Retail flows are starting to broaden beyond the US.
As shown in the chart above, the iShares Core MSCI Europe ETF (IEUR) just recorded its largest daily retail inflow since 2014. Similar acceleration is visible in Japan-focused ETFs.
What makes this notable is not the headline level of retail activity, which remains moderate, but the shift in composition. After years of concentrated US exposure, incremental retail capital is now moving into international equities.
That suggests a gradual diversification rather than a forced rotation.
Positioning shifts often begin at the margins.
The recent acceleration in European and Japanese ETF inflows may be an early signal that retail investors are expanding their playbook.