##  [# 2025 ETF Inflows Race Toward $1.5 Trillion](/sections/weekly-etf-flows/2025-etf-inflows-race-toward-15-trillion) 

 

# 2025 ETF Inflows Race Toward $1.5 Trillion

 

 

Last week’s $78.2 billion inflow pushed annual ETF demand to record levels, even as year-end tax trades muddied the data.



 

 

 

 

 [![sumit](/sites/default/files/styles/author_image_icon/public/2023-03/Sumit_0.png?itok=SO-7S5SH "sumit")](/authors/sumit-roy) 

[By Sumit Roy ](/authors/sumit-roy)

 Dec 22, 2025

 Edited by: ETF.com Staff

 

 

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Investors poured $78.2 billion into U.S.-listed ETFs during the week ending Friday, December 19, pushing year-to-date inflows to $1.42 trillion, a fresh annual record. With a little over one week left in the year, the remaining question is whether ETF flows can clear $1.5 trillion before the calendar flips.  
  
Last week’s data, however, was heavily distorted by tax-related heartbeat trades, which created unusually large inflows and outflows in several core index funds. The most prominent example was [**Vanguard S&amp;P 500 ETF (VOO)**](/voo), which saw $44.3 billion in outflows, largely offset by $50.4 billion of inflows into [**iShares Core S&amp;P 500 ETF (IVV)**](/ivv).   
  
Despite the noise, underlying demand remained strong across most asset classes. U.S. equity ETFs led the way with $47 billion of inflows, followed by international equity ETFs, which attracted $18.3 billion. Fixed income ETFs added another $8.5 billion. On the other hand, currency ETFs lost $914 million, while inverse ETFs saw $291 million of outflows.

## Heartbeats Dominate Inflows Table

Heartbeat activity dominated the top inflows table, with nearly every fund showing the telltale patterns associated with these tax efficiency maneuvers. One notable exception was the [**Invesco QQQ Trust (QQQ)**](/qqq), which took in $4.3 billion in what appeared to be organic demand.  
  
The inflows came just as Invesco announced it had received sufficient shareholder approval to convert QQQ from a unit investment trust into a standard ETF structure, effective this week. As part of the change, the fund’s expense ratio was reduced by 2 basis points, a move that may have helped attract fresh capital.

 
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## Notable Outflows

On the outflows side, several funds appeared to experience legitimate selling pressure rather than heartbeat-driven noise.  
  
The [**Invesco S&amp;P 500 Equal Weight ETF (RSP)**](/rsp) lost $964 million in assets. The ETF has significantly lagged its market-cap-weighted peers this year. The equal-weighted strategy is up 12.3% year to date, compared with an 18.4% gain for the S&amp;P 500.  
  
The [**Direxion Daily TSLA Bull 2X Shares (TSLL)**](/tsll) shed assets in what could be profit taking after a big run. Tesla shares recently surged into all-time high territory, driving a big rebound in TSLL.  
  
While the leveraged ETF is down 13% on the year (versus a gain of 21% for Tesla), the fund is up 251% from its April lows.

Meanwhile, the [**iShares 20+ Year Treasury Bond ETF (TLT)**](/tlt) saw outflows of $631 million as 30-year Treasury yields hovered near their highest levels since September.  
  
Energy and crypto funds also struggled. The [**Energy Select Sector SPDR Fund (XLE)**](/xle) lost $620 million as oil prices slid to around $55, their lowest level since 2021. The ETF is up 6.9% this year, sharply lagging the broader market, but outperforming crude oil itself, which is down roughly 19%.  
  
Crypto-linked ETFs remained under pressure last week as well. [**iShares Ethereum Trust ETF (ETHA)**](/etha) lost $459 million and is down 11% this year amid weak sentiment across the crypto space. That decline is nearly double the roughly 6% year-to-date loss in its sister fund, the [**iShares Bitcoin Trust ETF (IBIT)**](/ibit).  
  
