512M
VBR Vanguard Small Cap Value ETF $353M
IWN iShares Russell 2000 Value ETF $290M
IJR iShares Core S&P Small Cap ETF $283M
Outflows
CALF Pacer US Small Cap Cash Cows ETF ($25M)
OSCV Opus Small Cap Value ETF ($11M)
SEIS SEI Select Small Cap ETF ($11M)
AFSC abrdn Focused U.S. Small Cap Active ETF ($9M)
DES WisdomTree U.S. SmallCap Dividend Fund ($5M)

Issuer League Table Update

Vanguard and iShares remain the titans of the industry, commanding 34.62% and 26.89% of the market share, respectively. Vanguard dominated flows this week with a staggering $49.3 Billion in net inflows, while iShares saw the largest outflows, shedding -$43.2 Billion, reflecting the massive rotation seen in their flagship S&P 500 products.

Top 5 Issuers by AUM

Brand Fund Count AUM AUM Market Share
Vanguard 41 $2,501.49B 34.62%
iShares 81 $1,943.06B 26.89%
SPDR 30 $1,064.29B 14.73%
Invesco 69 $687.86B 9.52%
Schwab 12 $311.06B 4.30%

Top & Bottom 3 Issuers by 5-Day Flow

Brand 5-Day Flow
Inflows
Vanguard $49,261M
SPDR $17,303M
Dimensional $738M
Outflows
iShares ($43,247M)
Invesco ($343M)
WisdomTree ($260M)

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Disclosures

This material is for informational purposes only and should not be considered investment advice. All investments, including ETFs, involve risk, including the possible loss of principal. Investors should consider their investment objectives, risks, charges, and expenses carefully before investing.

This analysis was developed by the team at ETF Action. We leverage advanced AI tools to assist in the drafting and refinement of our content, based on our expert prompts, direction, and final review.