BREAKING: The US semiconductors ETF, SOXX, recorded ~750 million in net outflows in May, the most since February. Overall, the largest US equity ETFs posted net monthly outflows for the second time since April 2023. After a pick-up in inflows in the first two weeks of April, investors have been pulling out money from equity funds as the market has rallied. This suggests investors are reducing equity exposure into market strength. Can the bull run continue here?