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May's Strong $88B ETF Inflows Led by VOO, QQQ, IBIT
After a rocky April, ETF investors came back in force in May, pouring $87.6 billion into U.S.-listed exchange-traded funds. The strong monthly total brings year-to-date inflows to $457.6 billion. Money flowed into almost every major asset class. U.S. fixed-income ETFs led the way with $27.4 billion of inflows, followed closely by U.S. equity ETFs with $24.6 billion. International equities picked up $22.2 billion, while international bond ETFs added $10.3 billion and currency ETFs took in $6.3 billion. The only major segments to see outflows were commodities ETFs, which lost $1.8 billion, and leveraged ETFs, which saw $3.5 billion in redemptions. The Vanguard S&P 500 ETF (VOO) continued to dominate the flows leaderboard, picking up $10.4 billion in May. That brings its 2025 year-to-date total to a staggering $66.1 billion—five times more than any other ETF. Second place on a year-to-date basis is the iShares 0-3 Month Treasury Bond ETF (SGOV), which brought in $2.3 billion in May and $17.4 billion for the year. The Invesco QQQ Trust (QQQ) also had a strong month, adding $7.2 billion in assets as the tech-heavy Nasdaq rebounded sharply. Another big winner in May was the iShares Bitcoin Trust (IBIT), which brought in $6.6 billion, the third-most of any ETF. Bitcoin rallied during the month, recovering from its April dip and reigniting interest in crypto exposure via ETFs. Finally, despite 30-year Treasury yields holding near 5% amid ongoing concerns about U.S. government debt levels, some investors saw value in long-term bonds. The iShares 20+ Year Treasury Bond ETF (TLT) pulled in $4.4 billion during May, ranking fourth among all ETFs. For a full list of the top inflows and outflows for May and 2025 as a whole, see the tables below. Ticker Name Issuer Net Flows ($, mm) AUM ($, mm) % of AUM YTD 2025 Net Flows($,M) VOO Vanguard S&P 500 ETF Vanguard 10,441.26 657,328.88 1.59% 66,104.50 QQQ Invesco QQQ Trust Series I Invesco 7,172.27 333,877.88 2.15% 9,742.34 IBIT iShares Bitcoin Trust ETF BlackRock, Inc. 6,612.62 70,387.45 9.39% 11,728.27 TLT iShares 20+ Year Treasury Bond ETF BlackRock, Inc. 4,365.34 50,806.39 8.59% 848.24 THRO iShares U.S. Thematic Rotation Active ETF BlackRock, Inc. 3,746.27 4,338.20 86.36% 4,319.31 EFV iShares MSCI EAFE Value ETF BlackRock, Inc. 3,452.98 25,223.81 13.69% 2,137.63 LQD iShares iBoxx $ Investment Grade Corporate Bond ETF BlackRock, Inc. 3,294.72 30,763.14 10.71% 1,558.93 IAGG iShares Core International Aggregate Bond ETF BlackRock, Inc. 2,981.90 9,983.33 29.87% 2,922.55 SGOV iShares 0-3 Month Treasury Bond ETF BlackRock, Inc. 2,324.92 47,194.43 4.93% 17,411.95 QQQM Invesco NASDAQ 100 ETF Invesco 2,291.98 48,402.28 4.74% 8,337.89 Ticker Name Issuer Net Flows ($, mm) AUM ($, mm) % of AUM June 2025 Net Flows($,M) VOO Vanguard S&P 500 ETF Vanguard 66,104.50 657,328.88 10.06% 10,441.26 SGOV iShares 0-3 Month Treasury Bond ETF BlackRock, Inc. 17,411.95 47,194.43 36.89% 2,324.92 VTI Vanguard Total Stock Market ETF Vanguard 15,654.57 473,468.73 3.31% 1,928.68 SPLG SPDR Portfolio S&P 500 ETF State Street 13,158.90 67,522.35 19.49% 1,746.16 IBIT iShares Bitcoin Trust ETF BlackRock, Inc. 11,728.27 70,387.45 16.66% 6,612.62 QQQ Invesco QQQ Trust Series I Invesco 9,742.34 333,877.88 2.92% 7,172.27 QQQM Invesco NASDAQ 100 ETF Invesco 8,337.89 48,402.28 17.23% 2,291.98 BIL SPDR Bloomberg 1-3 Month T-Bill ETF State Street 7,732.62 43,989.90 17.58% -3,702.03 VUG Vanguard Growth ETF Vanguard 7,344.32 164,581.41 4.46% 339.49 JEPQ JPMorgan NASDAQ Equity Premium Income ETF JPMorgan Chase 7,022.97 26,285.24 26.72% 1,436.90 Ticker Name Issuer Net Flows ($, mm) AUM ($, mm) % of AUM YTD 2025 Net Flows($,M) IVV iShares Core S&P 500 ETF BlackRock, Inc. -14,007.69 582,357.14 -2.41% -6,006.52 SPY SPDR S&P 500 ETF Trust State Street -5,018.20 603,514.00 -0.83% -25,496.90 BIL SPDR Bloomberg 1-3 Month T-Bill ETF State Street -3,702.03 43,989.90 -8.42% 7,732.62 XLF Financial Select Sector SPDR Fund State Street -2,319.53 49,523.88 -4.68% -1,017.40 TQQQ ProShares UltraPro QQQ ProShare Advisors LLC -2,192.27 24,505.62 -8.95% 1,418.08 SHV iShares Short Treasury Bond ETF BlackRock, Inc. -2,094.87 20,592.69 -10.17% 1,529.31 VCLT Vanguard Long-Term Corporate Bond ETF Vanguard -1,907.51 10,356.34 -18.42% -3,299.56 HEFA iShares Currency Hedged MSCI EAFE ETF BlackRock, Inc. -1,601.95 6,468.19 -24.77% 468.70 SOXL Direxion Daily Semiconductor Bull 3x Shares Rafferty Asset Management -1,483.73 11,522.57 -12.88% 2,658.49 EMXC iShares MSCI Emerging Markets ex China ETF BlackRock, Inc. -1,470.74 14,033.52 -10.48% -2,331.61 Ticker Name Issuer Net Flows ($, mm) AUM ($, mm) % of AUM June 2025 Net Flows($,M) SPY SPDR S&P 500 ETF Trust State Street -25,496.90 603,514.00 -4.22% -5,018.20 IVV iShares Core S&P 500 ETF BlackRock, Inc. -6,006.52 582,357.14 -1.03% -14,007.69 XLE Energy Select Sector SPDR Fund State Street -5,897.55 26,461.22 -22.29% -424.05 VMBS Vanguard Mortgage-Backed Securities ETF Vanguard -5,327.57 14,331.28 -37.17% 124.74 IWM iShares Russell 2000 ETF BlackRock, Inc. -4,858.03 62,351.19 -7.79% 1,347.35 EFG iShares MSCI EAFE Growth ETF BlackRock, Inc. -3,989.73 13,019.21 -30.64% -129.38 IWD iShares Russell 1000 Value ETF BlackRock, Inc. -3,547.70 60,672.68 -5.85% -1,417.46 VCLT Vanguard Long-Term Corporate Bond ETF Vanguard -3,299.56 10,356.34 -31.86% -1,907.51 IJR iShares Core S&P Small Cap ETF BlackRock, Inc. -3,254.32 77,036.61 -4.22% -1,004.41 CALF Pacer US Small Cap Cash Cows 100 ETF Pacer Advisors -2,832.61 4,314.28 -65.66% -255.19 Net Flows ($, mm) AUM ($, mm) Alternatives 224.04 9,988.38 Asset Allocation 339.65 24,726.25 Commodities ETFs -1,789.66 211,116.88 Currency 6,253.56 143,883.90 International Equity 22,213.65 1,790,266.82 International Fixed Income 10,295.55 291,059.42 Inverse 1,603.00 14,646.76 Leveraged -3,511.62 120,538.77 US Equity 24,597.10 6,782,945.03 US Fixed Income 27,421.04 1,663,853.28 Total: 87,646.30 11,053,025.50 Net Flows ($, mm) AUM ($, mm) Alternatives 1,091.48 9,988.38 Asset Allocation 1,812.69 24,726.25 Commodities ETFs 14,930.31 211,116.88 Currency 11,925.52 143,883.90 International Equity 65,620.09 1,790,266.82 International Fixed Income 33,074.47 291,059.42 Inverse 5,677.33 14,646.76 Leveraged 9,811.76 120,538.77 US Equity 193,889.84 6,782,945.03 US Fixed Income 119,732.79 1,663,853.28 Total: 457,566.26 11,053,025.50 Brand AUM ($, mm) Net Flows ($, mm) % of AUM YTD 2025 Net Flows($,M) iShares 