Top ETFs Show Mixed Weekly Fund Flows Amid Volatile YTD Returns

Date: 2025-12-21 The Weekly Report's Time Range: 12.15-12.19

Market Overview

The week ending December 19, 2025, saw significant net outflows across a range of ETFs, reflecting a mix of investor behavior in light of varying YTD performance. While several large-cap and sector-specific ETFs saw outflows, others with strong YTD returns appeared to maintain or even attract assets.

The data highlights the divergent performance across different segments of the market, with energy, tech, and financials showing varied trends.

Despite some outflows, a number of ETFs, particularly those with exposure to the S&P 500 and long-term Treasuries, continued to hold substantial assets under management, pointing to their enduring appeal among investors. The Ethereum-linked ETF also drew attention, though it experienced a notable decline in flows and value year to date.

ETF Highlights

SPY - SPDR S&P 500 ETF Trust recorded the largest weekly outflow of $16.416 billion. With a YTD gain of 16.13% and $696.66 billion in AUM, the fund's outflow may indicate a rebalancing or profit-taking by investors in the broad U.S. equity market.

VOO - Vanguard S&P 500 ETF faced a weekly outflow of $8.401 billion. Despite a YTD return of 16.47% and $816.49 billion in AUM, the fund's outflow could suggest a broader trend of distribution among passive equity market investors.

DIA - SPDR Dow Jones Industrial Average ETF Trust experienced a $1.430 billion outflow. The fund’s YTD return of 13.08% and $43.40 billion in AUM may reflect investor activity related to industrial sector positioning or portfolio adjustments.

XLE - State Street Energy Select Sector SPDR ETF recorded a $638.77 million outflow. The fund has posted a YTD gain of 3.04% and manages $26.15 billion in AUM, possibly showing mixed investor sentiment in energy sector exposure.

TLT - iShares 20+ Year Treasury Bond ETF had a $604.411 million outflow. With a YTD return of 0.25% and $47.01 billion in AUM, the outflow might indicate shifting preferences in the fixed-income space.

TSLL - Direxion Daily TSLA Bull 2X Shares saw a $499.035 million outflow. The fund's YTD loss of -19.69% and $6.91 billion in AUM could reflect risk-off behavior or profit-taking in a leveraged exposure to Tesla.

XLF - State Street Financial Select Sector SPDR ETF had a $371.787 million outflow. The fund's YTD performance of 13.47% and $53.28 billion in AUM may suggest a re-evaluation of financial sector positioning by investors.

ETHA - iShares Ethereum Trust ETF recorded a $356.769 million outflow. The fund’s YTD loss of -10.48% and $10.54 billion in AUM could indicate a retreat from crypto-related assets.

DFAC - Dimensional US Core Equity 2 ETF saw a $337.953 million outflow. Despite a YTD gain of 14.66% and $40.13 billion in AUM, the outflow might reflect investor diversification or rebalancing across core equity strategies.

SMH - VanEck Semiconductor ETF experienced a $336.948 million outflow. The fund’s YTD gain of 47.10% and $39.13 billion in AUM could indicate profit-taking or a shift in tech sector allocations.

Notable Trends / Surprises

While most large-cap and sector-specific ETFs saw outflows, the strongest YTD performers like SMH and DFAC did not see significantly higher inflows, which might suggest a general profit-taking mood in the market. Conversely, TLT and ETHA—both with weaker or negative YTD performance—also faced outflows, possibly indicating risk aversion across different asset classes. This pattern of outflows despite mixed YTD performance is worth noting, particularly in the context of the energy and tech sectors.

Conclusion

This week’s data highlights a broad trend of outflows across a diverse set of ETFs, spanning core equity indices, leveraged products, and crypto-linked funds. While YTD performance varied, the overall pattern appears to reflect a cautious or consolidating investor stance, particularly in sectors with strong returns. Investors may be positioning for future market conditions, though no clear directional bias was evident in the data this week.