Gold and Treasury ETFs See Significant Outflows Amid Sector Rotation

Date: January 6, 2026

Market Overview

Today’s ETF outflows spanned a broad range of asset classes and strategies, reflecting a mixed investor approach. While Treasury-focused products, equity benchmarks, and sector-specific vehicles all experienced outflows, the largest net redemptions were concentrated in gold, intermediate-term bonds, and momentum-driven strategies. The data suggests a potential rotation away from traditional safe-haven assets and factor-based exposures, though the absence of a dominant thematic pattern complicates broader interpretation.

The presence of both short- and intermediate-term Treasury ETFs in the top outflow ranks hints at tactical rebalancing within fixed income, while tech and value equity ETFs highlight divergent performance pressures.

ETF Highlights

GLD - SPDR Gold Shares As the largest gold ETF, GLD’s $752.6 million outflow marked the day’s most significant redemption. The fund’s 4.26% intraday decline and $152.55 billion AUM underscore its role as a benchmark for precious metals exposure. The outflow may indicate reduced short-term demand for gold amid shifting risk preferences, though its YTD performance remains down 5.13%, which could reflect broader underperformance rather than a sudden shift in sentiment.

SCHO - Schwab Short-Term U.S. Treasury ETF The $460.4 million outflow from this short-term Treasury vehicle suggests tactical adjustments in fixed-income allocations. With a 0.04% intraday move and $11.91 billion AUM, SCHO’s outflow could signal a rotation toward alternative maturities or yield-seeking strategies. Its minimal YTD gain of 0.08% further highlights the muted returns typical of short-duration bonds.

SCHR - Schwab Intermediate-Term U.S. Treasury ETF Intermediate-term Treasury demand also waned, with $411.1 million in outflows. The fund’s $12.23 billion AUM and 0.08% intraday change align with broader Treasury market dynamics. The outflow may reflect a narrowing of investor focus within the yield curve, though its 0.04% YTD return reinforces the low-yield environment’s limitations.

PDP - Invesco Dorsey Wright Momentum ETF The $357.3 million outflow from this momentum-focused ETF highlights reduced appetite for trend-following strategies. Despite a 5.13% intraday gain and $1.33 billion AUM, the outflow could indicate profit-taking or skepticism about the sustainability of recent momentum-driven gains. Its YTD performance, up 5.13%, contrasts with the broader outflow trend, suggesting mixed signals for factor-based investing.

IUSV - iShares Core S&P U.S. Value ETF A $323.0 million outflow from this value-oriented fund underscores ongoing challenges for the segment. The ETF’s 2.14% intraday decline and $24.20 billion AUM highlight its exposure to underperforming equities. The outflow may reflect persistent underperformance, as its YTD loss of 2.14% aligns with broader struggles for value stocks in a growth-dominated market.

SPY - SPDR S&P 500 ETF Trust The $238.6 million outflow from this S&P 500 proxy, despite a 1.45% intraday decline, signals caution toward broad equity exposure. With $716.46 billion AUM, SPY’s outflow could represent tactical profit-taking or a shift toward sector-specific alternatives. Its YTD loss of 1.45% further complicates the narrative, suggesting a possible reassessment of large-cap equity positioning.

XOVR - ERShares Private-Public Crossover ETF A $231.6 million outflow from this crossover ETF may indicate skepticism about private-equity-linked strategies. The fund’s 1.89% intraday gain and $1.25 billion AUM suggest mixed performance, but the outflow could reflect a reevaluation of its niche theme. Its YTD gain of 1.89% contrasts with the redemption, pointing to potential volatility in thematic investing.

THRO - iShares U.S. Thematic Rotation Active ETF The $224.5 million outflow from this actively managed thematic ETF highlights reduced interest in rotation strategies. A 1.61% intraday decline and $7.11 billion AUM suggest a struggle to maintain traction. The outflow may reflect uncertainty about the fund’s dynamic allocations, particularly with its YTD loss of 1.61% indicating underperformance against benchmarks.

XLK - State Street Technology Select Sector SPDR ETF A $201.5 million outflow from this tech sector ETF, despite a 1.86% intraday decline, points to profit-taking in a resilient segment. With $93.06 billion AUM, XLK’s outflow could signal a tactical rebalancing rather than a fundamental shift. Its YTD gain of 1.86% underscores tech’s ongoing strength, though the outflow hints at short-term caution.

UNHG - Leverage Shares 2X Long UNH Daily ETF The $169.7 million outflow from this leveraged healthcare ETF is striking, given its 11.38% intraday gain and $343.44 million AUM. The outflow may reflect risk-off behavior in high-leverage products or a realization of gains after a strong move. Its YTD gain of 11.38% highlights the volatility inherent in leveraged structures, which may deter some investors despite short-term outperformance.

Notable Trends / Surprises

The inclusion of both short- and intermediate-term Treasury ETFs in the top outflow ranks suggests a strategic rebalancing within fixed income, though the direction remains ambiguous. The presence of both tech (XLK) and value (IUSV) equity ETFs in the list reflects divergent performance pressures across the capitalization spectrum. Additionally, the leveraged UNH ETF’s outflow despite a double-digit intraday gain underscores the inherent volatility and risk management challenges in leveraged products.

Conclusion

Today’s outflows across gold, Treasury, momentum, and sector ETFs may indicate a cautious, tactical approach to positioning. The mix of large-cap equity, tech, and leveraged healthcare redemptions suggests a potential shift toward more defensive or diversified strategies, while Treasury outflows could reflect a narrowing of fixed-income focus. The varied YTD performances and AUM levels highlight the complexity of investor behavior, with no single theme dominating the trend. These movements may point to a broader reassessment of risk and return profiles across multiple asset classes and strategies.