Large-Cap Equities and Tech ETFs See Significant Outflows as Investors Rebalance Portfolios

ETF Daily Fund Outflow ReportDate: December 16, 2025

Market Overview

Today’s net fund outflows highlight a broad rebalancing across equity and fixed-income exposures, with large-cap equities and technology-linked ETFs dominating the list. While outflows spanned multiple asset classes, the top three ETFs by outflow volume were all equity-focused, suggesting a potential shift in risk appetite. The presence of both short- and long-duration Treasury ETFs among the outflows indicates uncertainty in fixed-income positioning. However, no single asset class accounted for the majority of outflows, pointing to a diversified rotation rather than a sector-specific selloff.

ETF Highlights

1. IVV - iShares Core S&P 500 ETFAs the largest U.S. equity ETF with $680.63B in AUM, IVV’s $18.94B outflow reflects reduced demand for broad-market exposure. Its 15.49% YTD performance, while positive, may have prompted profit-taking or a strategic shift away from large-cap benchmarks. The magnitude of the outflow underscores its role as a barometer for institutional and retail investor sentiment.

2. QQQ - Invesco QQQ TrustThe Nasdaq-100-linked QQQ saw $2.88B in outflows, the second-largest of the day. With a YTD gain of 19.66% and $401.53B in AUM, the outflow could indicate a reassessment of growth-oriented tech stocks. The ETF’s performance has outpaced the S&P 500 this year, potentially triggering rotation into undervalued sectors or defensive assets.

3. SGOV - iShares 0-3 Month Treasury Bond ETFShort-duration Treasury ETF SGOV posted a $482.37M outflow despite a 0.22% YTD return. Its role as a liquidity proxy may have drawn temporary inflows earlier in the year, but the outflow suggests a shift toward longer-duration bonds (e.g., TLT) or equities. The $66.20B AUM highlights its significance in cash management strategies.

4. JAAA - Janus Henderson AAA CLO ETFThe $344.01M outflow from JAAA, which focuses on collateralized loan obligations, may signal reduced appetite for leveraged credit. Its -0.20% YTD performance, the only negative among the top 10, could amplify underperformance concerns. The $25.24B AUM suggests it remains a niche but notable component of fixed-income portfolios.

5. GLDM - SPDR Gold MiniShares TrustGLDM’s $301.47M outflow contrasts with its 63.92% YTD price surge, the highest among the group. The massive daily gain—unusual for a physical commodity ETF—might reflect profit-taking after a sharp rally. However, gold’s traditional safe-haven role remains intact, and the outflow does not necessarily signal waning demand for the metal.

6. TLT - iShares 20+ Year Treasury Bond ETFLong-duration bond ETF TLT faced a $246.86M outflow despite a 0.63% YTD return. Its $47.89B AUM makes it a key indicator for bond market positioning. The outflow could reflect expectations of rising interest rates or a tactical shift toward shorter-duration instruments like SGOV.

7. OMFL - Invesco Russell 1000 Dynamic Multifactor ETFOMFL’s $234.23M outflow highlights reduced interest in active, factor-based U.S. equity strategies. With a 12.35% YTD return and $4.67B in AUM, the outflow may indicate a preference for passive benchmarks (e.g., IVV) or sector-specific plays over multifactor approaches.

8. ONEQ - Fidelity NASDAQ Composite Index ETFONEQ’s $208.99M outflow adds to the tech sector’s outflow tally. Its 19.73% YTD gain and $9.24B AUM suggest it attracted growth-focused investors earlier in the year. The outflow could signal a rotation into value-oriented assets or a broader reassessment of Nasdaq-linked exposure.

9. DFAT - Dimensional US Targeted Value ETFDFAT’s $203.03M outflow is notable given its 8.28% YTD return, which lags behind growth-heavy peers. The ETF’s focus on value equities may have drawn inflows during periods of rate optimism, but the outflow could reflect a return to growth assets or sector-specific reallocation.

10. SOXX - iShares Semiconductor ETFSemiconductor ETF SOXX’s $188.64M outflow aligns with broader tech outflows. Its 37.45% YTD gain, the highest among the group, suggests profit-taking after a strong rally. The $16.49B AUM indicates it remains a key vehicle for cyclical tech exposure.

Notable Trends / Surprises

The top 10 list features three Nasdaq-linked ETFs (QQQ, ONEQ, SOXX) and two major Treasury ETFs (TLT, SGOV), signaling a dual rotation away from growth equities and fixed-income assets. The presence of both short- and long-duration bond ETFs among the outflows suggests investors are recalibrating duration risk without a clear directional bias.

Conclusion

Today’s outflows may indicate a tactical rebalancing away from large-cap equities, tech, and fixed-income assets, with investors potentially shifting toward undervalued sectors or cash. The magnitude of outflows in high-YTD performers like IVV, QQQ, and SOXX suggests profit-taking, while mixed bond ETF flows highlight uncertainty in rate positioning. Collectively, the data points to a cautious approach to growth and duration, though the absence of a dominant theme underscores the fragmented nature of current investor positioning.