U.S. Equities Shed $40B on Index Rebalancing Activity; Fixed Income & Commodities See Inflows

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Issuer League Tables

The U.S. ETF landscape now includes $13,388B in AUM across 4,849 products from 474 brands. Capital Group led 1-day flows, collecting $4,140M, followed closely by Dimensional with $4,077M. Avantis also saw significant inflows of $2,760M. In contrast, iShares saw the largest 1-day outflows at -$10,601M, followed by SPDR (-$5,786M) and VanEck (-$5,714M).

Brand 1-Day Flow 5-Day Flow 30-Day Flow YTD Flow 1-Year Flow
Top 5 Leaders
Capital Group $4,140M $1,024M $302M $45.61B $46.41B
Dimensional $4,077M $436M $1,124M $41.73B $43.10B
Avantis $2,760M $1,133M $111M $26.25B $26.62B
ProShares $897M $1,303M $2,518M $4.10B $4.45B
Nuveen $881M $567M $265M $4.30B $4.31B
Top 5 Laggards
iShares ($10,601M) $74,130M $46,264M $341.95B $320.66B
SPDR ($5,786M) ($18,548M) $15,339M $81.02B $87.51B
VanEck ($5,714M) $409M $421M $3.99B $0.02B
Invesco ($4,291M) ($1,070M) $8,870M $67.37B $64.95B
Vanguard ($3,951M) ($50,312M) $35,242M $386.09B $397.43B

Daily ETF Flow Analysis

Total 1-day net flows for all U.S. listed ETFs were negative at -$33.76B, driven largely by significant outflows from Equity funds (-$39.81B). Notably, these equity outflows were driven by custom redemptions that offset large custom creations from Friday, unusual activity facilitating last week’s large index rebalances. Other asset classes showed resilience; Fixed Income funds gathered $3.15B, Commodity funds added $2.54B, and Non-Traditional funds saw inflows of $562M. Digital Asset funds saw outflows of -$1.16B.

Asset Class 1-Day Flow 1-Week Flow 1-Month Flow YTD Flow 1-Year Flow
Fixed Income $3,152M $11,562M $39,775M $427,248M $434,796M
Commodity $2,538M $3,728M $10,045M $55,733M $55,048M
Non-Traditional $562M $4,734M $9,053M $90,287M $87,670M
Alternative $8M $142M $518M $4,101M $4,272M
Currency $8M ($19M) ($44M) $549M $636M
Multi-Asset $0M $207M $736M $6,791M $7,075M
Digital Asset ($1,164M) ($227M) $772M $36,540M $35,829M
Equity ($39,806M) $2,612M $100,726M $778,329M $766,153M
Category 1-Day Flow AUM
Top 10 Categories
Equity: Global Ex-U.S. Large Cap – Blend $6,660M $924.1B
Commodity: Focused – Precious Metals $2,459M $309.9B
Equity: Emerging Large Cap $1,568M $357.8B
Fixed Income: Taxable – Core $838M $379.3B
Non-Traditional: Leverage | Inverse – Equity $756M $112.3B
Fixed Income: Taxable – International USD $608M $88.8B
Equity: Global Large Cap – Blend $476M $130.5B
Fixed Income: Specialty – Defined Maturity $413M $61.7B
Fixed Income: Taxable – Short-Term $374M $148.6B
Non-Traditional: Leverage | Inverse – Single Stock $357M $28.8B
Bottom 10 Categories
Equity: U.S. Large Cap – Value ($15,476M) $902.7B
Equity: U.S. Large Cap – Growth ($14,572M) $1,256.7B
Equity: U.S. Large Cap – Blend ($3,917M) $3,997.3B
Equity: Sector – Information Technology ($3,574M) $342.7B
Equity: U.S. Mid Cap – Blend ($3,212M) $369.2B
Equity: U.S. Small Cap – Blend ($2,525M) $330.9B
Equity: Sector – Communication Services ($1,894M) $35.7B
Non-Traditional: Synthetic Income – Equity ($765M) $147.8B
Equity: U.S. Small Cap – Value ($709M) $99.6B
Equity: Sector – Health Care ($529M) $97.0B

U.S. Size & Style

U.S. equities faced broad selling pressure, with Large Cap Value funds seeing the heaviest outflows at -$15.48B, followed closely by Large Cap Growth at -$14.57B. Large Cap Blend funds also shed -$3.92B. Despite the negative category trend, SPY bucked the trend with significant inflows of $5.65B. Conversely, SPYV and IVE saw the largest redemptions.

