Large Inflows into Equity and Momentum-Focused ETFs Dominate the Week

Date: 2025-11-24 The Weekly Report's Time Range: 11.17-11.21

Market Overview

Investor activity in the week ending November 21 was largely concentrated in equity- and momentum-focused ETFs, with significant inflows into the S&P 500 space and several factor-based products. Strong performance from the top-performing ETFs—particularly those tracking the S&P 500 and emerging markets—appears to have driven capital into these vehicles. In contrast, bond and Treasury ETFs saw much smaller inflows or modest gains, suggesting a relatively stronger appetite for equities. The data may indicate continued optimism about large-cap U.S. equities and growth-oriented strategies, though caution remains in interpreting the flows without additional macroeconomic context. The dominance of the S&P 500 ETFs in both inflow size and AUM highlights the enduring appeal of this core asset class.

ETF Highlights

Vanguard S&P 500 ETF (VOO) saw the largest inflow of the week. As a core S&P 500 tracking ETF, its performance of 12.46% and AUM of $789.26B may reflect continued institutional and retail confidence in the broad U.S. equity market. The inflow could suggest a preference for low-cost, broad-market exposure during periods of relative stability or growth.

iShares MSCI USA Momentum Factor ETF (MTUM) attracted the second-highest inflow. The product focuses on the momentum factor in the U.S. market and has returned 14.94% year-to-date. The inflow may indicate growing investor interest in strategies leveraging strong recent performance and trend-following dynamics.

iShares Core S&P 500 ETF (IVV) received a large inflow and is another major S&P 500-tracking ETF with a YTD return of 12.50% and AUM of $705.16B.

The inflow may reflect continued demand for low-cost exposure to the U.S. large-cap equity space.

iShares Core MSCI Emerging Markets ETF (IEMG) experienced strong inflows and delivered the highest YTD return at 25.58%. As a global emerging market ETF, its inflow may indicate a possible shift in risk appetite and confidence in international growth opportunities.

ProShares UltraPro Dow30 (UDOW), with a 10.44% YTD return and AUM of $675.29M, received notable inflows. As a leveraged ETF on the Dow 30, the inflow may indicate short-term positioning for continued strength in the 30-stock industrial index.

iShares Russell 3000 ETF (IWV) attracted inflows and returned 11.84% year to date. As a broad U.S. equity ETF covering the Russell 3000 index, the inflow may reflect demand for diversified exposure across large-, mid-, and small-cap U.S. stocks.

iShares S&P 500 Value ETF (IVE) saw inflows and returned 7.99% year to date. As a value-oriented subset of the S&P 500, the inflow could suggest a tentative shift in investor sentiment toward undervalued large-cap equities.

Vanguard Total Bond Market ETF (BND) recorded a moderate inflow with a 3.63% YTD return and AUM of $144.16B. The inflow may suggest some demand for income or capital preservation strategies, though it was not among the top three inflow categories.

Vanguard Short-Term Bond ETF (BSV) saw a smaller inflow and returned 2.29% year to date. The product focuses on the short-term bond segment, and the inflow could indicate a preference for lower-duration, lower-risk fixed-income exposure.

iShares 0-3 Month Treasury Bond ETF (SGOV) recorded the smallest inflow of the week. As a cash-like Treasury ETF, its 0.28% YTD return and AUM of $63.66B may suggest a marginal shift toward short-term liquidity or risk mitigation, though the inflow was minimal compared to equity peers.

Notable Trends / Surprises

Three of the top four inflow recipients are S&P 500-tracking ETFs (VOO, IVV, and IVE), suggesting a strong preference for U.S. large-cap equities. Additionally, MTUM and IEMG highlight a growing interest in momentum and international growth strategies. This pattern could indicate a rotation toward both U.S. core equity and more aggressive international or factor-based themes. The relatively modest inflows into bond ETFs, particularly the smallest inflow into SGOV, may reflect continued underinvestment in fixed income, with capital remaining focused on equity assets.

Conclusion

The week’s inflows may indicate a strong preference for U.S. large-cap equities and factor-based strategies, particularly momentum and emerging markets. The dominance of the S&P 500 ETFs could point to sustained investor confidence in the core of the U.S. equity market, while the inflow into MTUM and IEMG may reflect a willingness to take on more directional or international risk. These flows could suggest a market environment with relatively high risk appetite, though further data would be needed to confirm broader trends.