April ETF Flows Highlights
- US exchange-traded fund flows hit $167.2 billion in April 2026—nearly 3 times April’s inflows from a year ago—as the S&P 500 posted its best month since November 2020.
- Large-growth and technology ETFs both set monthly inflow records on the back of a semiconductor rally.
- Leveraged equity ETFs shed $17.1 billion despite strong performances from a few tickers.
- Ultrashort bond ETFs flipped from a $25.5 billion record inflow in March to $1.6 billion in outflow in April as investors rotated into corporate and high-yield credit.
The S&P 500 surged in April, and demand for large-cap stocks surged alongside it. The index returned 10.5%, with technology stocks driving more than half of its performance. Nearly $100 billion of net new money flowed into just three Morningstar Categories: large-blend, large-growth, and technology. Total US ETF flows reached $167.2 billion, up from $106.4 billion in March and nearly 3 times the $58.0 billion from April a year ago.
A rising tide lifts all ships, and both of the analyst-rated momentum and value ETFs below performed exceptionally well in April. IShares MSCI USA Momentum Factor ETF MTUM and iShares MSCI USA Value Factor ETF VLUE aren’t representative of every fund in their categories, but most momentum and value funds also performed well. Momentum strategies were loaded with semiconductors and mega-cap tech, while value strategies held cyclical names, like financial stocks, that rose as investors reversed March’s risk-off trades.
April Market Performance Through the Lens of Analyst-Rated ETFs
Large Growth and Technology Set Records
Large-blend ETFs led the pack with $63.4 billion of inflows, and the large-growth and technology categories both set records with $20.1 billion and $14.2 billion, respectively. All three categories benefited from surging technology stocks, especially semiconductors.
Morningstar Categories With the Largest April In- and Outflows
Intel INTC surged 114.1% in April after reporting revenue of $13.6 billion and earnings per share of $0.29 against a $0.01 consensus and announcing a manufacturing partnership for Elon Musk’s Terafab AI chip complex in Austin. Advanced Micro Devices AMD gained 74.3%, ON Semiconductor ON 62.8%, and Broadcom AVGO 34.9%. That sent VanEck Semiconductor ETF SMH to a 32.2% return in April and $3.7 billion of inflows.
On the strength of those gains, Invesco QQQ Trust QQQ pulled in $10.1 billion and returned 15.6%—its best month of flows on record. Invesco Nasdaq 100 ETF QQQM, the lower-cost sibling aimed at long-term investors, added a record $3.3 billion. Vanguard S&P 500 ETF VOO and SPDR S&P 500 ETF Trust SPY led all ETFs with $23.6 billion and $21.0 billion, respectively. Together, they captured more than a fourth of all April flows. Vanguard S&P 500 ETF’s $43.1 billion year-to-date haul reflects persistent buy-and-hold demand. SPDR S&P 500 ETF Trust’s figure reflects short-term trading as much as long-term commitment, and its flows tend to swing with the S&P 500 from month to month.
Memory names moved just as sharply. Micron MU gained 53.1% and SanDisk SNDK 72.6% on artificial intelligence data center demand for high-bandwidth memory. Roundhill Memory ETF DRAM attracted $2.4 billion against just $2.5 billion in assets under management. Technology sector ETFs as a whole set a monthly inflow record at $14.2 billion.
ETFs With the Largest April In- and Outflows
Leveraged ETF Traders Cashed Out
Leveraged equity ETFs shed $17.1 billion in April even as they delivered extraordinary returns. Traders took profits as stocks soared.
Direxion Daily Semiconductor Bull 3X ETF SOXL saw $9.6 billion in outflows despite returning 164.3%. Traders steadily pulled out of the fund throughout April to realize gains. ProShares UltraPro QQQ TQQQ shed $5.5 billion amid a 52.2% gain. Both are daily-rebalancing instruments built for short holding periods, and the April semiconductor surge prompted the rapid profit-taking.
Leveraged and inverse ETFs collected $4.1 billion of flows even as the market moved sharply against them. Direxion Daily Semiconductor Bear 3X ETF SOXS, which bets on semiconductor stocks falling, pulled in $2.3 billion.
April Flows Across Morningstar US Category Groups
Investors Sell Ultrashort Bonds
Taxable-bond ETFs collected $26.5 billion in April, down from March’s $40.1 billion. The safe-haven trade that defined March flows reversed. Investors piled $4.5 billion and $4.0 billion into the corporate and high-yield bond categories, respectively. Investors favored iShares iBoxx $ Investment Grade Corporate Bond ETF LQD and iShares Broad USD High Yield Corp Bond ETF USHY in those two categories.
Money pulled out of the ultrashort bond category to the tune of $1.6 billion in outflows. Its worst month since January 2024. State Street SPDR Bloomberg 1-3 Month T-Bill ETF BIL lost $4.5 billion to outflows, but iShares 0-3 Month Treasury Bond ETF SGOV ended the month with $1.6 billion in net new money.
Vanguard Continues to Dominate
Vanguard collected $50.3 billion in April—nearly as much as iShares and State Street’s combined $54.4 billion—driven by Vanguard S&P 500 ETF’s dominant month. Vanguard has gathered $172.5 billion year to date, against iShares’ $105.8 billion, in the ongoing race for ETF market share.
A few smaller providers stood out. Roundhill collected $3.1 billion, growing its assets by roughly 37% from the end of March. Its thematic and trading-oriented lineup, including DRAM, captured the semiconductor rally directly. Calamos added roughly 55% to its March assets, driven by demand for its structured-protection ETFs. On the other end, Direxion shed $9.0 billion, roughly 19% of its assets, as Direxion Daily Semiconductor Bull 3X ETF and ProShares UltraPro QQQ traders cashed out.
