Fixed Income Leads Asset Gathering as Large Cap Growth Falters

Issuer League Tables

Vanguard led daily asset gathering with $2.14B in positive net flows, maintaining its top position in one-year flow aggregates. iShares followed closely in absolute figures, recording $875M in daily intakes against a massive $4.45T asset base. Invesco experienced the most significant daily contraction, shedding $2.09B and erasing a portion of its strong $20.06B year-to-date influx. On a relative basis, Cohen & Steers drove the highest velocity with single-day flows representing 10.19% of its total assets. Conversely, Rayliant posted a sharp 16.72% daily asset reduction.

Absolute Flows

Relative Flows

Daily ETF Flow Analysis

Fixed Income led daily asset class flows with $3.41B in net creations, boosting its one-month total to $34.31B. Broad Equity strategies faced daily redemptions totaling $266M, though the asset class maintains a dominant $1.10T trailing one-year inflow profile. The Non-Traditional segment extended recent outflows with a $526M daily reduction. Region and Country Specific Equity products were the top daily category draw, pulling in $668M. U.S. Large Cap Growth strategies lagged all categories with $2.26B in net daily outflows.

Asset Class Flows

Top and Bottom Category Flows

U.S. Size & Style

The VOO fund recorded the highest daily accumulation within U.S. Size and Style with $375M in net inflows. QQQM followed with $184M, contrasting sharply with its legacy counterpart QQQ, which posted a massive $2.60B daily redemption. Smaller capitalization and factor-based exposures saw mixed results, as SCHD added $144M while IWM shed $199M. The broader Large Cap Growth segment demonstrated acute daily volatility in contrast to its strong one-year accumulation trends.

Size & Style ex-U.S.

International equity flows were highly concentrated, led by VEU and VXUS with intakes of $300M and $266M, respectively. Emerging markets demonstrated localized strength, with AVEM capturing $76M in daily creations. Conversely, broad developed market exposure through URTH experienced the largest segment outflow at $60M. Factor-tilted international products also faced headwinds, as PIZ and SCHC recorded redemptions of $21M and $15M.

Sector & Industry

Semiconductor products drove severe divergence in Sector and Industry flows, with SMH taking the top spot at $397M in daily additions. Within the exact same sub-sector, SOXX experienced the largest industry outflow, losing $260M. Technology and Real Estate exhibited pockets of strength, represented by IYW and BBRE adding $203M and $108M. Software and Aerospace exposures faced distinct daily distribution, highlighted by $191M exiting IGV and $158M leaving MISL.

Region & Country

Japan-focused equities captured the most significant regional attention, with EWJ accumulating $610M in single-day flows. Chinese internet and broad market exposure also expanded, as KWEB and CQQQ added $163M and $32M, respectively. In contrast, BBJP registered $67M in redemptions, highlighting targeted repositioning within Japanese allocations. Broad Pacific and Mexican country exposures experienced moderate daily contractions, led by $66M exiting IPAC and $24M leaving EWW.

Thematic

Infrastructure and Internet themes led daily thematic creations, with GRID and FDN capturing $117M and $94M, respectively. Critical materials and uranium exposures saw continued interest, adding a combined $75M across REMX and URA. Cybersecurity and exponential technology themes faced the steepest daily headwinds, as BUG and XT recorded outflows of $171M and $150M. Blockchain applications also saw daily distribution, with $65M exiting BKCH.

Fixed Income

Short-duration government securities dominated Fixed Income asset gathering, highlighted by $372M flowing into SGOV. Broad aggregate and international bond exposures also captured significant inflows, as BND and BNDX added $250M and $243M. Long-duration Treasuries and corporate credit experienced the deepest daily redemptions, with TLT and VCLT shedding $206M and $150M. The CLO market saw targeted outflows, marked by $81M exiting JAAA.

Commodity

Precious metals drove the entirety of positive Commodity flows, led by GLD with $348M in daily creations. Silver products also captured sustained interest, as SLV and SIVR added $95M and $50M, respectively. Energy commodities faced targeted daily headwinds, with USO recording the largest segment outflow at $67M. Broad commodity baskets experienced slight distribution, highlighted by $14M exiting DBC.

Cryptocurrency

Cryptocurrency flows were largely muted, with BSOL and MSBT leading daily additions at $6M each. ETHB captured a modest $4M in creations, bringing its one-month aggregate to $70M. Spot Bitcoin exposure experienced the primary segment outflow, as IBIT shed $27M in daily assets. The broader digital asset space reflects a temporary consolidation phase following extensive year-to-date asset accumulation.

Non-Traditional

Leveraged and inverse products dominated Non-Traditional flow volatility, led by $221M entering SOXS and $202M entering NVDL. Synthetic income strategies maintained consistent momentum, with JEPQ capturing $128M in daily creations. The 3x leveraged semiconductor exposure in SOXL suffered the market’s most extreme non-traditional outflow, shedding $950M. Single-stock leveraged products saw sharp distribution, highlighted by $152M exiting SNXX.

Recent Launches

Product development remains robust across thematic and structured outcome strategies, with 301 total ETF launches recorded over the trailing three months. Corgi expanded its thematic lineup significantly, launching targeted exposures like YUNG and WR. Pacer and WisdomTree augmented the alternative and AI categories with products such as WDAI and WDIG. Structured outcome and buffer strategies continue to populate the new issuance pipeline alongside highly specific thematic concepts.