Note: Flow data is reported after close on a T+1 basis. The flows in this report reflect create/redeem activity from Friday, September 19, 2025.
Readers should note that today’s flow activity includes substantial offsetting redemptions linked to special create activity from the previous week. This is a typical part of the tax-efficient rebalancing process for certain funds and can result in significant, short-term flow volatility.
Market Flow Summary
The U.S. ETF market experienced significant net outflows totaling -$28.14B. Fidelity led issuers with net inflows of +$305.29M, while the Invesco QQQ Trust Series I (QQQ) was the top individual fund, attracting +$3.33B. On the other side of the ledger, Vanguard saw the largest outflows among issuers, shedding -$8.05B. The Invesco S&P 500 Momentum ETF (SPMO) had the largest single-fund outflow at -$3.44B. VictoryShares was the most notable high-velocity brand, with outflows representing -7.73% of its assets under management.
Flow Summary by Asset Class
Fixed Income and Commodity ETFs were the primary bright spots, attracting +$1.86B and +$1.17B respectively, while Equity products saw substantial redemptions. On a year-to-date basis, Equity remains the dominant category with over +$464.50B in net inflows.
| Asset Class | 1D Flow | 1M Flow | YTD Flow |
|---|---|---|---|
| Fixed Income | +$1.86B | +$37.00B | +$285.80B |
| Commodity | +$1.17B | +$10.59B | +$36.17B |
| Digital Asset | +$329.75M | +$6.10B | +$35.15B |
| Alternative | +$73.53M | +$486.67M | +$3.66B |
| Multi-Asset | +$19.25M | +$718.80M | +$3.86B |
| Currency | -$1.66M | -$14.65M | +$539.28M |
| Non-Traditional | -$526.82M | +$2.25B | +$49.32B |
| Equity | -$31.12B | +$75.20B | +$464.50B |
Top/Bottom Five Category Flows
Thematic and international exposures dominated inflows, while U.S. cap-weighted blend and style categories saw the largest outflows of the day.
Top 5 Category Inflows
| Category | 1D Flow |
|---|---|
| Commodity: Focused – Precious Metals | +$1.13B |
| Equity: Global Ex-U.S. Large Cap – Blend | +$959.19M |
| Equity: Emerging Large Cap | +$778.92M |
| Equity: Thematic – Disruptive Tech | +$336.73M |
| Fixed Income: Taxable – International USD | +$325.37M |
Bottom 5 Category Outflows
| Category | 1D Flow |
|---|---|
| Equity: U.S. Mid Cap – Blend | -$7.10B |
| Equity: U.S. Large Cap – Blend | -$5.70B |
| Equity: Sector – Information Technology | -$5.47B |
| Equity: U.S. Large Cap – Growth | -$3.96B |
| Equity: U.S. Large Cap – Value | -$3.76B |
ETF Issuer Flow Analysis
Fidelity captured the highest net inflow with +$305.29M, representing a modest +0.21% of AUM. Conversely, Vanguard experienced the day’s largest net outflow at -$8.05B (-0.22% of AUM). The high-velocity story of the day was VictoryShares, which saw a significant outflow of -$1.56B, representing -7.73% of its total AUM.
Top 5 Brands by Inflows
| Issuer | Aggregate AUM | 1D Flow | 1D Flow as % of AUM |
|---|---|---|---|
| Fidelity | $144.13B | +$305.29M | +0.21% |
| ARK | $16.43B | +$293.62M | +1.82% |
| Capital Group | $90.99B | +$288.34M | +0.32% |
| Dimensional | $225.66B | +$276.17M | +0.12% |
| Global X | $68.89B | +$182.21M | +0.27% |
Bottom 5 Brands by Outflows
| Issuer | Aggregate AUM | 1D Flow | 1D Flow as % of AUM |
|---|---|---|---|
| Vanguard | $3.68T | -$8.05B | -0.22% |
| Schwab | $474.06B | -$5.77B | -1.20% |
| SPDR | $1.71T | -$4.85B | -0.28% |
| VanEck | $108.06B | -$4.72B | -4.18% |
| Invesco | $763.08B | -$2.60B | -0.34% |
High-Velocity Brands
| Issuer | Aggregate AUM | 1D Flow | 1D Flow as % of AUM |
|---|---|---|---|
| VictoryShares | $18.56B | -$1.56B | -7.73% |
Significant Single-Fund Movements
The day’s activity was highlighted by a +$3.33B inflow into the Invesco QQQ Trust Series I (QQQ) and a significant -$3.44B outflow from the Invesco S&P 500 Momentum ETF (SPMO).
