Exchange-traded funds took in more than $30 billion in their strongest week this year, led by U.S. equity funds, as major market benchmarks hit new highs, according to EPFR Global.
Investors poured $31.6 billion into ETFs globally in the week ending on Wednesday, beating a previous high for the year of $26.5 billion during the week to April 26.
In spite of a high-profile sell-off in technology shares, particularly among the so-called Faangs — Facebook, Amazon, Apple, Netflix and Google — all four of the major U.S. indices hit new highs over the past week. The S&P 500, Nasdaq Composite and Russell 2000 reached intraday highs on Friday, while the Dow Jones Industrial Average hit a fresh high on Wednesday.
"Everyone talks about Faangs, but it is a little bit of Fomo [fear of missing out]," said Matthew Bartolini, head of SPDR Americas research at State Street Global Advisors. "The equity market continues to rally."