Broad Equity and Sector ETFs See Significant Outflows as Investors Reassess Positions

ETF Daily Fund Outflow ReportDate: December 9, 2025

Market OverviewToday’s net fund outflows highlight a pronounced shift in investor behavior, with the top 10 ETFs dominated by broad equity, small-cap, sector, and commodity exposures. Outflows were concentrated in S&P 500-tracking ETFs, Russell 2000, Dow Jones, and consumer discretionary funds, alongside a sharp exodus from the silver-linked SLV. While bond ETFs were underrepresented in the ranking, the iShares Investment Grade Corporate Bond ETF (LQD) did see modest outflows. The data suggests a potential rotation away from equity-heavy and commodity positions, though no single macro theme emerges clearly from the fund names alone.

ETF Highlights1. VOO - Vanguard S&P 500 ETFAs a flagship S&P 500 proxy with $822.41B in assets, VOO’s $1.57B outflow may reflect profit-taking by investors in a benchmark product that has gained 16.57% year-to-date. Its sheer size and broad equity exposure make it a barometer for market sentiment, and today’s outflow could indicate a tactical rebalancing amid a strong YTD performance.

2. IVV - iShares Core S&P 500 ETFThe second-largest S&P 500 ETF, IVV, saw $787.7M in outflows. With $722.09B in AUM and a 16.62% YTD gain, its outflow pattern mirrors VOO’s, potentially signaling a coordinated reduction in core equity exposure. The near-identical YTD performance of VOO and IVV underscores a synchronized shift in large-cap equity demand.

3. IWM - iShares Russell 2000 ETFTracking the small-cap Russell 2000, IWM experienced $641.8M in outflows despite a 13.77% YTD rise. Its $71.89B AUM suggests a meaningful portion of small-cap investors may be scaling back, possibly due to valuation concerns or a strategic pivot away from smaller companies.

4. DIA - SPDR Dow Jones Industrial Average ETF TrustThe Dow Jones-linked DIA saw $641.5M in outflows. As a blue-chip industrial average proxy, its 11.97% YTD gain and $42.67B AUM position it as a potential target for investors seeking to lighten cyclical equity positions. The outflow may reflect a cautious stance toward sector-specific large-cap stocks.

5. XLY - State Street Consumer Discretionary Select Sector SPDR ETFXLY, focused on consumer discretionary stocks, lost $607.4M. Its 5.17% YTD performance lags behind broader equity benchmarks, and the outflow could indicate a rotation away from a sector historically sensitive to economic slowdowns. The $23.40B AUM highlights its role as a bellwether for retail and leisure stocks.

6. SLV - iShares Silver TrustThe silver-linked SLV faced $313.2M in outflows despite a staggering 109.53% YTD gain. Its $29.82B AUM suggests investors may be locking in profits after a volatile year for the commodity. The sharp outflow could signal a reversal in speculative positioning or a shift toward more stable assets.

7. PWV - Invesco Large Cap Value ETFPWV, a large-cap value fund, saw $308.7M in outflows. With a 15.85% YTD gain and $1.26B AUM, the outflow may reflect a tactical rebalancing away from value stocks, which have outperformed growth in 2025. The relatively modest AUM implies niche investor activity.

8. PWB - Invesco Large Cap Growth ETFPWB, its growth-focused counterpart, lost $276.4M. Despite a 25.94% YTD rise and $1.42B AUM, the outflow could indicate a shift away from growth stocks, which have faced profit-taking pressure. The divergence between value and growth outflows (PWV vs. PWB) highlights style rotation.

9. PSI - Invesco Semiconductors ETFThe semiconductors-focused PSI saw $263.5M in outflows. Its 41.76% YTD gain—a standout among the group—suggests investors may be scaling back after a strong rally in tech-linked assets. The $1.03B AUM points to concentrated tech exposure being pared.

10. LQD - iShares iBoxx USD Investment Grade Corporate Bond ETFLQD, an investment-grade corporate bond fund, experienced $244.0M in outflows. While its 3.42% YTD gain is modest compared to equities, the outflow may reflect a shift toward cash or Treasuries, though bond ETFs were otherwise absent from the top 10.

Notable Trends / SurprisesThe top outflows span both broad equity benchmarks (S&P 500, Russell 2000, Dow) and sector-specific funds (consumer discretionary, semiconductors), suggesting a broad-based reassessment of equity exposure. The simultaneous outflows in both large-cap value (PWV) and growth (PWB) ETFs point to a potential style rotation, while SLV’s massive YTD gain and outflow highlight profit-taking in commodities.

ConclusionToday’s outflows may indicate a tactical shift by investors to reduce exposure to overperforming equities and commodities, with particular emphasis on large-cap benchmarks, small-cap stocks, and cyclical sectors. The data could point to a broader reassessment of risk, with investors potentially favoring cash or alternative allocations. However, the absence of bond ETFs in the top outflows (aside from LQD) suggests that the move is not yet a full-scale rotation into fixed income. The patterns observed may reflect a combination of profit-taking and sector-specific positioning, but further data would be needed to confirm broader trends.