ETF Daily Fund Outflow Report – November 13, 2025 Headline: Tech and Crypto ETFs Face Pressure as Investors Rebalance Portfolios

Market Overview
Today’s fund flows highlight a cautious shift away from growth-oriented and leveraged equity strategies, with the top 10 outflow ETFs skewed toward technology, small-cap, and cryptocurrency exposures.

While equity-focused funds dominated the list, the magnitude of outflows suggests investors may be scaling back positions in high-beta or volatile assets. The absence of significant bond ETF outflows indicates flows remain largely within equities, though sector rotation is evident. With no major macroeconomic announcements or earnings events reported today, the moves could reflect profit-taking following recent gains or a tactical rebalancing ahead of seasonal volatility.

ETF Highlights
The Invesco QQQ Trust (QQQ), tracking the Nasdaq-100, led outflows with a net exodus of $1.93B. Despite a robust YTD gain of 19.01% and $405.5B in AUM, the outflow may signal investors locking in gains after a strong rally in megacap tech stocks. Similarly, the SPDR S&P 500 ETF Trust (SPY) saw $1.67B in outflows, despite a 14.67% YTD rise and $702.8B in AUM, hinting at broader equity caution.

Bitcoin-linked ETFs also faced selling pressure. The Roundhill Bitcoin Covered Call Strategy ETF (YBTC), down 29.86% YTD, lost $29.9M, while the iShares Bitcoin Trust ETF (IBIT), up 4.79% YTD, saw $131.4M exit. The divergent performance and outflows could reflect uncertainty around crypto’s near-term trajectory.

Leveraged and niche tech strategies drew notable outflows. The Direxion Daily TSLA Bull 2X Shares (TSLL), down 40.50% YTD, lost $191.8M, and the Direxion Daily Semiconductor Bull 3X Shares (SOXL), up 43.61% YTD, saw $135.1M exit. These figures suggest investors may be reducing exposure to highly volatile leveraged products, even as some have delivered strong returns.

Small-cap and equal-weight ETFs also saw outflows. The iShares Core S&P Small-Cap ETF (IJR) lost $171M despite a 1.50% YTD gain and $86.7B in AUM, while the Invesco S&P 500 Equal Weight ETF (RSP) saw $186.7M exit, despite a 7.30% YTD rise. These moves could indicate a rotation toward value or defensive sectors, though the data does not confirm this.

Notable Trends
The prevalence of leveraged and crypto ETFs in the outflow list underscores a potential pullback from speculative or high-volatility assets. The contrast between SOXL’s strong YTD performance and its significant outflow may reflect risk-off sentiment, while the dual outflows for Bitcoin ETFs—despite divergent returns—highlight market fragmentation.

Conclusion
Today’s outflows from growth, leveraged, and crypto ETFs may signal a tactical shift toward more defensive or balanced positioning, though the lack of broader bond fund activity complicates that interpretation. If these trends persist through the week, they could indicate a broader recalibration of risk appetite, particularly in sectors that have outperformed in 2025. Investors may be preparing for potential macroeconomic uncertainty or profit-taking cycles, though further data will be needed to confirm these signals.