Market Overview
The U.S. Size & Style ETF landscape encompasses 879 ETFs from 233 issuers, with total Assets Under Management (AUM) standing at $6,456B. This week, a clear divergence emerged between performance trends and investor allocations. While smaller, value-oriented funds posted the strongest gains, investors directed the largest share of new capital toward large-cap growth strategies. Overall, the channel saw net inflows of +$8.41B for the week, contributing to a Year-to-Date total of +$264.59B and a 1-Year total of +$571.36B.
Weekly Performance & Flows Recap
This week highlighted a significant performance rotation, with value and smaller-cap segments outshining their growth and large-cap counterparts. The strongest performing category was U.S. Small Cap – Value, which returned +3.88% for the week. In contrast, U.S. Large Cap – Growth was the weakest segment, posting a loss of -0.19%. Despite the short-term weakness, Large Cap Growth remains the top-performing category over a one-year period with a return of +19.57%.
The channel attracted a total of $8.41B in net inflows over the past five days. U.S. Large Cap – Growth was the primary beneficiary, attracting +$4.47B in new assets, bringing its YTD total to +$74.8B. On the other end of the spectrum, U.S. Small Cap – Blend experienced the most significant withdrawals, with outflows totaling -$611M, deepening its YTD outflows to -$12.9B.
U.S. Large Cap | AUM: $5,550.8B
- Returns:
- Growth: WTD: -0.19% | 3-Month: +10.66% | YTD: +10.55%
- Blend: WTD: +0.81% | 3-Month: +9.49% | YTD: +9.32%
- Value: WTD: +1.96% | 3-Month: +9.44% | YTD: +9.38%
- Top 3 Performers (WTD):
- Towle Value ETF (TCV): +4.17%
- Monarch Volume Factor Dividend Tree ETF (MVFD): +3.50%
- Vanguard U.S. Value Factor ETF (VFVA): +3.49%
- Bottom 3 Performers (WTD):
- WEBs Defined Volatility QQQ ETF (DVQQ): -1.76%
- HCM Defender 100 Index ETF (QQH): -1.63%
- Alger 35 ETF (ATFV): -1.62%
- Flows:
- Growth: 5-Day: +$4,474M | 90-Day: +$28,873M | YTD: +$74,785M
- Blend: 5-Day: +$2,964M | 90-Day: +$61,444M | YTD: +$160,240M
- Value: 5-Day: +$723M | 90-Day: +$6,601M | YTD: +$31,991M
- Top 3 Inflows (5-Day):
- Vanguard S&P 500 ETF (VOO): +$2,510M
- iShares Core S&P 500 ETF (IVV): +$838M
- SPDR Portfolio S&P 500 ETF (SPLG): +$809M
- Top 3 Outflows (5-Day):
- SPDR S&P 500 ETF Trust (SPY): -$2,731M
- SPDR Dow Jones Industrial Average ETF Trust (DIA): -$517M
- T. Rowe Price Capital Appreciation Equity ETF (TCAF): -$279M
U.S. Mid Cap | AUM: $472.9B
- Returns:
- Growth: WTD: +1.57% | 3-Month: +9.64% | YTD: +8.05%
- Blend: WTD: +2.57% | 3-Month: +10.23% | YTD: +6.68%
- Value: WTD: +3.31% | 3-Month: +11.24% | YTD: +6.91%
- Top 3 Performers (WTD):
- Concourse Capital Focused Equity ETF (CCFE): +6.67%
- Invesco S&P Midcap 400 Pure Value ETF (RFV): +4.15%
- Dimensional U.S. Targeted Value ETF (DFAT): +4.14%
- Bottom 3 Performers (WTD):
- Alger Mid Cap 40 ETF (FRTY): -1.33%
