Tech Leads in Both Directions: SMH Pulls $1.3B as QQQ and SPY Shed Over $5B Combined

Issuer League Tables

Vanguard led all issuers in absolute net creations at $2,966M, ahead of VanEck ($1,378M) and iShares ($1,143M), while Invesco posted the largest absolute redemptions at ($3,602M), trailed by SPDR ($2,912M). Measured relative to AUM, Day Hagan’s $185M intake equaled 21.12% of its $877M asset base, and Tweedy, Browne Co. drew $65M, or 13.64% of AUM; on the laggard side, PMV’s ($14M) represented -20.09% of its $69M base and Alexis recorded -9.94%. Set against longer windows, Vanguard’s daily figure compares with $236.40B YTD and $508.78B over the trailing year, while Invesco’s single-day outflow contrasts with $36.39B YTD and $81.09B of 1-year inflows. Direxion was distinct among the laggards, registering negative readings across the 5-day (-$2,473M), 30-day (-$3,841M), YTD (-$14.10B), and 1-year (-$30.48B) periods. GraniteShares similarly combined a daily redemption of ($886M) with a negative 5-day figure of (-$152M) but positive YTD ($0.32B) and 1-year ($1.01B) totals.

Issuer Flows (Absolute)

Issuer Flows (Relative to AUM)

Daily ETF Flow Analysis

Total net flows across all U.S.-listed ETFs reached $3,090M for the day, with Fixed Income ($2,272M) and Equity ($1,631M) supplying the bulk of positive activity. Alternative ($81M) and Multi-Asset ($30M) added modestly, while Currency ($35M), Non-Traditional ($97M), Commodity ($261M), and Digital Asset ($532M) all registered redemptions. Digital Asset’s daily outflow extends a negative 1-month figure of ($3,180M) even as its 1-year total holds at $24,405M, and Commodity’s ($261M) day stands against a YTD ($1,407M) reading and a positive 1-year $39,762M. Equity’s daily intake sits below its $519,739M YTD and $1,157,316M 1-year pace, while Fixed Income’s $2,272M aligns with $273,936M YTD and $562,186M over the trailing year. At the category level, Fixed Income: Taxable – Government Ultrashort led at $2,339M and Equity: U.S. Large Cap – Growth lagged most at ($2,539M).

Asset Class Flows

Top 10 / Bottom 10 Category Flows

U.S. Size & Style

U.S. size and style flows netted ($2,371M) for the day, with redemptions concentrated in large-cap blend and large-cap growth. VTI led creations at $970M, followed by IWM at $506M and SPYM at $397M. On the redemption side, QQQ shed ($3,268M) and SPY shed ($2,123M), the two largest single-fund outflows in the segment. The U.S. Large Cap – Growth category posted ($2,539M) for the day against a positive $43,449M YTD, while U.S. Large Cap – Value drew $445M for the day and $33,998M YTD.

Size & Style ex-U.S.

Equity flows outside the U.S. netted $888M for the day, anchored by Global Ex-U.S. Large Cap – Blend at $1,398M, while Global Ex-U.S. Large Cap – Value subtracted ($666M). VXUS led individual creations at $781M, with EFG ($296M) and IXUS ($194M) next. The largest redemption was EFV at ($879M), followed by IEMG at ($154M). The blend category’s $1,398M day compares with $70,501M YTD and $151,189M over the trailing year, while the value category’s ($666M) sits against $11,240M YTD.

Sector & Industry

Sector flows totaled $635M for the day, with Information Technology ($1,766M) the dominant contributor and Financials ($695M) the largest detractor. SMH led at $1,307M, ahead of IGV ($404M) and VGT ($246M). The largest redemptions came from XLF at ($476M) and XLK at ($470M). Information Technology’s daily intake builds on a $21,545M YTD and $30,455M 1-year total, while Financials’ ($695M) day extends a YTD reading of ($5,340M).

Region & Country

Region and country flows netted $597M for the day, led by Eurozone ($224M) and North America ($125M). EWC drew $135M, the largest single-fund creation, followed by EWU ($121M) and EWW ($86M). The largest redemptions were IEUR at ($106M) and AAXJ at ($74M). The Asia-Pacific region recorded $121M for the day against a negative ($1,370M) 1-month figure but a positive $18,073M over the trailing year.

Thematic

Thematic equity flows totaled $665M for the day, led by Disruptive Tech ($224M) and Industrial Revolution ($140M), while Multi-Sector ($13M) and FinTech ($16M) detracted. DRAM drew $344M, the single largest thematic creation, ahead of GRID ($58M) and NASA ($56M). The largest redemptions were MAGS at ($94M) and IVES at ($86M). Disruptive Tech’s daily figure compares with $18,608M YTD and $34,251M over the trailing year, while Infrastructure carries the segment’s largest YTD total at $12,950M.

Fixed Income

Fixed income flows were led by ultrashort and short duration on the day, with SGOV drawing $1,802M, the segment’s largest single-fund creation, followed by IUSB ($598M) and VCSH ($552M). By duration, Ultrashort added $2,677M while Long subtracted ($683M); by type, Government led at $2,410M against Multi-Sector at ($952M). The largest redemption was IAGG at ($1,773M), ahead of BINC at ($550M) and TLT at ($367M). Government Ultrashort’s $2,339M day extends a $62,567M YTD total, while Government Long’s ($666M) sits against a YTD reading of ($2,414M).

Commodity

Commodity flows netted ($261M) for the day, driven by Precious Metals at ($277M), while Multi-Sector ($12M) and Energy ($11M) added modestly. BNO led creations at $31M, followed by HGER ($15M) and PDBC ($7M). The largest redemptions were GLD at ($123M), SLV at ($92M), and GLDM at ($62M). The Precious Metals category’s daily outflow extends a ($16,756M) 3-month and ($7,332M) YTD figure, though its 1-year total remains positive at $31,429M.

Cryptocurrency

Cryptocurrency flows netted ($532M) for the day, with Bitcoin at ($484M) and Ethereum at ($44M), while Altcoin ($1M) and Multicoin ($1M) registered marginal positive readings. MSBT led creations at $6M and THYP added $1M, with the remaining top names flat near $0M. The largest redemption was IBIT at ($440M), followed by FBTC at ($37M) and ETHA at ($35M). The Bitcoin category’s daily outflow extends a ($2,992M) 1-month figure, though its 1-year total holds at $12,000M.

Non-Traditional

Non-Traditional flows netted ($97M) for the day, as Leverage | Inverse ($1,062M) was more than offset elsewhere by Synthetic Income ($700M) and Buffer ($266M). JEPQ led creations at $278M, ahead of PJUN ($118M) and JEPI ($118M). The largest redemptions were NVDL at ($820M) and MUU at ($245M). Synthetic Income’s daily intake builds on a $34,383M YTD total, while Leverage | Inverse carries a YTD reading of ($5,705M) and a 1-year figure of ($16,250M).

Recent Launches

The ten most recent launches span inception dates from 5/27/2026 through 6/1/2026, with Non-Traditional structures and Unclassified strategies dominating the cohort. The largest by current AUM is DDFZ at $30.97M, followed by DDTZ at $7.76M and UGLD at $3.17M. Buffer – Equity and Leverage | Inverse – Single Stock account for six of the ten, while four carry an Unclassified designation. Several names, including BGGG and BGCG, were launched on 6/1/2026 and currently report $0.00M in AUM.