Note: Flow data is reported after close on a T+1 basis. The flows in this report reflect create/redeem activity from Wednesday, September 24, 2025.
Market Flow Summary
The U.S. ETF market saw total net inflows of +$3.68B. iShares led all issuers with +$21.57B in net inflows, driven largely by the iShares Core S&P 500 ETF (IVV) which was the top individual fund with +$20.1B in creations. On the other side, Vanguard experienced the largest outflows among issuers with -$16.96B, and its Vanguard S&P 500 ETF (VOO) saw the largest individual fund redemption at -$18.35B. The most notable high-velocity brand was Distillate, attracting +$185.82M, representing +9.42% of its AUM.
Flow Summary by Asset Class
Equity ETFs dominated the daily flows, attracting +$8.61B. Commodity and Digital Asset funds also saw healthy inflows. Fixed Income ETFs experienced the largest daily redemptions, seeing -$5.48B in outflows. On a year-to-date basis, Equity remains the dominant leader, having accumulated +$476.93B.
| Asset Class | 1D Flow | 1M Flow | YTD Flow |
|---|---|---|---|
| Equity | +$8.61B | +$79.38B | +$476.93B |
| Commodity | +$357.79M | +$11.29B | +$36.73B |
| Digital Asset | +$231.68M | +$5.45B | +$34.98B |
| Multi-Asset | +$42.28M | +$809.68M | +$3.98B |
| Currency | -$17.64M | -$39.45M | +$506.21M |
| Non-Traditional | -$31.87M | +$1.59B | +$48.85B |
| Alternative | -$38.49M | +$400.50M | +$3.64B |
| Fixed Income | -$5.48B | +$39.28B | +$291.39B |
*Note: Large flows within ultrashort fixed income categories may be influenced by rebalancing activity in specific ETF families, such as F/m ETFs.
Top/Bottom Five Category Flows
U.S. Large Cap Blend and Growth equity categories saw significant inflows, while Fixed Income Government Ultrashort funds experienced substantial redemptions.
Top 5 Category Inflows
| Category | 1D Flow |
|---|---|
| Equity: U.S. Large Cap – Blend | +$5.17B |
| Equity: U.S. Large Cap – Growth | +$1.37B |
| Fixed Income: Taxable – Corporate | +$990.07M |
| Equity: U.S. Small Cap – Blend | +$892.99M |
| Equity: Thematic – Disruptive Tech | +$364.51M |
Bottom 5 Category Outflows
| Category | 1D Flow |
|---|---|
| Fixed Income: Taxable – Government Ultrashort | -$7.28B |
| Non-Traditional: Buffer – Equity | -$389.28M |
| Equity: Sector – Financials | -$201.68M |
| Fixed Income: Municipal – Intermediate | -$164.52M |
| Equity: Sector – Information Technology | -$157.87M |
*Note: Large flows within ultrashort fixed income categories may be influenced by rebalancing activity in specific ETF families, such as F/m ETFs.
ETF Issuer Flow Analysis
iShares was the top-gathering issuer with +$21.57B in net inflows, a +0.57% gain relative to AUM. In terms of absolute dollar value, Vanguard saw the largest net outflows at -$16.96B. Distillate was a top high-velocity brand, with inflows making up +9.42% of its assets.
Top 5 Brands by Inflows
| Issuer | Aggregate AUM | 1D Flow | 1D Flow as % of AUM |
|---|---|---|---|
| iShares | $3.78T | +$21.57B | +0.57% |
| SPDR | $1.71T | +$3.55B | +0.21% |
| Invesco | $760.82B | +$1.35B | +0.18% |
| Dimensional | $225.66B | +$391.16M | +0.17% |
| Avantis | $82.77B | +$274.55M | +0.33% |
Bottom 5 Brands by Outflows
| Issuer | Aggregate AUM | 1D Flow | 1D Flow as % of AUM |
|---|---|---|---|
| Vanguard | $3.64T | -$16.96B | -0.46% |
| F/m | $8.04B | -$6.76B | -45.70% |
| T. Rowe Price | $18.91B | -$540.93M | -2.78% |
| PIMCO | $42.29B | -$512.83M | -1.20% |
| Innovator | $28.22B | -$454.71M | -1.59% |
*Note: Large flows within ultrashort fixed income categories may be influenced by rebalancing activity in specific ETF families, such as F/m ETFs.
