Investors have been pouring into Exchange Traded Funds (ETFs) this year. $108 billion flowed into ETFs year to date, $24 billion of which came during the last three months.
Yet while investors have been pouring into commodity, fixed income, and global equity ETFs, one very important category has remained a complete pariah — U.S. Stocks.
Despite the stock market rally we’ve witnessed during the last three months, money has continued to flow out of U.S. equity ETFs. Thus while some might be able to argue that the crowd has jumped into commodities, fixed income, and global equities, it’s pretty hard to say that investors are in love with stocks again.
ETF investors continue to flee American stocks, which suggests we are nowhere near a new ‘bubble’ for U.S. equities.
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