Gold ETFs Lose Cash But Gain Value

Large Outflows in Equity and Gold ETFs Amid Mixed YTD Performance Date: 2026-03-22 The Weekly Report's Time Range: 3.16-3.20

Market Overview

This week saw significant net outflows from several major ETFs, with equity and gold-related funds experiencing the most pronounced withdrawals. The SPDR S&P 500 ETF (SPY) led the outflows, followed by its iShares counterpart (IVV), reflecting continued caution among investors in the broad equity market. Notably, despite the outflows, some gold ETFs, including IAU and GLD, posted positive YTD returns, suggesting investor interest in precious metals as an alternative. The tech sector, as represented by XLK, also saw outflows, while leveraged products like SOXL remained under pressure despite a significant price gain for the week.

Emerging markets and emerging market bond ETFs showed mixed performance. While EEM posted a modest YTD gain, EMB suffered a drop in performance. In contrast, the gold mining ETF (GDX) remained a net outflow story, despite a strong AUM base. The data reflects a week of cautious positioning, with flows and returns showing some divergence between large-cap equities, tech, and gold. Investors appear to be rebalancing their exposure across asset classes, with particular attention to sector-specific and gold-based allocations.

ETF Highlights

SPY - State Street SPDR S&P 500 ETF Trust: The fund recorded the largest weekly outflow of $-13,681,596,100.00. With a YTD performance of -4.89% and AUM of $641.50B, the outflow may indicate ongoing investor caution in the broad U.S. equity market.

IVV - iShares Core S&P 500 ETF: This fund experienced a weekly outflow of $-6,710,246,600.00. Despite an outflow, it reported a YTD performance of -4.91% and an AUM of $676.84B, possibly reflecting continued investor reallocation within the S&P 500 space.

OEF - iShares S&P 100 ETF: This ETF faced a net outflow of $-1,635,531,900.00. With a YTD performance of -7.41% and AUM of $18.24B, the outflow could suggest shifting investor sentiment toward large-cap U.S. stocks.

EEM - iShares MSCI Emerging Markets ETF: The fund reported a net outflow of $-1,180,598,000.00. Despite a positive YTD performance of 1.70% and AUM of $25.95B, the outflow might reflect a repositioning away from emerging market equities.

IAU - iShares Gold Trust: This ETF had a net outflow of $-1,169,702,000.00. However, it reported a YTD performance of 4.35% and an AUM of $70.01B, possibly indicating some divergence between flows and returns in the gold space.

EMB - iShares J.P. Morgan USD Emerging Markets Bond ETF: The fund saw a net outflow of $-1,108,668,900.00. With a YTD performance of -3.25% and an AUM of $14.37B, the outflow may reflect continued risk-off positioning among investors.

XLK - State Street Technology Select Sector SPDR ETF: This ETF recorded a net outflow of $-766,463,800.00. The fund has a YTD performance of -6.03% and AUM of $85.59B, potentially indicating reduced appetite for tech sector exposure.

SOXL - Direxion Daily Semiconductor Bull 3X ETF: The fund faced a net outflow of $-748,247,300.00. Despite a notable weekly performance of 21.67% and an AUM of $11.36B, the outflow could suggest a correction in leveraged semiconductor exposure.

GLD - SPDR Gold Shares: This ETF had a net outflow of $-737,466,200.00. With a YTD performance of 4.31% and an AUM of $155.01B, the outflow may indicate continued pressure on gold equity ETFs despite strong returns.

GDX - VanEck Gold Miners ETF: The fund experienced a net outflow of $-638,584,200.00. It reported a YTD performance of -6.59% and an AUM of $24.67B, possibly reflecting reduced appetite for gold mining equities.

Notable Trends / Surprises

Gold ETFs, including IAU and GLD, have seen strong YTD returns despite recording significant outflows, possibly indicating that investors are moving toward physical gold rather than gold equities. In contrast, leveraged tech ETFs like SOXL, despite a sharp rise in performance for the week, have continued to see outflows. This could reflect a broader shift in investor risk preferences and a move away from high-leverage products in certain sectors.

Conclusion

The week's fund flows highlight a mixed landscape for ETF investors, with broad equity and gold sector ETFs experiencing significant outflows despite some positive YTD performance. While the S&P 500 and gold ETFs continue to dominate the outflow charts, divergent trends between physical gold and gold equities suggest a nuanced shift in investor behavior. Investors may be reassessing their exposure to large-cap equities, gold miners, and leveraged products in the current market environment.