Ticker Fund Name 1-Day Flow AUM
Top 5 Leaders
SPY SPDR S&P 500 ETF Trust $5,649M $702.3B
IWB iShares Russell 1000 ETF $914M $46.8B
DIA SPDR Dow Jones Industrial Average ETF Trust $529M $43.9B
IJH iShares Core S&P Mid-Cap ETF $314M $103.5B
VONV Vanguard Russell 1000 Value ETF $171M $14.6B
Top 5 Laggards
SPYV State Street SPDR Portfolio S&P 500 Value ETF ($5,969M) $31.8B
IVE iShares S&P 500 Value ETF ($4,718M) $47.9B
VOO Vanguard S&P 500 ETF ($4,360M) $812.1B
IVW iShares S&P 500 Growth ETF ($3,377M) $66.2B
MOAT VanEck Morningstar Wide Moat ETF ($2,889M) $13.0B

Global Ex-U.S. Size & Style

Global Ex-U.S. funds were a bright spot, with the Developed Ex-U.S. category gathering $6.66B. Emerging Market Large Cap funds also saw strong interest, adding $1.57B. Fund-level activity was led by VEA ($3,086M) and VXUS ($2,234M), while GCOW saw the largest outflows.

Ticker Fund Name 1-Day Flow AUM
Top 5 Leaders
VEA Vanguard FTSE Developed Markets ETF $3,086M $190.3B
VXUS Vanguard Total International Stock ETF $2,234M $116.8B
VWO Vanguard FTSE Emerging Markets ETF $1,576M $103.9B
VEU Vanguard FTSE All-World ex-US Index Fund $828M $53.5B
VT Vanguard Total World Stock ETF $449M $59.4B
Top 5 Laggards
GCOW Pacer Global Cash Cows Dividend ETF ($522M) $2.6B
FNDF Schwab Fundamental International Equity ETF ($307M) $19.2B
ICOW Pacer Developed Markets International Cash Cows 100 ETF ($243M) $1.4B
DIVI Franklin International Core Dividend Tilt Index Fund ($65M) $2.0B
EDGI 3EDGE Dynamic International Equity ETF ($52M) $0.2B

Region & Country

Asia-Pacific led regional flows with $692M in new assets, followed by Eurozone funds with $691M and Latin America with $301M. At the fund level, VGK ($232M) and VPL ($205M) were the clear leaders, while BBCA (-$284M) and KWEB (-$57M) lagged.

Ticker Fund Name 1-Day Flow AUM
Top 5 Leaders
VGK Vanguard FTSE Europe ETF $232M $29.0B
VPL Vanguard FTSE Pacific ETF $205M $8.4B
EWP iShares MSCI Spain ETF $36M $1.8B
GIND Goldman Sachs India Equity ETF $22M $0.1B
ILF iShares Latin America 40 ETF $15M $2.4B
Top 5 Laggards
BBCA JPMorgan BetaBuilders Canada ETF ($284M) $9.5B
KWEB KraneShares CSI China Internet ETF ($57M) $8.5B
AAXJ iShares MSCI All Country Asia ex Japan ETF ($36M) $3.0B
EWW iShares MSCI Mexico ETF ($34M) $1.9B
EWS iShares MSCI Singapore ETF ($26M) $0.8B

Sector & Industry

Sectors were mixed but largely negative. Materials ($277M) and Real Estate ($184M) saw inflows, while Information Technology saw the largest outflows at -$3.57B, followed by Communication Services (-$1.89B) and Health Care (-$529M). The semiconductor fund SMH (-$2,640M) was a significant drag.

