ETF Daily Fund Inflow Report

Date: September 25, 2025

Headline: Broad Equity ETFs Attract Billions as Growth and Diversification Themes Gain Momentum

Market Overview
Today’s fund flows underscored a strong appetite for equity exposure, with the top 10 ETFs by inflow dominated by broad market, growth, and international equity funds, alongside a notable allocation to gold. Collectively, these ETFs attracted over $10 billion in net inflows, with equity-focused products accounting for nearly 90% of the total. The data suggests investors are balancing growth-oriented positioning—evidenced by robust flows into S&P 500 and Nasdaq-100 vehicles—with diversification into emerging markets and safe-haven assets like gold. While macroeconomic context remains limited, the flows align with a risk-on bias, possibly reflecting year-end portfolio rebalancing or optimism around near-term earnings visibility.

ETF Highlights
The iShares Core S&P 500 ETF (IVV) led the day’s inflows with $4.32 billion, reinforcing its role as a cornerstone of broad U.S. equity exposure. Despite its massive $660.10B in assets under management, the 12.29% year-to-date gain may be encouraging further accumulation as investors seek market-cap-weighted stability.

The Invesco QQQ Trust (QQQ) followed with $3.33 billion in inflows, highlighting continued demand for Nasdaq-100 growth stocks. Its 16.07% YTD performance, coupled with $378.40B in AUM, suggests a self-reinforcing cycle of momentum-driven capital inflows, particularly in tech-heavy sectors.

The Vanguard FTSE Emerging Markets ETF (VWO) attracted $806.40 million, adding to its 21.87% YTD rally. With $101.74B in AUM, the inflow may reflect a tactical shift toward emerging markets, potentially driven by expectations of central bank policy normalization in developing economies.

SPDR Gold Shares (GLD) saw $708.12 million in inflows, marking the largest gold ETF by AUM ($120.53B) and a 42.37% YTD surge. The flow could signal hedging against macroeconomic uncertainty, though the asset’s performance remains decoupled from traditional safe-haven triggers.

The Vanguard FTSE Developed Markets ETF (VEA) added $656.37 million, with a striking 23.49% YTD return and $177.03B in AUM. Its inflow aligns with a broader search for developed-market diversification, particularly in Europe and Asia-Pacific regions.

The iShares Russell 1000 ETF (IWB) drew $549.70 million, reflecting demand for large-cap U.S. equities. Its $43.40B AUM and 12.14% YTD performance position it as a mid-sized alternative to IVV for investors seeking similar exposure.

The T Rowe Price Capital Appreciation Equity ETF (TCAF) and Dimensional US Equity Market ETF (DFUS) each attracted over $500 million, with TCAF’s 11.27% YTD gain and DFUS’s 12.32% return pointing to active and factor-based equity strategies gaining traction.

The iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD) took in $479.22 million, offering a rare fixed-income anchor in the list. Its modest 3.95% YTD return and $30.92B AUM highlight defensive positioning amid a low-yield environment.

The Invesco KBW Bank ETF (KBWB) closed the top 10 with $288.01 million in inflows, benefiting from a 20.05% YTD rebound in banking stocks, likely linked to expectations of tighter credit conditions and higher interest rates.

Notable Trends
The juxtaposition of growth equity inflows (QQQ, IVV) and gold’s surge (GLD) suggests a duality in investor sentiment—simultaneously betting on expansion and hedging against volatility. The banking sector’s strong YTD performance and inflow, despite its smaller scale, may indicate a rotation into cyclical plays.

Conclusion
Today’s flows highlight a market leaning into equity risk premiums, with particular emphasis on growth and large-cap benchmarks, while selectively allocating to diversifiers like gold and emerging markets. The bond sector’s limited presence in the top 10 underscores a cautious approach to fixed income, possibly reflecting ongoing uncertainty about yield sustainability. Collectively, the data may signal a phase of tactical positioning ahead of potential year-end portfolio adjustments, with growth and international equity themes firmly in focus.