More than $8 billion is on the move in Charles Schwab Corp.’s exchange-traded funds, stirring speculation the firm could be adjusting the packaged strategies it offers clients as markets gyrate amid the pandemic.

Over the past seven trading days, $4.6 billion has exited from a group of four ETFs including Schwab’s fundamental equity and intermediate-maturity Treasury funds. The firm’s emerging-market equity and inflation-focused bond offerings were among four products to rake in $3.9 billion at the same time.

Schwab is the biggest holder of all of the funds, according to the latest available filings.

The size of the flows -- more than half of the funds posted at least one record daily flow in the period -- and the broad range of ETFs involved is stirring speculation that Schwab is shifting exposure in its model portfolios.

Such prefabricated packages of ETFs offer a one-stop solution to a client’s investment needs. Instead of spending time selecting individual funds, investors can pick a portfolio aligned with their goals and risk tolerance.

It’s unclear how much cash follows such models, but it’s thought that when one makes a strategic shift, billions of dollars can move between ETFs.

A Schwab spokeswoman declined to comment on whether the flows were a result of model portfolio reallocations, but acknowledged that the firm’s ETFs are used by a variety of such investments throughout the industry. Schwab’s own models run the spectrum from conservative income all the way to aggressive growth, according to its website.

It’s not the only theory, however. Some strategists observe that pension fund withdrawals, a brightening outlook for emerging-market assets, or the lurking risk of an inflation uptick could be driving money in and out of the ETFs.

Here are five views on what’s behind the Schwab flows:

James Pillow, managing director at Moors & Cabot Inc.:

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