Investor uncertainty about everything from Trump administration policies, the nuclear threat in North Korea and rich stock valuations have spurred many investors to pull money out of U.S. equity funds. But it’s a whole different story with exchange traded funds (ETFs) and other exchange traded products (ETPs), which received $25 billion of net new investor money in the seven days through April 26, their biggest weekly inflow since January, according to Credit Suisse. The largest beneficiaries by far were ETPs, including ETFs, that track U.S. equities, which received $17 billion, two-thirds of the inflows. Both large cap and small cap funds brought in new money. (For more, see also: Why the S&P 500 Is Healthier Than It Looks.)

International equities ETPs also attracted $4 billion, where inflows were concentrated in Europe and emerging markets. Some $3.5 billion flowed into fixed income ETPs as demand rose for riskier debt such as high yield and emerging market bonds, Credit Suisse indicates in its May 3 report.

Tactical vs. Strategic Investing

Credit Suisse finds that money flows into or out of ETFs often reflect tactical shifts in asset allocation. On a sector basis, the top three magnets for new investor money in the week…