Weekly Channel Summary
The Global Ex-U.S. Size & Style channel, now encompassing 311 ETFs from 87 issuers, concluded the week with a total AUM of $1.407 trillion. The channel experienced a mixed but overall positive week of investor activity, attracting net inflows of $3.74 billion. This recent activity contributes to a robust year-to-date net flow of $102.90 billion and pushes the total for the past year to an impressive $138.24 billion.
This Week’s Performance Leaders and Laggards
Emerging Markets were the clear performance leaders this week, with the Equity: Emerging Small | Mid Cap category delivering the highest week-to-date (WTD) return of 1.28%. This category has also posted a solid 18.84% gain year-to-date. In contrast, the Equity: Global Ex-U.S. Large Cap – Value segment was the only category to finish in the red, posting a modest loss of -0.35% for the week, though it remains a top performer year-to-date with a strong 28.79% return.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Equity: Emerging Small | Mid Cap | 1.28% | 4.21% | 11.40% | 18.16% | 18.84% | 15.12% |
| Equity: Emerging Large Cap | 1.03% | 5.11% | 11.51% | 18.24% | 23.71% | 20.31% |
| Equity: Global Ex-U.S. Large Cap – Growth | 0.42% | 2.43% | 6.43% | 12.38% | 21.76% | 14.86% |
| Equity: Global Ex-U.S. Large Cap – Blend | 0.05% | 1.74% | 7.10% | 12.87% | 24.28% | 17.02% |
| Equity: Global Ex-U.S. Small | Mid Cap | 0.04% | 3.03% | 10.67% | 20.82% | 31.14% | 23.38% |
| Equity: Global Ex-U.S. Large Cap – Value | -0.35% | 1.19% | 8.04% | 14.68% | 28.79% | 21.51% |
At the individual fund level, the Macquarie Focused Emerging Markets Equity ETF (EMEQ) was the standout winner, surging 3.35% this week. Among Global Ex-U.S. funds, the SP Funds S&P World (ex-US) ETF (SPWO) led the way with a 1.90% gain. The weakest performers this week were the First Trust International Developed Capital Strength ETF (FICS) and the First Trust Horizon Managed Volatility Developed Intl ETF (HDMV), posting losses of -2.11% and -1.69%, respectively.
Top & Bottom 5 Global Ex-U.S. ETFs by Weekly Performance
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| SPWO | SP Funds S&P World (ex-US) ETF | 1.90% |
| IPOS | Renaissance International IPO ETF | 1.75% |
| UMMA | Wahed Dow Jones Islamic World ETF | 1.71% |
| ABLG | Abacus FCF International Leaders ETF | 1.69% |
| JADE | JPMorgan Active Developing Markets Equity ETF | 1.67% |
| Bottom Performers | ||
| FICS | First Trust International Developed Capital Strength ETF | -2.11% |
| HDMV | First Trust Horizon Managed Volatility Developed Intl ETF | -1.69% |
| HDEF | Xtrackers MSCI EAFE High Dividend Yield Equity ETF | -1.43% |
| EFAV | iShares MSCI EAFE Min Vol Factor ETF | -1.36% |
| SCHY | Schwab International Dividend Equity ETF | -1.27% |
Top & Bottom 5 Emerging Market ETFs by Weekly Performance
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| EMEQ | Macquarie Focused Emerging Markets Equity ETF | 3.35% |
| EMES | Harbor Emerging Markets Select ETF | 2.75% |
| EMSF | Matthews Emerging Markets Sustainable Future Active ETF | 2.43% |
| FFEM | Fidelity Fundamental Emerging Markets ETF | 1.87% |
| FTHF | First Trust Emerging Markets Human Flourishing ETF | 1.81% |
| Bottom Performers | ||
| EMDV | ProShares MSCI Emerging Markets Dividend Growers ETF | -0.55% |
| EYLD | Cambria Emerging Shareholder Yield ETF | -0.26% |
| PIE | Invesco Dorsey Wright Emerging Markets Momentum ETF | -0.21% |
| SDEM | Global X MSCI SuperDividend Emerging Markets ETF | -0.07% |
| EFFE | Harbor Osmosis Emerging Markets Resource Efficient ETF | -0.04% |
Analyzing the Weekly Flows
The channel attracted over $3.74 billion in net new assets this week. Emerging Large Cap funds were the clear favorite, pulling in $2.40 billion. The Global Ex-U.S. Large Cap – Blend category also saw significant inflows of $2.17 billion. On the other end of the spectrum, Global Ex-U.S. Large Cap – Growth experienced the largest outflows, shedding -$1.95 billion for the week, continuing a negative trend year-to-date.
