ETF 资金流，指一段时间内流入或流出某只（或某类）ETF 的净资金量——申购份额带来流入，赎回份额带来流出。ETF flows measure the net amount of money moving into or out of an ETF (or a group of ETFs) over a given period — new share creations count as inflows, redemptions count as outflows.
它能告诉你真实资金在用脚投票：持续净流入说明有新钱在进场配置这类资产；持续净流出则说明资金在撤离。看这个数字时，必须认清时间周期（单日、累计、月度等）和统计范围（单只还是多只合计），否则同一组数字可以被解读成截然不同的故事。It shows you where real money is actually going: sustained net inflows mean fresh capital is being allocated to that asset class; sustained net outflows mean capital is leaving. When reading any flow figure, the time period (single-day, cumulative, monthly, etc.) and scope (one fund vs. an aggregate of several) must be clearly stated — the same number can tell very different stories depending on how it is framed.