## [# ETF Inflows Hit $92B, But Much of It Looks Temporary](/sections/weekly-etf-flows/etf-inflows-hit-92b-much-it-looks-temporary) # ETF Inflows Hit $92B, But Much of It Looks Temporary Massive inflows were driven largely by tax-related trades. [![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) Mar 23, 2026 Edited by: ETF.com Staff [ + Follow ](/etf/login) Share Email LinkedIn Facebook X (Twitter) googletag.cmd.push(function() { googletag.display('js-dfp-tag-article_page_302x26'); }); Loading U.S.-listed ETFs pulled in a whopping $92.3 billion during the week ending Friday, March 20, pushing year-to-date inflows above $450 billion. While the headline number looks massive, much of last week’s activity appears to be tied to tax-related heartbeat trades, which are often reversed shortly after they occur. That makes it difficult to draw strong conclusions about underlying investor demand. Still, the flows offer a glimpse into where money moved. ## Equity ETFs Lead The Way U.S. equity ETFs dominated, taking in $64.9 billion during the week. International equity ETFs added $15.8 billion, while U.S. fixed income ETFs pulled in $12.2 billion. At the top of the inflows list was the [**Schwab U.S. Dividend Equity ETF (SCHD)**](/schd), which brought in $15.8 billion in what appears to be a classic heartbeat trade. The [**SPDR Portfolio S&P 500 ETF (SPYM)**](/spym) ranked second with $10.3 billion of inflows. Unlike SCHD, that move appears more likely to reflect organic demand. The [**VanEck Semiconductor ETF (SMH)**](/smh) gathered $3.2 billion, likely tied to another heartbeat trade, while the [**iShares MSCI EAFE ETF (EFA)**](/efa) took in $3 billion in what looks like more traditional investor demand. googletag.cmd.push(function() { googletag.display('js-dfp-tag-in_article_unit'); }); ## Gold ETFs See Outflows On the outflows side, gold funds stood out. The [**SPDR Gold Shares (GLD)**](/gld) lost $2.3 billion, while the [**iShares Gold Trust (IAU)**](/iau) saw $1.6 billion exit. Those moves come as gold prices have pulled back sharply from recent highs, falling from around $5,400 earlier this year to as low as $4,100 intraday on Monday, a decline of roughly 24%. Emerging markets equities also saw outflows. The [**iShares MSCI Emerging Markets ETF (EEM)**](/eem) shed $1.2 billion. After gaining as much as 16% earlier this year, the fund is now up about 5% as international stocks have come under pressure from rising energy costs and geopolitical risks. ## A Noisy Week For Flows Taken together, last week’s flows highlight how noisy ETF data can be over short periods. Large, tax-driven trades can dominate the numbers, masking the underlying trend in investor demand. With many of these trades likely to reverse, the coming weeks should offer a clearer picture of where investors are actually allocating capital. ## **Top 10 Creations (All ETFs)** TickerNameNet Flows ($, mm)AUM ($, mm)AUM % Change<[SCHD](https://www.etf.com/schd)[Schwab US Dividend Equity ETF](https://www.etf.com/schd)15,763.5898,929.3615.93[SPYM](https://www.etf.com/spym)[SPDR Portfolio S&P 500 ETF ](/spym)10,266.72114,346.958.98[VOO](https://www.etf.com/voo)[Vanguard S&P 500 ETF](https://www.etf.com/voo)4,519.25860,175.680.53[VTI](https://www.etf.com/vti)[Vanguard Total Stock Market ETF](https://www.etf.com/vti)3,664.30569,333.530.64[VB](https://www.etf.com/vb)[Vanguard Small-Cap ETF](https://www.etf.com/vb)3,483.9774,301.844.69[VYM](https://www.etf.com/vym)[Vanguard High Dividend Yield Index ETF](https://www.etf.com/vym)3,369.0475,347.574.47[SMH](https://www.etf.com/smh)[VanEck Semiconductor ETF](https://www.etf.com/smh)3,192.4547,479.806.72[IJH](https://www.etf.com/ijh)[iShares Core S&P Mid-Cap ETF](https://www.etf.com/ijh)3,120.63108,512.282.88[VO](https://www.etf.com/vo)[Vanguard Mid-Cap ETF](https://www.etf.com/vo)3,105.0695,740.143.24[EFG](https://www.etf.com/efg)[iShares MSCI EAFE Growth ETF](https://www.etf.com/efg)3,013.7213,915.1621.66## **Top 10 Redemptions (All ETFs)** TickerNameNet Flows ($, mm)AUM ($, mm)AUM % Change[SPY](https://www.etf.com/spy)[SPDR S&P 500 ETF Trust](https://www.etf.com/spy)-13,615.62653,129.93-2.08[IVV](https://www.etf.com/ivv)[iShares Core S&P 500 ETF](https://www.etf.com/ivv)-3,834.97687,224.64-0.56[GLD](https://www.etf.com/gld)[SPDR Gold Shares](https://www.etf.com/gld)-2,258.89156,298.56-1.45[OEF](https://www.etf.com/oef)[iShares S&P 100 ETF](https://www.etf.com/oef)-1,667.7418,505.18-9.01[IAU](https://www.etf.com/iau)[iShares Gold Trust](https://www.etf.com/iau)-1,564.6270,592.50-2.22[EMB](https://www.etf.com/emb)[iShares JP Morgan USD Emerging Markets Bond ETF](https://www.etf.com/emb)-1,269.4314,474.97-8.77[EEM](https://www.etf.com/eem)[iShares MSCI Emerging Markets ETF](https://www.etf.com/eem)-1,180.6026,724.37-4.42[TLT](https://www.etf.com/tlt)[iShares 20+ Year Treasury Bond ETF](https://www.etf.com/tlt)-914.8143,379.51-2.11[XLK](https://www.etf.com/xlk)[Technology Select Sector SPDR Fund](https://www.etf.com/xlk)-856.4587,605.82-0.98[GDX](https://www.etf.com/gdx)[VanEck Gold Miners ETF](https://www.etf.com/gdx)-792.5825,613.31-3.09## **ETF Weekly Flows By Asset Class** Net Flows ($, mm)AUM ($, mm)% of AUMAlternatives846.70118,419.180.72%Asset Allocation306.6236,349.110.84%Commodities E T Fs-4,410.36357,224.32-1.23%Currency709.87113,069.970.63%International Equity15,844.802,452,617.750.65%International Fixed Income-111.69400,481.86-0.03%Inverse482.4415,270.093.16%Leveraged1,575.34136,839.141.15%Us Equity64,861.628,133,641.810.80%Us Fixed Income12,207.602,020,616.980.60%**Total:****92,312.94****13,784,530.21****0.67%**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. [ + Follow ](/etf/login) [ 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) Related Topics [Equity](http://www.etf.com/topics/equity) [Fixed Income](http://www.etf.com/topics/fixed-income) [Bond](http://www.etf.com/topics/bond)