Tariff Uncertainty Drives Diverging ETF Flows As tariffs on Canada, Mexico, and China unsettled markets, U.S.-listed ETFs attracted $11.7 billion in net inflows last week. While U.S. equity ETFs gained $2 billion, some funds like SPDR S&P 500 ETF (SPY) saw $3.9 billion in outflows. Investors remain divided between "buying the dip" and defensive positioning.1