The read
The front page of the tape — one state line and three lanes, all computed from the active lookback window and recomputed the moment you switch it:- LEAD — the single most unusual flow on the tape right now: every tracked fund and the Bitcoin/Ether complexes compete, scored by how far the window’s flow sits from that fund’s own history (with a dollar floor, so a small fund’s noisy reading can’t headline). The winner gets the full treatment — dollars, sigma, its streak or largest-since record — plus the 13-week crowding clause when a theme complex has been absorbing money for a quarter.
- ROTATION — the question flows exist to answer: money out of what, into what. Nine exposure buckets (US core equity, bonds, cash, gold, semis/AI, tech/software, small caps, international, crypto) netted in dollars, top two per side.
- WATCH — the divergence flags (exhaustion: price still rising while money leaves; capitulation: outflows persisting deep into a drawdown), ranked by fund size, capped at three with a “+N more in the table” tail — the σ screener in the table below holds the full list.
Flow signals mean different things at different horizons, and the page is deliberate about this: short-window numbers (1 day to 1 month) are described, not editorialized — the research says short-term flow follows returns and continues. Only the slow, cumulated reads (13 weeks to a year of money piling into one theme) carry a cautionary tone, because that’s the horizon where crowding has historically mattered.
One lookback, every panel
The pill row in the Hot Money header — 1W · 1M · 3M · YTD · 1Y · ✎ — sets the page’s active window, and every panel follows it: the tiles’ headline numbers and ordering, the Leverage Appetite pairs and their states, the Biggest Moves ranking, and (for 3M or custom) an extra column in the flows table. 1M is the default. The ✎ pill takes any custom window from 2 to 520 weeks, computed live from each fund’s weekly archive. Your selection is saved to your account.Hot Money
Tiles for the theme funds you care about — the defaults cover semis (SOXX, SMH, SOXL), software (IGV), memory (DRAM), tech (XLK), and the mega-cap complex (QQQ, MAGS), and the + Add button opens a searchable picker (type a ticker or any part of a fund’s name) to build your own set. Tiles arrange themselves by the active window’s flow — strongest inflow first. Each tile reads top to bottom the way a quote card does: the headline flow with a year of weekly history as a sparkline right beside it, a fixed 1W · YTD reference row underneath, then — when a fund has earned one — its read, marked with a slim accent bar: the Flow Show superlative in plain sight (“Largest 13-week inflow since Jun 2025 · 4th straight week of inflows”). Long reads clip to two lines; hover for the full text. The bottom edge is pinned for the qualifiers. Every tile carries a z-chip on that bottom edge: the active window’s flow scored against that fund’s own history of the same window. Quiet readings sit in muted grey; past ±1.5σ the chip turns amber — the threshold controls emphasis, not existence, so “is this money unusual?” is answered at a glance on every tile. Badges appear beside it when earned:- EXHAUSTION — price runs more than half a sigma above its history while flow runs half a sigma below it: the fund is still going up as money walks out. Hover the badge for the exact criteria.
- CAPITULATION — price and flow both more than a sigma below history, with the fund over 15% off its 1-year high: outflows persisting deep into the hole.
- synthetic — DRAM holds swaps and T-bills rather than only physical shares, so its flows behave differently.
The flows table
Every tracked fund, grouped by tier, across the house timeframes: 1D · 1W · 1M · YTD · 1Y — plus the active lookback as an extra sortable column whenever it isn’t already one of those (3M, or your custom window). Percentages are organic growth rates — flow relative to the fund’s assets at the window start — because a 20B fund than to a $800B one. The strongest and weakest two in each column are tinted; click any column to sort, any row for that fund’s full flow history as a chart. Two controls in the table header turn it into a z-score screener:- % | σ — flips every window column from flow percentages to z-scores, each window scored against that fund’s own history of the same window. Heat past ±2σ, tooltips keep the underlying % and dollars, sorting works on the scores. (YTD sits out in σ mode — its window length drifts through the year, so a fair “vs own history” score doesn’t exist.)
- ≥1σ — hides every fund whose active-window flow is within a sigma of its own norm, leaving only the unusual money on screen. Forty-seven funds in, a handful of stories out.
Leverage Appetite
The same exposure at 1x and 3x — whose door does the dip money walk through? Five pairs: Semis (SOXX/SMH vs SOXL), Nasdaq 100 (QQQ vs TQQQ), S&P 500 (SPY/IVV/VOO vs UPRO/SPXL), Russell 2000 (IWM vs TNA), and Long Treasuries (TLT vs TMF). Each pair shows both sides’ flow for the active window and earns a state:
The headline line names the widest divergence — the day this panel shipped, it read “Dip-buying is running through the levered door — SOXL +7.7% vs SOXX/SMH −0.8% of AUM (1M).”
Biggest Moves
The five biggest dollar inflows and outflows for the active window, as diverging bars — and the spot Bitcoin and Ether ETF complexes compete in the same ranking (“BTC ETFs” / “ETH ETFs” rows), because they’re chasing the same marginal dollar. Click a fund’s bar for its flow history; click a crypto row for the complex’s.Crypto ETFs
Per-issuer daily flows for the spot Bitcoin and Ether complexes (source: Farside Investors), each card carrying:- D | W | M pills — daily rows, calendar-week totals, or calendar-month totals, with the sparkline redrawing to match
- ‹ › paging — walk back through the full history (Bitcoin to January 2024) with the window fixed at ten rows
- a Zσ row pinned above the table — each issuer’s latest reported day scored against its own history, plus a complex-level score in the Total column
- an evidence line in the Flow Show grammar — “6th straight day of inflows”, “Largest daily outflow since…”
- clickable issuer tickers (IBIT, FBTC, ETHA…) opening the standard stock pop-out
The history chart
Every fund row, tile, and crypto card opens the same chart: net-flow bars with two optional overlay lines on the right-hand scale — Price (the fund’s NAV where the issuer publishes it, a price series otherwise — the subtitle says which) or Σ Flow, the cumulative net dollars since the history began. One overlay at a time; they don’t share units.- D | W | M switches the bar granularity — daily (trailing three years), weekly, or monthly (both full-depth) — and the range presets rescale so “1Y” always means one year of bars
- 1Y / 3Y / 5Y / Max presets, plus drag-zoom and pan
- History reaches as far as the records go: SPY and the sector funds to 2006, the major iShares funds to ~2000, EWJ to 1996
Where the numbers come from
Data refreshes several times a day as issuers post their files (typically next-morning for the prior session). A handful of data-quality guards run automatically — share-count jumps from fund splits are excluded (a split doubles shares without moving a dollar), issuer misprints are cross-checked against published assets, young funds don’t print percentages against seed capital, and any window reaching into a fund’s incubation era shows a dash instead of a thousand-percent artifact.