The read
A verdict line and three labeled lanes summarize the tape in ten seconds:- HOT — the strongest flow in the hot-money tier, plus how much the semis/AI complex as a whole has absorbed over 13 weeks
- TAPE — divergence patterns: exhaustion (heavy buying into falling prices) and capitulation (outflows persisting after a deep drawdown)
- BROAD — equity-fund vs bond-fund flows, the classic risk-appetite gauge
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.
Hot Money
Tiles for the theme funds that matter right now — semis (SOXX, SMH, SOXL), software (IGV), memory (DRAM), tech (XLK), and the mega-cap complex (QQQ, MAGS). Each shows the 1-month flow as a percent of assets, a year of weekly history as a sparkline, and flags when they’re earned:- z-chip — this fund’s current flow is unusually large vs its own history
- EXHAUSTION / CAPITULATION badges — the flow/price divergence patterns
- 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 Zσ (the 1-month flow vs that fund’s own flow history — heat past ±2σ), **YTD 1B flow means something entirely different to a 800B one. The strongest and weakest two in each column are tinted. Click any column to sort; click any row for that fund’s full weekly flow history as a chart.Movers, crypto, and history
- Movers — the five biggest dollar inflows and outflows of the past four weeks, as diverging bars
- Crypto — the Bitcoin and Ethereum spot-ETF complex, per issuer, daily (source: Farside Investors), with cumulative totals since launch
- History — every fund chart reaches back as far as its issuer’s records go: SPY and the sector funds to 2006, the major iShares funds to their inceptions around 2000–2002, SMH to 2011
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), and issuer misprints are cross-checked against published assets.