Ticker Fund Name 1-Day Flow AUM
Top 5 Leaders
XLB State Street Materials Select Sector SPDR ETF $274M $5.6B
VGT Vanguard Information Technology ETF $152M $113.3B
VNQI Vanguard Global ex-U.S. Real Estate ETF $141M $3.6B
XLU State Street Utilities Select Sector SPDR ETF $75M $21.8B
XRT State Street SPDR S&P Retail ETF $74M $0.6B
Top 5 Laggards
SMH VanEck Semiconductor ETF ($2,640M) $36.5B
XLC State Street Communication Services Select Sector SPDR ETF ($1,887M) $26.6B
XLK State Street Technology Select Sector SPDR ETF ($463M) $93.1B
RSPT Invesco S&P 500 Equal Weight Technology ETF ($301M) $4.0B
XLV State Street Health Care Select Sector SPDR ETF ($279M) $40.0B

Thematic

Thematic funds were led by the Precious Metals category, which gathered $115M. Natural Resources also saw inflows of $95M. In contrast, Disruptive Tech saw the largest outflows at -$472M, followed by Multi-Sector thematics at -$382M. ITB ($84M) led individual fund inflows.

Ticker Fund Name 1-Day Flow AUM
Top 5 Leaders
ITB iShares U.S. Home Construction ETF $84M $2.7B
XOVR ERShares Private-Public Crossover ETF $80M $1.6B
ARKK ARK Innovation ETF $60M $7.6B
SIL Global X Silver Miners ETF $49M $4.7B
GDXJ Van Eck Junior Gold Miners ETF $47M $9.8B
Top 5 Laggards
KOMP State Street SPDR S&P Kensho New Economies Composite ETF ($495M) $2.5B
HACK Amplify Cybersecurity ETF ($212M) $2.3B
QTUM Defiance Quantum ETF ($172M) $3.3B
IFRA iShares U.S. Infrastructure ETF ($121M) $3.2B
BIZD VanEck BDC Income ETF ($78M) $1.6B

Fixed Income

Fixed Income funds saw strong net inflows. By type, Multi-Sector led with $2.29B, followed by Municipal ($373M) and Government ($208M). By duration, Intermediate-term funds dominated, gathering $1.76B. AGG ($449M) and BNDX ($343M) were the top individual fund leaders.

Ticker Fund Name 1-Day Flow AUM
Top 5 Leaders
AGG iShares Core U.S. Aggregate Bond ETF $449M $134.5B
BNDX Vanguard Total International Bond ETF $343M $73.0B
VCSH Vanguard Short-Term Corporate Bond ETF $255M $40.5B
NXUS NuShares ETF Trust Nuveen International Aggregate Bond ETF $248M $2.5B
JMST JPMorgan Ultra-Short Municipal Income ETF $191M $6.0B
Top 5 Laggards
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF ($264M) $30.7B
HYG iShares iBoxx $ High Yield Corporate Bond ETF ($185M) $20.7B
VCIT Vanguard Intermediate-Term Corporate Bond ETF ($100M) $59.3B
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF ($63M) $21.6B
SCHP Schwab US TIPS ETF ($48M) $14.6B

Commodity

Commodity funds experienced strong inflows of $2.54B, driven almost entirely by the Precious Metals category, which added $2.46B. Fund-level activity was robust, with GLD ($1,675M) and SLV ($1,127M) leading the way.

Ticker Fund Name 1-Day Flow AUM
Top 5 Leaders
GLD SPDR Gold Shares $1,675M $148.4B
SLV iShares Silver Trust $1,127M $35.1B
PPLT abrdn Physical Platinum Shares ETF $36M $2.7B
UNG United States Natural Gas Fund LP $29M $0.6B
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund $20M $0.6B
Top 5 Laggards
GLDM SPDR Gold Minishares Trust of beneficial interest ($395M) $25.4B
OILK ProShares K-1 Free Crude Oil ETF of Benef Interest ($3M) $0.1B
CORN Teucrium Corn Fund ($2M) $0.1B
WEAT Teucrium Wheat Fund ($2M) $0.1B
EDGH 3EDGE Dynamic Hard Assets ETF $0M $0.1B

Digital Assets

Digital Asset funds saw outflows of -$1.16B, driven by Bitcoin funds which shed -$568M and Ethereum funds which lost -$144M. FBTC managed small inflows of $15M, while IBIT (-$174M) led outflows.

