Still, it should be noted that ETF flows data does not always tell the entire. On the surface, it would appear that a surge in flows to UWM would jibe with investors being bullish on small-caps. But during March, investors pulled money from the Direxion Daily Small Cap Bull 3X Shares (NYSEArca: TNA) while putting new money to work in the Direxion Daily Small Cap Bear 3X Shares (NYSEArca: TZA).

ProShares Ultra Russell2000

ETF Trends editorial team contributed to this piece.