3,340,693.18 24,258.83% 0.73 83,601.96 Vanguard 3,199,404.90 22,987.86% 0.72 149,324.64 SPDR 1,530,353.23 -6,036.74% -0.39 334.39 Invesco 663,698.91 12,597.11% 1.90 25,352.60 Schwab 424,868.90 1,699.19% 0.40 21,619.92 JPMorgan 211,013.41 5,675.66% 2.69 25,190.98 Dimensional 192,396.83 2,994.34% 1.56 17,490.98 First Trust 160,995.58 746.35% 0.46 3,934.17 Fidelity 119,798.44 1,246.52% 1.04 11,110.13 VanEck 86,412.78 89.32% 0.10 -5,321.64 WisdomTree 83,401.82 877.90% 1.05 2,924.32 ProShares 78,691.67 -736.45% -0.94 5,114.70 Capital Group 66,162.46 3,261.26% 4.93 15,230.85 Avantis 65,266.79 2,475.44% 3.79 9,587.09 Global X 57,119.64 291.09% 0.51 2,936.75 Direxion 48,891.77 -907.27% -1.86 5,533.22 Goldman Sachs 41,064.80 125.48% 0.31 1,990.77 Pacer 39,856.49 -533.32% -1.34 -3,766.70 FT Vest 39,548.97 281.06% 0.71 3,811.54 PIMCO 37,464.81 1,087.44% 2.90 5,988.27 Janus Henderson 32,216.77 901.85% 2.80 5,705.09 Grayscale 28,424.07 -275.37% -0.97 -1,702.08 Xtrackers 26,303.05 243.22% 0.92 421.06 Franklin 26,167.87 1,189.96% 4.55 3,786.01 Innovator 25,464.31 281.89% 1.11 2,772.07 FlexShares 20,805.55 333.34% 1.60 -165.08 PGIM 16,413.09 665.93% 4.06 4,181.66 ARK 15,624.07 -502.62% -3.22 -1,011.49 T. Rowe Price 15,065.71 403.28% 2.68 6,150.05 VictoryShares 14,163.50 568.33% 4.01 3,966.74 YieldMax 12,533.43 2,288.29% 18.26 7,105.26 abrdn 11,545.80 44.78% 0.39 690.25 Amplify 11,131.97 300.86% 2.70 723.86 Alerian 10,521.36 170.03% 1.62 733.28 Nuveen 10,514.11 754.93% 7.18 974.10 BNY Mellon 8,218.23 1,297.54% 15.79 837.80 GraniteShares 7,972.58 -1,312.14% -16.46 424.28 Alpha Architect 7,850.16 618.35% 7.88 2,046.96 KraneShares 7,811.84 51.30% 0.66 93.28 US Benchmark Series 7,572.16 134.55% 1.78 1,337.55 AB Funds 7,293.36 269.56% 3.70 1,484.69 John Hancock 7,203.79 4.80% 0.07 -21.02 Simplify 6,975.04 -221.86% -3.18 1,052.63 Neos 6,962.90 796.86% 11.44 2,558.51 ALPS 6,753.59 75.16% 1.11 686.14 Principal 6,433.03 23.82% 0.37 1,355.05 Hartford 5,720.61 19.11% 0.33 137.14 Putnam 5,715.65 337.29% 5.90 1,552.39 Columbia 5,581.32 191.21% 3.43 1,132.74 BondBloxx 5,015.67 400.88% 7.99 1,567.50 Roundhill 4,879.91 366.50% 7.51 1,292.41 New York Life Investments 4,734.91 15.27% 0.32 142.30 REX Microsectors 4,635.02 871.64% 18.81 1,235.82 Volatility Shares 4,624.55 69.72% 1.51 729.11 American Century 4,618.17 373.23% 8.08 768.17 Bitwise 4,588.66 -0.64% -0.01 -139.71 Defiance 4,317.37 -70.08% -1.62 1,215.72 Eaton Vance 4,268.46 311.08% 7.29 1,356.66 Aptus 4,211.42 74.89% 1.78 565.79 Allianz 4,190.58 55.07% 1.31 552.69 ActivePassive 3,670.60 25.81% 0.70 203.52 Morgan Stanley 3,600.80 4.77% 0.13 280.70 TCW 3,349.91 324.37% 9.68 1,080.17 T-Rex 3,254.41 -187.06% -5.75 824.57 Virtus 3,019.80 83.08% 2.75 537.79 Harbor 2,993.59 62.35% 2.08 556.50 Main Funds 2,965.32 41.67% 1.41 158.86 Invesco DB 2,878.34 -49.19% -1.71 -148.32 SEI 2,752.24 34.76% 1.26 213.21 Cambria 2,734.47 -58.97% -2.16 -46.80 Eagle 2,727.68 143.76% 5.27 422.77 Sprott 2,512.65 -37.88% -1.51 172.55 BlackRock 2,208.32 -3.37% -0.15 -131.94 Motley Fool 2,158.17 69.85% 3.24 90.49 GMO 2,085.21 61.51% 2.95 541.13 Strive 2,078.22 24.10% 1.16 190.35 Bahl & Gaynor 1,991.14 47.34% 2.38 302.93 Distillate 1,929.13 -20.40% -1.06 -138.10 Inspire 1,895.93 13.55% 0.71 96.25 US Commodity Funds 1,856.92 -191.27% -10.30 -577.43 SP Funds 1,805.94 13.06% 0.72 330.08 Angel Oak 1,677.33 83.16% 4.96 393.99 Bridgeway 1,636.28 6.31% 0.39 64.38 DoubleLine 1,606.81 67.05% 4.17 237.45 Rockefeller Capital Management 1,606.80 5.57% 0.35 -17.53 Davis 1,604.07 17.13% 1.07 151.34 Neuberger Berman 1,603.83 88.61% 5.52 149.65 Vident 1,447.96 -3.01% -0.21 -39.14 Meridian 1,340.39 9.34% 0.70 267.73 Horizon 1,302.75 29.99% 2.30 114.31 ROBO Global 1,220.73 -15.22% -1.25 -21.17 Brown Advisory 1,213.79 64.03% 5.28 200.76 Freedom 1,212.32 34.47% 2.84 93.22 iM 1,194.80 49.67% 4.16 -16.30 Kovitz 1,183.01 -5.29% -0.45 -3.18 Fundstrat 1,118.11 129.56% 11.59 426.85 CCM 1,104.25 -2.61% -0.24 17.87 ETRACS 1,074.35 0.00% 0.00 -66.22 Select 1,066.98 392.01% 36.74 945.73 AdvisorShares 1,022.85 3.32% 0.32 16.86 Timothy 1,020.82 7.20% 0.71 28.07 Federated Hermes 1,009.57 62.51% 6.19 482.42 iPath 1,008.74 90.87% 9.01 -116.31 HCM 985.80 18.65% 1.89 27.45 US Global 978.33 -10.90% -1.11 -141.44 TrueShares 971.52 45.84% 4.72 219.43 Congress 924.67 30.72% 3.32 226.75 Calvert 915.17 32.98% 3.60 30.89 Tortoise 908.91 -20.27% -2.23 -70.12 Summit Global Investments 904.69 12.37% 1.37 333.78 Allspring 891.98 1.11% 0.12 755.77 Panagram 877.96 76.32% 8.69 209.05 SMI Funds 839.28 61.16% 7.29 520.21 Return Stacked 830.36 1.80% 0.22 48.37 CoinShares 829.13 -23.02% -2.78 -271.90 Thrivent 816.66 22.34% 2.74 517.79 Calamos 810.77 30.31% 3.74 230.52 Monarch 782.96 -42.05% -5.37 92.11 Strategy Shares 759.84 -97.83% -12.87 -131.50 REX 741.13 24.09% 3.25 221.69 FCF Advisors 735.43 1.62% 0.22 -57.10 Wahed 728.86 8.72% 1.20 41.80 Gotham 727.48 0.00% 0.00 19.66 Touchstone 714.97 33.34% 4.66 159.34 AAM 677.46 -1.64% -0.24 68.71 Day Hagan 646.06 -36.64% -5.67 -47.46 Tradr 638.68 211.70% 33.15 385.56 The Brinsmere Funds 602.47 0.01% 0.00 31.98 Oneascent 596.97 33.00% 5.53 71.52 InfraCap 579.71 4.37% 0.75 19.89 RPAR 568.46 10.60% 1.86 -39.63 SoFi 562.93 -8.19% -1.46 -586.63 Brandes 553.27 14.57% 2.63 87.41 Opus Capital Management 552.91 15.79% 2.86 94.18 Brookstone 546.77 21.31% 3.90 49.80 ClearBridge 533.74 7.55% 1.41 69.94 Natixis 519.30 3.71% 0.71 63.27 Bushido 516.45 10.29% 1.99 37.92 Barclays 503.07 3.65% 0.73 23.44 USCF Advisers 493.38 -47.84% -9.70 77.03 MFS 490.14 62.44% 12.74 275.48 Longview 485.59 1.12% 0.23 58.11 Tidal ETFs 478.76 7.31% 1.53 103.92 Oakmark 476.79 79.68% 16.71 401.10 F/m 467.20 -15.87% -3.40 63.11 Overlay Shares 434.47 11.55% 2.66 66.88 Sterling Capital 432.10 51.40% 11.90 387.95 Swan 422.15 18.50% 4.38 69.79 Stone Ridge 416.79 26.14% 6.27 316.64 Vert 412.13 -24.91% -6.05 -15.41 Teucrium 406.19 65.58% 16.14 80.66 Elm 405.49 -4.84% -1.19 42.10 Tema 404.98 0.62% 0.15 106.12 ClearShares 398.45 17.69% 4.44 14.39 Burney 386.61 31.43% 8.13 83.52 Zacks 378.34 12.84% 3.39 72.24 First Eagle 369.00 111.35% 30.18 345.57 LeaderShares 366.84 -6.63% -1.81 -245.25 Adaptive 360.39 -0.39% -0.11 -8.50 EMQQ 353.93 -1.95% -0.55 -38.67 ROC 350.13 16.34% 4.67 85.31 ERShares 349.08 9.19% 2.63 156.99 Quadratic 347.42 37.66% 10.84 -149.12 AXS Investments 345.39 -29.81% -8.63 -114.43 Cabana 340.91 -15.14% -4.44 -63.89 3Edge 332.51 16.51% 4.97 87.13 CastleArk 328.85 -15.14% -4.60 -8.09 Parametric 327.52 16.54% 5.05 123.80 Anfield 322.26 4.76% 1.48 36.75 AGF 319.01 -105.51% -33.07 -28.59 Matthews 308.49 -3.26% -1.06 -75.43 Toews 305.09 -0.01% 0.00 83.78 Max 303.23 0.00% 0.00 126.31 Range 292.27 15.18% 5.19 130.72 FundX 289.83 -2.27% -0.78 -19.62 Saba 281.45 10.73% 3.81 38.84 Macquarie 280.87 60.16% 21.42 206.80 Astoria 271.06 36.41% 13.43 88.05 Subversive 270.32 -2.84% -1.05 30.51 Adasina 263.60 34.58% 13.12 47.44 Beyond 260.14 -3.49% -1.34 74.56 American Beacon 258.84 3.19% 1.23 69.52 PlanRock 252.51 3.08% 1.22 -45.95 Segall Bryant & Hamill 250.79 3.69% 1.47 8.19 Fairlead 250.74 20.04% 7.99 30.20 VistaShares 244.69 126.40% 51.66 242.69 STF 244.56 9.19% 3.76 9.86 Frontier 244.29 -1.34% -0.55 -12.23 Applied Finance 239.07 -0.98% -0.41 12.44 Madison 235.65 -1.14% -0.48 -10.64 Polen 230.69 4.85% 2.10 26.91 Oak Funds 225.09 -44.00% -19.55 -208.86 Strategas 221.90 3.90% 1.76 69.50 Counterpoint 220.81 18.29% 8.28 89.87 Nicholas 215.78 4.39% 2.04 20.64 SRH 208.31 0.00% 0.00 0.18 Thornburg 207.91 24.57% 11.82 159.61 Little Harbor Advisors 207.05 -0.90% -0.44 -6.42 Alger 205.77 6.91% 3.36 55.57 FPA 200.06 0.60% 0.30 16.47 CoRe 198.27 0.00% 0.00 80.42 CornerCap 190.09 -1.87% -0.99 -5.60 Eventide 186.83 29.17% 15.61 109.65 RiverFront 183.76 1.32% 0.72 3.78 Faith Investor Services 181.50 0.00% 0.00 48.36 Convergence 179.85 9.33% 5.19 -46.92 DB 171.37 0.00% 0.00 -6.81 Tremblant 169.94 16.09% 9.47 25.39 Rayliant 166.05 -2.90% -1.75 4.63 BeeHive 164.42 0.56% 0.34 -1.20 Regan 162.99 7.50% 4.60 30.42 Optimize 162.61 0.00% 0.00 1.60 Rareview Funds 158.78 -5.20% -3.28 1.02 JLens 153.80 19.17% 12.47 123.65 EA Series Trust 151.19 11.97% 7.92 46.46 SoundWatch Capital 151.10 0.00% 0.00 2.91 Humankind 150.29 -0.27% -0.18 1.37 Ballast 149.18 -0.89% -0.60 3.24 WBI Shares 148.16 -1.03% -0.70 -9.75 Euclidean 144.09 -16.45% -11.42 -18.18 Renaissance 143.16 -4.01% -2.80 -10.10 142.28 17.93% 12.60 125.85 ETC 140.69 22.04% 15.66 23.96 Argent 132.42 12.76% 9.64 26.47 Kensington 132.01 14.42% 10.92 69.67 Hashdex 129.49 -4.61% -3.56 90.00 McElhenny Sheffield 126.97 9.78% 7.70 55.11 BrandywineGLOBAL 123.43 0.00% 0.00 -0.39 ACV 123.01 0.00% 0.00 5.63 Gadsden 121.66 2.33% 1.92 -33.81 Hoya 121.38 2.20% 1.81 9.45 Adaptiv 119.30 0.34% 0.29 40.29 Hull 118.72 35.22% 29.66 52.51 THOR 116.74 -36.83% -31.55 -2.21 Impact Shares 114.72 -1.04% -0.91 -4.96 Alexis 113.40 1.84% 1.62 7.52 Siren 113.17 1.18% 1.04 -10.99 Westwood 112.72 10.16% 9.01 29.34 Conductor Fund 112.64 1.00% 0.89 1.02 Sovereign's 111.10 3.17% 2.85 24.28 The Future Fund 110.99 -1.08% -0.97 67.62 Mohr Funds 105.07 -0.49% -0.47 -36.86 Hilton 104.32 -1.23% -1.18 7.45 MarketDesk 102.25 -6.06% -5.93 -2.61 Absolute 101.83 0.84% 0.83 8.36 First Manhattan 100.66 0.00% 0.00 -0.07 Bancreek 99.61 3.04% 3.05 -7.82 MC 99.15 0.61% 0.62 96.44 Texas Capital 97.93 2.79% 2.85 2.02 Altshares 92.86 5.26% 5.66 5.56 Hennessy 90.59 0.29% 0.32 -6.16 Themes 90.27 3.95% 4.38 39.77 Essential 40 87.94 1.54% 1.76 5.61 Leuthold 87.77 -2.58% -2.94 -3.40 Keating 87.71 1.60% 1.83 3.42 SWP 87.64 3.88% 4.43 4.27 UBS 85.87 0.00% 0.00 0.00 Kurv 85.25 1.66% 1.94 57.15 River1 81.54 1.18% 1.45 20.25 OPAL 81.40 4.85% 5.95 73.24 ArrowShares 80.32 4.84% 6.02 3.66 Palmer Square 78.74 3.06% 3.88 25.27 Indexperts 77.89 9.28% 11.91 68.30 Logan 76.07 0.00% 0.00 -0.54 Aberdeen 75.64 0.00% 0.00 0.00 NestYield 75.23 17.79% 23.64 51.67 Academy 73.75 0.00% 0.00 0.98 Horizons 72.85 3.81% 5.23 68.72 Miller 72.61 0.67% 0.92 4.26 Praxis 71.19 52.51% 73.76 66.80 Matrix 69.65 0.01% 0.01 0.28 Sound Income Strategies 69.61 0.45% 0.64 0.45 Gabelli 69.29 1.59% 2.30 -0.07 Leverage Shares 68.96 4.05% 5.87 57.11 Clough 67.67 -1.85% -2.73 0.80 Jensen 66.51 -32.96% -49.56 -16.43 India 64.32 -0.81% -1.25 5.12 Donoghue Forlines 63.83 0.72% 1.12 45.24 SmartETFs 62.61 -0.09% -0.14 2.50 FM 61.37 -0.12% -0.20 -4.20 Breakwave 60.31 5.43% 9.00 34.18 Obra 60.11 2.71% 4.51 12.41 Core Alternative 59.41 0.00% 0.00 -49.06 Procure 58.33 3.27% 5.61 6.30 Cambiar Funds 58.21 -0.29% -0.50 -0.63 Spear 56.10 -1.27% -2.27 3.24 Goose Hollow 55.80 1.53% 2.75 -2.43 AOT 54.52 1.86% 3.41 3.58 Even Herd 52.75 0.21% 0.40 0.65 Emerald 51.22 0.04% 0.09 3.74 Regents Park 51.15 -0.48% -0.94 -2.48 Discipline Funds 50.74 0.00% 0.00 4.54 Carbon Collective 50.16 0.61% 1.21 2.16 UVA 49.73 2.16% 4.34 4.36 Sparkline 49.08 0.90% 1.84 8.66 QRAFT 48.52 -0.01% -0.02 -10.18 North Shore 47.07 0.00% 0.00 2.49 WealthTrust 47.02 -0.01% -0.02 5.85 Genter Capital 46.97 2.44% 5.19 14.67 Tweedy, Browne Co. 46.47 9.57% 20.58 40.42 Parnassus Investments 46.45 2.16% 4.65 41.05 IDX 44.61 0.00% 0.00 -6.27 Q3 43.91 -1.72% -3.91 -8.44 Anydrus 43.30 5.58% 12.89 3.11 Pacific Funds 42.93 0.00% 0.00 38.35 RAM 42.54 -0.01% -0.02 0.83 Alternative Access 42.53 -0.01% -0.03 15.04 DWS 42.48 0.00% 0.00 13.54 Aztlan 41.09 0.00% 0.00 1.15 Formidable 41.01 -2.60% -6.35 -4.18 PMV 40.86 0.82% 2.00 12.07 NETL 40.40 2.99% 7.40 -0.57 REX Shares 39.94 5.84% 14.62 38.29 Relative Sentiment 39.41 7.03% 17.83 19.62 Stacked 38.31 6.20% 16.19 7.15 Affinity 38.09 4.64% 12.18 5.58 SonicShares 37.95 2.15% 5.66 2.15 Twin Oak 37.41 0.28% 0.74 26.01 Bridges 36.38 0.30% 0.83 5.21 Ocean Park 34.87 6.60% 18.93 14.61 Guru 33.84 0.00% 0.00 -2.22 Innovative Portfolios 33.74 0.01% 0.03 0.27 Acquirers Fund 33.56 -0.88% -2.63 -7.33 Pinnacle 33.51 0.00% 0.00 -1.16 TappAlpha 32.35 6.76% 20.88 19.78 CrossingBridge Funds 31.91 1.05% 3.30 -33.67 Cultivar 31.87 0.50% 1.58 1.00 Tactical Funds 31.70 0.21% 0.66 2.72 Leatherback 31.21 -1.22% -3.91 -4.27 RAFI Indices 30.94 -3.65% -11.78 -0.93 Martin Currie 30.62 0.00% 0.00 2.61 Point Bridge Capital 30.45 -0.01% -0.02 3.71 FMQQ 30.16 0.00% 0.01 -0.99 PLUS 28.81 1.54% 5.34 23.30 Peak 27.92 2.17% 7.79 10.85 ZEGA 27.60 -0.49% -1.77 2.01 Foundations 26.49 -0.67% -2.54 -3.07 Morgan Dempsey 25.98 1.56% 6.01 4.45 Mairs & Power 25.66 0.65% 2.53 2.86 Advent 25.49 24.75% 97.11 25.25 StockSnips 24.72 0.00% 0.00 1.65 The Nightview 24.44 -0.65% -2.65 -1.23 Western Asset 24.01 -1.00% -4.14 -7.85 21Shares 23.06 0.00% 0.00 9.05 Validus 22.11 0.00% 0.00 -0.44 Clockwise Capital 21.44 -0.58% -2.70 2.91 Cullen 20.96 2.46% 11.75 10.83 GGM 19.47 0.00% 0.00 0.00 DGA 18.23 -0.50% -2.74 -1.52 Atlas 17.40 0.52% 3.02 9.71 Intelligent Investor 17.30 -0.71% -4.10 -1.34 Performance Trust 16.60 0.00% 0.00 3.04 Brendan Wood 14.82 0.70% 4.69 3.74 LAFFER TENGLER 14.82 0.00% 0.00 1.25 Tuttle 14.31 2.61% 18.21 3.21 Democracy 13.59 3.76% 27.66 3.76 Build 13.13 -0.63% -4.77 6.27 Draco 13.02 0.00% 0.00 -0.42 Peerless 12.44 0.47% 3.82 2.81 ATAC 12.24 -0.36% -2.95 5.05 North Square 12.00 0.25% 2.09 1.73 ADRhedged 11.23 0.94% 8.34 