Largest Absolute Daily Flows (Net Flows > $250M)
| Fund (Ticker) | AUM | 1D Flow | 1D Flow as % of AUM |
|---|---|---|---|
| Inflows | |||
| Invesco QQQ Trust Series I (QQQ) | $378.40B | +$3.33B | +0.89% |
| SPDR S&P 500 ETF Trust (SPY) | $661.10B | +$1.99B | +0.30% |
| iShares Russell 2000 ETF (IWM) | $71.39B | +$1.68B | +2.40% |
| iShares Core S&P 500 ETF (IVV) | $660.10B | +$1.03B | +0.16% |
| Vanguard FTSE Emerging Markets ETF (VWO) | $101.63B | +$806.40M | +0.80% |
| SPDR Gold Shares (GLD) | $117.82B | +$708.12M | +0.60% |
| Vanguard FTSE Developed Markets ETF (VEA) | $177.03B | +$656.37M | +0.37% |
| iShares A.I. Innovation and Tech Active ETF (BAI) | $5.78B | +$391.72M | +7.28% |
| ARK Innovation ETF (ARKK) | $8.98B | +$292.25M | +3.36% |
| Vanguard Total International Bond ETF (BNDX) | $70.05B | +$278.76M | +0.40% |
| Outflows | |||
| Invesco S&P 500 Momentum ETF (SPMO) | $16.87B | -$3.44B | -16.93% |
| Vanguard S&P 500 ETF (VOO) | $793.44B | -$2.72B | -0.34% |
| Vanguard Extended Market ETF (VXF) | $24.71B | -$2.61B | -9.55% |
| Technology Select Sector SPDR Fund (XLK) | $89.12B | -$2.57B | -2.80% |
| VanEck Morningstar Wide Moat ETF (MOAT) | $12.71B | -$2.48B | -16.32% |
| VanEck Semiconductor ETF (SMH) | $30.06B | -$2.07B | -6.44% |
| Vanguard Growth ETF (VUG) | $199.37B | -$1.73B | -0.86% |
| VictoryShares Free Cash Flow ETF (VFLO) | $6.28B | -$1.53B | -19.60% |
| Schwab U.S. Small-Cap ETF (SCHA) | $19.06B | -$1.52B | -7.38% |
| Communication Services Select Sector SPDR Fund (XLC) | $27.07B | -$1.50B | -5.25% |
High-Velocity Inflows (AUM > $100M, 1D Flow > +5% of AUM)
| Fund (Ticker) | AUM | 1D Flow | 1D Flow as % of AUM |
|---|---|---|---|
| FT Vest U.S. Equity Moderate Buffer ETF – September (GSEP) | $213.53M | +$42.72M | +25.01% |
| Alger AI Enablers & Adopters ETF (ALAI) | $222.71M | +$26.56M | +13.54% |
| SPDR S&P Insurance ETF (KIE) | $863.70M | +$100.22M | +13.13% |
| REX-Osprey SOL + Staking ETF (SSK) | $335.67M | +$29.19M | +9.52% |
| GraniteShares YieldBOOST COIN ETF (COYY) | $109.34M | +$8.66M | +8.60% |
| Amplify CWP Growth & Income ETF (QDVO) | $297.62M | +$22.72M | +8.27% |
| iShares A.I. Innovation and Tech Active ETF (BAI) | $5.78B | +$391.72M | +7.28% |
| ProShares Ultra Bloomberg Natural Gas (BOIL) | $524.75M | +$34.45M | +7.03% |
| Direxion Daily S&P 500 Bear 1X Shares (SPDN) | $129.37M | +$8.27M | +6.83% |
| iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) | $975.08M | +$60.26M | +6.59% |
High-Velocity Outflows (AUM > $100M, 1D Flow > -5% of AUM)
| Fund (Ticker) | AUM | 1D Flow | 1D Flow as % of AUM |
|---|---|---|---|
| Optimize Strategy Index ETF (OPTZ) | $193.49M | -$105.22M | -35.22% |
| VictoryShares Free Cash Flow ETF (VFLO) | $6.28B | -$1.53B | -19.60% |
| Invesco S&P MidCap Momentum ETF (XMMO) | $5.92B | -$1.27B | -17.64% |
| Invesco S&P 500 Momentum ETF (SPMO) | $16.87B | -$3.44B | -16.93% |
| VanEck Morningstar Wide Moat ETF (MOAT) | $12.71B | -$2.48B | -16.32% |
| Schwab Crypto Thematic ETF (STCE) | $238.82M | -$46.22M | -16.22% |
| VanEck Digital Transformation ETF (DAPP) | $328.28M | -$62.92M | -16.08% |
| SPDR S&P Retail ETF (XRT) | $523.54M | -$100.34M | -16.08% |
| SPDR S&P International Small Cap ETF (GWX) | $789.01M | -$144.92M | -15.52% |
| VictoryShares International Free Cash Flow ETF (IFLO) | $112.02M | -$17.91M | -13.79% |
Custom Analysis and Daily Data
This daily snapshot is just the beginning. Our full suite of tools allows for deep, customizable analysis of the entire ETF landscape. Institutional clients can track real-time flows, screen for specific fund characteristics, and analyze historical trends to gain a competitive edge. To explore our comprehensive data and analytics platform, please contact our sales team for a personalized demonstration.
Large Flow Activity Note: Daily create/redeem activity is a normal function of the ETF market. Large flows often reflect rebalancing activity by a single large institution and are not necessarily indicative of broad market sentiment.
Disclosures
This report is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. ETF Action is not a registered investment advisor.
All data is sourced from proprietary and third-party sources believed to be reliable, but its accuracy and completeness are not guaranteed. Past performance is not indicative of future results.
