Big ETF Outflows Clashed With Gains in Tech and Gold

Date: January 23, 2026

Market Overview

Today’s ETF outflows spanned broad equity, tech-focused, and alternative asset exposures, with the largest withdrawals concentrated in S&P 500-indexed products, Nasdaq-linked vehicles, and gold. While no single asset class dominated the outflow list, the presence of multiple large-cap equity and semiconductor ETFs suggests a potential shift in risk appetite. The data does not provide direct insight into macroeconomic drivers, but the mix of outflows implies a possible rotation away from growth-oriented and cyclical sectors.

ETF Highlights

SPDR S&P 500 ETF Trust (SPY) As the largest S&P 500 ETF with $705.88 billion in assets, SPY’s $2.81 billion outflow reflects continued scrutiny of broad equity exposure. Its 1.07% intraday gain and 1.07% YTD performance indicate modest near-term momentum, yet the outflow may signal profit-taking or a tactical rebalancing away from large-cap benchmarks.

iShares Core S&P 500 ETF (IVV) IVV, the second-largest S&P 500 vehicle with $757.21 billion AUM, saw $1.43 billion in outflows. Its 1.07% gain and 1.07% YTD return mirror SPY’s performance, suggesting parallel investor behavior. The outflow could indicate a broader trend of reduced demand for passive U.S. equity exposure, though its low-cost structure typically makes it a stable hold.

JPMorgan Ultra-Short Municipal Income ETF (JMST) JMST’s $765 million outflow contrasts with its 0.27% intraday rise and $6.80 billion AUM. As a municipal bond fund, its outflow may reflect shifting fixed-income preferences, though its ultra-short duration suggests investors might be pivoting toward alternative cash management strategies.

VanEck Semiconductor ETF (SMH) SMH’s $741 million outflow is striking given its 11.10% intraday surge and $43.57 billion AUM. The sharp reversal could indicate profit-taking following a strong price move, as investors lock in gains after a volatile session. Its YTD performance remains robust, but the outflow highlights short-term volatility in sector-specific tech bets.

Invesco QQQ Trust (QQQ) QQQ’s $669 million outflow aligns with its 1.37% gain and $404.10 billion AUM. As a Nasdaq-100 vehicle, the outflow may signal a rotation away from growth-oriented tech holdings, particularly as the fund’s 1.37% YTD performance lags behind its recent intraday strength.

JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) JEPQ’s $632 million outflow contrasts with its 1.89% gain and $34.01 billion AUM. The fund’s focus on Nasdaq-linked equities and income strategies may have drawn scrutiny, with the outflow possibly reflecting a shift toward more traditional growth or value-oriented alternatives.

SPDR Gold Shares (GLD) GLD’s $593 million outflow occurred despite a 15.57% intraday jump and $167.69 billion AUM. The divergence between price action and fund flows could indicate a tactical rebalancing away from gold, potentially as investors reassess the metal’s role in portfolios amid shifting risk preferences.

iShares Russell 1000 Growth ETF (IWF) IWF’s $367 million outflow coincided with a -1.06% intraday decline and $120.49 billion AUM. Its negative YTD performance (-1.06%) may have exacerbated redemptions, as growth stocks face renewed pressure in a higher-rate environment.

State Street SPDR S&P Regional Banking ETF (KRE) KRE’s $345 million outflow followed a 4.32% intraday rise and $4.29 billion AUM. The fund’s focus on regional banks may have drawn scrutiny amid sector-specific risks, with the outflow possibly reflecting a cautious stance toward smaller financial institutions.

iShares iBoxx $ High Yield Corporate Bond ETF (HYG) HYG’s $299 million outflow contrasts with a 0.63% gain and $17.88 billion AUM. The outflow could signal a rotation away from high-yield credit, particularly as investors reassess risk premiums in a tightening credit market.

Notable Trends

The top 10 outflows included four S&P 500 ETFs, two Nasdaq-linked products, and a gold fund, highlighting a broad-based reduction in equity and alternative exposures. The presence of both SPY and IVV underscores a potential shift in demand for large-cap benchmarks, while SMH and QQQ’s outflows suggest a reevaluation of tech-heavy positions.

Conclusion

Today’s outflows may indicate a tactical rebalancing away from large-cap equities, tech-linked assets, and gold, with investors potentially favoring alternative allocations not represented in the top 10. The mix of AUM sizes and YTD performances suggests a nuanced approach, balancing profit-taking in strong performers with a cautious stance toward growth and cyclical sectors. These movements could reflect a broader search for value or defensive positioning, though the data does not confirm specific macroeconomic drivers.