For a full list of last week’s top inflows and outflows, see the tables below:

## **Top 10 Creations (All ETFs)**

TickerNameNet Flows ($, mm)AUM ($, mm)AUM % Change&lt;[IVV](https://www.etf.com/ivv)[iShares Core S&amp;P 500 ETF](https://www.etf.com/ivv)50,368.10717,954.617.02[SPYV](https://www.etf.com/spyv)[SPDR Portfolio S&amp;P 500 Value ETF](https://www.etf.com/spyv)6,100.1837,581.2516.23[IVE](https://www.etf.com/ive)[iShares S&amp;P 500 Value ETF](https://www.etf.com/ive)4,919.0352,367.169.39[QQQ](https://www.etf.com/qqq)[Invesco QQQ Trust Series I](https://www.etf.com/qqq)4,336.29402,461.141.08[IVW](https://www.etf.com/ivw)[iShares S&amp;P 500 Growth ETF](https://www.etf.com/ivw)3,201.3468,737.324.66[MOAT](https://www.etf.com/moat)[VanEck Morningstar Wide Moat ETF](https://www.etf.com/moat)2,891.1815,860.4218.23[SPYM](https://www.etf.com/spym)[Tradr 2X Long SPY Monthly ETF](https://www.etf.com/spym)2,846.03101,672.522.80[SPYG](https://www.etf.com/spyg)[SPDR Portfolio S&amp;P 500 Growth ETF](https://www.etf.com/spyg)2,492.8147,191.525.28[SMH](https://www.etf.com/smh)[VanEck Semiconductor ETF](https://www.etf.com/smh)2,140.6338,131.555.61[IUSV](https://www.etf.com/iusv)[iShares Core S&amp;P US Value ETF](https://www.etf.com/iusv)1,982.8526,186.557.57## **Top 10 Redemptions (All ETFs)**

TickerNameNet Flows ($, mm)AUM ($, mm)AUM % Change[VOO](https://www.etf.com/voo)[Vanguard S&amp;P 500 ETF](https://www.etf.com/voo)-44,286.67809,331.27-5.47[SPY](https://www.etf.com/spy)[SPDR S&amp;P 500 ETF Trust](https://www.etf.com/spy)-20,099.37692,603.22-2.90[TABD](https://www.etf.com/tabd)[Transamerica Bond Active ETF](https://www.etf.com/tabd)-2,210.7925.10-8,807.20[RSP](https://www.etf.com/rsp)[Invesco S&amp;P 500 Equal Weight ETF](https://www.etf.com/rsp)-963.6475,795.02-1.27[XLF](https://www.etf.com/xlf)[Financial Select Sector SPDR Fund](https://www.etf.com/xlf)-637.0252,967.68-1.20[TSLL](https://www.etf.com/tsll)[Direxion Daily TSLA Bull 2X Shares](https://www.etf.com/tsll)-636.516,977.49-9.12[TLT](https://www.etf.com/tlt)[iShares 20+ Year Treasury Bond ETF](https://www.etf.com/tlt)-630.7547,527.15-1.33[XLE](https://www.etf.com/xle)[Energy Select Sector SPDR Fund](https://www.etf.com/xle)-619.9626,126.10-2.37[LQD](https://www.etf.com/lqd)[iShares iBoxx $ Investment Grade Corporate Bond ETF](https://www.etf.com/lqd)-508.9231,139.64-1.63[ETHA](https://www.etf.com/etha)[iShares Ethereum Trust ETF](https://www.etf.com/etha)-459.019,860.07-4.66## **ETF Weekly Flows By Asset Class**

 Net Flows ($, mm)AUM ($, mm)% of AUMAlternatives400.74109,984.730.36%Asset Allocation141.4732,373.740.44%Commodities E T Fs2,008.81329,287.970.61%Currency-913.74138,163.58-0.66%International Equity18,308.982,212,060.540.83%International Fixed Income323.98366,675.010.09%Inverse-290.7713,097.78-2.22%Leveraged2,718.31148,838.661.83%Us Equity47,036.358,082,423.900.58%Us Fixed Income8,481.701,891,496.390.45%**Total:****78,215.83****13,324,402.29****0.59%**Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges.





 

 

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 [ Sumit Roy Senior ETF Analyst ](/authors/sumit-roy) 

 

 

  Sumit Roy is the senior ETF analyst for etf.com and author of (Don't) Invest Like a Pro. He creates a variety of content for the platform, including…   [View Bio](/authors/sumit-roy)

 



 

 


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