0.94 FolioBeyond 10.76 0.00% 0.01 11.06 Unlimited 10.41 3.88% 37.24 10.16 Armada ETF Advisors 10.14 -0.21% -2.07 -0.67 Ionic 10.11 0.00% 0.00 -1.93 Alpha 10.07 0.00% 0.03 -0.56 Altrius 9.72 0.71% 7.29 3.34 CoreValues Alpha 9.71 0.00% 0.00 1.31 RiverNorth 9.29 0.00% 0.00 0.00 Otter Creek 9.29 -0.24% -2.61 0.82 iMGP 9.09 0.00% 0.00 0.01 MKAM 8.63 0.86% 10.02 0.86 Honeytree 8.07 0.00% 0.00 0.65 WHITEWOLF 7.28 0.00% 0.00 4.74 ETFB 7.24 0.00% 0.00 0.47 Vontobel 5.80 5.75% 99.27 5.75 Onefund 5.54 0.00% 0.00 2.07 Suncoast 5.37 5.31% 98.87 5.31 MRBL 5.32 0.00% 0.00 5.56 Fire Funds 5.17 0.61% 11.81 3.21 Hypatia Capital 4.79 0.57% 11.89 0.86 Reverb ETF 4.62 0.00% 0.00 0.00 Sarmaya Partners 4.54 0.52% 11.46 4.37 X-Square 4.40 0.00% 0.00 0.64 Mason Capital 4.32 0.00% 0.00 -0.52 Acruence 4.30 0.00% 0.00 -0.53 iREIT 4.29 0.00% 0.00 -0.50 Grizzle 4.21 0.00% 0.00 -9.77 Kingsbarn 4.05 1.11% 27.35 1.79 UWP 3.64 0.00% 0.00 0.00 USCF 3.61 0.00% 0.00 0.06 Langar 3.48 -0.50% -14.23 1.30 Quantify Funds 3.28 0.00% 0.00 3.00 CRM 2.63 1.26% 48.02 1.55 Ned Davis Research 2.54 0.00% 0.00 1.22 LSV 1.94 0.00% -0.02 1.00 Hotchkis & Wiley 1.93 0.25% 12.83 1.91 Vest 1.78 0.00% 0.00 -0.57 SanJac Alpha 1.76 0.00% 0.00 0.75 Coastal 1.74 0.00% 0.00 0.23 Battleshares 1.36 0.00% 0.00 2.75 Cboe Vest 1.28 0.00% 0.00 0.00 Abacus 1.18 0.00% 0.00 0.22 Fortuna 0.87 0.30% 34.66 0.80 TradersAI 0.86 0.00% 0.00 0.03 CORE16 0.74 0.74% 99.85 0.74 Deutsche X-trackers 0.20 0.00% 0.00 0.00 Cohen & Steers 0.00 0.00% 0.00 0.00 KP Funds 0.00 0.00% 0.00 0.00 ICE BofAML 0.00 0.00% 0.00 0.00 Robinson 0.00 0.00% 0.00 -3.06 CRIT 0.00 0.00% 0.00 0.00 Lazard 0.00 0.00% 0.00 0.00 VegTech 0.00 0.00% 0.00 0.46 Vesper 0.00 0.00% 0.00 -12.04 Newday 0.00 0.00% 0.00 0.00 Jacob 0.00 0.00% 0.00 0.00 Dynamic 0.00 0.00% 0.00 0.00 Arch Indices 0.00 0.00% 0.00 0.00 Octane 0.00 0.00% 0.00 0.00 Akros 0.00 0.00% 0.00 -0.97 AlphaMark 0.00 0.00% 0.00 0.00 Meet Kevin 0.00 0.00% 0.00 -9.13 Russell Investments 0.00 0.00% 0.00 0.00 Stance 0.00 0.00% 0.00 -0.49 Trajan 0.00 0.00% 0.00 0.00 Issuer AUM ($, mm) Net Flows ($, mm) % of AUM YTD 2025 Net Flows($,M) BlackRock, Inc. 3,342,901.49 24,255.46% 0.73 83,470.02 Vanguard 3,199,404.90 22,987.86% 0.72 149,324.64 State Street 1,416,301.01 -5,013.07% -0.35 -8,316.25 Invesco 666,577.25 12,547.92% 1.88 25,204.28 Charles Schwab 424,682.13 1,679.09% 0.40 21,432.75 JPMorgan Chase 211,013.41 5,675.66% 2.69 25,190.98 First Trust 200,531.98 1,025.33% 0.51 7,734.66 Dimensional 192,396.83 2,994.34% 1.56 17,490.98 Fidelity 119,798.44 1,246.52% 1.04 11,110.13 World Gold Council 114,052.22 -1,023.67% -0.90 8,650.65 VanEck 86,412.78 89.32% 0.10 -5,321.64 WisdomTree 83,053.26 848.78% 1.02 2,778.40 ProShare Advisors LLC 78,691.67 -736.45% -0.94 5,114.70 American Century Investments 69,884.96 2,848.67% 4.08 10,355.26 The Capital Group Companies 66,162.46 3,261.26% 4.93 15,230.85 Mirae Asset Global Investments Co., Ltd. 57,020.88 292.13% 0.51 2,866.56 Rafferty Asset Management 48,891.77 -907.27% -1.86 5,533.22 Allianz 41,655.39 1,142.51% 2.74 6,540.96 Goldman Sachs 41,064.80 125.48% 0.31 1,990.77 Pacer Advisors 39,856.49 -533.32% -1.34 -3,766.70 Janus Henderson 32,216.77 901.85% 2.80 5,705.09 Franklin Templeton 27,958.15 1,221.29% 4.37 3,949.49 Deutsche Bank AG 26,517.10 243.22% 0.92 427.79 Innovator 25,405.41 284.52% 1.12 2,783.90 Northern Trust 20,805.55 333.34% 1.60 -165.08 Digital Currency Group, Inc. 19,651.40 -479.19% -2.44 -1,709.27 Tidal Investments LLC 18,120.05 1,927.86% 10.64 5,898.35 SS&C 17,458.71 246.51% 1.41 1,423.20 Alpha Architect 16,645.24 799.55% 4.80 3,076.92 Prudential 16,413.09 665.93% 4.06 4,181.66 ARK Investment Management LP 15,603.26 -502.62% -3.22 -1,003.93 T. Rowe Price Group, Inc. 15,065.71 403.28% 2.68 6,150.05 Victory Capital 14,163.50 568.33% 4.01 3,966.74 Abrdn Plc 11,621.44 44.78% 0.39 690.25 Amplify Investments 11,131.97 300.86% 2.70 723.86 TIAA Board of Governors 10,514.11 754.93% 7.18 974.10 Morgan Stanley 9,111.94 365.37% 4.01 1,792.06 Grayscale Investments LLC 8,772.67 203.82% 2.32 7.19 BNY Mellon 8,218.23 1,297.54% 15.79 837.80 CICC 8,159.26 88.96% 1.09 -55.85 1251 Capital Group Inc. 8,090.58 118.73% 1.47 1,404.40 GraniteShares 7,972.58 -1,312.14% -16.46 424.28 Equitable 7,293.36 269.56% 3.70 1,484.69 Manulife 7,203.79 4.80% 0.07 -21.02 Simplify 6,975.04 -221.86% -3.18 1,052.63 Neos Investments LLC 6,962.90 796.86% 11.44 2,558.51 Toroso Investments Topco LLC 6,630.70 499.30% 7.53 2,753.49 Principal 6,433.03 23.82% 0.37 1,355.05 The Hartford 5,720.61 19.11% 0.33 137.14 Ameriprise Financial 5,581.32 191.21% 3.43 1,132.74 Bondbloxx Investment Management Corp. 5,015.67 400.88% 7.99 1,567.50 BMO 4,938.25 871.64% 17.65 1,362.13 New York Life 4,734.91 15.27% 0.32 142.30 Power Corporation of Canada 4,624.77 308.44% 6.67 1,449.15 Roundhill Investments 4,576.34 364.84% 7.97 1,248.12 Volatility Shares LLC 4,555.12 28.62% 0.63 664.83 Exchange Traded Concepts 4,550.91 35.31% 0.78 366.28 Bitwise Asset Management, Inc. 4,392.16 -2.65% -0.06 -159.14 Tuttle Capital Management LLC 4,374.08 207.62% 4.75 1,777.29 Aptus Capital Advisors 4,288.06 84.47% 1.97 647.89 Envestnet 3,670.60 25.81% 0.70 203.52 Virtus Investment Partners 3,510.81 85.61% 2.44 534.05 The TCW Group, Inc. 3,349.91 324.37% 9.68 1,080.17 ORIX 2,993.59 62.35% 2.08 556.50 Main Management 2,965.32 41.67% 1.41 158.86 SEI Investments 2,754.19 34.75% 1.26 214.21 Eagle Capital Management LLC 2,727.68 143.76% 5.27 422.77 Cambria Investment Management LP 2,719.04 -58.25% -2.14 -42.85 Sprott 2,512.65 -37.88% -1.51 172.55 Marygold 2,353.37 -239.11% -10.16 -500.81 Defiance ETFs 2,177.61 123.87% 5.69 470.21 The Motley Fool 2,158.17 69.85% 3.24 90.49 Grantham, Mayo, Van Otterloo & Co. LLC 2,085.21 61.51% 2.95 541.13 Bahl & Gaynor, Inc. 1,991.14 47.34% 2.38 302.93 Distillate Capital 1,929.13 -20.40% -1.06 -138.10 Inspire Impact Group LLC 1,895.93 13.55% 0.71 96.25 Angel Oak Cos. LLC 1,677.33 83.16% 4.96 393.99 Focus Financial Partners, Inc 1,668.61 -4.17% -0.25 54.93 Doubleline ETF Holdings LP 1,606.81 67.05% 4.17 237.45 Davis Advisers 1,604.07 17.13% 1.07 151.34 Neuberger Berman 1,603.83 88.61% 5.52 149.65 Barclays 1,511.81 94.52% 6.25 -92.88 MM VAM LLC 1,447.96 -3.01% -0.21 -39.14 Eurazeo SA 1,412.08 54.03% 3.83 1.94 Horizon Kinetics 1,302.75 29.99% 2.30 114.31 Brown Advisory Management LLC 1,213.79 64.03% 5.28 200.76 Sun Life Financial, Inc. 1,167.60 60.80% 5.21 344.19 UBS 1,160.22 0.00% 0.00 -66.22 AdvisorShares 1,022.85 3.32% 0.32 16.86 Timothy Plan 1,020.82 7.20% 0.71 28.07 Federated Hermes, Inc. 