$3.6B Large-Cap Blend Redemptions Lead $2.1B Total Daily Outflow

Issuer League Tables

Issuer flow activity on the reporting day was characterized by a wide dispersion between established market leaders and concentrated laggards. Vanguard led all issuers with $1,487M in absolute daily flows, continuing its robust one-year trend which has seen $434.93B in total inflows. Conversely, SPDR and iShares experienced significant daily outflows of ($4,165M) and ($1,193M) respectively, despite maintaining substantial year-to-date and one-year positive flow totals. Relative winners included Portfolio Building Block and Madison Avenue, which saw daily inflows representing 7.07% and 6.83% of their respective AUM bases.

Issuer Flows (Absolute)

Issuer Flows (Relative)

Daily ETF Flow Analysis

The total daily flow for all U.S. listed ETFs was a net outflow of ($2,111M), despite positive contributions from Non-Traditional and Fixed Income asset classes. Non-Traditional ETFs led with $827M in daily inflows, a figure that aligns with a strong three-month trend of $19,223M. Fixed Income followed with $770M, while Equity and Commodity classes saw significant redemptions of ($2,019M) and ($855M) respectively. Equity redemptions were notably high in the U.S. Large Cap – Blend category, which shed ($3,656M) in a single day.

Asset Class Flows

Top/Bottom 10 Category Flows

U.S. Size & Style

Domestic equity flows were heavily weighted toward the small-cap segment, while large-cap blend and growth funds experienced notable redemptions. The VTI led inflows with $757M, followed by small-cap core and value ETFs like IJR and IWM. This activity occurred as large-cap mainstays like SPY and IVV saw massive single-day outflows of ($2,811M) and ($1,429M). The U.S. Small Cap – Blend category as a whole gathered $544M, a sharp contrast to the ($3,656M) shed by the Large Cap – Blend category.

Size & Style ex-U.S.

International equity flows were dominated by the Emerging Large Cap category, which attracted $1,338M in a single day. The IEMG and VWO were the primary beneficiaries of this trend, bringing in $717M and $521M respectively. These inflows align with a broader one-month trend where the Emerging Large Cap category has seen $13,497M in total flows. Conversely, the EEMV saw redemptions of ($73M), representing a laggard in the emerging market space.

Sector & Industry

Financial and Health Care sectors were the primary leaders in sector-based flows, while Regional Banking and Technology lagged significantly. The XLF gathered $226M in daily flows, and the XLV followed with $163M. These positive moves were offset by a ($345M) outflow from the KRE and a ($248M) redemption from the technology-focused XLK. In aggregate, the Sector & Industry group saw a daily net flow of ($1,056M), despite a positive one-month total of $3,590M.

Region & Country

Flows within the Region & Country segment were relatively muted compared to style and sector shifts, with Asia-Pacific and Eurozone leading slightly. The AAXJ saw $39M in daily inflows, while Brazil-focused EWZ added $20M. Total regional flows for the day reached $11,896M across all reporting areas, a figure dominated by broader international equity trends. Australia-focused EWA was the most notable laggard with ($27M) in daily redemptions.

Thematic

Thematic equity flows were highlighted by Natural Resources and Industrial Revolution categories, while Evolving Consumer saw significant outflows. The XME and SILJ led with $120M and $88M respectively. This activity occurred as the Evolving Consumer category shed ($109M) for the day, a reversal of its generally positive one-year trend of $193M. The Industrial Revolution thematic group added $125M daily, part of a strong one-year accumulation of $7,007M.

Fixed Income

Fixed income flows focused on intermediate durations and core taxable categories, despite outflows in high yield and muni segments. The LQD led with $341M in daily flows, followed by the AGG at $279M. These inflows stand against redemptions in HYG and VTEB, which lost ($299M) and ($208M) respectively. The Duration: Intermediate category as a whole gathered $780M daily, maintaining its position as a primary flow driver with $264,569M in one-year flows.

Commodity

Commodity flows were significantly impacted by redemptions in precious metals and energy-focused funds. The GLD experienced massive outflows of ($611M), which contributed to the Precious Metals category shedding ($549M) overall for the day. Energy commodities also saw significant redemptions, with the UNG losing ($248M). Positive activity was limited to minishare versions of gold products, such as GLDM and IAUM, which added $94M and $80M respectively.

Cryptocurrency

Cryptocurrency ETFs faced broad-based redemptions, with Bitcoin and Ethereum-based products leading the outflows. The Bitcoin category shed ($467M) daily, primarily driven by redemptions in GBTC and FBTC, which lost ($161M) and ($152M) respectively. Ethereum products followed with ($250M) in daily redemptions, with ETHA losing ($92M). These daily losses occurred despite a positive year-to-date total flow of $972M for the Digital Asset class as a whole.

Non-Traditional

Non-traditional strategies were dominated by synthetic income and buffer products, which gathered $513M and $312M daily. The QQQI led daily flows with $104M, while buffer products like FEBW and FEBT each added $99M. Leverage and Inverse products saw mixed results, with a collective net daily flow of $3M, despite a heavy one-month redemption trend of ($5,422M). Redemptions were concentrated in natural gas and semiconductor leverage products like BOIL and SOXL.

Recent Launches

The ETF landscape continues to expand with 336 new products introduced in the past three months. Recent launches include a heavy emphasis on non-traditional and unclassified strategies, such as the MEMY and DGJA. Fixed income also saw significant new entrant activity, with PIMCO and FT Vest introducing active bond and buffered return strategies. Year-to-date launches have reached 43 across all asset classes, with BNY Mellon leading in terms of total AUM gathered by new products.