U.S. high-yield funds recorded an inflow of $145 million in the week ended June 1, according to the weekly reporters only to Lipper. The inflow dents last week’s outflow of $562 million and represents the second inflow over the past three weeks for a net infusion of $718 million over that span.

Take note, however, that this week was yet again essentially all ETF-influenced, with ETF inflows of $159 million backed out by outflows of $15 million from mutual funds, for an inverse 110% reading. In contrast, last week’s outflow was 91% due to ETF redemptions.

Whatever that might say about fast money, hedging strategies, and other market-timing efforts, this week’s net infusion drags the trailing four-week average to shallower waters, at negative $297 million, from negative $785 million last week.

The year-to-date total infusion expands a bit to $6.7 billion, with 27% ETF-related. Last year at this point, after 22 weeks, the $9 billion net inflow was similarly 32% ETF-related.

The change due to market conditions this past week was positive $459 million, which is essentially nil against total assets of $191.2 billion at the end of the observation period. ETFs account for about 20% of the total, at $38.6 billion. — Matt Fuller

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