Semiconductor ETFs See Profit-Taking as Investors Pile Into QQQ

Investors poured $37 billion into US-listed ETFs during the week ending Aug. 7, lifting year-to-date inflows past $1.25 trillion.

The buying came as the US stock market notched fresh record highs, extending its gain for the year to 14%. Bonds were largely flat, and the Vanguard Total Bond Market ETF (BND) remains down fractionally in 2026.

By category, US equity ETFs led with $12.5 billion in inflows, closely followed by US fixed income ETFs at $12.1 billion. International equity funds took in $5.1 billion and international fixed income funds added $3 billion. Commodity ETFs pulled in $2 billion, while leveraged ETFs bucked the trend, shedding $1.1 billion.

At the individual fund level, the biggest winner was the Invesco QQQ Trust (QQQ), with $10.2 billion in inflows. The tech-heavy fund has outrun the S&P 500 this year, rising 18%, but it remains off about 3% from its highs. Some investors may have used the recent pullback to add to positions. 

The Vanguard S&P 500 ETF (VOO) and the iShares Core S&P 500 ETF (IVV) followed, with $8.7 billion and $3.7 billion of inflows respectively. The SPDR Gold Shares (GLD) and the Industrial Select Sector SPDR Fund (XLI) also cracked the top 10, taking in $1.4 billion and $941 million.

Profit Taking In Chip ETFs

On the other side of the ledger, investors appeared to take profits in semiconductor funds. The iShares Semiconductor ETF (SOXX) shed $3.7 billion and the VanEck Semiconductor ETF (SMH) lost $1.8 billion. Both remain up sharply on the year, 77% and 59% respectively, but the ride has been anything but smooth. 

The funds surged through the second quarter, sold off hard in the third, and have more recently bounced off their lows. The latest outflows suggest ETF investors are booking gains after that rebound.

Other notable outflows included the iShares 20+ Year Treasury Bond ETF (TLT), which lost $1.3 billion, the Global X Artificial Intelligence & Technology ETF (AIQ), down $755 million, and the Global X U.S. Infrastructure Development ETF (PAVE), which shed $727 million.

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