Investors are piling into equity ETFs at a record pace: The Vanguard S&P 500 ETF, VOO, posted +$40.5 billion in inflows last week, the largest intake this year. Year-to-date, VOO net inflows are now up to +$163.7 billion, the largest on record for a single ETF. Overall, investors invested +$49.7 billion in US-listed ETFs last week, pushing 2025 inflows to an annual record of +$1.33 trillion. US equity ETFs attracted +$30.6 billion, followed by +$9.8 billion into international equity funds. Meanwhile, leveraged and inverse ETFs saw outflows of -$965 million and -$427 million, respectively. Investor demand for US equities is accelerating.(The Kobeissi Letter)