Semis, Gold, and Spot Bitcoin: Unpacking the Day’s Top Thematic Plays

Issuer League Tables

The single-day flow data highlights absolute leadership by iShares, capturing $3,745M, followed by SPDR and Vanguard with $3,631M and $3,121M, respectively. In contrast, Invesco experienced the largest absolute outflows, recording a decline of $2,798M, while First Trust shed $837M over the same period. From a relative perspective, MarketDesk and Return Stacked led the percentage growth metrics, expanding their assets under management by 29.78% and 21.60%. Conversely, Long Pond and Eldridge recorded the steepest relative declines, dropping 3.80% and 2.90% of their respective asset bases.

1 Day Flow Leaders & Laggards (Absolute)

1 Day Flow Leaders & Laggards (Relative to AUM)

Daily ETF Flow Analysis

Daily asset class flows record Equity products taking in $4,889M in new assets, outpacing Fixed Income, which collected $3,312M. Digital Asset and Alternative categories also registered positive inflows, gaining $1,051M and $559M for the session. At the category level, U.S. Large Cap – Blend captured the largest share with $4,408M in additions, while Taxable – Corporate fixed income added $1,140M. On the outflow side, U.S. Large Cap – Growth experienced the largest reduction at $2,320M, followed by Sector – Financials with a $1,058M decline.

Asset Class Flows

Top & Bottom 10 Category Flows

U.S. Size & Style

U.S. Size and Style flows concentrated in large-cap blend and value funds, alongside outflows from growth-oriented products. SPY and VOO attracted the largest individual inflows, securing $2,929M and $1,444M, respectively. Value strategies also saw asset growth, with VTV adding $160M to its asset base. Meanwhile, QQQ recorded the most substantial single-day decline across the segment with $2,315M in outflows. FV and QQQM similarly registered significant redemptions, losing $1,457M and $396M during the session.

Size & Style ex-U.S.

Flows within international and emerging market equities showed allocations directed toward emerging large-cap funds. EEM led the category with $649M in single-day inflows, representing the bulk of the segment’s positive movement. Broad international funds such as ACWI and VT added $177M and $120M, respectively. Conversely, developed world allocations saw localized reductions, with SPDW shedding $249M. DFIS and DBEF recorded more muted declines, dropping $74M and $31M from their portfolios.

Sector & Industry

Sector flows reflected notable concentration in financial and technology funds, with sharp divergence among specific products. FTXO and FTXR recorded the highest inflows, bringing in $741M and $707M, respectively. The technology sector saw IGV add $566M, while XLV captured $331M within health care. Redemptions were most prominent in broad financial and semiconductor funds, led by XLF and FXO, which lost $724M and $711M. SOXX and XBI also faced daily contractions, shedding $589M and $284M.

Region & Country

Country-specific equity allocations demonstrated an emphasis on single-country exposures in the Asia-Pacific and Americas regions. EWT secured the top position by adding $122M, followed by EWC with $58M in new assets. FLTW and AIA also posted positive daily flows, gathering $45M and $29M, respectively. Outflows in the segment were relatively contained, with VPL experiencing the only substantial decline at $108M. FLCA recorded a minor reduction of $5M, while several other regional funds posted flat daily activity.

Thematic

Thematic equity flows were distributed across infrastructure, genomics, and industrial development funds. GRID topped the peer group by adding $107M, while ARKG and PAVE collected $58M and $53M, respectively. Silver and copper miners also saw modest additions, with SIL and COPX taking in $37M and $36M. The segment’s outflows were heavily skewed by FDN, which registered a daily decline of $290M. Telecommunications and natural resources faced secondary reductions, as IYZ and CCNR dropped $127M and $46M.

Fixed Income

Fixed income activity consisted of allocations to corporate and international bonds, alongside specific duration adjustments. LQD attracted the largest nominal inflow of $715M, followed by BNDX with $248M. VCIT and USHY also demonstrated steady asset gathering, adding $212M and $189M, respectively. High-yield and Treasury products anchored the outflow column, with HYG shedding $194M. AVIG and TLT recorded the next largest reductions, declining by $79M and $63M for the day.

Commodity

Commodity ETF flows concentrated in precious metals, with gold products recording the majority of the segment’s daily volume. GLD experienced a substantial expansion, adding $570M to its asset base, while GLDM followed with $61M. HGER and BCI recorded secondary inflows of $20M and $15M, respectively. Conversely, silver and platinum products faced the steepest redemptions, led by SLV with a $290M outflow. PPLT and PALL registered smaller but notable declines of $20M and $16M.

Cryptocurrency

Digital asset flows exhibited concentrated activity in spot Bitcoin and Ethereum products. IBIT led the category by a wide margin, gathering $276M in a single session, while BITB captured $69M. Ethereum products also posted positive metrics, with ETHA and TETH adding $15M and $8M, respectively. Outflows were similarly concentrated in major crypto assets, as FBTC and ARKB recorded redemptions of $51M and $45M. BITO and FETH followed with daily declines of $23M and $19M.

Non-Traditional

Leveraged and inverse products accounted for the bulk of non-traditional ETF flows, particularly within semiconductor and broad market strategies. SOXL amassed $627M in daily inflows, distinguishing itself as the primary asset gatherer in the group. NVDL and TQQQ recorded additions of $224M and $183M, while the income-focused JEPQ added $143M. On the negative side of the ledger, SOXS and SQQQ experienced the largest contractions, losing $104M and $53M. QID and IONX similarly posted redemptions of $45M and $38M.

Recent Launches

The ETF market continues to expand with 308 new product launches occurring over the past three months. The most recent additions emphasize target maturity fixed income and specialized distribution strategies. State Street introduced multiple target maturity corporate bond ETFs, including MYHD, MYHC, and MYHA, each debuting with $5.00M in assets. VistaShares also launched TPRY, a target distribution fund, while YieldMax added MINY to the options income category. Pictet and Invesco contributed to the daily expansion with the introduction of PQUS and TROT.