Fixed Income Dominates Daily Flows as Large-Cap Equity ETFs Retract

Issuer League Tables

AB Funds led the industry in absolute one-day inflows, securing $1,377 million and significantly outpacing its 1-year average trend. Global X and JPMorgan followed with respective gains of $423 million and $421 million, though Vanguard and SPDR both experienced heavy liquidations exceeding $1 billion each. On a relative basis, Pacific Funds saw a substantial 13.24% boost to its AUM in a single day, while AB Funds also featured prominently in relative growth at 8.85%. Conversely, Pinnacle suffered the steepest relative decline, with outflows totaling 10.71% of its total assets under management.

Issuer Flows (Absolute)

Issuer Flows (Relative)

Daily ETF Flow Analysis

The U.S. ETF market recorded a total net outflow of $409 million for the session, as a massive rotation out of Equity funds offset gains elsewhere. Fixed Income led all asset classes with $3,405 million in net new money, continuing its strong year-to-date momentum that has already reached nearly $45 billion. Equity suffered the largest hit with $4,325 million in outflows, while Non-Traditional assets attracted $560 million in net inflows. Digital assets and commodities also faced headwinds, with one-day outflows of $69 million and $118 million, respectively.

Asset Class Flows

Top 10 Category Flows

Bottom 10 Category Flows

U.S. Size & Style

U.S. Large Cap Blend faced a massive one-day liquidation of $4,020 million, significantly impacting the broader U.S. style landscape. Large Cap Value also saw deep outflows of $2,015 million, while the small-cap segment experienced a $470 million decline in the blend category. Despite the overall negative trend, the iShares Core S&P Total U.S. Stock Market ETF (ITOT) managed to attract $325 million in new assets. Laggards were dominated by industry giants, with the Vanguard S&P 500 ETF (VOO) losing $2,606 million in the session.

Size & Style ex-U.S.

International flows were robustly positive, led by Emerging Large Cap funds which drew in $1,740 million. The AB Emerging Markets Opportunities ETF (EMOP) was a significant standout, logging $1,367 million in one-day inflows. Global Ex-U.S. Large Cap Blend also performed well, netting $423 million, while Growth styles in the same region saw a modest $22 million outflow. Laggards included the iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV), which shed $127 million during the session.

Sector & Industry

Sector activity was highly concentrated, with Financials attracting $13 million in new flows, supported by the State Street Financial Select Sector SPDR ETF (XLF) which led the group with $151 million. Information Technology and Health Care sectors were the primary laggards, losing $436 million and $258 million respectively. Semiconductor ETFs faced a particularly difficult session, with the VanEck Semiconductor ETF (SMH) leading all industry outflows at $360 million. Utilities also saw a rotation out of the category, recording a one-day outflow of $218 million.

Region & Country

Latin America was the standout regional winner, securing $276 million in one-day flows, driven largely by interest in Brazilian and broad regional equities. The iShares MSCI South Korea ETF (EWY) led all single-country funds with a $179 million inflow. Asia-Pacific followed with $182 million in total gains, although China-specific funds like the WisdomTree China ex-State-Owned Enterprises Fund (CXSE) faced outflows. Eurozone and North American regions were largely flat for the day, with North America recording $0 million in net one-day flows.

Thematic

Precious Metals themes dominated thematic inflows, drawing in $545 million, with Gold Miners (GDX) accounting for $208 million of that total. Natural Resources also saw a strong showing with $236 million in net inflows for the day. Disruptive Tech and Industrial Revolution categories managed modest gains of $75 million and $143 million respectively. However, the ARK Innovation ETF (ARKK) suffered a massive $929 million outflow, dragging the broader multi-sector thematic category into negative territory.

Fixed Income

Fixed Income was the clear leader of the session, netting $3,405 million in daily inflows, primarily driven by Taxable Core funds. The iShares Core U.S. Aggregate Bond ETF (AGG) was the top individual performer across all classes, securing $971 million. Intermediate duration funds accounted for $2,328 million of the total Fixed Income gains, highlighting a preference for the middle of the curve. Laggards were led by the Vanguard Intermediate-Term Treasury ETF (VGIT), which recorded outflows of $306 million.

Commodity

The Commodity asset class saw a net one-day outflow of $118 million, despite heavy interest in select metals. Precious Metals overall shed $228 million, largely due to a $368 million liquidation in the iShares Silver Trust (SLV). Platinum and gold-backed products remained in demand, with the abrdn Physical Platinum Shares ETF (PPLT) leading the session with a $49 million inflow. Industrial Metals and Multi-Sector Commodity broad market funds also posted positive one-day results of $29 million and $77 million, respectively.

Cryptocurrency

Digital asset ETFs experienced a net one-day outflow of $69 million, marking a reversal from the month’s positive momentum. Bitcoin-focused funds led the decline with a $49 million outflow, significantly impacted by the iShares Bitcoin Trust ETF (IBIT), which saw a $102 million reduction. Ethereum and Multicoin categories also logged daily losses of $19 million and $5 million respectively. The ProShares Bitcoin ETF (BITO) was a bright spot, managing to attract $55 million in new assets during the session.

Non-Traditional

Non-Traditional ETFs saw positive daily flows of $560 million, largely driven by inverse commodity products and synthetic income strategies. The ProShares UltraShort Silver ETF (ZSL) led all leaders with $284 million in one-day inflows. Synthetic Income—Equity remains the dominant sub-category in this space, with $174.87 billion in total AUM and $204 million added in the current session. Leveraged Equity laggards included the ProShares UltraPro QQQ (TQQQ), which faced a $288 million one-day liquidation.

Recent Launches

The pace of new ETF product introductions remains high, with 333 launches in the past three months alone. BNY Mellon has significantly dominated recent AUM acquisition among new products, launching two Municipal bond ETFs that have already gathered over $1.7 billion each. Leveraged and single-stock strategies from Tradr and Leverage Shares continue to lead in terms of the number of unique product launches year-to-date. Active management continues to be the preferred structure for new entrants, representing nearly $5.17 billion of the AUM in year-to-date launches.