1,009.57 62.51% 6.19 482.42 TrueMark Group 998.20 14.28% 1.43 228.75 Groupe BPCE 996.09 83.39% 8.37 464.36 Howard Capital Management Inc. 985.80 18.65% 1.89 27.45 US Global Investors 978.33 -10.90% -1.11 -141.44 AXS Investments 975.33 182.51% 18.71 272.35 Lagan Holding Co. Trust 924.67 30.72% 3.32 226.75 Tortoise 908.91 -20.27% -2.23 -70.12 Summit Global LLC 904.69 12.37% 1.37 333.78 Allspring Group Holdings LLC 891.98 1.11% 0.12 755.77 NZC Capital LLC 877.96 76.32% 8.69 209.05 Coinshares International Ltd. 829.13 -23.02% -2.78 -271.90 Thrivent Financial for Lutherans 816.66 22.34% 2.74 517.79 Calamos Family Partners, Inc. 810.77 30.31% 3.74 230.52 FCF Advisors 799.26 2.33% 0.29 -11.86 Kingsview Partners LLC 782.96 -42.05% -5.37 92.11 Rational Advisors Inc. 759.84 -97.83% -12.87 -131.50 Wahed 728.86 8.72% 1.20 41.80 Western & Southern Mutual Holding Co. 714.97 33.34% 4.66 159.34 Day Hagan Asset Management 611.94 -36.64% -5.99 -80.81 Aptus Holdings LLC 603.24 15.98% 2.65 67.18 Estate Counselors LLC 602.47 0.01% 0.00 31.98 Oneascent Holdings LLC 596.97 33.00% 5.53 71.52 Brandes Worldwide Holdings 553.27 14.57% 2.63 87.41 AmeriLife 546.77 21.31% 3.90 49.80 CI Financial 540.62 1.42% 0.26 -11.43 REX Shares LLC 484.77 7.05% 1.45 108.25 Anfield Group 437.99 8.25% 1.88 36.78 Liquid Strategies 434.47 11.55% 2.66 66.88 Marathon Partners LLC 423.38 27.57% 6.51 58.62 Swan Global Investments 422.15 18.50% 4.38 69.79 Stone Ridge Holdings Group LP 416.79 26.14% 6.27 316.64 3Fourteen & SMI Advisory Services LLC 415.90 33.59% 8.08 461.59 Vert Asset Management LLC 412.13 -24.91% -6.05 -15.41 Cygnet Capital LLC 405.49 -4.84% -1.19 42.10 Dawn Global Topco Ltd. 404.98 0.62% 0.15 106.12 Sterling Capital Management LLC 400.89 52.90% 13.20 394.00 ClearShares LLC 398.45 17.69% 4.44 14.39 Zacks 378.34 12.84% 3.39 72.24 BCP CC Holdings LP 369.00 111.35% 30.18 345.57 Redwood 366.84 -6.63% -1.81 -245.25 Adaptive Investments 360.39 -0.39% -0.11 -8.50 Running Oak Capital LLC 350.13 16.34% 4.67 85.31 Capital Impact Advisors 349.08 9.19% 2.63 156.99 WisdomTree, Inc. 348.55 29.11% 8.35 145.92 3EDGE Asset Management LP 332.51 16.51% 4.97 87.13 CastleArk Management LLC 328.85 -15.14% -4.60 -8.09 AGF 319.01 -105.51% -33.07 -28.59 Matthews International Capital Management 308.49 -3.26% -1.06 -75.43 Toews Corp. 305.09 -0.01% 0.00 83.78 Rex Advisers LLC 296.30 22.88% 7.72 151.73 Twin Oak Holdings LP 262.49 -43.73% -16.66 -182.85 Macquarie Group Ltd 254.12 58.36% 22.97 196.81 PlanRock Wealth Management LLC 252.51 3.08% 1.22 -45.95 Cary Street Partners Financial LLC /VA/ 250.74 20.04% 7.99 30.20 Stf Management LP 244.56 9.19% 3.76 9.86 Frontier Asset Management LLC 244.29 -1.34% -0.55 -12.23 Applied Finance Group 239.07 -0.98% -0.41 12.44 Madison Investment Holdings, Inc. 235.65 -1.14% -0.48 -10.64 Baird Financial Group Inc. 221.90 3.90% 1.76 69.50 Counterpoint Mutual Funds LLC 220.81 18.29% 8.28 89.87 Teucrium 218.67 1.92% 0.88 -12.43 Paralel Technologies LLC 208.31 0.00% 0.00 0.18 Thornburg Investment Management 207.91 24.57% 11.82 159.61 Little Harbor Advisors 207.05 -0.90% -0.44 -6.42 Alger 205.77 6.91% 3.36 55.57 Resolute Investment Managers, Inc. 203.36 2.68% 1.32 69.02 First Pacific Advisors LP 200.06 0.60% 0.30 16.47 CornerCap Investment Counsel, Inc. 190.09 -1.87% -0.99 -5.60 Teucrium Trading LLC 187.53 63.65% 33.94 93.08 Eventide Asset Management, LLC 186.83 29.17% 15.61 109.65 The Charles Schwab Corp. 186.78 20.10% 10.76 187.17 Faith Investor Services LLC 181.50 0.00% 0.00 48.36 Convergence Investment Partners, LLC 179.85 9.33% 5.19 -46.92 Tremblant Capital 169.94 16.09% 9.47 25.39 Rayliant 166.05 -2.90% -1.75 4.63 Regan Capital, LLC 162.99 7.50% 4.60 30.42 Optimize Financial Inc. 162.61 0.00% 0.00 1.60 Themes ETF 161.86 9.27% 5.72 98.43 Neil Azous Revocable Trust 158.78 -5.20% -3.28 1.02 Soundwatch Capital LLC 151.10 0.00% 0.00 2.91 Humankind USA LLC 150.29 -0.27% -0.18 1.37 Inverdale Capital Management LLC 149.18 -0.89% -0.60 3.24 WBI 148.16 -1.03% -0.70 -9.75 Renaissance Capital 143.16 -4.01% -2.80 -10.10 Kensington Asset Management LLC 132.01 14.42% 10.92 69.67 Community Capital Management, Inc. 130.67 -4.24% -3.24 4.23 Ridgeline Research LLC 123.01 0.00% 0.00 5.63 Pettee Investors 121.38 2.20% 1.81 9.45 Client First Investment Management LLC 119.30 0.34% 0.29 40.29 Hull Investments LLC 118.72 35.22% 29.66 52.51 Hashdex Ltd. 116.33 0.00% 0.00 93.66 Beyond Investing 114.07 1.31% 1.15 6.84 Alexis Investment Partners LLC 113.40 1.84% 1.62 7.52 SRN Advisors 113.17 1.18% 1.04 -10.99 IronHorse Holdings 112.64 1.00% 0.89 1.02 Sovereign's Capital Management LLC 111.10 3.17% 2.85 24.28 Future Fund Advisors 110.99 -1.08% -0.97 67.62 Westwood Holdings Group, Inc. 109.47 10.16% 9.28 27.00 ShariaPortfolio, Inc. 106.64 2.89% 2.71 30.04 Retireful LLC 105.07 -0.49% -0.47 -36.86 Absolute Investment Advisers LLC 101.83 0.84% 0.83 8.36 First Manhattan Co. 100.66 0.00% 0.00 -0.07 Texas Capital Bancshares, Inc. 97.93 2.79% 2.85 2.02 Mcivy Co. LLC 96.69 4.59% 4.75 19.03 Affiliated Managers Group 92.93 11.73% 12.62 81.47 Water Island Capital 92.86 5.26% 5.66 5.56 Hennessy Advisors 90.59 0.29% 0.32 -6.16 Infrastructure Capital Advisors LLC 88.70 1.84% 2.08 23.64 Killir Kapital Management LLC 87.94 1.54% 1.76 5.61 The Leuthold Group LLC 87.77 -2.58% -2.94 -3.40 SWP Investment Management LLC 87.64 3.88% 4.43 4.27 Kurv Investment Management LLC 85.25 1.66% 1.94 57.15 Sound Capital Solutions LLC 81.54 1.18% 1.45 20.25 Arrow Funds 80.32 4.84% 6.02 3.66 Thor Trading Advisors LLC 79.57 3.91% 4.91 44.09 Palmer Square Holdings LLC 78.74 3.06% 3.88 25.27 Indexperts LLC 77.89 9.28% 11.91 68.30 Logan Capital Management Inc. 76.07 0.00% 0.00 -0.54 Miller Value Partners LLC 72.61 0.67% 0.92 4.26 Everence Holdings Inc. 71.19 52.51% 73.76 66.80 GAMCO Investors, Inc. 69.29 1.59% 2.30 -0.07 Acp Horizon Holdings LP 68.88 0.00% 0.00 64.91 Corpus Partners LLC 68.70 41.10% 59.83 65.11 Clough Capital Partners LLC 67.67 -1.85% -2.73 0.80 Jensen Investment Management, Inc. 66.51 -32.96% -49.56 -16.43 Astoria Portfolio Advisors LLC 65.03 0.22% 0.33 32.24 Truemark Group LLC 64.02 36.41% 56.87 63.92 Guinness Atkinson Asset Management 62.61 -0.09% -0.14 2.50 FMC Group Holdings LP 61.37 -0.12% -0.20 -4.20 ETFMG 60.31 5.43% 9.00 34.18 Obra Capital, Inc. 60.11 2.71% 4.51 12.41 Core Alternative Capital 59.41 0.00% 0.00 -49.06 Milliman, Inc. 58.90 -2.63% -4.47 -11.83 ProcureAM 58.33 3.27% 5.61 6.30 Cambiar Holdings 58.21 -0.29% -0.50 -0.63 Spear Advisors LLC 56.10 -1.27% -2.27 3.24 Goose Hollow Capital