This commentary reflects ETF flow data for the five trading days ending Thursday, August 21, 2025. The U.S. ETF market now comprises 4,461 products from 432 brands, with total assets under management reaching $12.07 trillion. The industry saw a net influx of approximately $22.14 billion over the past week, though the capital movements were unevenly distributed among the leading firms.
Flows Among the Market Leaders
Flows within the top ten ETF brands varied. The industry giants saw the largest absolute movements, with iShares leading all brands by attracting nearly $8.6 billion, and Vanguard pulling in $7.8 billion. Invesco also saw significant inflows, securing $5.7 billion in new assets. Other top-ten firms posting positive inflows included Dimensional (+$620M), Schwab (+$533M), JPMorgan (+$351M), and First Trust (+$375M).
In contrast, several market leaders saw outflows. SPDR had the largest outflows, totaling nearly $6.0 billion for the week. Fidelity (-$304M) and VanEck (-$237M) also ended the period with net redemptions.
Outlier Movers: Mid-Tier and Boutique Brands
On a relative basis, several brands saw their assets change by more than 5% over the week. Among brands with over $100 million in AUM, the largest relative inflows were:
- iPath ($1.37B AUM, +$151M, +11.0%)
- T-Rex ($2.90B AUM, +$297M, +10.2%)
- REX-Osprey ($168M AUM, +$16M, +9.8%)
- Teucrium ($673M AUM, +$44M, +6.5%)
The largest relative outflows were seen in:
- ARK ($13.95B AUM, -$3.1B, -22.4%): Outflows offset the prior week’s inflows and were flagged as a special create/redeem rebalance.
- 21 Shares ($4.93B AUM, -$292M, -5.9%)
- First Manhattan ($109M AUM, -$6M, -5.8%)
New Brands on the Scene
The ETF market welcomed two new brands over the past week, bringing distinct strategies to the market:
- SMART ETFs made its debut with two rules-based strategies: the SMART Earnings Growth 30 ETF (SGRT) and the SMART Trend 25 ETF (STRN). These funds aim to provide systematic exposure to specific market factors.
- Northern Trust, a well-established name in asset management, launched a new brand of ETFs. While Northern Trust is new to branding its own ETFs, it is not new to the space, as it owns the established ETF brand FlexShares. The firm rolled out a total of 11 new fixed-income ETFs. This launch includes eight distributing ladder ETFs (split between tax-exempt and inflation-linked strategies) and a suite of three tax-exempt municipal bond ETFs.
Dive Deeper with Our 19 ETF Channels
For those who want to go beyond the summary, our 19 dedicated ETF Channels offer a comprehensive look into every corner of the market. Each channel provides in-depth performance and flow analysis, links to related insights, and access to more specialized reports. Navigate to the channel sections on our site to explore the data that matters most to you.
A Note on ETF Flows
While ETF flows are a valuable indicator of market sentiment, it’s important to recognize they don’t always tell the whole story. Large flows can sometimes be driven by technical, non-sentimental factors. These may include institutional activity like using custom create/redeem baskets for tax management purposes, or ‘create-to-lend’ transactions where new shares are created to facilitate short selling. While we strive to add context where possible, these underlying mechanics can influence the data.
Data sourced from the ETF Action Weekly Flows Report dated 8/22/2025.
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. This report is for informational purposes only and is not intended as investment advice.
