ETF Daily Fund Outflow Report – November 18, 2025 Headline: Investors Rotate Away from Long-Term Treasuries and Gold Amid Sector-Specific Outflows

Market Overview
Today’s fund flows reflect a shift away from long-duration fixed income and precious metals, with notable outflows from Treasury and gold ETFs. The top 10 net outflows totaled over $5.7 billion, with nearly 60% concentrated in bond-related products. While equity-linked ETFs also saw redemptions, their YTD performance suggests mixed sentiment toward risk assets. The moves could indicate tactical adjustments amid evolving yield expectations or sector rotation, though macro drivers such as central bank policy or earnings reports remain unspecified.

ETF Highlights
The largest outflow, SPTL (State Street SPDR Portfolio Long Term Treasury ETF), saw $1.36B exit, likely reflecting reduced demand for long-duration bonds. Despite a 2.67% YTD gain, its $11.34B AUM underscores the scale of the move, possibly signaling positioning for a flatter yield curve. MBB (iShares MBS ETF), down $1.3B, also faced pressure despite a 3.69% YTD rise, hinting at caution in mortgage-backed securities as rate uncertainty lingers.

GLD (SPDR Gold Shares), with a $617.6M outflow, remains a standout: up 54.61% YTD on $136.33B AUM, the redemptions may reflect profit-taking after a strong rally. Similarly, SMH (VanEck Semiconductor ETF) lost $482.4M despite a 37.63% YTD surge, suggesting some investors are locking in gains in a cyclical sector.

Equity-focused outflows included QQXT (First Trust NASDAQ-100 Ex-Tech), down $445.6M, and XLF (Financial Select Sector SPDR), off $206.5M. Both posted positive YTD returns (4.43% and 6.29%, respectively), indicating rotation away from broad equities toward more targeted plays. THRO (iShares U.S. Thematic Rotation Active ETF), up 11.11% YTD, saw $355.2M exit, potentially signaling skepticism toward active thematic strategies.

BTC (Grayscale Bitcoin Mini Trust ETF), down 1.91% YTD, lost $318.2M, aligning with ongoing volatility in crypto assets. Meanwhile, TLT (iShares 20+ Year Treasury Bond ETF), up 1.98% YTD, faced $321.7M in outflows, reinforcing broader caution in long-term debt.

Notable Trends
The divergence between strong YTD performance and outflows in ETFs like GLD, SMH, and THRO highlights profit-taking or strategic rebalancing. The dominance of bond and gold outflows contrasts with resilience in sectors like semiconductors and financials, suggesting a nuanced approach to risk and duration.

Conclusion
Today’s flows may signal a tactical pivot toward shorter-duration assets or alternative sectors not represented in the top outflows. The scale of redemptions from Treasury and gold ETFs, combined with mixed equity outflows, could indicate positioning for tighter monetary policy or sector-specific valuation concerns. Over the week, continued outflows from long-duration assets may reinforce a shift toward defensive or rate-sensitive strategies, though broader macro signals remain opaque without additional context.