iShares and SPDR Lead Inflows; Scharf Debuts on the ETF Scene

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This commentary reflects ETF flow data for the five trading days ending Thursday, August 28, 2025. The U.S. ETF industry now comprises 4,464 products from 432 distinct brands, with total assets under management reaching $12,262 billion. Over the past week, the industry saw net inflows totaling $34.36 billion.

Flows Among the Market Leaders

The ten largest ETF brands by assets all experienced net inflows over the past five trading days. iShares recorded the largest absolute inflow with +$6,989M, followed by SPDR with +$6,756M. Direxion saw the largest absolute outflow at -$1,065M. Below is a detailed list of the top 10 brands by absolute inflows and outflows.

Top 10 Net Inflows:

  • iShares ($3,678.8B AUM | +$6,989M 5D Flow | +0.19% of AUM)
  • SPDR ($1,674.2B AUM | +$6,756M 5D Flow | +0.40% of AUM)
  • Vanguard ($3,542.0B AUM | +$4,915M 5D Flow | +0.14% of AUM)
  • Schwab ($464.8B AUM | +$1,873M 5D Flow | +0.40% of AUM)
  • JPMorgan ($242.5B AUM | +$1,432M 5D Flow | +0.59% of AUM)
  • First Trust ($174.0B AUM | +$1,064M 5D Flow | +0.61% of AUM)
  • Capital Group ($86.4B AUM | +$1,053M 5D Flow | +1.22% of AUM)
  • Janus Henderson ($38.3B AUM | +$942M 5D Flow | +2.46% of AUM)
  • Fidelity ($138.1B AUM | +$915M 5D Flow | +0.66% of AUM)
  • VanEck ($100.6B AUM | +$877M 5D Flow | +0.87% of AUM)

Top 10 Net Outflows:

  • Direxion ($53.1B AUM | -$1,065M 5D Flow | -2.01% of AUM)
  • Pacer ($40.2B AUM | -$191M 5D Flow | -0.48% of AUM)
  • Innovator ($27.7B AUM | -$115M 5D Flow | -0.42% of AUM)
  • WisdomTree ($87.7B AUM | -$105M 5D Flow | -0.12% of AUM)
  • ActivePassive ($4.0B AUM | -$80M 5D Flow | -2.01% of AUM)
  • SEI ($3.5B AUM | -$30M 5D Flow | -0.86% of AUM)
  • New York Life Investments ($4.9B AUM | -$27M 5D Flow | -0.56% of AUM)
  • CCM ($1.2B AUM | -$24M 5D Flow | -2.04% of AUM)
  • Defiance ($5.5B AUM | -$18M 5D Flow | -0.33% of AUM)
  • Brookstone ($0.6B AUM | -$16M 5D Flow | -2.76% of AUM)

Outlier Movers

On a relative-to-AUM basis, Scharf recorded the largest inflow, with a 5-day flow representing +51.64% of its AUM. Procure experienced the largest relative outflow, with a flow of -6.82% of its AUM. The following lists detail the top 10 brands for relative inflows and outflows for the week among brands with over $50 million in AUM.

Top 10 Relative Inflows:

  • Scharf ($897M AUM | +$463M 5D Flow | +51.64% of AUM)
  • IDX ($53M AUM | +$17M 5D Flow | +31.88% of AUM)
  • Tuttle Capital ($1,329M AUM | +$207M 5D Flow | +15.59% of AUM)
  • Relative Sentiment ($53M AUM | +$8M 5D Flow | +15.58% of AUM)
  • REX-Osprey ($220M AUM | +$27M 5D Flow | +12.46% of AUM)
  • Spear ($90M AUM | +$11M 5D Flow | +12.39% of AUM)
  • IM ($1,396M AUM | +$125M 5D Flow | +8.94% of AUM)
  • Tweedy; Browne Co. ($144M AUM | +$12M 5D Flow | +8.55% of AUM)
  • Leverage Shares ($471M AUM | +$38M 5D Flow | +8.09% of AUM)
  • SMI Funds ($934M AUM | +$75M 5D Flow | +8.03% of AUM)

Top 10 Relative Outflows:

  • Procure ($111M AUM | -$8M 5D Flow | -6.82% of AUM)
  • Miller ($90M AUM | -$3M 5D Flow | -3.88% of AUM)
  • Brookstone ($585M AUM | -$16M 5D Flow | -2.76% of AUM)
  • Mohr Funds ($106M AUM | -$3M 5D Flow | -2.38% of AUM)
  • CCM ($1,165M AUM | -$24M 5D Flow | -2.04% of AUM)
  • Direxion ($53,084M AUM | -$1,065M 5D Flow | -2.01% of AUM)
  • ActivePassive ($3,990M AUM | -$80M 5D Flow | -2.01% of AUM)
  • Matthews ($335M AUM | -$5M 5D Flow | -1.48% of AUM)
  • Gabelli ($80M AUM | -$1M 5D Flow | -1.23% of AUM)
  • Hoya ($130M AUM | -$2M 5D Flow | -1.21% of AUM)

New Brands on the Scene

One new brand came to market this week:

  • Scharf: Entered the market on August 25, 2025, by converting two of its mutual funds into active ETFs: the Scharf ETF (KAT) and the Scharf Global Opportunity ETF (GKAT). The combined assets for the converted funds totaled approximately $890 million, making it the largest active equity ETF launch of 2025.

Dive Deeper with Our 19 ETF Channels

For those who want to go beyond the summary, our 19 dedicated ETF Channels offer a comprehensive look into every corner of the market. Each channel provides in-depth performance and flow analysis, links to related insights, and access to more specialized reports. Navigate to the channel sections on our site to explore the data that matters most to you.

A Note on ETF Flows

While ETF flows are a valuable indicator of market sentiment, it’s important to recognize they don’t always tell the whole story. Large flows can also be driven by technical, non-sentimental factors. These may include institutional activity like using custom create/redeem baskets for tax management purposes, or ‘create-to-lend’ transactions where new shares are created to facilitate short selling. While we strive to add context where possible, these underlying mechanics can influence the data.

Disclosures

This material is for informational purposes only and should not be considered investment advice. All investments, including ETFs, involve risk, including the possible loss of principal. Investors should consider their investment objectives, risks, charges, and expenses carefully before investing. This analysis was developed by the team at ETF Action. We leverage advanced AI tools to assist in the drafting and refinement of our content, based on our expert prompts, direction, and final review.

Data sourced from the ETF Action League Tables Report dated 8/29/2025.

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