In the past three months, net inflows into U.S. ETFs have exceeded $400 billion. Much of this ETF funding comes from 401(k)s, pensions, advisory models, target date funds, and rebalancing. These funds do not consider whether assets are "expensive" or "cheap"; they buy when they feel it's the right time, judging that the trend is already happening.

Although this money has entered U.S. stock ETFs, it does not equate to an average purchase of the entire market. Ultimately, it will flow back more to the assets with the largest index weights, especially large-cap and tech-heavy assets. This generally indicates that these funds see a soft landing for the U.S. economy, expectations of interest rate cuts, narratives around AI productivity, cash migrating from short-term bonds, and overseas funds chasing dollar-denominated assets.

In simpler terms, while many still believe we are in a bear market, over $400 billion has already started to buy the dip. They are willing to believe that the trend will be better by 2026.

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