VOO Becomes World's Biggest ETF Again After Massive Inflows
Investors plowed more than $22 billion into U.S.-listed ETFs last week.
The Vanguard S&P 500 ETF (VOO) easily topped the inflows leaderboard last week, helping it reclaim the top spot over the SPDR S&P 500 ETF (SPY) in terms of total assets under management for the second time this year.
It's important to note, however, that VOO's massive $21 billion of inflows were likely driven by tax-related "heartbeat" trades, which are expected to be reversed in the coming days.
ETF investors poured a robust $22.3 billion into U.S.-listed ETFs last week, undeterred by another volatile stretch for U.S. stock markets. Even as the S&P 500 briefly entered correction territory—dropping more than 10% from its all-time high—inflows remained strong, bringing year-to-date totals to an impressive $242 billion.
The iShares Core S&P 500 ETF (IVV), another S&P 500-tracking fund, saw significant outflows of $17.5 billion. Unlike VOO, IVV often experiences the opposite of the traditional heartbeat trade—big outflows followed by big inflows. This pattern suggests some of last week’s losses may be reversed soon.
Safe Havens & Leveraged Tech Bets Attract Investors
Ultra-short-term bond ETFs remained in demand, with the SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) and the iShares 0-3 Month Treasury Bond ETF (SGOV) absorbing significant assets as investors sought stability amid market swings.
Gold also had a standout week, with SPDR Gold Shares (GLD) seeing substantial inflows. The price per ounce of gold surged past $3,000 for the first time ever, fueling safe-haven demand.
Meanwhile, the ProShares UltraPro (TQQQ) saw healthy inflows as some traders viewed the recent market pullback as an opportunity to make aggressive bets on tech stocks.
Notable Outflows: IVV, RSP and MTUM
On the outflows side, IVV led the pack, as noted. The Invesco S&P 500 Equal Weight ETF (RSP) and the iShares MSCI USA Momentum Factor ETF (MTUM) also saw notable outflows.
For a full list of last week's top inflows and outflows, see the tables below:
Top 10 Creations (All ETFs)
| Ticker | Name | Net Flows ($, mm) | AUM ($, mm) | AUM % Change< |
| VOO | Vanguard S&P 500 ETF | 21,126.04 | 600,541.15 | 3.52 |
| SPY | SPDR S&P 500 ETF Trust | 7,685.10 | 592,533.79 | 1.30 |
| BIL | SPDR Bloomberg 1-3 Month T-Bill ETF | 2,375.11 | 41,722.85 | 5.69 |
| IWM | iShares Russell 2000 ETF | 1,539.87 | 63,986.42 | 2.41 |
| SGOV | iShares 0-3 Month Treasury Bond ETF | 1,330.87 | 38,022.18 | 3.50 |
| GLD | SPDR Gold Shares | 1,158.39 | 86,657.69 | 1.34 |
| TQQQ | ProShares UltraPro QQQ | 1,113.92 | 19,328.61 | 5.76 |
| VUG | Vanguard Growth ETF | 1,055.91 | 142,196.15 | 0.74 |
| BSV | Vanguard Short-Term Bond ETF | 810.54 | 34,386.52 | 2.36 |
| VONG | Vanguard Russell 1000 Growth ETF | 808.28 | 23,932.40 | 3.38 |
Top 10 Redemptions (All ETFs)
| Ticker | Name | Net Flows ($, mm) | AUM ($, mm) | AUM % Change |
| IVV | iShares Core S&P 500 ETF | -17,469.37 | 533,463.04 | -3.27 |
| GOVT | iShares U.S. Treasury Bond ETF | -1,585.25 | 28,512.59 | -5.56 |
| SCHO | Schwab Short-Term US Treasury ETF | -1,261.97 | 10,491.39 | -12.03 |
| BKLN | Invesco Senior Loan ETF | -1,253.74 | 8,411.36 | -14.91 |
| VGIT | Vanguard Intermediate-Term Treasury ETF | -1,095.45 | 30,950.18 | -3.54 |
| RSP | Invesco S&P 500 Equal Weight ETF | -1,073.15 | 70,586.27 | -1.52 |
| SPYG | SPDR Portfolio S&P 500 Growth ETF | -1,025.76 | 30,278.37 | -3.39 |
| LQD | iShares iBoxx $ Investment Grade Corporate Bond ETF | -896.08 | 30,264.86 | -2.96 |
| SRLN | SPDR Blackstone Senior Loan ETF | -881.19 | 7,993.95 | -11.02 |
| MTUM | iShares MSCI USA Momentum Factor ETF | -739.54 | 13,564.92 | -5.45 |
ETF Weekly Flows By Asset Class
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| Alternatives | 80.61 | 9,442.26 | 0.85% |
| Asset Allocation | 75.06 | 22,806.22 | 0.33% |
| Commodities ETFs | 2,373.70 | 187,918.24 | 1.26% |
| Currency | -1,381.14 | 100,717.22 | -1.37% |
| International Equity | 2,477.51 | 1,621,301.20 | 0.15% |
| International Fixed Income | 264.68 | 278,290.00 | 0.10% |
| Inverse | 18.94 | 13,545.42 | 0.14% |
| Leveraged | 2,530.95 | 98,660.32 | 2.57% |
| US Equity | 11,834.29 | 6,309,096.23 | 0.19% |
| US Fixed Income | 3,984.97 | 1,623,747.97 | 0.25% |
| Total: | 22,259.56 | 10,265,525.08 | 0.22% |
Disclaimer: All data as of 6 a.m. ET 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.
