Weekly ETF Fund Flow Report: Mixed Outflows Amid Strong YTD Performance

Date: 2025-11-30 The Weekly Report's Time Range: 11.24-11.28

Market Overview

This week’s fund flow data reflects net outflows across a broad range of ETFs, despite many showing positive year-to-date performance.

The largest outflows were observed in SPY, QQQ, and XLF, while several smaller-cap and sector-specific funds also experienced investor withdrawals. YTD returns, on the other hand, varied widely, with the VanEck Gold Miners ETF posting the highest return. The week’s activity may indicate shifting investor sentiment or tactical portfolio adjustments, though no clear sector-specific pattern emerges beyond the broad trends.

Notably, the iShares Bitcoin Trust ETF, despite a modest decline in its price for the week, remains the fourth-largest outflow recipient, suggesting continued volatility in digital asset-related assets. Meanwhile, ESG-focused ETFs showed mixed performance and flows, highlighting potential shifts in risk appetite and thematic positioning. Overall, the week’s flows appear to reflect a blend of defensive positioning and strategic rebalancing, though no definitive macro themes can be inferred from the data alone.

ETF Highlights

SPY - SPDR S&P 500 ETF Trust: The SPDR S&P 500 ETF Trust experienced the largest net outflow of the week at $-2.80B, despite a 16.60% YTD return. As the benchmark for broad U.S. equity exposure, this outflow may indicate tactical reallocation rather than a bearish shift in sentiment.

QQQ - Invesco QQQ Trust: The Invesco QQQ Trust saw a net outflow of $-1.29B for the week. With a 21.13% YTD performance, this outflow might reflect a pullback after strong gains in the tech sector.

XLF - Financial Select Sector SPDR Fund: The Financial Select Sector SPDR Fund had a net outflow of $-917.40M. Despite a 10.35% weekly gain and a $51.87B AUM, the outflow could suggest caution within the sector, especially given its relatively high exposure to interest rate-sensitive assets.

IBIT - iShares Bitcoin Trust ETF: The iShares Bitcoin Trust ETF recorded a net outflow of $-626.64M. With a -2.83% weekly performance and $70.84B AUM, the outflow might reflect short-term volatility in the crypto space.

FNOV - FT Vest U.S. Equity Buffer ETF - November: The FT Vest U.S. Equity Buffer ETF - November had a net outflow of $-616.48M. The fund’s 13.98% weekly return and $1.00B AUM may not be sufficient to retain capital, possibly reflecting its time-limited nature.

IGSB - iShares 1-5 Year Investment Grade Corporate Bond ETF: The iShares 1-5 Year Investment Grade Corporate Bond ETF experienced a net outflow of $-429.16M. The fund’s 2.73% weekly performance and $21.84B AUM may not have been enough to attract inflows during this week.

SMH - VanEck Semiconductor ETF: The VanEck Semiconductor ETF had a net outflow of $-428.19M. Despite a strong 45.47% YTD performance, the outflow may reflect a profit-taking move in a high-growth sector.

GDX - VanEck Gold Miners ETF: The VanEck Gold Miners ETF recorded a net outflow of $-341.75M. With a 145.44% YTD return, this outflow may be part of a broader rotation away from cyclical assets.

NULV - Nuveen ESG Large-Cap Value ETF: The Nuveen ESG Large-Cap Value ETF saw a net outflow of $-315.85M. The fund’s 15.42% weekly return and $1.92B AUM may not have been enough to retain capital in a week of overall outflows.

NULG - Nuveen ESG Large-Cap Growth ETF: The Nuveen ESG Large-Cap Growth ETF had a net outflow of $-289.10M. With a 14.04% weekly return and $1.92B AUM, the outflow could reflect shifting preferences between value and growth assets.

Notable Trends / Surprises

The VanEck Gold Miners ETF’s 145.44% YTD performance stands out against the backdrop of net outflows, possibly reflecting a divergence between sector strength and investor behavior. Similarly, the strong YTD performance of the Invesco QQQ Trust and VanEck Semiconductor ETF contrasts with their outflows, which might signal short-term risk management in high-volatility areas.

Conclusion

This week’s fund flow data highlights a mix of strong YTD returns and net outflows across a broad range of ETFs. While tech, gold, and financials showed strong performance, they also experienced significant outflows, suggesting that investors may be rebalancing or taking profits. The report underscores the complexity of investor behavior in a market characterized by diverse asset class dynamics and thematic positioning.