Investors Throw $31B Into ETFs Amid Market Surge
- Investors added a net $31.1 billion to U.S.-listed ETFs last week.
- VOO, QQQ and TLT led inflows; gold and cash-like ETFs saw outflows.
Investors added a strong $31.1 billion to U.S.-listed ETFs in the week ending Friday, May 16, according to FactSet data, as stocks continued to climb. Year-to-date inflows have now topped $400 billion, putting 2025 on track to be one of the biggest years ever for ETF demand.
The S&P 500 jumped again last week, pushing the benchmark index into positive territory for the year, a remarkable turnaround from its April lows, when it was down as much as 15%.
VOO Leads Again
Leading the ETF inflows list once again was the Vanguard S&P 500 ETF (VOO), which pulled in $4.8 billion. The fund has now amassed a staggering $62.5 billion in inflows for the year, by far the most of any ETF.
In second place was the Invesco QQQ Trust (QQQ), with $4.6 billion of inflows. The Nasdaq-100 has mirrored the broader market’s rebound and is now up 2% year to date after being down 18.5% at its trough last month.
The iShares 20+ Year Treasury Bond ETF (TLT) was another notable flows winner, adding $2.1 billion. The 30-year Treasury yield briefly crossed 5% for the first time since early April as markets digested the potential fiscal impact of the tax package that is working its way through Congress. The inflows suggest some investors view long-term bonds as attractive at current yields.
Among other top gainers, the iShares Bitcoin Trust (IBIT) picked up $1.1 billion, continuing its streak of strong inflows, while the Avantis Emerging Markets Equity ETF (AVEM) saw $1 billion in demand.
On the outflows side, the SPDR Gold Trust (GLD) led the pack with $2 billion in redemptions. Gold prices dipped last week as risk appetite returned and demand for safe havens faded. Still, GLD remains up 23% year to date.
Cash-like ETFs also saw sizable outflows: The SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) and iShares 0-3 Month Treasury Bond ETF (SGOV) shed $1.6 billion and $1.2 billion, respectively—another sign that investors are rotating out of safety and back into risk assets.
Rounding out the outflows list were a pair of leveraged ETFs: The ProShares UltraPro QQQ (TQQQ) lost $1.1 billion, while the Direxion Daily Semiconductor Bull 3x Shares (SOXL) shed $1 billion, as traders locked in gains after a big run.
For the full list of last week’s top ETF inflows and outflows, see the tables below.
Top 10 Creations (All ETFs)
| Ticker | Name | Net Flows ($, mm) | AUM ($, mm) | AUM % Change< |
| VOO | Vanguard S&P 500 ETF | 4,812.84 | 654,556.75 | 0.74 |
| QQQ | Invesco QQQ Trust Series I | 4,626.05 | 329,342.56 | 1.40 |
| TLT | iShares 20+ Year Treasury Bond ETF | 2,071.34 | 48,698.68 | 4.25 |
| VO | Vanguard Mid-Cap ETF | 1,386.21 | 80,981.81 | 1.71 |
| QQQM | Invesco NASDAQ 100 ETF | 1,216.86 | 47,668.76 | 2.55 |
| IBIT | iShares Bitcoin Trust ETF | 1,068.23 | 65,106.63 | 1.64 |
| VCIT | Vanguard Intermediate-Term Corporate Bond ETF | 1,052.47 | 52,655.31 | 2.00 |
| AVEM | Avantis Emerging Markets Equity ETF | 1,037.28 | 9,680.64 | 10.71 |
| VXF | Vanguard Extended Market ETF | 970.10 | 22,428.28 | 4.33 |
| IVV | iShares Core S&P 500 ETF | 944.19 | 590,652.19 | 0.16 |
Top 10 Redemptions (All ETFs)
| Ticker | Name | Net Flows ($, mm) | AUM ($, mm) | AUM % Change |
| GLD | SPDR Gold Shares | -1,975.06 | 94,241.49 | -2.10 |
| BIL | SPDR Bloomberg 1-3 Month T-Bill ETF | -1,611.23 | 45,457.85 | -3.54 |
| SGOV | iShares 0-3 Month Treasury Bond ETF | -1,180.73 | 45,790.46 | -2.58 |
| TQQQ | ProShares UltraPro QQQ | -1,115.28 | 25,017.32 | -4.46 |
| VCLT | Vanguard Long-Term Corporate Bond ETF | -1,089.26 | 10,555.89 | -10.32 |
| SOXL | Direxion Daily Semiconductor Bull 3x Shares | -1,016.73 | 12,241.41 | -8.31 |
| DIA | SPDR Dow Jones Industrial Average ETF Trust | -991.76 | 37,680.98 | -2.63 |
| IWD | iShares Russell 1000 Value ETF | -705.11 | 61,467.23 | -1.15 |
| VGSH | Vanguard Short-Term Treasury ETF | -605.71 | 22,355.59 | -2.71 |
| SPY | SPDR S&P 500 ETF Trust | -523.73 | 601,804.21 | -0.09 |
ETF Weekly Flows By Asset Class
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| Alternatives | 167.71 | 9,922.00 | 1.69% |
| Asset Allocation | 71.40 | 24,537.79 | 0.29% |
| Commodities ETFs | -2,334.48 | 203,026.36 | -1.15% |
| Currency | 600.14 | 136,481.02 | 0.44% |
| International Equity | 3,818.75 | 1,759,207.52 | 0.22% |
| International Fixed Income | 2,174.76 | 284,461.63 | 0.76% |
| Inverse | 997.74 | 14,922.99 | 6.69% |
| Leveraged | -1,518.04 | 129,084.96 | -1.18% |
| US Equity | 23,350.48 | 6,795,279.71 | 0.34% |
| US Fixed Income | 3,795.75 | 1,649,802.81 | 0.23% |
| Total: | 31,124.22 | 11,006,726.79 | 0.28% |
Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data are believed to be accurate; however, transient market data are often subject to subsequent revision and correction by the exchanges.
