Massive Equity Outflows Contrast with $1.3B Fixed Income Influx

Issuer League Tables

At the issuer level, Vanguard experienced the largest absolute daily outflow, shedding $17.47B, significantly contrasting with its leading 1-year flow total of $460.24B. Conversely, Direxion gathered $1.04B in daily flows, representing a notable expansion to its $48.52B asset base. In relative terms, Teucrium observed a 13.68% single-day expansion on its $832M asset base with a $114M inflow, whereas Optimize recorded a 32.73% relative decline. Overall, absolute daily flow leaders were distributed among specialized providers and established active managers, with WisdomTree and Capital Group pulling in $394M and $227M respectively.

Issuer Flows (Absolute)

Issuer Flows (Relative)

Daily ETF Flow Analysis

Broad asset class movements showed aggregate daily outflows of $55.14B, heavily concentrated within the Equity segment which contracted by $55.42B. In contrast, Fixed Income attracted $1.34B for the day, bolstering its $51.76B 1-month and $507.47B 1-year flow profiles. Non-Traditional funds recorded $904M in daily outflows, diverging from their positive $13.07B 1-month trajectory. Within specific categories, Global Ex-U.S. Large Cap – Blend gathered $1.26B, while U.S. Large Cap – Value shed $25.04B, indicating acute focal points of daily reallocation.

Asset Class Flows

Top/Bottom 10 Category Flows

U.S. Size & Style

The U.S. Size and Style segment experienced broad contractions, highlighted by a massive $25.04B daily outflow from U.S. Large Cap – Value, reducing its year-to-date accumulation to $21.67B. U.S. Large Cap – Blend followed with a $7.90B daily decline, though it retains a robust $288.38B 1-year inflow profile. On a fund level, SPY recorded the largest individual daily inflow at $2.39B, while SCHD experienced the most severe daily reduction, losing $15.09B. Mid Cap and Small Cap Blend categories also observed aggregate daily outflows of $6.37B and $4.93B, respectively.

Size & Style ex-U.S.

Ex-U.S. equity allocations displayed a mixed daily profile, with Global Ex-U.S. Large Cap – Blend leading the segment through a $1.26B daily inflow. Emerging Large Cap funds also recorded positive daily momentum, capturing $500M and expanding their 1-year total to $64.35B. Global Ex-U.S. Large Cap – Value saw a daily outflow of $484M, contrasting with its $2.05B 1-month influx. At the product level, IEFA and EMXC gathered $523M and $496M respectively, whereas SCHC and SCHY shed $233M and $189M.

Sector & Industry

Sector specific daily flows were overwhelmingly negative, led by a stark $4.77B outflow from Information Technology, which slightly dampened its $14.56B 1-year growth. Industrial and Energy sectors followed suit, shedding $751M and $701M respectively. Consumer Discretionary stood as the sole positive sector, registering a modest $179M daily inflow. Looking at individual products, XLV captured $218M and XLY added $108M, while SMH experienced an outsized daily reduction of $3.79B.

Region & Country

Region and Country allocations experienced aggregate daily outflows of $211M, primarily driven by a $286M withdrawal from the Asia-Pacific category. Eurozone funds provided a positive offset with $104M in daily inflows, contributing to a $9.54B 1-year total. The broader Emerging Markets single-country landscape saw localized shifting, highlighted by VGK capturing $111M and MCHI adding $66M. Conversely, INDA and VPL each recorded daily outflows of $115M.

Thematic

Thematic equity funds recorded a composite daily outflow of $1.00B, largely influenced by a $407M reduction in Infrastructure products. Disruptive Tech followed with a $156M daily contraction, marginally offsetting its $20.02B 1-year accumulation. Alternative Equity and Midstream & MLPs managed minor daily gains of $11M and $1M, respectively. At the ticker level, GDX led with $68M in inflows, while IFRA saw a substantial single-day decline of $497M.

Fixed Income

Fixed Income flows demonstrated a $1.34B net daily expansion, dominated by Government and Multi-Sector categories which gathered $1.47B and $1.07B respectively. Duration preferences leaned heavily toward the short end, as Ultrashort durations absorbed $1.49B for the day, expanding their $21.44B 1-month trajectory. Conversely, Corporate fixed income and Intermediate durations saw daily outflows of $793M and $682M. Fund-specific leadership featured TLT adding $549M and BIL accumulating $509M, while VGLT contracted by $741M.

Commodity

Commodity strategies registered $131M in daily outflows, extending a 1-month withdrawal trend totaling $8.46B. Precious Metals drove the daily aggregate lower with a $459M reduction, despite retaining a $38.02B 1-year net accumulation. The Agriculture category provided a bright spot, gathering $250M for the day and bringing its 1-month total to $793M. Silver and agriculture funds dominated the single-product inflows, with SLV absorbing $616M and DBA adding $123M, whereas GLD shed $629M.

Cryptocurrency

Cryptocurrency ETFs saw a modest daily contraction of $93M, compounding a $1.28B 3-month outflow sequence. Bitcoin products experienced $52M in daily withdrawals, yet they maintain a dominant $21.43B 1-year growth profile. Ethereum funds mirrored this daily activity with a $41M reduction, slightly diminishing their $9.37B 1-year total. On an individual basis, ETHB gathered $5M, while IBIT recorded the largest daily reduction at $46M.

Non-Traditional

Non-Traditional categories observed an aggregate daily outflow of $904M, interrupting a longer-term positive trend that includes $23.07B in year-to-date inflows. This daily decline was heavily concentrated in Leverage | Inverse products, which shed $955M. Buffer funds offered a partial offset, accumulating $96M for the day and bolstering their $12.86B 1-year total. Fund-specific activity was highlighted by SOXL capturing $595M and TSLL adding $192M, while SSO experienced a $707M withdrawal.

Recent Launches

The ETF market recorded 241 launches over the past three months, reflecting persistent issuer innovation across multiple asset classes. Year-to-date introductions have heavily favored the Non-Traditional segment with 97 new products, outstripping the 51 new Equity offerings. AUM accumulation in new launches has been dominated by Fixed Income, which captured $27.71B year-to-date, dwarfing the $4.81B gathered by new Equity products. The latest entries into the market highlight specialized strategies and targeted active management models.