BREAKING: The Nasdaq 100 ETF, QQQ, has attracted +$10 billion in inflows over the last 21 days, the highest 21-day total since October 2025. This is also the 3rd-largest 21-day inflow on record. This follows -$11 billion in outflows recorded in March, the highest in at least 4 years. US-listed ETFs posted +$174 billion in inflows in April, more than any other region. Year-to-date, US-listed ETFs have pulled in a massive +$673 billion. The top-performing fund was the S&P 500 ETF, VOO, which attracted +$25 billion in April and +$47 billion year-to-date. Investors are buying equity funds at a rapid pace.(The Kobeissi Letter)