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January inflows into equity-focused ETFs are running at five times the average for the month, with the funds attracting a record $400 billion over the past three months, a sign of just how aggressive risk appetite has become.

Leveraged-long ETFs now hold $145 billion in assets, compared with just $12 billion in funds that bet on market declines. Cash allocations have dropped to record lows, according to Bank of America Corp.

Credit markets are behaving as if it’s 2007, while risk premiums to hold junk bonds are tightening even as corporate borrowing ramps up.