(Bloomberg) — After a month that noticed the world’s greatest corporations dominate the inventory market, traders are piling again into an exchange-traded fund that treats each inventory the identical.

Up to now this week, greater than $1 billion has flooded into the $35 billion Invesco S&P 500 Equal Weight ETF (ticker RSP). That’s on observe to be the largest weekly influx in RSP’s 20-year historical past, knowledge compiled by Bloomberg present.

As cracks begin to floor in a dizzying tech rally that’s been fueled by the thrill round synthetic intelligence, urge for food is constructing for RSP. In contrast to the broad benchmark, RSP tracks the S&P 500 index that provides an organization like Advance Auto Elements Inc. the identical weighting as Apple Inc. 

Citigroup strategists warned this week that the AI sugar rush is about to fade, whereas Morgan Stanley sees a coming company revenue drop that may reduce brief the S&P 500 Index’s climb. That sentiment is shared by cash managers, who’re doubtless rotating out of the largest shares into different corners of the market, in response to John Hancock Funding Administration.

“There’s a priority that’s developed that this breadth is extraordinarily slender and also you’ve seen a handful of shares dominating. So traders are conscious of that and so they’re probably diversifying away from it,” Emily Roland, co-chief funding strategist at John Hancock, stated in an interview at Bloomberg’s New York workplace. “Possibly AI was form of the hot-dot there and I feel it may well nonetheless do nicely however perhaps traders are actually shifting their focus to different areas.”

After lagging the S&P 500 for 4 straight months by Could, RSP has trounced the benchmark by a couple of share level up to now in June because the inventory market rally broadens outdoors of massive tech. The sector’s energy will doubtless spill over into different areas of the market, Financial institution of America Corp.’s Savita Subramanian wrote in a consumer word Thursday. 

Cash has been pouring into RSP in anticipation of the dynamic. The ETF is poised for its fourth consecutive week of inflows, bringing its whole haul over the previous month to $1.6 billion, knowledge compiled by Bloomberg present. 

To Bloomberg Intelligence’s Eric Balchunas, the demand for RSP reveals traders have gotten more and more cautious of the inventory market’s slender rally. Total flows into US fairness ETFs whole simply $78.3 billion up to now this yr, outpaced by the $85.7 billion despatched to fixed-income ETFs. 

“Flows into ETFs present folks need fairness publicity however are nonetheless uncertain in regards to the megacap tech rally,” Balchunas, BI senior ETF analyst, stated. “Individuals simply aren’t chasing returns with reckless abandon the best way they as soon as did.”