Large Caps Surge With $14B as Gold and Crypto Slide

Issuer League Tables

For the reporting period, iShares led all issuers in absolute flows with $8.6B of daily inflows, bringing its 1-year total to $447.4B. Vanguard closely trailed with $5.8B in daily flows, padding its dominant 1-year total of $505.4B. Conversely, Xtrackers experienced the most significant absolute daily outflows, shedding $480M, which represented 1.49% of its total AUM. In terms of relative flow percentage, Sophus was a notable standout, capturing $14M in daily flows, representing an impressive 19.94% of its $71M AUM. Variant Perception suffered the largest relative daily contraction, seeing outflows of $11M, representing a 20.68% decline in its $53M asset base.

Table 1: Top 5 and Bottom 5 Issuers by Absolute 1-Day Flow

Table 2: Top 5 and Bottom 5 Issuers by Relative 1-Day Flow

Daily ETF Flow Analysis

Equity ETFs dominated daily inflows with $19.1B gathered, driving 1-week flow figures for the asset class to $52.1B. Fixed Income ETFs followed with $4.3B in daily flows, pushing the category to a $553.8B 1-year flow total on an asset base of $2,533.9B. Conversely, Digital Asset ETFs saw a $316M daily contraction, contributing to a longer-term 1-year outflow trend of $1.4B. Within the broad equity segment, U.S. Large Cap – Blend led all granular categories with $14.1B in single-day flows. Thematic – Multi-Sector funds lagged in the category breakdown, shedding $1.7B for the day.

Table 1: Asset Class Flows

Table 2: Top 10 and Bottom 10 Category Flows

U.S. Size & Style

The U.S. Large Cap – Blend segment was the clear driver of flows for the day, capturing $14.2B, a trend largely supported by core allocations to major index trackers. Notably, IVV took the top spot with a $12B single-day inflow on its massive $853B asset base, outpacing VOO and QQQ. On the downside, the U.S. Large Cap – Value segment faced headwinds, losing $1.7B, heavily influenced by outflows from QUAL and IVE. QUAL experienced the largest single-fund outflow in this slice, shedding just shy of $5B.

Size & Style ex-U.S.

Flows into International Size & Style were driven predominantly by the Global Ex-U.S. Large Cap – Blend category, which gathered $3B in daily assets. CORO captured the vast majority of this capital with an outsized $2.9B single-day inflow. Conversely, Global Ex-U.S. Large Cap – Value funds saw the sharpest absolute outflows at $450M. This contraction was primarily led by EFV and HDEF, which lost $346M and $126M, respectively.

Sector & Industry

Information Technology was the sole sector block to gather significant assets, leading the daily figures with $653M in net inflows. This growth was distributed across large-cap tech proxies, led by IGV and SMH. Conversely, Financials faced the steepest daily outflows, shedding $529M across the segment. Sector outflows were broad-based across financial components, with XLF leading the contraction with a $328M daily drop.

Region & Country

Regional equity flows were generally subdued, with North America seeing the only notable absolute inflows, adding $100M on the day. EWC was the primary driver here, bringing in an even $100M. The Asia-Pacific region experienced the largest daily contraction, losing $585M, driven heavily by outflows from single-country allocations. EWJ and EWY accounted for the bulk of this, dropping $237M and $173M respectively.

Thematic

Thematic flows were concentrated in the Industrial Revolution and Disruptive Tech sub-categories, which brought in $648M and $722M, respectively. Hardware and space exposure led individual fund flows, with DRAM accumulating $554M and NASA adding $423M. The Multi-Sector theme saw the largest net outflows, losing $1.7B on the day. This was almost entirely driven by a massive $1.9B single-day outflow from THRO.

Fixed Income

Flows into Fixed Income ETFs were primarily directed towards Multi-Sector, Municipal, and Corporate debt, with Multi-Sector leading at $2.7B. At the fund level, IUSB was the dominant winner, pulling in $2.2B in single-day flows. From a duration perspective, Ultrashort and Short funds saw the largest absolute inflows, while Long duration assets contracted by $1.5B. TLH and BINC led the outflows for the asset class, dropping $888M and $552M, respectively.

Commodity

Commodity ETFs experienced near-universal outflows, shedding $957M on the day and pushing the 3-month flow trend to -$12.7B. This decline was heavily concentrated in Precious Metals, which lost $709M, followed by Multi-Sector allocations, which dropped $120M. GLD and SLV drove the precious metal contraction, losing $487M and $139M respectively. Broad strategy ETFs, such as PDBC and PIT, saw negligible inflows of just $4M each.

Cryptocurrency

Digital Asset flows were negative across the two primary underlying assets, with Bitcoin funds losing $228M and Ethereum funds dropping $121M. Altcoin strategies provided the only positive daily print, adding $34M. At the fund level, IBIT and ETHA experienced the largest contractions, shedding $178M and $80M, respectively. The FSOL launch stood out, leading all inflows with a $25M daily print.

Non-Traditional

Non-Traditional ETF flows were heavily skewed towards Synthetic Income and Leverage | Inverse strategies, gathering $733M and $1.2B, respectively. SOXL led the daily flow figures, capturing $236M, followed by JEPQ with $160M. Outflows in the category were concentrated in single-stock and leveraged structures, with MUU shedding $137M and KORU losing $110M.

Recent Launches

The past week saw a wave of highly targeted, unclassified ETF launches. The activity was dominated by leveraged and inverse products, as well as specialized, single-asset funds. Tradr, Direxion, and GraniteShares were particularly active in this space, introducing multiple new products over the preceding trading days. A notable new entry was the JPFP managed futures product, which launched on May 27th and has rapidly amassed nearly $15M in AUM.