SPDR Gold Shares Leads Commodity Surge with $1.3 Billion Inflow

Issuer League Tables

The ETF industry’s largest issuers had a strong day, with iShares leading the way by collecting $3.87B, followed closely by Vanguard with $3.55B and SPDR with $3.07B in new assets. These figures are consistent with their robust recent activity, as Vanguard leads all issuers with $344.00B in year-to-date inflows. On the other end of the spectrum, VanEck experienced the day’s largest outflows, shedding ($1.00B), which cuts into its positive $11.31B year-to-date total. Other notable laggards included Direxion with ($264.5M) in redemptions and ARK, which saw ($112.9M) depart, continuing a negative trend over the past month.

Issuer Flows (Absolute)

Issuer Flows (Relative to AUM)

Daily ETF Flow Analysis

ETFs recorded a strong day of net creations, pulling in a total of $16.86B and bringing the year-to-date total to $1.34 trillion. Equity funds were the primary driver, attracting $12.18B, while Fixed Income and Commodity funds also posted significant inflows of $2.59B and $1.44B, respectively. At the category level, U.S. Large Cap Blend dominated with $8.32B in new assets, followed by a notable surge into Precious Metals, which gathered $1.43B. Conversely, several sector categories saw outflows, led by Financials with ($606.2M) in redemptions.

Asset Class Flows

Category Flows (Top/Bottom 10)

U.S. Size & Style

U.S. Large Cap Blend ETFs dominated inflows, led by the core S&P 500 index trackers. The State Street SPDR S&P 500 ETF (SPY) attracted a massive $3.80B, while the Vanguard S&P 500 ETF (VOO) and iShares Core S&P 500 ETF (IVV) added $1.53B and $1.35B, respectively. The Invesco QQQ Trust Series I (QQQ) also saw significant demand, pulling in $1.26B. On the other side, the State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) experienced the largest redemption in the category, shedding ($879.3M), while the Hartford Disciplined US Equity ETF (HDUS) saw outflows of ($84.9M) (may be the result of a custom rebalance).

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Size & Style ex-U.S.

International equity funds saw broad-based demand, led by the JPMorgan BetaBuilders International Equity ETF (BBIN) which collected $241.5M. The Vanguard Total International Stock ETF (VXUS) also had a strong showing with $181.8M in new assets. Avantis was another notable winner, with its International Small Cap Value ETF (AVDV) and Emerging Markets Equity ETF (AVEM) gathering $180.7M and $147.4M, respectively. Outflows were modest in comparison, with the iShares MSCI EAFE Small-Cap ETF (SCZ) seeing the largest redemption at ($34.3M).

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Sector & Industry

The semiconductor industry was the center of activity, experiencing a significant divergence in flows. The iShares Semiconductor ETF (SOXX) attracted a massive $1.57B in new assets, marking the day’s largest inflow for any sector fund. In stark contrast, the VanEck Semiconductor ETF (SMH) saw the day’s largest sector outflow, shedding ($1.14B). Elsewhere, Financials saw broad redemptions, with the State Street Financial Select Sector SPDR ETF (XLF) losing ($404.8M) and the State Street SPDR S&P Regional Banking ETF (KRE) seeing ($199.8M) depart.

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Region & Country

Country-specific ETFs saw mixed activity, with a focus on Asian markets. The iShares MSCI Taiwan ETF (EWT) led inflows with $104.5M, closely followed by the iShares MSCI Japan ETF (EWJ) which added $100.1M. Conversely, the iShares MSCI South Korea ETF (EWY) experienced the largest regional outflow at ($207.0M). Latin American markets also faced redemptions, with the iShares MSCI Brazil ETF (EWZ) shedding ($84.3M).

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Thematic

Thematic funds saw targeted interest, with the First Trust Nasdaq Clean Edge Smart GRID Infrastructure Index (GRID) leading the category by a wide margin, pulling in $211.4M. AI-related strategies also gathered assets, including the Alger AI Enablers & Adopters ETF (ALAI) with $38.0M in new cash. On the outflow side, the ARK Innovation ETF (ARKK) continued its recent redemption trend, losing another ($110.8M). The Roundhill Magnificent Seven ETF (MAGS) also saw a notable outflow of ($62.8M).

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Fixed Income

Fixed income flows were concentrated in the front end of the Treasury curve and corporate bonds. The iShares 0-3 Month Treasury Bond ETF (SGOV) was the day’s leader, attracting $402.3M in new assets. Corporate debt also saw demand, with the State Street SPDR Portfolio Intermediate Term Corporate Bond ETF (SPIB) adding $211.9M. In contrast, the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) experienced the largest outflow at ($222.2M), followed by the State Street SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) with ($126.3M) in redemptions.

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Commodity

Commodity ETFs had a standout session, driven almost entirely by precious metals. The SPDR Gold Shares (GLD) was the day’s single biggest story, pulling in a massive $1.33B. Other gold-backed products also saw strong interest, including the iShares Gold Trust Micro ETF of Benef Interest (IAUM) with $96.5M and the iShares Gold Trust (IAU) with $78.7M. This strength in gold was contrasted by a significant outflow from the iShares Silver Trust (SLV), which shed ($141.2M).

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Cryptocurrency

Digital asset ETFs posted a solid day of inflows, adding a net $263.3M. The iShares Bitcoin Trust ETF (IBIT) led the pack with $143.6M in new assets, while the iShares Ethereum Trust ETF (ETHA) also saw strong demand, collecting $64.7M. Other spot bitcoin products like the Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB) contributed $23.9M and $19.7M, respectively. Redemptions were minimal across the category, with the VanEck Bitcoin ETF (HODL) seeing the largest outflow at ($16.9M).

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Non-Traditional

Synthetic income strategies were the primary drivers of inflows within the non-traditional category. The NEOS Nasdaq 100 High Income ETF (QQQI) led with $179.5M, followed by the Calamos Autocallable Income ETF (CAIE) with $110.3M and the JPMorgan Equity Premium Yield ETF (ROCY) with $104.8M. Conversely, leveraged and inverse products saw significant redemptions, paced by the Direxion Daily Semiconductor Bear 3X ETF (SOXS) shedding ($240.7M). The FT Vest U.S. Small Cap Moderate Buffer ETF – August (SAUG) saw an outflow of ($78.6M) (may be the result of a custom rebalance).

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Recent Launches

The past week has seen a variety of new ETF launches, including several unclassified strategies. Defiance launched the China Robotics ETF (CROB), while FullerThaler introduced its Behavioral Growth ETF (FTG). Tradr continued to expand its lineup of single-stock leveraged and inverse products with multiple new funds. Additionally, GraniteShares entered the income space with its US 100 Autocallable Income ETF (IACL), and Virtus launched two thematic growth funds.