SPY, VOO, IVV All Bleed As S&P ETFs Lose $2.3B

Date: January 30, 2026

Market Overview

Today’s ETF outflows reflect a mixed investor approach, with significant redemptions concentrated across large-cap equity, sector, and thematic vehicles. While S&P 500-focused ETFs dominated the top outflow list, reflecting potential profit-taking or shifting risk appetite, outflows also extended to silver, regional banking, and blockchain innovation funds. The data does not clearly indicate a broad sectoral rotation but highlights divergent performance across asset classes, with commodities and leveraged tech funds showing strong intraday gains despite outflows.

ETF Highlights

SPDR S&P 500 ETF Trust (SPY) As the largest U.S. equity ETF with $713.53 billion in assets, SPY’s $865.88 million outflow may indicate tactical rebalancing or reduced demand for broad-market exposure. Its 1.47% intraday gain and 1.47% YTD performance suggest investors might be locking in gains after a resilient start to 2026.

Vanguard S&P 500 ETF (VOO) VOO, the second-largest S&P 500 vehicle with $865.55 billion in AUM, saw $778.31 million in outflows. Its 1.45% intraday rise and 1.45% YTD return align with SPY’s performance, potentially signaling a coordinated reduction in passive equity exposure across competing products.

iShares Core S&P 500 ETF (IVV) IVV’s $626.21 million outflow, despite a 1.47% intraday gain and 1.47% YTD return, underscores continued competition among S&P 500 ETFs. Its $765.91 billion AUM suggests even minor outflows represent meaningful capital shifts.

iShares Silver Trust (SLV) SLV’s $447.03 million outflow contrasts with a 17.11% intraday surge, the largest percentage gain among the top 10. This divergence could reflect volatile positioning in commodities, with investors possibly hedging or exploiting short-term price swings in silver.

ARK Blockchain & Fintech Innovation ETF (ARKF) ARKF’s $400.57 million outflow, coupled with a -9.11% intraday drop and -19.9% YTD performance, may signal waning enthusiasm for blockchain and fintech themes. Its $1.01 billion AUM highlights the fragility of niche innovation-focused funds during periods of risk-off sentiment.

Consumer Staples Select Sector SPDR ETF (XLP) XLP’s $281.40 million outflow occurred alongside a 7.51% intraday gain and 7.51% YTD performance, suggesting defensive positioning in a sector historically favored during market stress. Its $15.79 billion AUM indicates sustained interest in defensive equities despite outflows.

ProShares UltraPro QQQ (TQQQ) TQQQ’s $231.38 million outflow contrasts with a 2.43% intraday rise and 4.53% YTD return. As a leveraged tech ETF, the outflow might reflect risk management in high-growth assets, particularly given its $30.12 billion AUM and sensitivity to market swings.

Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) VTIP’s $201.95 million outflow, despite a 0.55% intraday gain and -0.5% YTD performance, could indicate shifting demand for inflation hedges. Its $16.80 billion AUM suggests investors may be recalibrating fixed-income allocations amid evolving macroeconomic signals.

SPDR S&P Regional Banking ETF (KRE) KRE’s $176.66 million outflow occurred alongside a 6.17% intraday gain and 6.17% YTD performance. The regional banking sector’s strong price action may not fully offset concerns about sector-specific risks, as reflected in the outflow from this $4.25 billion ETF.

iShares Russell 1000 Value ETF (IWD) IWD’s $175.31 million outflow, despite a 4.53% intraday gain and 4.53% YTD return, highlights potential undercurrents of caution in value-oriented equity strategies. Its $69.00 billion AUM underscores the scale of capital reallocation within the broader equity market.

Notable Trends

The dominance of S&P 500 ETFs in outflow rankings suggests a possible pullback in passive equity demand, while leveraged and thematic funds like TQQQ and ARKF highlight divergent investor sentiment toward growth and innovation themes. The simultaneous outflows from SLV and VTIP may reflect a nuanced approach to commodities and inflation hedges, though the large intraday gains in both assets complicate interpretation.

Conclusion

Today’s outflows may indicate a cautious stance toward large-cap equities and high-exposure thematic bets, with investors potentially rebalancing toward defensive sectors or cash. The mixed performance across ETFs—particularly in commodities and leveraged products—could reflect tactical positioning amid short-term volatility. However, the continued strength in AUM for many outflow-affected funds suggests underlying demand remains intact, with flows possibly driven by tactical rather than structural shifts.