Where investor money is moving — with its measurement caveats.
| Concept | Explanation | |---|---| | Fund inflow | Net investor money enters a fund. | | Fund outflow | Net investor money leaves a fund. | | ETF creation | New ETF shares are issued against underlying assets. | | ETF redemption | ETF shares are removed and underlying assets may be delivered or sold. | | Flow-versus-performance effect | Assets under management can rise from price appreciation even without new inflows. |