Management LLC 55.80 1.53% 2.75 -2.43 Sammons Enterprises, Inc. 55.48 0.51% 0.93 0.50 Impact Shares 53.11 -1.05% -1.97 -4.00 Split Rock Private Trading & Wealth Management LLC 47.07 0.00% 0.00 2.49 WealthTrust Asset Management LLC 47.02 -0.01% -0.02 5.85 IDX Advisors LLC 44.61 0.00% 0.00 -6.27 Q3 Asset Management Corp. 43.91 -1.72% -3.91 -8.44 Belpointe 43.30 5.58% 12.89 3.11 Pacific Investments Ltd. 42.93 0.00% 0.00 38.35 Reflection Asset Management, LLC 42.54 -0.01% -0.02 0.83 Alternative Access Funds LLC 42.53 -0.01% -0.03 15.04 Formidable Asset Management 41.01 -2.60% -6.35 -4.18 PMV Capital LLC 40.86 0.82% 2.00 12.07 Sparkline Capital LP 39.46 0.90% 2.29 2.93 Thor Analytics LLC 37.18 -40.74% -109.59 -46.30 Argent Capital Management 34.93 7.29% 20.88 22.74 Ocean Park Asset Management LLC 34.87 6.60% 18.93 14.61 Donald L. Hagan LLC 34.12 0.00% 0.00 33.35 Sheaff Brock Capital Management LLC 33.74 0.01% 0.03 0.27 Acquirers Funds 33.56 -0.88% -2.63 -7.33 Tapp Finance, Inc. 32.35 6.76% 20.88 19.78 Cohanzick Management 31.91 1.05% 3.30 -33.67 Cultivar Capital, Inc. 31.87 0.50% 1.58 1.00 Guardian Capital Group Ltd. 31.21 -1.50% -4.82 -6.04 Point Bridge Capital 30.45 -0.01% -0.02 3.71 Peakshares LLC 27.92 2.17% 7.79 10.85 Delaware Management Company Inc 26.74 1.80% 6.73 9.99 Mairs & Power, Inc. 25.66 0.65% 2.53 2.86 Advent Capital Management LLC 25.49 24.75% 97.11 25.25 Nightview Capital LLC 24.44 -0.65% -2.65 -1.23 Amun Holdings Ltd. 23.06 0.00% 0.00 9.05 Polen Capital Management LLC 22.50 0.50% 2.22 8.68 Clockwise Capital LLC 21.44 -0.58% -2.70 2.91 Cullen Capital Management LLC 20.96 2.46% 11.75 10.83 Grant/GrossMendelsohn LLC 19.47 0.00% 0.00 0.00 Carbon Collective Investing LLC 18.86 0.61% 3.22 3.14 Atlas Capital Team, Inc. 17.40 0.52% 3.02 9.71 Public Trust Advisors LLC 16.60 0.00% 0.00 3.04 Democracy Investment Management LLC 13.59 3.76% 27.66 3.76 Build Asset Management LLC 13.13 -0.63% -4.77 6.27 First Trust Advisors LP 12.57 2.08% 16.56 11.05 Power Financial Corp. 12.40 4.07% 32.80 4.07 NSI Holdings, Inc. 12.00 0.25% 2.09 1.73 Precidian Investments LLC 11.23 0.94% 8.34 0.94 Unlimited Funds, Inc. 10.41 3.88% 37.24 10.16 Otter Creek Advisors LLC 9.29 -0.24% -2.61 0.82 Brookmont Capital Management LLC 9.03 2.00% 22.12 8.00 Dvx Ventures LLC 6.62 6.60% 99.81 6.60 Vontobel Holding AG 5.80 5.75% 99.27 5.75 ONEFUND LLC 5.54 0.00% 0.00 2.07 Suncoast Equity Management LLC 5.37 5.31% 98.87 5.31 Hypatia Capital Group LLC 4.79 0.57% 11.89 0.86 Distribution Cognizant LLC 4.62 0.00% 0.00 0.00 Sarmaya Partners LLC 4.54 0.52% 11.46 4.37 X-Square Capital 4.40 0.00% 0.00 0.64 Albert D. Mason, Inc. 4.32 0.00% 0.00 -0.52 Kingsbarn Capital Management LLC 4.05 1.11% 27.35 1.79 Horizon Kinetics Holding Corp. 3.98 3.81% 95.84 3.81 Langar Investment Management LLC 3.48 -0.50% -14.23 1.30 Hilltop Holdings, Inc. 3.25 0.00% 0.00 2.34 Cboe 3.06 0.00% 0.00 -0.57 Epiris Managers LLP 2.54 0.00% 0.00 1.22 2.45 0.00% 0.00 -1.24 HWCap Holdings LLC 1.93 0.25% 12.83 1.91 Saracen Energy Advisors LP 1.76 0.00% 0.00 0.75 WEBs Investments, Inc. 1.74 0.00% 0.00 -0.41 Abacus Life, Inc. 1.18 0.00% 0.00 0.22 Fortuna Funds LLC 0.87 0.30% 34.66 0.80 Kelly Intelligence LLC 0.50 0.00% 0.00 -5.13 Lazard, Inc. 0.00 0.00% 0.00 0.00 VegTech LLC 0.00 0.00% 0.00 0.46 Cohen & Steers, Inc. (New York) 0.00 0.00% 0.00 0.00 Jacob Asset Management of New York LLC 0.00 0.00% 0.00 0.00 Dynamic Shares LLC 0.00 0.00% 0.00 0.00 AlphaMark Advisors 0.00 0.00% 0.00 0.00 Russell Investments Group Ltd. 0.00 0.00% 0.00 0.00 Arch Indices Investment Advisors LLC 0.00 0.00% 0.00 0.00 Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data are believed to be accurate; however, transient market data are often subject to subsequent revision and correction by the | © Copyright 2025 All rights reserved Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
2 days ago
- Business
- CNBC
The market's biggest trades sending skeptical message on U.S. stocks
This year has already packed a lot of action into stocks: an aggressively bullish start, a swift correction, and a full recovery from those April losses. But based on the the flows into the U.S. exchange-traded funds, where much of the daily trading action occurs across asset classes, the message coming through most clearly from investors is lingering skepticism about the strength of the U.S. equities market. May was a great month for stocks, with the S&P 500 Index up over 6%, the Nasdaq Composite up over 9%, and the Dow Jones Industrial Average up roughly 4%. But making up for April's losses hasn't removed the underlying fears from the market, with stocks sliding to start the month of June on Monday as trade uncertainty, from the state of U.S.-China deal talks to the Trump administration's battle with courts over the legality of tariffs, continue to serve as hurdles for sustained momentum. At the start of 2025, equity ETFs were trading roughly $3 billion in daily inflows, an "extreme" level of bullishness, according to recent report from Strategas Securities. Since the market recovered all of its April losses, those daily inflows have fallen by more than half, to roughly $1.4 billion, despite the rally. Where has the money been going? "Mostly, just hiding out in ultra-short duration," said Todd Sohn, senior ETF and technical strategist at Strategas, on a recent "ETF Edge" podcast. The iShares 0-3 Month Treasury Bond ETF (SGOV) and SPDR Bloomberg 1-3 T-Bill ETF (BIL) are both among the top 10 ETFs in investor flows this year, taking in over $25 billion in assets. "Skepticism, that's what the equity flows are telling us," said Sohn of the action since the market low in April. He added this suggests a year that could follow a pattern from bull market history, what he called a "reset year." Going back to 1950, years one and two of a bull market generate linear returns that take all equities higher, while third years are more often reset years that tend to reflect a cautious stance on stocks. Or, as Sohn put it: "How much of a good thing can last is a fair question." Since getting back to even, the U.S. market's 0.6% performance year-to-date through the end of May places it at the bottom of the list for 2025 relative to the performance of regional markets around the world, though it is by no means the worst country market in the world. But at least to date, the ETF flows do suggest a "year three" of a bull market cycle, which tends to more often be a trader year than investor year, with a wide dispersion in returns across equity sectors, according to