VOO Leads; Bond & International ETFs Gain as US Stocks Rally
- Investors added $16.3 billion into U.S.-listed ETFs last week.
- U.S. equity ETFs, however, saw $2.9 billion in outflows.
ETF investors pumped $16.3 billion into U.S.-listed funds during the week ending Friday, May 9, according to FactSet data. That brings year-to-date inflows to $380 billion, continuing a torrid pace for the industry in 2025.
The week was marked by a sharp rally in U.S. stocks, driven by optimism around upcoming trade negotiations between the U.S. and China (that optimism turned out to be well-founded, with both sides slashing tariffs in a surprise move announced Monday).
But in a twist that underscores investor caution, U.S. equity ETFs actually saw $2.9 billion in outflows last week, extending a recent trend of waning enthusiasm for domestic stocks despite the market’s strong performance.
Instead, investors concentrated their firepower on U.S. fixed-income ETFs, which took in $9.6 billion, and international equity ETFs, which pulled in $6.1 billion.
VOO Still the Powerhouse
Leading the inflow leaderboard was the Vanguard S&P 500 ETF (VOO), which added $2.1 billion. The fund continues to stand out from its large-cap peers, with nearly $58 billion of inflows on the year.
The iShares Bitcoin Trust (IBIT) was the second-biggest gainer, with $1.3 billion in new money. Bitcoin surged last week, nearing its all-time high of $107,000, while Ethereum also saw a big move higher. The bounce in crypto prices came as risk appetite returned to markets more broadly.
Among U.S. equity funds, the iShares MSCI USA Momentum Factor ETF (MTUM) was another notable winner, attracting $843 million.
Fixed Income in Focus
In fixed income, the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) led the way with $1.3 billion in inflows, suggesting investors are inching back into credit risk amid stabilizing rate expectations.
The iShares MBS ETF (MBB) and the iShares 0-3 Month Treasury Bond ETF (SGOV) each picked up $1.2 billion as well, showing continued demand for both mortgage-backed securities and ultra-short duration Treasurys.
Big Outflows Hit SPY, IVV, GLD
On the outflows side, the iShares Core S&P 500 ETF (IVV) lost $3.7 billion, the most of any ETF, followed by a $3.5 billion outflow from the SPDR S&P 500 ETF Trust (SPY). That divergence with VOO continues to be a story in itself, with Vanguard’s fund dominating flows in 2025.
Elsewhere, the SPDR Gold Shares (GLD) saw $626 million in outflows as gold pulled back from record highs. With markets rallying and trade tensions easing, the appetite for safe-haven assets like gold has waned.
For a full list of last week’s top inflows and outflows, see the tables below.
Top 10 Creations (All ETFs)
| Ticker | Name | Net Flows ($, mm) | AUM ($, mm) | AUM % Change< |
| VOO | Vanguard S&P 500 ETF | 2,142.71 | 621,540.33 | 0.34 |
| IBIT | iShares Bitcoin Trust ETF | 1,349.00 | 62,911.01 | 2.14 |
| LQD | iShares iBoxx $ Investment Grade Corporate Bond ETF | 1,249.88 | 29,316.65 | 4.26 |
| MBB | iShares MBS ETF | 1,238.13 | 37,931.01 | 3.26 |
| SGOV | iShares 0-3 Month Treasury Bond ETF | 1,179.81 | 46,934.41 | 2.51 |
| TLT | iShares 20+ Year Treasury Bond ETF | 1,030.05 | 47,061.29 | 2.19 |
| MTUM | iShares MSCI USA Momentum Factor ETF | 842.72 | 15,859.07 | 5.31 |
| SPLG | SPDR Portfolio S&P 500 ETF | 807.25 | 63,974.45 | 1.26 |
| DIA | SPDR Dow Jones Industrial Average ETF Trust | 789.51 | 37,785.64 | 2.09 |
| IQLT | iShares MSCI Intl Quality Factor ETF | 645.69 | 11,109.95 | 5.81 |
Top 10 Redemptions (All ETFs)
| Ticker | Name | Net Flows ($, mm) | AUM ($, mm) | AUM % Change |
| IVV | iShares Core S&P 500 ETF | -3,697.90 | 564,149.69 | -0.66 |
| SPY | SPDR S&P 500 ETF Trust | -3,479.54 | 576,156.53 | -0.60 |
| SHV | iShares Short Treasury Bond ETF | -1,160.83 | 21,166.08 | -5.48 |
| ITOT | iShares Core S&P Total U.S. Stock Market ETF | -821.01 | 64,511.61 | -1.27 |
| GLD | SPDR Gold Shares | -625.96 | 101,082.73 | -0.62 |
| SMH | VanEck Semiconductor ETF | -560.11 | 19,779.57 | -2.83 |
| QQQ | Invesco QQQ Trust Series I | -553.16 | 305,184.50 | -0.18 |
| VCLT | Vanguard Long-Term Corporate Bond ETF | -535.77 | 11,645.13 | -4.60 |
| IVE | iShares S&P 500 Value ETF | -505.88 | 36,432.77 | -1.39 |
| IWB | iShares Russell 1000 ETF | -386.38 | 38,551.81 | -1.00 |
ETF Weekly Flows By Asset Class
| Net Flows ($, mm) | AUM ($, mm) | % of AUM | |
| Alternatives | -25.54 | 9,767.58 | -0.26% |
| Asset Allocation | 70.75 | 23,975.81 | 0.30% |
| Commodities ETFs | -619.73 | 213,845.67 | -0.29% |
| Currency | 1,259.56 | 132,212.74 | 0.95% |
| International Equity | 6,119.40 | 1,710,214.92 | 0.36% |
| International Fixed Income | 2,709.94 | 282,153.63 | 0.96% |
| Inverse | 293.12 | 15,216.93 | 1.93% |
| Leveraged | -226.79 | 112,820.86 | -0.20% |
| US Equity | -2,888.92 | 6,497,951.99 | -0.04% |
| US Fixed Income | 9,558.77 | 1,646,494.50 | 0.58% |
| Total: | 16,250.57 | 10,644,654.64 | 0.15% |
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.