High-Velocity Brands
| Issuer | Aggregate AUM | 1D Flow | 1D Flow as % of AUM |
|---|---|---|---|
| Distillate | $2.16B | +$185.82M | +9.42% |
| F/m | $8.04B | -$6.76B | -45.70% |
Significant Single-Fund Movements
The largest single-fund inflow belonged to iShares Core S&P 500 ETF (IVV), which gathered +$20.1B. On the outflow side, while some short-term government bill ETFs saw significant redemptions relative to their size, the largest absolute redemption in dollar terms belonged to the Vanguard S&P 500 ETF (VOO) at -$18.35B.
Largest Absolute Daily Flows (Net Flows > $250M)
| Fund (Ticker) | AUM | 1D Flow | 1D Flow as % of AUM |
|---|---|---|---|
| Inflows | |||
| iShares Core S&P 500 ETF (IVV) | $685.94B | +$20.1B | +3.02% |
| SPDR S&P 500 ETF Trust (SPY) | $666.83B | +$5.03B | +0.76% |
| Invesco QQQ Trust Series I (QQQ) | $383.17B | +$1.22B | +0.32% |
| iShares Russell 2000 ETF (IWM) | $71.26B | +$664.29M | +0.94% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) | $31.97B | +$545.28M | +1.74% |
| Vanguard Intermediate-Term Corporate Bond ETF (VCIT) | $55.98B | +$353.17M | +0.63% |
| Outflows | |||
| Vanguard S&P 500 ETF (VOO) | $767.72B | -$18.35B | -2.33% |
| US Treasury 3 Month Bill ETF (TBIL) | $5.97B | -$5.96B | -49.94% |
| SPDR Portfolio S&P 500 ETF (SPLG) | $85.1B | -$1.49B | -1.72% |
| US Treasury 6 Month Bill ETF (XBIL) | $801.64M | -$801.64M | -50.00% |
| PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) | $902.17M | -$558.29M | -38.23% |
| T. Rowe Price Capital Appreciation Equity ETF (TCAF) | $5.67B | -$524.2M | -8.47% |
High-Velocity Inflows (AUM > $100M, 1D Flow > +5% of AUM)
| Fund (Ticker) | AUM | 1D Flow | 1D Flow as % of AUM |
|---|---|---|---|
| 3EDGE Dynamic Hard Assets ETF (EDGH) | $142.87M | +$68.05M | +90.94% |
| PGIM Short Duration Multi-Sector Bond ETF (PSDM) | $106.89M | +$14.17M | +15.28% |
| iShares MSCI Saudi Arabia ETF (KSA) | $665.94M | +$66.19M | +11.04% |
| SPDR S&P Retail ETF (XRT) | $396.72M | +$39.23M | +10.98% |
| Defiance Daily Target 2x Short IONQ ETF (IONZ) | $125.57M | +$12.1M | +10.66% |
| Defiance Daily Target 2X Long RKLB ETF (RKLX) | $102.07M | +$9.68M | +10.48% |
| Direxion Daily MU Bull 2X Shares (MUU) | $115.83M | +$10.71M | +10.19% |
| Invesco International Growth Focus ETF (MTRA) | $138.4M | +$12.79M | +10.18% |
| Distillate US Fundamental Stability & Value ETF (DSTL) | $2.01B | +$185.82M | +10.17% |
| FT Vest U.S. Equity Enhance & Moderate Buffer ETF – December (XDEC) | $205.97M | +$18.0M | +9.57% |
High-Velocity Outflows (AUM > $100M, 1D Flow > -5% of AUM)
| Fund (Ticker) | AUM | 1D Flow | 1D Flow as % of AUM |
|---|---|---|---|
| US Treasury 6 Month Bill ETF (XBIL) | $801.64M | -$801.64M | -50.00% |
| US Treasury 3 Month Bill ETF (TBIL) | $5.97B | -$5.96B | -49.94% |
| Innovator U.S. Small Cap Power Buffer ETF – October (KOCT) | $106.26M | -$81.55M | -43.42% |
| PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) | $902.17M | -$558.29M | -38.23% |
| FT Vest U.S. Equity Enhance & Moderate Buffer ETF – September (XSEP) | $100.55M | -$20.73M | -17.09% |
| Schwab Core Bond ETF (SCCR) | $952.02M | -$194.03M | -16.93% |
| Innovator U.S. Equity Buffer ETF – March (BMAR) | $178.58M | -$20.56M | -10.32% |
| Tradr 2X Long CRWV Daily ETF (CWVX) | $275.52M | -$28.32M | -9.32% |
| T. Rowe Price Capital Appreciation Equity ETF (TCAF) | $5.67B | -$524.2M | -8.47% |
| Tema S&P 500 Historical Weight ETF Strategy (DSPY) | $761.68M | -$45.41M | -5.63% |
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.
