ETF Daily Fund Inflow Report

Date: September 18, 2025

Headline: Equity ETFs Attract Billions as Growth and Large-Cap Assets Lead Inflows

Market Overview
Today’s fund flows underscored a clear preference for equity ETFs, with all top 10 inflows concentrated in U.S. stock strategies. Large-cap and growth-oriented products dominated, reflecting a risk-on posture amid a broader market environment that may be favoring established equity exposures. While macroeconomic signals remain neutral in this report, the sustained inflows into broad-market and growth-focused ETFs could indicate investor confidence in near-term corporate earnings resilience or positioning ahead of potential seasonal trends. Value strategies also saw meaningful inflows, suggesting a tentative balance between growth and value themes.

ETF Highlights
The SPDR S&P 500 ETF Trust (SPY) led the day with $2.38 billion in net inflows, reinforcing its role as a core proxy for broad U.S. equity exposure. With $669.13 billion in assets under management (AUM), SPY’s 12.99% year-to-date (YTD) gain aligns with continued demand for blue-chip stability. Similarly, the Vanguard S&P 500 ETF (VOO) added $2.34 billion, reflecting parallel appeal for low-cost, cap-weighted large-cap exposure, though its slightly higher YTD return of 13.02% may further solidify its position as a benchmark alternative.

Growth-focused allocations gained traction, with the Vanguard Growth ETF (VUG) securing $1.83 billion in inflows. Its 16.04% YTD outperformance highlights its role in capturing momentum in high-growth sectors, while its $195.09 billion AUM underscores its scale as a go-to growth vehicle. The iShares Russell 1000 Growth ETF (IWF), up 15.60% YTD, also attracted $394.84 million, signaling niche demand for large-cap growth within the Russell 1000 index.

Small- and mid-cap strategies also saw robust inflows, with the Vanguard Small-Cap ETF (VB) and SPDR S&P Midcap 400 ETF Trust (MDY) gaining $1.12 billion and $525.25 million, respectively. VB’s 7.84% YTD return and $68.55 billion AUM suggest sustained interest in small-cap value, while MDY’s 6.31% YTD gain may reflect a tactical shift toward midcap cyclicals. The Vanguard Mid-Cap ETF (VO), with $466.04 million in inflows, further illustrates this trend, its 10.57% YTD performance bolstering its appeal as a diversified midcap core holding.

Value-oriented ETFs, including the iShares Russell 1000 Value ETF (IWD) and Vanguard Value ETF (VTV), also captured notable inflows of $567.09 million and $449 million. IWD’s 9.71% YTD return and $63.96 billion AUM position it as a key player in the growth-value balance, while VTV’s 9.75% YTD performance and larger $147.23 billion AUM highlight broader value rotation.

Notable Trends
The top 10 list reveals a balanced rotation across market capitalizations and styles, with growth and value ETFs both attracting significant capital. The dominance of large-cap benchmarks (SPY, VOO) contrasts with meaningful inflows into midcap and small-cap peers, potentially signaling a diffusion of risk appetite beyond mega-cap tech. Additionally, the Vanguard Total Stock Market ETF (VTI)’s $740.54 million inflow—despite its 12.93% YTD return—highlights its role as a one-stop exposure to the entire U.S. equity spectrum, with $541.75 billion AUM amplifying its scale.

Conclusion
Today’s inflows into a broad array of equity ETFs—spanning large-cap, growth, and midcap/small-cap segments—may indicate a cautiously optimistic market sentiment, with investors diversifying across styles and capitalizations. The strong performance of growth ETFs, coupled with meaningful value participation, could suggest a maturing risk-on cycle, though further data would be needed to confirm a structural shift. Overall, the flows reflect a market positioning for continued equity participation, with no overt sectoral or factor concentration in the top 10.