- Renaissance IPO ETF (IPO): -1.14%
- Clough Select Equity ETF (CBSE): +0.05%
- Flows:
- Growth: 5-Day: +$79M | 90-Day: +$832M | YTD: +$467M
- Blend: 5-Day: +$453M | 90-Day: +$4,280M | YTD: +$15,086M
- Value: 5-Day: +$448M | 90-Day: +$350M | YTD: +$994M
- Top 3 Inflows (5-Day):
- Vanguard Mid-Cap ETF (VO): +$355M
- Capital Group U.S. Small and Mid Cap ETF (CGMM): +$116M
- Vanguard Mid-Cap Value ETF (VOE): +$100M
- Top 3 Outflows (5-Day):
- Fidelity Small-Mid Multifactor ETF (FSMD): -$230M
- Vanguard Extended Market ETF (VXF): -$151M
- Invesco RAFI US 1500 Small-Mid ETF (PRFZ): -$11M
U.S. Small Cap | AUM: $432.4B
- Returns:
- Growth: WTD: +2.95% | 3-Month: +12.19% | YTD: +6.03%
- Blend: WTD: +3.37% | 3-Month: +12.83% | YTD: +6.02%
- Value: WTD: +3.88% | 3-Month: +14.70% | YTD: +4.48%
- Top 3 Performers (WTD):
- EA Bridgeway Omni Small-Cap Value ETF (BSVO): +4.91%
- iShares US Small Cap Value Factor ETF (SVAL): +4.81%
- First Trust Dow Jones Select MicroCap Index Fund (FDM): +4.63%
- Bottom 3 Performers (WTD):
- Vanguard Small-Cap Growth ETF (VBK): +2.09%
- First Trust Multi-Manager Small Cap Opportunities ETF (MMSC): +2.12%
- Janus Henderson Small Cap Growth Alpha ETF (JSML): +2.22%
- Flows:
- Growth: 5-Day: -$76M | 90-Day: -$412M | YTD: -$2,159M
- Blend: 5-Day: -$611M | 90-Day: -$9,995M | YTD: -$12,909M
- Value: 5-Day: -$41M | 90-Day: -$1,038M | YTD: -$3,926M
- Top 3 Inflows (5-Day):
- Vanguard Small-Cap ETF (VB): +$85M
- Principal U.S. Small-Cap ETF (PSC): +$45M
- Avantis U.S. Small Cap Value ETF (AVUV): +$40M
- Top 3 Outflows (5-Day):
- iShares Russell 2000 ETF (IWM): -$304M
- iShares Core S&P Small Cap ETF (IJR): -$287M
- Vanguard Russell 2000 ETF (VTWO): -$167M
Issuer and Product Landscape
The U.S. Size & Style market remains concentrated among a few major players. The top three issuers by AUM market share are Vanguard (34.07%), iShares (27.50%), and SPDR (14.70%). This week, Vanguard attracted the most absolute net inflows, gathering +$4.85B.
Product development has been active, with 28 new ETFs launched in the past three months. Bluemonte led the way with four new products. On the other side, there have been several ETF closures, with Foundations closing the most products (3) in the last three months.
- Weekly Issuer Flow Leaders (Absolute):
- Top 3 Inflows:
- Vanguard: 5-Day: +$4,850M | 30-Day: +$19,860M | YTD: +$141.76B
- Invesco: 5-Day: +$1,428M | 30-Day: +$9,305M | YTD: +$31.04B
- iShares: 5-Day: +$1,162M | 30-Day: +$8,845M | YTD: +$18.01B
- Top 3 Outflows:
- SPDR: 5-Day: -$1,861M | 30-Day: -$3,461M | YTD: -$7.36B
- T. Rowe Price: 5-Day: -$270M | 30-Day: +$959M | YTD: +$4.75B
- Fidelity: 5-Day: -$244M | 30-Day: +$1,092M | YTD: +$8.14B
- Top 3 Inflows:
This commentary was generated with the assistance of AI. For a detailed breakdown of all data, including individual fund performance and flows, please refer to the full ETF Action weekly reports.
