SPY Surges with $2.6B Inflow While Leveraged Tech Trades See Massive Volatility

Issuer League Tables

Absolute daily flows saw SPDR lead all issuers with $2,567M in net inflows, contributing to its robust $119.12B one-year accumulation. Conversely, Invesco experienced the largest absolute daily outflow at negative $3,046M, though it maintains a positive $14.88B one-month trend. On a relative basis, Measured Risk Portfolios expanded its asset base by 14.62% in a single day, while Smart contracted by 20.09%. These movements highlight concentrated daily asset migrations that contrast with longer-term steady accumulations seen across major issuers.

Issuer Flows (Absolute)

Issuer Flows (Relative)

Daily ETF Flow Analysis

Aggregate daily flows registered $4,381M, driven primarily by $1,555M into Fixed Income and $1,352M into Equity asset classes. The Equity category remains the long-term leader with $1,085,576M in one-year flows, whereas Commodity funds recorded a daily outflow of $184M and a one-year contraction of $955M. On a categorical level, U.S. Large Cap Blend led daily intake with $2,585M, continuing its massive $365.60B one-year streak. U.S. Large Cap Growth lagged significantly, shedding $2,615M on the day despite positive longer-term trends.

Asset Class Flows

Top/Bottom 10 Category Flows

U.S. Size & Style

Daily activity in U.S. Size & Style was heavily polarized, with the SPY capturing $2,605M in single-day inflows. In contrast, QQQ recorded a substantial daily outflow of $3,169M, pulling down the large-cap growth category. Over the past month, U.S. Large Cap Blend has accumulated $61,948M, vastly outpacing all other style boxes. Despite daily volatility, U.S. large-cap strategies continue to dominate one-year asset gathering across both blend and growth segments.

Size & Style ex-U.S.

The ex-U.S. size and style segment saw muted overall activity, led by FENI which gathered $66M on the day. Conversely, GVAL shed $45M, marking the largest daily contraction among its peers. Global Ex-U.S. Large Cap Blend strategies maintain solid momentum with $7,871M in one-month inflows and $141.60B over the past year. Emerging market large caps also demonstrate long-term strength, gathering $68.02B over a one-year period despite flat daily flows.

Sector & Industry

Sector flows revealed a strong preference for technology and energy, with IGV securing $733M and XLE adding $297M in daily inflows. Financials faced the steepest daily headwinds, as XLF experienced $418M in net redemptions. Information Technology remains the undisputed leader over a one-year horizon with $25,011M in net new assets, compared to a $1,728M one-year outflow for Financials. Daily rotations reflect concentrated positioning within specific industry silos rather than broad-based sector allocations.

Region & Country

Regional equity flows were overwhelmingly negative for European and Asian exposures, led by VGK losing $173M and EWY shedding $104M. Taiwan-focused FLTW bucked the trend by attracting $35M, the highest single-day intake for the group. On a one-year basis, country-specific strategies have gathered $27,339M, while the broader Asia-Pacific region has lost $1,902M. This data underscores a highly selective approach to international geographic allocations over both short and long timeframes.

Thematic

Disruptive Technology and Infrastructure led thematic segments, with DRAM taking in $310M and PAVE securing $111M. Precious metals themes struggled as GDXJ recorded $45M in outflows alongside weakness in telecommunications via IYZ. Over a one-year period, Disruptive Tech has amassed $25,946M, far exceeding other themes in the space. The daily divergence highlights shifting focus toward infrastructure and select tech hardware exposures.

Fixed Income

Short-duration and broad aggregate strategies dominated fixed income inflows, with SGOV collecting $357M and BND adding $293M. Corporate credit saw significant targeted redemptions as LQD lost $456M, representing the largest single-day outflow in the asset class. Multi-sector fixed income continues a massive one-year expansion, taking in $215.64B over the trailing twelve months. Despite daily volatility in corporate bonds, the one-month trend for the broader taxable core segment remains firmly positive at $5,320M.

Commodity

Energy-focused commodities captured the bulk of daily inflows, highlighted by USO gathering $344M. Physical precious metals faced widespread liquidation, with GLD and IAU losing $126M and $65M, respectively. Over the past year, precious metals have nonetheless accumulated an impressive $32,230M, heavily outweighing short-term daily outflows. Broad-based commodity strategies show mixed long-term results, gathering $4,951M over one year while shedding $408M in the past month.

Cryptocurrency

Bitcoin assets drove cryptocurrency flows, as IBIT and FBTC captured $251M and $133M in single-day net creations. Outflows were comparatively minor, with GBTC shedding $18M and HODL losing $6M. The Bitcoin category has drawn $20,280M over the past year, firmly establishing its dominance within digital assets. Ethereum and Altcoin segments display positive long-term growth but experienced muted-to-negative activity in the most recent daily reporting period.

Non-Traditional

Leveraged and inverse equity products experienced volatile rotations, led by $308M into SOXS and $188M into SSO. The corresponding leveraged bullish semiconductor fund, SOXL, posted the category’s largest daily outflow at negative $412M. Synthetic income strategies remain an aggressive growth area, having captured $6,407M over the past month and $57,530M over the trailing year. The stark daily contrasts underscore the tactical, short-term utilization typical of non-traditional leveraged instruments.

Recent Launches

Product innovation remains focused on defined outcome and leveraged profiles, with Corgi launching a suite of structured buffer ETFs in early May 2026. Non-traditional leveraged strategies also featured heavily, as Tradr and Defiance introduced multiple daily target ETFs. These launches reflect an ongoing industry shift toward specialized risk-management and tactical trading tools. To date in 2026, the non-traditional category has seen 151 launches, gathering $5.81B in initial assets.