Vanguard Leads with $4.8 Billion Haul as Flows Target Large-Cap Blend

Issuer League Tables

Vanguard dominated the issuer league table, attracting $4.83 billion in new assets and extending its year-to-date lead to over $368 billion. Schwab also had a strong session, securing $1.30 billion, which aligns with its positive 30-day trend of $10.72 billion. On the other end of the spectrum, Invesco faced the day’s largest redemptions at $2.16 billion, a notable reversal from its positive monthly and year-to-date flows. SPDR shed $695.4 million, continuing a negative five-day trend that has seen $9.77 billion exit the firm’s products. Innovator’s outflows of $476.3 million were largely attributable to a series of scheduled buffer fund resets.

Issuer Flows (Absolute)

Issuer Flows (Relative to AUM)

Daily ETF Flow Analysis

ETFs collectively gathered $7.09 billion in net flows, bringing the year-to-date total to $1.39 trillion. Equity products led the way with $4.31 billion in new assets, followed by Fixed Income with a healthy $2.96 billion intake. Digital Asset funds also saw significant interest, pulling in $579.5 million. Conversely, Commodity funds experienced the largest outflows at $468.5 million, while Non-Traditional products shed $440.6 million. At the category level, U.S. Large Cap Blend was the most popular with $3.76 billion in creations, whereas U.S. Large Cap Growth saw the most significant redemptions, losing $2.65 billion.

Asset Class Flows

Category Flows (Top/Bottom 10)

U.S. Size & Style

U.S. large-cap blend funds were the primary drivers of equity flows, led by a $2.05 billion infusion into the Vanguard S&P 500 ETF (VOO). The Vanguard Morningstar Total Stock Market ETF (VTI) also saw substantial demand, adding $1.04 billion. In contrast, large-cap growth funds faced heavy redemptions, headlined by a $2.96 billion outflow from the Invesco QQQ Trust Series I (QQQ). The iShares Core S&P 500 ETF (IVV) also experienced a significant withdrawal of $1.01 billion.

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Size & Style ex-U.S.

Flows into international equity ETFs were led by the Goldman Sachs ActiveBeta International Equity ETF (GSIE), which attracted $240.1 million. The Vanguard FTSE Developed Markets ETF (VEA) also gathered a notable $73.7 million in new assets. On the redemption side, the Avantis International Small Cap Value ETF (AVDV) recorded the largest outflow in the category, shedding $159.4 million. Other outflows in the space were comparatively minor.

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Sector & Industry

The Technology sector was a clear favorite, with the iShares Expanded Tech-Software Sector ETF (IGV) pulling in $655.4 million. The Vanguard Information Technology ETF (VGT) was also a major beneficiary, adding $548.9 million. Conversely, the Financials sector saw the largest withdrawals, as the State Street Financial Select Sector SPDR ETF (XLF) lost $584.8 million. Semiconductor funds also faced pressure, with the VanEck Semiconductor ETF (SMH) and iShares Semiconductor ETF (SOXX) seeing outflows of $171.9 million and $157.8 million, respectively.

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Region & Country

Activity in region and country-specific ETFs was relatively subdued. The Vanguard FTSE Europe ETF (VGK) led with modest inflows of $37.6 million, followed by the iShares MSCI Canada ETF (EWC) which added $18.7 million. The largest redemptions came from the iShares MSCI Netherlands ETF (EWN), which saw $96.7 million in outflows. The iShares MSCI Japan ETF (EWJ) also experienced a notable withdrawal of $57.5 million.

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Thematic

The ARK Innovation ETF (ARKK) was the most popular thematic fund, gathering $113.7 million in new capital. Metals and mining themes also saw positive interest, with the State Street SPDR S&P Metals & Mining ETF (XME) adding $61.5 million. On the other side, the Roundhill Memory ETF (DRAM) posted the largest outflow at $97.6 million. The Invesco Solar ETF (TAN) also saw a significant redemption of $43.8 million.

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Fixed Income

Short-duration government debt funds dominated fixed income flows, with the Vanguard Short-Term Treasury ETF (VGSH) leading all funds with a $1.05 billion inflow. The Schwab Short-Term US Treasury ETF (SCHO) also saw strong demand, attracting $737.5 million. Conversely, intermediate-term government bond funds faced the largest redemptions, as the Vanguard Intermediate-Term Treasury ETF (VGIT) shed $604.9 million. The iShares 7-10 Year Treasury Bond ETF (IEF) followed with a $568.6 million outflow.

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Commodity

Commodity ETFs registered net outflows, driven primarily by a single fund. The SPDR Gold Shares (GLD) experienced a substantial $628.6 million redemption, which overshadowed smaller inflows elsewhere. The iShares Silver Trust (SLV) saw the largest creation in the category, though it was a comparatively modest $30.9 million. The Harbor Commodity All-Weather Strategy ETF (HGER) also added $24.4 million.

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Cryptocurrency

Digital asset funds continued to attract capital, posting a strong day of inflows. The iShares Bitcoin Trust ETF (IBIT) led the pack with $277.6 million in new assets, while the iShares Ethereum Trust ETF (ETHA) also saw significant demand, pulling in $130.2 million. The Fidelity Ethereum Fund ETF (FETH) added a solid $56.2 million. The largest outflow was from the Fidelity Wise Origin Bitcoin Fund (FBTC), which shed $83.6 million.

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Non-Traditional

Covered call strategies were among the leaders in the non-traditional space, with the JPMorgan NASDAQ Equity Premium Income ETF (JEPQ) attracting $108.5 million. The GraniteShares 2x Long MRVL Daily ETF (MVLL) also saw a notable inflow of $65.9 million. Outflows were concentrated in buffer ETFs, led by a $133.2 million redemption from the Innovator Power Buffer Step-Up Strategy ETF (PSTP) (may be the result of a custom rebalance). Similarly, the TrueShares Structured Outcome September ETF (SEPZ) lost $130.9 million (may be the result of a custom rebalance).

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Recent Launches

Recent launches include the Kensington Premium Opportunities ETF (KPO) and the Hotchkis & Wiley Global Value Fund ETF (HWGV). Harbor was active, launching a suite of six AlphaEdge ETFs targeting various U.S. mid and small-cap style boxes. In the digital asset space, Hedgeye launched its Hedged Bitcoin ETF (HBIT). Leverage Shares also expanded its lineup with the 1X Short SPCX Daily ETF (DSPC).