Ticker Fund Name 1-Day Flow AUM
Top 5 Leaders
FBTC Fidelity Wise Origin Bitcoin Fund $15M $17.8B
BTF CoinShares Bitcoin and Ether ETF $9M $0.0B
EETH ProShares Ether ETF $5M $0.1B
GXRP Grayscale XRP Trust ETF $2M $0.2B
BSOL Bitwise Solana Staking ETF $2M $0.7B
Top 5 Laggards
IBIT iShares Bitcoin Trust ETF ($174M) $68.2B
ETHA iShares Ethereum Trust ETF ($76M) $10.5B
BITW Bitwise 10 Crypto Index ETF ($7M) $1.1B
SOLZ Solana ETF ($5M) $0.1B
AETH Bitwise Trendwise Ether and Treasuries Rotation Strategy ETF $0M $0.0B

Non-Traditional

Non-Traditional funds saw inflows of $562M, led by Leverage | Inverse products which gathered $1.13B. Buffer products also added $217M. However, Synthetic Income funds saw outflows of -$785M. At the fund level, the leveraged UYG ($784M) led inflows, while JEPQ (-$742M) saw significant redemptions.

Ticker Fund Name 1-Day Flow AUM
Top 5 Leaders
UYG ProShares Ultra Financials $784M $1.7B
TSLL Direxion Daily TSLA Bull 2X Shares $185M $7.1B
SSO ProShares Ultra S&P 500 $162M $7.5B
NVDL GraniteShares 2x Long NVDA Daily ETF $162M $4.5B
BOIL ProShares Ultra Bloomberg Natural Gas $62M $0.6B
Top 5 Laggards
JEPQ JPMorgan NASDAQ Equity Premium Income ETF ($742M) $32.3B
TQQQ ProShares UltraPro QQQ ($64M) $30.4B
NUGT Direxion Daily Gold Miners Index Bull 2x Shares ($58M) $1.1B
KOLD ProShares UltraShort Bloomberg Natural Gas ($47M) $0.1B
QDPL Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF ($45M) $1.4B

Recent ETF Launches

The OBTC ETF from Osprey was the most recent fund to launch. The table below lists the 10 newest funds to market, including several new products from Leverage Shares. Click the header above to explore the full ETF database, where you can sort by inception date to see all new funds.

Launch Date Ticker Fund Name Category AUM
12/19/2025 OBTC Osprey Bitcoin Trust Unclassified $164.33M
12/18/2025 VALG Leverage Shares 2X Long VALE Daily ETF Non-Traditional: Leverage | Inverse – Single Stock $0.37M
12/18/2025 USEW Cambria US EW ETF Unclassified $187.27M
12/18/2025 TNUK Tortoise Nuclear Renaissance ETF Equity: Thematic Natural Resources $0.49M
12/18/2025 SNAG Leverage Shares 2x Long SNAP Daily ETF Non-Traditional: Leverage | Inverse – Single Stock $0.39M
12/18/2025 PBRG Leverage Shares 2X Long PBR Daily ETF Non-Traditional: Leverage | Inverse – Single Stock $0.37M
12/18/2025 NIOG Leverage Shares 2X Long NIO Daily ETF Non-Traditional: Leverage | Inverse – Single Stock $0.39M
12/18/2025 MLPI NEOS MLP & Energy Infrastructure High Income ETF Unclassified $0.00M
12/18/2025 KLAG Leverage Shares 2x Long KLAC Daily ETF Non-Traditional: Leverage | Inverse – Single Stock $0.41M
12/18/2025 FFF Founders 100 ETF Unclassified $1.16M

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.

Flow data is reported after close on a T+1 basis. This report’s data is as of December 22, 2025, and reflects create/redeem activity from Friday, December 19, 2025.

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.