Large-Cap Growth Reverses While Emerging Markets See Multi-Billion Inflows

Issuer League Tables

The ETF issuer landscape on January 23, 2026, was characterized by significant absolute gains for industry giants Vanguard and State Street, which attracted $2.35B and $1.87B respectively. Conversely, Invesco and First Trust faced the largest absolute outflows, shedding $951M and $590M in a single session. On a relative basis, smaller brands like Stacked and Portfolio Building Block saw substantial percentage-of-AUM growth, with Stacked leading at 12.13%. Meanwhile, Arlington and WarCap experienced the sharpest relative declines, with Arlington’s AUM contracting by 11.34% during the period.

Issuer Flows (Absolute)

Issuer Flows (Relative)

Daily ETF Flow Analysis

Aggregate ETF market activity for January 23 resulted in total net flows of $23.64B, with Equity and Fixed Income dominating the positive side of the ledger at $6.33B and $2.81B respectively. Emerging Large Cap Equity led all categories with a $1.31B daily intake, significantly outpacing its 1-week trend. Digital Assets faced the heaviest selling pressure, losing $2.201B on the day, with Bitcoin and Ethereum-specific funds accounting for a combined $58M in outflows. Precious Metals in the Commodity space remained a bright spot, securing $1.27B in daily flows as part of a robust $58.53B trailing 1-year total.

Asset Class Flows

Top/Bottom 10 Category Flows

U.S. Size & Style

U.S. Large Cap Growth funds experienced a sharp reversal on January 23, with $1.65B in daily outflows contrasted against a strong $112.9B 1-year positive trend. In contrast, U.S. Large Cap Value and Mid Cap Blend segments provided stability, attracting $605M and $309M respectively. VOO led all U.S. style funds with $911M in net new assets, while the QQQ Trust saw the day’s heaviest redemptions at $1.676B. Small Cap categories generally struggled, with U.S. Small Cap Blend recording a $272M daily loss.

Size & Style ex-U.S.

Emerging Large Cap funds dominated international equity flows on January 23, securing $1.31B in net new capital, a figure nearly double its 1-week average of $5.21B. Global Ex-U.S. Large Cap Blend also showed strength with $446M in daily flows, contributing to a $119.02B 1-year total. iShares Core MSCI Emerging Markets ETF (IEMG) was the standout leader with $560M in daily creations. Conversely, the iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) led laggards with $67M in daily outflows.

Sector & Industry

Financials and Health Care led sector-level flows on January 23, attracting $2.08B and $1.22B respectively, with Financials exceeding its 1-week average of $4.32B. Technology and Utilities sectors faced the heaviest redemptions, with Information Technology losing $691M and Utilities dropping $887M in a single day. The First Trust NYSE Arca Biotechnology Index Fund (FBT) was the top fund gainer, netting $821M. In contrast, the First Trust Utilities AlphaDEX Fund (FXU) was the primary laggard, surrendering $644M.

Region & Country

Latin America emerged as the top regional destination for capital on January 23, securing $321M in daily flows, which supported its $5.02B 1-year growth trend. Asia-Pacific saw modest daily gains of $48M, while the Eurozone recorded a daily decline of $34M despite a healthy $15.2B 1-year total. iShares MSCI All Country Asia ex Japan ETF (AAXJ) led all regional tickers with $179M in daily inflows. Conversely, the iShares MSCI Japan ETF (EWJ) faced the heaviest regional redemptions, losing $127M in a single session.

Thematic

Thematic equity funds saw a massive $1.039B daily intake in Multi-Sector strategies on January 23, largely driven by the ARK Innovation ETF (ARKK). Natural Resources and Industrial Revolution themes also posted solid gains of $461M and $397M respectively. ARKK led all thematic tickers with $1.023B in daily flows, a substantial portion of its $8.58B total AUM. On the negative side, Evolving Consumer strategies lost $50M, with the iShares U.S. Home Construction ETF (ITB) leading thematic laggards with $75M in daily outflows.

Fixed Income

Fixed Income funds recorded a strong $2.81B daily intake on January 23, with Intermediate duration strategies leading the charge at $2.30B. Multi-Sector and Corporate types were also favored, securing $979M and $667M respectively. iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) was the primary leader with $388M in daily creations. Conversely, Short duration funds faced $273M in daily redemptions, with the Vanguard Short-Term Corporate Bond ETF (VCSH) surrendering $423M.

Commodity

Precious Metals dominated the commodity space on January 23, attracting $1.273B in a single day, which bolstered its massive $58.53B 1-year positive flow trend. Multi-Sector commodity funds also saw $50M in daily creations, while Energy strategies recorded the day’s heaviest losses at $121M. SPDR Gold Shares (GLD) led all commodity funds with $1.066B in daily intake. The United States Natural Gas Fund LP (UNG) was the primary laggard, surrendering $105M during the session.

Cryptocurrency

Cryptocurrency ETFs faced a net $62M daily outflow on January 23, with Ethereum funds suffering the most significant daily loss of $42M. Bitcoin strategies recorded a $16M daily decline, which added to a heavy $1.567B outflow over the trailing 1-week period. ProShares Bitcoin ETF (BITO) was a rare bright spot, netting $17M in daily capital. Meanwhile, the iShares Ethereum Trust ETF (ETHA) led daily laggards with $44M in redemptions, despite holding $10.14B in total assets.

Non-Traditional

Non-Traditional ETFs saw a net $49M daily intake on January 23, driven by $518M in daily creations for Synthetic Income strategies. Leverage | Inverse strategies faced substantial redemptions, losing $461M on the day and contributing to a $6.7B negative trend over the past week. NEOS Nasdaq 100 High Income ETF (QQQI) was the top fund gainer in this segment, netting $124M. Conversely, the Direxion Daily Semiconductor Bull 3x Shares (SOXL) led all laggards with $322M in daily outflows.

Recent Launches

The ETF market has seen a flurry of activity in early 2026, with 46 new funds launched Year To Date, amassing $5.16B in combined AUM. Active strategies have dominated the launch landscape, accounting for 37 of the 46 new products and nearly all of the YTD launch AUM. BNY Mellon has been particularly prolific, with its Municipal Opportunities ETF (BMOP) and Municipal Intermediate ETF (BKMI) securing the largest initial AUM figures at $1.85B and $1.77B respectively. Tradr and Leverage Shares also remain highly active, with each brand introducing 8 new funds since the start of the year.