U.S. Growth and Short Duration Lead in Net Inflows

Vanguard led all issuers in absolute terms with $4.78B in one-day inflows, extending a robust run that includes $24.35B over five days, $74.09B over the past month, and $400.26B year-to-date against a $4.71T asset base. Invesco followed with $2.74B on the day, a sharp reversal from its negative five-day tally of ($5.54B), while ProShares ($847.2M) and Avantis ($833.3M) also posted strong absolute gains, with Avantis standing out among non-mega issuers for its size. On the downside, iShares shed ($3.68B) for the day despite a still-positive $242.96B YTD figure, and SPDR gave back ($1.18B), while smaller issuers Roundhill ($125.4M) and Arlington ($47.0M) also saw notable single-day outflows. On a relative basis, CoinShares (4.89% of AUM), Optimal (4.26%), and US Commodity Funds (4.18%) posted the largest percentage inflows, while Arlington’s ($47.0M) outflow equated to a steep -7.74% of its AUM.

Total ETF flows reached $9.05B on the day, bringing 1-week flows to $12.49B and pushing the 30-day total to $162.29B against a $16.42T industry AUM base. Equity led all asset classes with $5.03B in daily inflows despite a negative $4.20B one-week figure, while Fixed Income added $1.97B and continues to show strong momentum with $11.12B over five days and $59.06B over the past month. Non-Traditional products gathered $1.63B on the day, and Commodity added $325.0M, while Alternative ($3.3M) and Currency ($4.0M) were roughly flat. At the category level, U.S. Large Cap – Growth led with $2.99B and Government Ultrashort fixed income gathered $1.58B, while U.S. Large Cap – Blend shed ($2.19B) and Thematic – Precious Metals lost ($321.6M).

The Vanguard S&P 500 ETF (VOO) led U.S. size and style flows with $2.99B, followed by the Invesco QQQ Trust Series I (QQQ) at $2.73B and the State Street SPDR S&P 500 ETF Trust (SPY) at $1.26B, reflecting continued demand for large-cap growth and blend exposure. On the outflow side, the iShares Core S&P 500 ETF (IVV) posted the largest single-day redemption at ($5.50B), well ahead of the State Street SPDR Portfolio S&P 500 ETF (SPYM) at ($2.21B) and the iShares Russell 2000 ETF (IWM) at ($515.4M). The magnitude of the IVV and SPYM outflows contrasts with the inflows into similarly benchmarked VOO and SPY, pointing to fund-level rotation within the large-cap blend category rather than a uniform trend.

Ex-U.S. size and style flows were led by the iShares Core MSCI Emerging Markets ETF (IEMG) with $501.4M, followed by the Vanguard Total International Stock ETF (VXUS) at $387.3M and the Avantis Emerging Markets Equity ETF (AVEM) at $279.1M. The iShares Core MSCI EAFE ETF (IEFA) added $180.7M, rounding out a day of broad emerging and developed market demand. On the outflow side, the American Century Quality Diversified International ETF (QINT) led with ($47.0M), while the State Street SPDR MSCI EAFE StrategicFactors ETF (QEFA) shed ($30.4M).

Sector flows were dominated by semiconductor exposure, with the iShares Semiconductor ETF (SOXX) gathering $898.0M and the VanEck Semiconductor ETF (SMH) adding $545.1M, consistent with the $1.10B inflow into the Information Technology category overall. The State Street Consumer Staples Select Sector SPDR ETF (XLP) added $168.0M as well. On the downside, the State Street Financial Select Sector SPDR ETF (XLF) lost ($286.4M), the iShares Expanded Tech-Software Sector ETF (IGV) shed ($256.9M), and the State Street Technology Select Sector SPDR ETF (XLK) gave back ($187.9M), showing divergence even within the broader technology space.

Regional flows were modest relative to other categories, led by the iShares MSCI All Country Asia ex Japan ETF (AAXJ) with $95.5M and the iShares MSCI Japan ETF (EWJ) at $73.4M, while the JPMorgan BetaBuilders Japan ETF (BBJP) added $31.6M. On the redemption side, the Franklin FTSE Japan ETF (FLJP) lost ($25.0M) and the Invesco China Technology ETF (CQQQ) shed ($21.4M), notable given the concurrent inflows into other Japan-focused funds like EWJ and BBJP.

