## [# S&P 500 ETF Flows Split as VOO Gains, SPY Loses Billions](/sections/data-dive/sp-500-etf-flows-split-voo-gains-spy-loses-billions)
# S&P 500 ETF Flows Split as VOO Gains, SPY Loses Billions
\- The Vanguard S&P 500 ETF (VOO) led inflows with $14.9 billion in past month.
\- The SPDR S&P 500 ETF (SPY) saw the largest outflows at $17.3 billion.
\- Bitcoin and new options-focused funds also attracted investor interest.
[](/authors/dj-shaw)
[By DJ Shaw ](/authors/dj-shaw)
May 27, 2025
Edited by: David Tony
[ + Follow ](/etf/login)
Share Email LinkedIn Facebook X (Twitter)
googletag.cmd.push(function() {
googletag.display('js-dfp-tag-article_page_302x26');
});
Loading
The [**Vanguard S&P 500 ETF (VOO)**](/voo) attracted $14.9 billion in net inflows over the month ending May 22, according to FactSet data, leading all exchange-traded funds as investors navigated volatile market conditions.
The world's largest ETF by assets under management captured the top spot for fund flows while its closest competitor, the [**SPDR S&P 500 ETF Trust (SPY)**](/spy), experienced the largest outflows at $17.3 billion over the same period, according to the data. This shift reflects ongoing consolidation among S&P 500 funds as cost-conscious investors gravitate toward lower-fee options.
The fund flow patterns reveal how investors are positioning portfolios amid concerns about Treasury yields, deficit spending and economic uncertainty, with money moving between similar products and into alternative strategies like cryptocurrency and options-enhanced funds.
## VOO Maintains Its Lead
Vanguard overtook State Street's SPY as the largest ETF in February, with VOO managing $659.2 billion in assets compared to SPY's $607.9 billion as of May 23, according to FactSet. Both funds track the S&P 500 Index and posted identical 13.4% returns over the past month, but VOO's expense ratio of 0.03% undercuts SPY's 0.09% fee.
The [**iShares Core S&P 500 ETF (IVV)**](/ivv) from [BlackRock, Inc. (BLK)](/stock/blk) also saw outflows of $10.2 billion during the period, according to the data. The fund manages $586.6 billion in assets and carries a 0.03% expense ratio like that of VOO.
*ETF Flows Shift—Source: FactSet*
The second-largest inflows went to the [**SGI Enhanced Market Leaders ETF (LDRX)**](/ldrx), which collected $6.3 billion despite launching just weeks ago on May 5, according to FactSet. The actively managed fund from Summit Global combines large-cap equity exposure with a short-term options strategy designed to generate additional income.
googletag.cmd.push(function() {
googletag.display('js-dfp-tag-in_article_unit');
});
## Bitcoin Fund Draws Investor Interest
The [**iShares Bitcoin Trust ETF (IBIT)**](/ibit) rounded out the top three inflows with $5.9 billion, bringing its year-to-date total to $8.3 billion, according to the data. The BlackRock fund, which tracks [Bitcoin's](/topics/bitcoin) spot price, gained 24.8% over the past month as the cryptocurrency reached an all time high of $112,000 last week.
The largest outflow, after IVV, came from the [**Vanguard Mortgage-Backed Securities ETF (VMBS)**](/vmbs), which lost $7.4 billion as investors moved less into fixed-income products, according to FactSet. The fund, which tracks mortgage pass-through securities, declined 0.2% over the month as Treasury yields climbed higher.
[ + Follow ](/etf/login)
[ DJ Shaw Finance Reporter ](/authors/dj-shaw)
A graduate of The University of Texas, Arlington with a BA in Communications, DJ has covered retirement plans, mortgage news, and financial advisor… [View Bio](/authors/dj-shaw)
Related Topics [S&P 500](http://www.etf.com/topics/sp-500)
[Bitcoin](http://www.etf.com/topics/bitcoin)
[Crypto](http://www.etf.com/topics/cryptocurrency)
[Mortgages](http://www.etf.com/topics/mortgages)
[SPDR](http://www.etf.com/topics/spdr)