US equity ETF inflows are breaking records.

Investors poured $1.4 trillion into US equity ETFs over the past 12 months, up from $850 billion in the preceding period. That’s a 65% increase.

Where is the money going?

• Tech funds: $65 billion—more than twice the inflows into cyclical equity ETFs.

• Defensive equity ETFs: $25 billion.

For perspective, inflows totalled $300 billion and $650 billion in the first two years of the current bull market

Sources: Stategas, TheKobeissieLetter