This week’s report may include significant custom create activity, which was orchestrated to facilitate major index rebalancing events. We anticipate these outsized inflows to be offset by corresponding redemptions in next week’s flows data.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Emerging Large Cap | 98 | $343.2B | $2,401M | $4,045M | $11,328M | $19,090M | $25,473M |
| Global Ex-U.S. Large Cap – Blend | 110 | $864.9B | $2,165M | $11,813M | $31,379M | $68,657M | $91,735M |
| Global Ex-U.S. Small | Mid Cap | 18 | $54.0B | $1,175M | $1,672M | $3,768M | $4,279M | $4,735M |
| Emerging Small | Mid Cap | 6 | $3.2B | $55M | $29M | ($18M) | ($434M) | ($776M) |
| Global Ex-U.S. Large Cap – Value | 50 | $105.1B | ($110M) | $1,171M | $3,738M | $13,901M | $17,202M |
| Global Ex-U.S. Large Cap – Growth | 26 | $36.9B | ($1,947M) | ($1,309M) | ($252M) | ($2,600M) | ($137M) |
The iShares Core MSCI Emerging Markets ETF (IEMG) was the week’s biggest asset gatherer, taking in a substantial $1.41 billion. In the Global Ex-U.S. space, the Vanguard FTSE All-World ex-US Small-Cap ETF (VSS) led inflows with $561 million. On the flip side, the iShares MSCI EAFE Growth ETF (EFG) experienced the largest outflow at -$2.23 billion, followed by the JPMorgan BetaBuilders Emerging Markets Equity ETF (BBEM) with an outflow of -$340 million.
Top & Bottom 5 Global Ex-U.S. ETFs by 5-Day Flow
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| VSS | Vanguard FTSE All-World ex-US Small-Cap ETF | $561M |
| SCHC | Schwab International Small-Cap Equity ETF | $431M |
| FNDF | Schwab Fundamental International Equity ETF | $408M |
| AVDE | Avantis International Equity ETF | $382M |
| VXUS | Vanguard Total International Stock ETF | $359M |
| Outflows | ||
| EFG | iShares MSCI EAFE Growth ETF | ($2,229M) |
| EFV | iShares MSCI EAFE Value ETF | ($810M) |
| HEFA | iShares Currency Hedged MSCI EAFE ETF | ($243M) |
| DMXF | iShares ESG Advanced MSCI EAFE ETF | ($136M) |
| OSEA | Harbor International Compounders ETF | ($42M) |
Top & Bottom 5 Emerging Market ETFs by 5-Day Flow
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| IEMG | iShares Core MSCI Emerging Markets ETF | $1,414M |
| AVEM | Avantis Emerging Markets Equity ETF | $447M |
| EMCS | Xtrackers MSCI Emerging Markets Climate Selection ETF | $336M |
| SPEM | SPDR Portfolio Emerging Markets ETF | $182M |
| EMGF | iShares Emerging Markets Equity Factor ETF | $136M |
| Outflows | ||
| BBEM | JPMorgan BetaBuilders Emerging Markets Equity ETF | ($340M) |
| EMXC | iShares MSCI Emerging Markets ex China ETF | ($61M) |
| JHEM | John Hancock Multifactor Emerging Markets ETF | $0M |
| EMC | Global X Emerging Markets Great Consumer ETF | $0M |
| EMM | Global X Emerging Markets ex-China ETF | $0M |
Issuer League Table Update
The issuer landscape remains firmly led by iShares and Vanguard, which command 39.83% and 33.71% of the market share, respectively. In a notable shift this week, Vanguard led all issuers in asset gathering, pulling in over $1.5 billion. In contrast, iShares, the largest issuer by AUM, saw the most significant outflows, with investors pulling nearly $1.46 billion from their products.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 41 | $560.58B | 39.83% |
| Vanguard | 8 | $474.35B | 33.71% |
| Schwab | 7 | $98.21B | 6.98% |
| Dimensional | 15 | $74.08B | 5.26% |
| SPDR | 12 | $51.22B | 3.64% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| Vanguard | $1,528M |
| Schwab | $893M |
| Avantis | $879M |
| Outflows | |
| iShares | ($1,455M) |
| JPMorgan | ($319M) |
| Harbor | ($42M) |
For a deeper dive into these trends, access our FREE, in-depth Thematic ETF reports in the right side panel of this page.
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.
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.
