Daily Flow Disruptions: Equities Bleed $13.8B as Investors Seek Refuge in Government Debt

Issuer League Tables

The daily ETF flow landscape exhibits pronounced concentration among leading issuers, with Vanguard capturing $1,575M in daily absolute inflows. Capital Group followed with $436M in positive daily flows, expanding its year-to-date total to $26.05B. On the opposite end of the spectrum, ARK and SPDR registered absolute daily outflows of $6,092M and $5,874M, respectively. From a relative perspective, Corgi’s daily flows represented an 11.74% increase relative to its assets under management, while ARK’s daily outflows accounted for a 47.27% contraction.

Issuer Flows (Absolute)

Issuer Flows (Relative)

Daily ETF Flow Analysis

Aggregate ETF market flows for the day reached negative $11,233M, driven largely by $13,832M in outflows within the Equity asset class. Commodity ETFs experienced moderate inflows, adding $313M over the same period. At the category level, Taxable Government Long Fixed Income led all segments with $829M in daily inflows, significantly outpacing the $767M captured by Taxable Government Ultrashort Fixed Income ETFs. Conversely, the U.S. Large Cap Blend category led the laggards with $6,251M in daily outflows, followed by Thematic Multi-Sector funds which shed $4,782M.

Asset Class Flows

Top/Bottom 10 Category Flows

U.S. Size & Style

Within the U.S. Size & Style segment, the Vanguard S&P 500 ETF (VOO) secured the top position with $607M in daily inflows. The Invesco QQQ Trust (QQQ) and Vanguard Total Stock Market ETF (VTI) followed, gathering $248M and $227M, respectively. Substantial outflows were concentrated in core broad-market funds, led by the SPDR S&P 500 ETF (SPY) which shed $4,987M. The iShares Core S&P 500 ETF (IVV) and iShares Russell 2000 ETF (IWM) also recorded significant daily redemptions of $1,782M and $986M.

Size & Style ex-U.S.

The ex-U.S. Size & Style universe demonstrated moderate daily flow activity, led by the Capital Group Global Growth Equity ETF (CGGO) with $124M in inflows. Dimensional’s International Core Equity Market ETF (DFAI) and International Core Equity 2 ETF (DFIC) gathered $65M and $49M, respectively. The Fidelity Enhanced International ETF (FENI) experienced the largest daily outflow within the group, losing $86M. It was closely followed by the Principal International Equity ETF (PIEQ) with $79M in daily redemptions.

Sector & Industry

Sector and Industry ETF flows were led by the VanEck Semiconductor ETF (SMH), which accumulated $334M in daily positive flows. The State Street Utilities Select Sector SPDR ETF (XLU) and SPDR S&P Retail ETF (XRT) rounded out the top three, adding $250M and $182M. Outflows were most pronounced in the State Street Industrial Select Sector SPDR ETF (XLI), which registered $437M in daily redemptions. Additional pressure was observed in the Health Care and Energy sectors, with XLV and XLE shedding $392M and $321M, respectively.

Region & Country

Country-specific allocations favored the WisdomTree Japan Hedged Equity Fund (DXJ), which secured $60M in daily inflows. The KraneShares CSI China Internet ETF (KWEB) and iShares MSCI Australia ETF (EWA) followed closely with $51M and $40M in positive flow activity. Outflows were comparatively muted but led by the JPMorgan BetaBuilders Canada ETF (BBCA) with $25M in redemptions. The iShares Latin America 40 ETF (ILF) and iShares MSCI Singapore ETF (EWS) recorded outflows of $17M and $14M for the day.

Thematic

Thematic ETF activity highlighted the Tema Space Innovators ETF (NASA) as the primary beneficiary, gathering $100M in daily inflows. The iShares U.S. Telecommunications ETF (IYZ) and Invesco Solar ETF (TAN) followed with additions of $43M and $41M, respectively. Outflows in the thematic space were highly concentrated, driven by the ARK Innovation ETF (ARKK) which experienced $4,645M in daily redemptions. Related thematic funds, including the ARK Autonomous Technology & Robotics ETF (ARKQ) and ARK Next Generation Internet ETF (ARKW), saw outflows of $858M and $581M.

Fixed Income

Fixed Income flows displayed strong demand for long-duration and ultrashort government exposures, led by the iShares 20+ Year Treasury Bond ETF (TLT) with $652M in daily inflows. The iShares 0-3 Month Treasury Bond ETF (SGOV) and Vanguard Total International Bond ETF (BNDX) added $327M and $251M, respectively. Corporate credit exposures faced redemption pressure, as the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) shed $1,239M. The iShares TIPS Bond ETF (TIP) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG) also registered outflows of $276M and $254M.

Commodity

Commodity ETF flows were led by physically backed gold products and broad commodity strategies, with the SPDR Gold Shares (GLD) absorbing $208M in daily inflows. The Invesco DB Commodity Index Tracking Fund (DBC) and SPDR Gold Minishares Trust (GLDM) followed with additions of $86M and $81M, respectively. Broad energy and silver exposures led the segment’s outflows, headed by the United States Oil Fund LP (USO) with $222M in redemptions. The iShares Silver Trust (SLV) and iShares Gold Trust (IAU) followed with daily outflows of $86M and $43M.

Cryptocurrency

Cryptocurrency ETF activity was modest on the inflow side, led by the Bitwise XRP ETF (XRP) with $7M in daily additions. The 21Shares Hyperliquid ETF (THYP) and Grayscale XRP Trust ETF (GXRP) secured $3M and $2M in positive flows. Outflows were more significant across spot Bitcoin and Ethereum products, with the iShares Bitcoin Trust ETF (IBIT) shedding $136M. The ARK 21Shares Bitcoin ETF (ARKB) and iShares Ethereum Trust ETF (ETHA) recorded subsequent outflows of $52M and $50M.

Non-Traditional

The Non-Traditional ETF segment saw active participation in single-stock leveraged products, led by the Direxion Daily MU Bull 2X ETF (MUU) with $239M in inflows. The GraniteShares 2x Long MU Daily ETF (MULL) and NEOS Nasdaq 100 High Income ETF (QQQI) gathered $167M and $88M, respectively. Outflows were led by the Direxion Daily MSCI South Korea Bull 3X ETF (KORU), which shed $112M during the daily session. The GraniteShares 2x Long INTC Daily ETF (INTW) and Direxion Daily Semiconductor Bear 3X ETF (SOXS) registered redemptions of $79M and $54M.

Recent Launches

The ETF product landscape continued to expand over the past three months with 297 new listings entering the market. CresAlta debuted two unclassified equity products, while SEI introduced an unclassified High Yield Bond & Alternative Credit ETF with an initial AUM of $1,032.1M. Volatility Shares and Leverage Shares also expanded their non-traditional and leveraged single-stock offerings to meet targeted exposure demands.