Sohn. Coming off back-to-back years with 20 percent-plus returns for U.S. stocks, the top ETF categories in flows since the April 8 low are crypto, short duration bond, T-bill ETFs, and value (including overseas value stocks such as EAFE ETFs). Meanwhile, tech ETFs, single-stock levered ETFs, and cyclical and small-cap stock ETFs that are most closely linked to aggressive stock bets and conviction about the overall health of domestic economy are near the bottom of the list, with negative flows since the April low. "Folks want to hang out on the short-end of the [bond yield] curve and are very skeptical on what to do about U.S. equities," said Sohn. "It's almost like they are throwing in the towel on cyclicals and small-caps," he added. Part of the reason for the lack of interest in cyclicals is related to the yields currently on offer in the bond market, which can make cyclical plays with healthy dividend levels, such as consumer staples, financials, industrials, and materials, less attractive to investors who might otherwise assume the stock market risk for the income component. "That has disappeared with the return of bond yields," said Sohn. "There's not really any reason to hold," he added, as all the income flows that in the past may have gone into income-producing equities go to short duration bond ETFs instead. One place where investors should keep the faith with U.S. corporations is with their ability to fund bond payments, Joanna Gallegos, BondBloxx ETFs co-founder, said on "ETF Edge." After the strong years of 2023 and 2024, corporate credit sheets are "set up to weather the storm," Gallegos said, and she added that it is possible to stay shorter in corporate credit without exposing oneself to a high level of interest rate risk. After short duration bonds and T-bills, intermediate duration bonds have seen the most daily ETF flows since the April low among fixed-income categories, and are fifth overall in flows among stock and bond ETF asset classes, according to Strategas. Unlike equities, most fixed income categories have had positive returns year to date, even with yields near their highest levels in years, according to BondBloxx data. "Income is back. In fixed income, that's what is important right now," she said. "Any investor trying to offset volatility in their equity portfolio, if they haven't looked at how income is serving their portfolio, that's what they should do," Gallegos said. While Gallegos recommends investors consider investment grade credits in the BBB class, where yields are near 5%, and the first rung of the high-yield universe, BB, where yields are roughly 6%, short-duration yields are the most popular right now for a good reason. "It is hard to argue with 4-4.25% with no volatility," Sohn said. Disclaimer
CNBC
3 days ago
- Business
- CNBC
Investors are piling into big, short Treasury bets alongside Warren Buffett
Investors always pay close attention to bonds, and what the latest movement in prices and yields is saying about the economy. Right now, the action is telling investors to stick to the shorter-end of the fixed-income market with their maturities. "There's lots of concern and volatility, but on the short and middle end, we're seeing less volatility and stable yields," Joanna Gallegos, CEO and founder of bond ETF company BondBloxx, said on CNBC's "ETF Edge." The 3-month T-Bill right now is paying above 4.3%, annualized. The two-year is paying 3.9% while the 10-year is offering about 4.4%. ETF flows in 2025 show that it's the ultrashort opportunity that is attracting the most investors. The iShares 0-3 Month Treasury Bond ETF (SGOV) and SPDR Bloomberg 1-3 T-Bill ETF (BIL) are both among the top 10 ETFs in investor flows this year, taking in over $25 billion in assets. Only Vanguard Group's S&P 500 ETF (VOO) has taken in more new money from investors this year than SGOV, according to data. Vanguard's Short Term Bond ETF (BSV) is not far behind, with over $4 billion in flows this year, placing with the top 20 among all ETFs in year-to-date flows. "Long duration just doesn't work right now" said Todd Sohn, senior ETF and technical strategist at Strategas Securities, on "ETF Edge." It would seem that Warren Buffett agrees, with Berkshire Hathaway doubling its ownership of T-bills and now owning 5% of all short-term Treasuries, according to a JPMorgan report. "The volatility has been on the long end," Gallegos said. "The 20-year has gone from negative to positive five times so far this year," she added. The bond volatility comes nine months after the Fed's began cutting rates, a campaign it has since paused amid concerns about the potential for resurgent inflation due to tariffs. Broader market concerns about government spending and deficit levels, especially with a major tax cut bill on the horizon, have added to bond market jitters. Long-term treasuries and long-term corporate bonds have posted negative performance since September, which is very rare, according to Sohn. "The only other time that's happened in modern times was during the financial crisis," he said. "It is hard to argue against short term duration bonds right now," he added. Sohn is advising clients to steer clear of anything with a duration of longer than seven years, which has a yield in the 4.1% range right now. Gallegos says she is concerned that amid the bond market volatility, investors aren't paying enough attention to fixed income as part of their portfolio mix. "My fear is investors are not diversifying their portfolios with bonds today, and investors still have an equity addiction to concentrated broad-based indexes that are overweight certain tech names. They get used to these double-digit returns," she said. Volatility in the stock market has been high this year as well. The S&P 500 rose to record levels in February, before falling 20%, hitting a low in April, and then reversing all of those losses more recently. While bonds are an important component of long-term investing to shield a portfolio from stock corrections, Sohn said now is also a time for investors to look beyond the United States with their equity positions. "International equities are contributing to portfolios like they haven't done in a decade" he said. "Last year was Japanese equities, this year it is European equities. Investors don't have to be loaded up on U.S. large cap growth right now," he said. The iShares MSCI Eurozone ETF (EZU) is up 25% so far this year. The iShares MSCI Japan ETF (EWJ) Japan ETF is up 25% over the last two years.
