$6.7B Daily Move Driven by Financials and Large Cap Value

Issuer League Tables

Vanguard and SPDR led all issuers in absolute daily flows, capturing $2,882M and $977M respectively, which aligns with their dominant 1-Year trends of $437B and $101B in net new money. Conversely, JPMorgan and VanEck experienced the most significant absolute outflows for the day, shedding $777M and $681M, a sharp departure from their trailing 5-day positive momentum. On a relative basis, specialized issuers like Gadsden and USCF Advisers saw the highest impact, with one-day flows representing 33.01% and 9.08% of their total assets under management. These concentrated movements highlight a bifurcated market where large-scale passive leaders continue to scale while targeted tactical rebalances drive volatility for mid-tier and thematic brands.

Issuer Flows (Absolute)

Issuer Flows (Relative)

Daily ETF Flow Analysis

The total daily net flow into U.S.-listed ETFs reached $6.72B, with Equity and Fixed Income classes contributing nearly identical amounts of $3.76B and $3.15B respectively. This activity remains consistent with the 1-Month trend of $141.59B in total net inflows, though Digital Assets faced a significant daily contraction of $411M compared to its positive YTD position of $1.73B. Commodity flows stood out as a relative gainer with $628M in net creates, nearly double the daily volume seen in typical trailing sessions. Overall, the broader market remains dominated by Equity products, which now represent over $10.6 trillion in total assets under management.

Asset Class Flows

Top 10 Category Flows

Bottom 10 Category Flows

U.S. Size & Style

Large Cap Value dominated the style analysis with $1,270M in net daily inflows, contrasting sharply with its trailing 1-month trend of $13.6B in net outflows. Meanwhile, U.S. Small Cap Blend suffered the heaviest liquidation, losing $1.15B in a single day, which further exacerbated its year-to-date negative flow of $2.6B. The divergence between Large Cap Blend ($239M) and Large Cap Growth (-$16M) was narrow on a daily basis, but longer-term data shows Blend products maintaining a significantly higher 1-year capture of $352B compared to Growth’s $118B. These movements resulted in an aggregate net gain of $138M for the U.S. Size & Style group, supported primarily by strong buying interest in core S&P 500 benchmarks.

Size & Style ex-U.S.

Emerging Large Cap ETFs saw the most significant daily inflows in the international space, pulling in $1,380M, which represents the vast majority of the $2,007M total global ex-U.S. flow. This concentrated activity is led by broad emerging market benchmarks like EEM ($1,040M) and VWO ($169M), mirroring their strong 1-year net accumulation of $47.8B. Global Ex-U.S. Large Cap Blend also showed relative strength with $337M in net creates, maintaining a massive 1-month lead of $17.9B over other style categories. Conversely, international Minimum Volatility factors like EEMV faced outflows of $73M, as investors shifted away from defensive ex-U.S. structures in favor of broad core exposures.

Sector & Industry

The Financials sector experienced a massive surge in daily liquidity, capturing $1,214M in net inflows, which nearly offset the combined weekly volatility seen across cyclical sectors. This rotation was primarily driven by XLF, which individually accounted for $1,249M in creates, pushing the sector’s YTD flow to a healthy $3.78B. In sharp contrast, Information Technology faced a heavy $1,102M daily outflow, primarily via semiconductor themes like SMH and SOXX which combined for nearly $861M in redemptions. Other notable activity included Energy pulling in $156M, continuing its robust YTD trend of $1.88B in net new money despite broader equity market softness.

Region & Country

Asia-Pacific remains the primary theater of regional ETF activity, netting $459M for the day and maintaining its position as the YTD leader with $2.71B in total inflows. South Korea (EWY) and China Internet (KWEB) themes attracted the most individual interest, with EWY pulling in $206M, which represents a significant acceleration relative to its $142B total regional AUM. Meanwhile, the Eurozone group saw a slight daily contraction of $48M, though it remains a long-term favorite with over $15B in trailing 1-year creates. Latin America also showed positive momentum, capturing $147M led by Brazil (EWZ) and broad regional benchmarks (ILF).

Thematic

Natural Resources and Industrial Revolution themes led the thematic universe with $242M and $171M in daily net inflows respectively. These segments continue to be flow leaders over longer horizons, with Natural Resources capturing over $3B year-to-date and Industrial Revolution netting $1.54B over the same period. Disruptive Tech remained a leader in absolute 1-year accumulation at $20.9B, despite a modest daily gainer of $63M. Conversely, Multi-Sector themes suffered $122M in redemptions, a sharp reversal of its high-velocity 3-month positive trend of $1.85B.

Fixed Income

The Fixed Income class pulled in $3,158M for the day, almost exclusively driven by the Multi-Sector group which accounted for $3,121M in net creates. Intermediate duration products saw the highest volume of activity with $2,837M in net flows, contrasting with Short duration funds which faced a $554M daily redemption. Individual leaders were led by BND ($868M) and VCIT ($444M), which reinforces the trend of investors utilizing broad aggregate and corporate core exposures. Conversely, Ultrashort Municipal products like JMST faced the heaviest single-fund liquidation for the day, shedding $765M from its $6.04B base.

Commodity

Precious Metals led all commodity categories with $241M in daily net inflows, bringing its YTD total to $2.68B. Energy followed closely with $235M for the day, a performance that remains consistent with its trailing 1-month trend of $390M in net accumulation. Silver (SLV) and Gold Minishares (GLDM) were the top individual gainer funds, capturing $436M and $192M respectively, while broad industrial metals saw $40M in net creates. In contrast, the largest physical gold benchmark (GLD) faced significant selling pressure, shedding $593M as investors pivoted toward lower-cost or mini-trust gold structures.

Cryptocurrency

Digital Asset flows were broadly negative for the day, with the category shedding $411M, led primarily by the Bitcoin group (-$381M). This daily activity marks a reversal from the category’s year-to-date trend of $1.73B in net accumulation and its robust 1-week positive movement of $1.86B. Individual laggards were dominated by FBTC and BITB, which faced redemptions of $205M and $90M respectively, while Ethereum products also saw $28M in net selling. Despite the daily contraction, IBIT and ETHA managed to attract $15M each in net creates, maintaining their positions as the primary gateways for institutional digital asset exposure.

Non-Traditional

Non-Traditional ETFs experienced a net outflow of $422M, primarily driven by volatility in the Synthetic Income and Leverage | Inverse categories. Synthetic Income products lost $334M for the day, although the group maintains a dominant 1-year accumulation of over $70B in net new assets. Conversely, the Buffer category provided a steady offset with $168M in net creates, bringing its YTD total to $998M. Individual fund activity was highly concentrated in TQQQ, which captured $398M in creates, while JEPQ faced a massive daily redemption of $632M, highlighting aggressive position shifting within actively managed derivative-income strategies.

Recent Launches

The ETF market has seen 348 new products launched in the past three months, with Year-to-Date activity totaling 43 launches capturing over $1.1B in initial assets. Active management continues to dominate the primary market, accounting for 34 of the 43 YTD launches and capturing nearly $1.09B of the YTD seed capital. BNY Mellon has emerged as the clear leader in new asset capture, securing $4.87B in AUM across 5 municipal and aggregate bond launches. Conversely, the market has processed 4 closures YTD, primarily in the international and multicap growth spaces, as issuers prune legacy portfolios to make room for specialized active strategies.