Market Flow Summary: Semiconductor Strength Counters Commodity Outflows

Issuer League Tables

The issuer landscape saw significant activity led by SPDR and Invesco, which generated $4,832M and $3,478M in daily flows, respectively. While iShares remains the AUM leader at $4,177.87B, it trailed in daily velocity compared to its nearest peers, though it maintain strong 1-year flows of $380.38B. Relative to AUM, smaller brands like MarketDesk and Towle experienced high percentage growth, while Altshares saw a notable relative outflow of 16.11% of its $113M asset base. Overall, the market share for the top three brands remains dominant at over 70%, yet new issuers continue to enter the space with 481 brands now active.

Issuer Flows (Absolute)

Issuer Flows (Relative)

Daily ETF Flow Analysis

The total net daily flow across all asset classes was a substantial $16,765M, driven primarily by the Equity class which attracted $14,723M. Fixed Income followed with $2,089M in new assets, maintaining its consistent growth trend seen over the past month. Digital Assets faced the largest daily headwind with an outflow of $1,187M, contrastingly sharply with its $31,745M in inflows over the trailing year. Multi-Asset and Non-Traditional classes recorded modest gains, while Commodity ETFs saw a daily reduction of $199M amid precious metals weakness.

Asset Class Flows

Top/Bottom 10 Category Flows

U.S. Size & Style

U.S. large-cap equity categories dominated domestic size and style flows, with Large Cap Blend seeing a massive $4,705M daily intake. Growth-oriented products also showed strength, adding $3,755M, while Mid Cap Growth and Small Cap Growth categories experienced minor daily outflows. Individual leaders were led by SPY with $3,582M, dwarfing the laggard FVD which lost $222M. Long-term trends for Large Cap Blend remain exceptionally robust, with YTD flows nearing $16.53B and 1-year flows exceeding $338.9B.

Size & Style ex-U.S.

International equity flows were highly concentrated in broad-based Vanguard products, with VXUS capturing $1,504M in daily flows. Emerging markets showed mixed signals; while EEM attracted $916M, the minimum volatility variant EEMV saw a daily loss of $68M. Global Ex-U.S. Large Cap Blend remains the dominant international category by AUM ($1,013.4B) and attracted $1,792M daily. Emerging Small/Mid Cap funds were the primary area of weakness in the ex-U.S. space, posting a daily $19M outflow.

Sector & Industry

The Sector landscape was defined by strength in Information Technology and Financials, which saw daily inflows of $835M and $198M, respectively. Utilities and Real Estate faced the steepest headwinds over the trailing week, with Utilities losing $958M and Real Estate down $58M in that period. Technology SPDR XLK was the standout leader with $429M daily, while KBWB led laggards with $116M in outflows. Despite daily volatility, Financials have attracted the highest YTD flows among all sectors at $5,242M.

Region & Country

Latin America was the clear leader among regional equity classes, recording $209M in daily flows, largely driven by the ILF ETF. In contrast, Asia-Pacific ETFs saw a slight daily outflow of $6M, weighed down by significant pressure on China-focused products like MCHI which lost $101M. Eurozone funds remained relatively stable daily but have maintained high velocity with $15,051M in YTD inflows. North American regional funds (ex-U.S. specific) saw zero net flow on the day, with a small $155M intake over the trailing year.

Thematic

Natural Resources captured the bulk of thematic interest today, posting $500M in daily flows, with COPX leading the charge. Infrastructure and Industrial Revolution themes also remained positive, while Multi-Sector and Sustainability categories faced modest daily outflows of $45M and $28M, respectively. TMAT was the most significant laggard among specific funds, losing $54M daily. Trailing one-year data shows the Disruptive Tech theme remains the powerhouse of the group, with over $20.7B in total net flows.

Fixed Income

Fixed Income was anchored by strength in Corporate bonds, which recorded $1,269M in daily flows, spearheaded by LQD. Intermediate duration products saw the highest maturity-based interest at $2,059M, while Ultrashort and Long duration segments both registered daily outflows. SRLN faced significant daily pressure with $229M in redemptions, echoing broader weakness in the Bank Loan category. Despite daily shifts, Multi-Sector remains the largest fixed income category by AUM ($866.7B) and has attracted $25.1B YTD.

Commodity

The Commodity asset class was dragged down by a $245M daily outflow from Precious Metals, with SLV losing $758M. Gold products provided some offset, as GLD and GLDM gained $419M and $70M, respectively. Energy ETFs also registered weakness with a daily $51M outflow, though Multi-Sector broad commodity funds managed a $50M daily gain. The one-year trend remains overwhelmingly positive for Precious Metals, which have attracted $58.48B in net flows despite today’s consolidation.

Cryptocurrency

Cryptocurrency ETFs experienced a challenging day, led by $147M in Bitcoin redemptions and $64M in Ethereum outflows. IBIT was the single largest fund laggard, losing $103M in daily assets. On the positive side, Altcoin ETFs saw a small $12M daily intake, with ETH (staking mini) adding $10M. Despite the current daily and monthly weakness ($5,122M outflow over 30 days), the one-year flow for Bitcoin products remains impressive at $18.5B.

Non-Traditional

Non-Traditional ETFs were bolstered by a $548M daily intake in Synthetic Income strategies, with DUBS attracting $236M. The Leverage/Inverse category faced redemptions of $288M daily, largely driven by significant outflows from TQQQ ($317M). Buffer ETFs remained positive for the day, adding $46M, though the category has lost $108M over the past week. Long-term velocity for Synthetic Income remains exceptional, with $70.9B in new assets over the trailing 1-year period.

Recent Launches

The ETF market continues to see robust product development, with 334 launches in the past three months. The most recent wave includes a heavy focus on leveraged and inverse single-stock products from Tradr, as well as new securitized income offerings from iShares. BNY Mellon has emerged as a major launch AUM leader, with its Municipal Opportunities ETF (BMOP) quickly gathering $1,855M. Active management continues to lead passive in new product count YTD, with 60 active launches versus only 10 passive debuts.