Recent analysis of exchange-traded fund (ETF) flows indicates a notable shift in sector allocations within U.S. equities. Over the past week, large-cap equity ETFs experienced substantial outflows, totaling nearly $2.8 billion, while aggregate bond funds saw inflows of approximately $2.2 billion. The sectors with the most significant inflows compared to historical averages include Investment Grade, Treasury, and Financials. Conversely, outflows were predominantly observed in Large Cap, Mid Cap, Health Care, Consumer Discretionary, Basic Materials, and Energy sectors. The largest absolute flows in ETFs included $QQQ with inflows of $5.5 billion, while $SPY and $TQQQ recorded outflows of $2.1 billion and $2.3 billion, respectively. Other ETFs such as $VOO and $IVV also saw inflows of $1.2 billion and $0.8 billion, respectively.