Thematic flows were led by the ARK Innovation ETF (ARKK) with $38.7M and the CoinShares Bitcoin Mining and Digital Power ETF (WGMI) at $38.6M, alongside the Roundhill Neocloud ETF (NCLD) at $24.0M. The category overall lagged, however, as Precious Metals thematic exposure lost ($321.6M) on the day, driven by the VanEck Gold Miners ETF (GDX) at ($266.1M) and the VanEck Junior Gold Miners ETF (GDXJ) at ($32.0M). The Roundhill Memory ETF (DRAM) also gave back ($121.2M), a sizable move relative to its category peers.

Fixed Income gathered $1.97B on the day, part of a strong five-day total of $11.12B and $59.06B over the trailing month, led by the Government Ultrashort category’s $1.58B inflow. The ProShares GENIUS Money Market ETF (IQMM) topped fund-level flows with $944.7M, followed by the iShares 0-3 Month Treasury Bond ETF (SGOV) at $386.8M and the RBB Fund F/m Accumulator Ultrashort Treasury Fund (SGVA) at $267.2M. On the outflow side, the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) lost ($263.6M), consistent with the Corporate category’s broader ($281.8M) daily outflow, while the Invesco Short Term Treasury ETF (TBLL) shed ($129.0M).

Commodity flows totaled $325.0M for the day, extending a strong 30-day trend of $10.39B and $6.58B YTD. The United States Oil Fund LP (USO) led with $217.3M, a standout figure within the category, while the SPDR Gold Minishares Trust (GLDM) added $43.5M and the abrdn Physical Silver Shares ETF (SIVR) gathered $37.6M. Outflows were comparatively small, led by the United States Brent Oil Fund LP (BNO) at ($17.2M) and the iShares S&P GSCI Commodity Indexed Trust (GSG) at ($7.1M).

Digital Asset flows were essentially flat at $6.4M for the day despite a strong one-week total of $1.21B, with individual funds showing more dispersion than the category aggregate. The Grayscale Zcash Trust (ZCSH) led with $112.1M, well ahead of the Bitwise Bitcoin ETF Trust (BITB) at $14.5M and the iShares Bitcoin Trust ETF (IBIT) at $10.7M. Offsetting these gains, the Grayscale Bitcoin Trust ETF (GBTC) lost ($65.5M) and the Grayscale Ethereum Staking Mini ETF (ETH) shed ($24.6M).

Non-Traditional flows totaled $1.63B on the day, with the Buffer – Equity category contributing $1.07B, much of it tied to Innovator products including the Innovator Nasdaq-100 10 Buffer ETF Quarterly (QBUF) at $169.9M (may be the result of a custom rebalance) and several other quarterly buffer funds showing similarly large single-day moves consistent with scheduled rebalancing. The Direxion Daily Semiconductor Bear 3X ETF (SOXS) gathered a more organic $136.7M. On the outflow side, the Direxion Daily MSCI South Korea Bull 3X ETF (KORU) lost ($84.8M) and the ProShares UltraPro QQQ (TQQQ) shed ($57.7M).

Recent launches were led by the State Street SPDR UC Investments 90/10 Endowment Strategy Index ETF (UCBG), which debuted with a substantial $2.52B in AUM in the Aggressive Target Risk category. Other notable launches include the Raub Brock Dividend Growth ETF (HQDG) with $74.0M in U.S. Large Cap – Blend and the Mast HedgeIndex Managed Futures Strategy ETF (HXF) with $62.9M in Alternative – Managed Futures. Smaller launches spanned fixed income with the T. Rowe Price Securitized Income ETF (TSCZ) at $20.0M, and international and mid-cap equity with the PGIM Jennison International Core Equity ETF (PJIN) and PGIM Jennison Small-Mid Cap Core Equity ETF (PJSM) each starting near $5.1M.