Yahoo
27-05-2025
- Business
- Yahoo
‘Widow Maker' Bond-ETF Trade Delivers Fast Gains for Dip-Buyers
(Bloomberg) -- Dip buyers in the dangerous world of long-dated Treasury debt are enjoying a rare pay day — and fast. UAE's AI University Aims to Become Stanford of the Gulf Pacific Coast Highway to Reopen Near Malibu After January Fires Investors over the past week poured $1.8 billion into BlackRock Inc.'s iShares 20+ Year Treasury Bond ETF (ticker TLT) — the most among all the 630 ETFs that Bloomberg tracks — just as longer-maturity government bonds sold off on fears over America's debt trajectory. The timing has proved fortuitous. In Tuesday trading, Treasuries rallied — pushing the 30-year yield below 5% — on optimism about trade negotiations between the US and the European Union, and as Japan signaled it may adjust debt sales to stabilize its bond market. TLT jumped 1.7% during the session, on track for its biggest daily rise since February. It's a rare win for an ETF trade that has earned a reputation as a so-called widow maker. True to its infamy, TLT has attracted some $49 billion in the past five years despite shedding more than 40% in that time horizon. 'Investors aren't letting TLT's widow-maker reputation scare them off,' said Athanasios Psarofagis, ETF analyst at Bloomberg Intelligence. 'They're still buying in, holding on to hope that long-term Treasuries will finally bounce back.' For some time, bond investors have been demanding extra compensation for the risk of investing in longer-duration debt as Republican lawmakers haggled over President Donald Trump's signature tax-cut bill that would add trillions of dollars to already bulging budget gaps. Benchmark 30-year Treasury bonds surged above 5.1% last week to trade near the highest in almost two decades. But last week's buying streak in TLT suggests that a growing cohort of traders are betting that yields are high enough to entice buyers and compensate for the risks. Long-maturity bonds are most exposed to interest-rate risk, so they tend to rally the most when borrowing costs fall. 'Dip-buyers are trying to pick the bottom,' and long-term bonds give investors 'the biggest bang for your buck' because they are exposed to the most volatile part of the yield curve, said Byron Anderson, head of fixed income at Laffer Tengler Investments Inc. The iShares 10-20 Year Treasury Bond ETF (TLH) was also among the ETFs that attracted the most inflows over the past week, along with the iShares 0-3 Month Treasury Bond ETF (SGOV). Peter Tchir of Academy Securities is among those recommending long-bonds, saying the pessimism is overdone. Adding heft to his belief is the rally in global bonds after Japanese authorities signaled they are considering adjusting their debt plan. 'The situation wasn't as bad as the narrative,' said Tchir who recommended investors add duration last week. 'Positioning had swung from too bullish to too bearish fairly quickly, too.' Of course, TLT — which is almost as volatile as US stocks — isn't for faint hearts. In the options market, traders remain wary of further declines in long bonds. It costs more to buy put options in TLT than to purchase calls, a sign there is demand for downside protection. 'We believe the long end will continue to see term premium increase,' said Lindsay Rosner, head of multi-sector fixed income investing at Goldman Sachs Asset Management. 'It's all about the fiscal, what is the right level to lend at to countries whose balance sheets are trending the way they are.' Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Why Apple Still Hasn't Cracked AI Inside the First Stargate AI Data Center Millions of Americans Are Obsessed With This Japanese Barbecue Sauce How Coach Handbags Became a Gen Z Status Symbol ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
05-05-2025
- Business
- Yahoo
SGOV Adds $1.1B in New AUM as Bond Buying Leads the Way
ETF investors leaned cautiously bullish to close out the week, adding $5.3 billion to U.S.-listed funds on Friday. As always, single-day flow numbers can be noisy, but there were some clear trends worth highlighting. Fixed income was the big winner. U.S. bond ETFs brought in more than $3.5 billion on the day, led by inflows into ultra-short-term Treasury products. The iShares 0-3 Month Treasury Bond ETF (SGOV) topped the charts with $1.1 billion in new money, while the SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) added another $411 million. Meanwhile, the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) saw $697 million in inflows, suggesting continued demand for high-quality yield. Stocks weren't left behind entirely. The Vanguard S&P 500 ETF (VOO) and SPDR S&P 500 ETF Trust (SPY) pulled in $970 million and $866 million, respectively. The iShares Russell 2000 ETF (IWM) also had a strong showing, with just under $510 million in net creations. But not every equity ETF had a good day. The iShares Core S&P 500 ETF (IVV) saw a hefty $2.5 billion in outflows, topping the redemptions list. The Invesco QQQ Trust (QQQ) and its leveraged cousin, the ProShares UltraPro QQQ (TQQQ), also shed more than $800 million combined, suggesting some rotation out of tech-heavy names. Leveraged ETFs broadly were in the red, with more than $602 million in outflows on the day. Commodity ETFs also posted modest outflows. All in all, Friday's flows paint a picture of investors staying cautiously positioned—still adding to broad equity exposure but keeping plenty of dry powder in ultra-safe Treasury bills. Ticker Name Net Flows ($, mm) AUM ($, mm) AUM % Change SGOV iShares 0-3 Month Treasury Bond ETF 1,123.99 45,717.40 2.46% VOO Vanguard S&P 500 ETF 970.04 612,792.30 0.16% SPY SPDR S&P 500 ETF Trust 865.94 573,492.79 0.15% LQD iShares iBoxx $ Investment Grade Corporate Bond ETF 696.66 28,198.61 2.47% IWM iShares Russell 2000 ETF 509.92 58,572.61 0.87% BIL SPDR Bloomberg 1-3 Month T-Bill ETF 411.41 47,297.57 0.87% KLMN Invesco MSCI North America Climate ETF 385.86 1,715.71 22.49% IBIT iShares Bitcoin Trust ETF 351.38 58,713.60 0.60% IEF iShares 7-10 Year Treasury Bond ETF 304.97 34,489.86 0.88% QQQM Invesco NASDAQ 100 ETF 293.33 42,977.25 0.68% Ticker Name Net Flows ($, mm) AUM ($, mm) AUM % Change IVV iShares Core S&P 500 ETF -2,525.89 561,813.75 -0.45% QQQ Invesco QQQ Trust Series I -529.54 301,498.94 -0.18% XLF Financial Select Sector SPDR Fund -292.46 48,770.07 -0.60% TQQQ ProShares UltraPro QQQ -287.18 20,961.32 -1.37% TLT iShares 20+ Year Treasury Bond ETF -274.70 46,956.17 -0.59% DIA SPDR Dow Jones Industrial Average ETF Trust -264.89 36,450.48 -0.73% XLK Technology Select Sector SPDR Fund -234.50 65,822.07 -0.36% RSP Invesco S&P 500 Equal Weight ETF -231.50 69,424.65 -0.33% HYG iShares iBoxx $ High Yield Corporate Bond ETF -164.29 14,480.67 -1.13% VV Vanguard Large-Cap ETF -141.36 38,354.93 -0.37% Net Flows ($, mm) AUM ($, mm) % of AUM Alternatives 26.68 9,792.89 0.27% Asset Allocation 44.17 23,787.02 0.19% Commodities ETFs -131.78 206,865.57 -0.06% Currency 432.06 124,531.34 0.35% International Equity 1,032.15 1,679,708.05 0.06% International Fixed Income 288.86 279,967.93 0.10% Inverse 385.03 15,430.18 2.50% Leveraged -602.33 107,918.92 -0.56% US Equity 394.04 6,410,075.73 0.01% US Fixed Income 3,456.83 1,643,671.07 0.21% Total: 5,325.73 10,501,748.71 0.05% Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data are believed to be accurate; however, transient market data are often subject to subsequent revision and correction by the | © Copyright 2025 All rights reserved Sign in to access your portfolio
