China and Bonds Lead as US ETFs Bleed

US-listed equity ETFs shed a net $9.4B over the past week. Meanwhile, money rotated hard into China, bonds, and emerging markets. The divergence from the 3-month trend is sharp.

Geography Flows

China pulled in $8.2B over the past week. That is a dramatic reversal. Over 3 months, China was a net loser at -$3.3B. The 1-week imbalance score hit 63.9 — the buying pressure is real and accelerating.

Taiwan added $2.5B and Emerging Markets broadly attracted $2.6B in the week. Both show strong imbalance scores above 86. Developed Markets Ex-US drew $2.0B, with a near-perfect imbalance of 96 — almost all flows this week were one-directional buys.

The US was the single biggest bleeder. It shed $9.4B net in seven days, with outflows of $58.2B swamping $48.8B of inflows. Over 3 months the US is still firmly positive at +$464.6B. That 3-month trend remains intact, but the weekly reversal is a notable stress signal.

South Korea also flipped. It lost $1.9B in the week after adding $32.3B over the prior 3 months.

Sector Rotation

Technology took the hardest hit. IT ETFs bled $3.4B in the week, with outflows of $12.6B. Over 3 months, IT is the biggest sector winner at +$69B. This week looks like profit-taking after a strong run.

Industrials fell $2.2B in the week. Over 3 months they had collected +$3.0B. The reversal is notable — imbalance dropped to just 16.4, meaning selling dominated heavily.

Financials also lost $834M on the week, despite posting +$2.8B over 3 months.

Energy was the standout sector winner. It attracted $697M this week, with an imbalance of 71.2. Over 3 months, Energy was actually negative at -$4.2B. That is a clean trend reversal.

Asset Class and Strategy

Fixed income was the biggest winner by asset class. Bonds pulled in $23.1B in the week, with an imbalance of 77.3. That is strong buying pressure. Over 3 months, equities dominated at +$869.6B versus bonds at +$232.3B. But this week the gap narrowed sharply — bonds took the top spot.

Commodities lost $2.8B on the week. They are -$31.6B over 3 months too. The selling pressure is consistent.

Active ETFs had another strong week at +$8.7B, with an imbalance of 75.4. Over 3 months, active strategies pulled in $227.3B — second only to vanilla passive. Growth strategies reversed course this week, losing $541M after 3 months of +$103.8B in inflows. That is the clearest strategy-level rotation signal in the data.

Value ETFs also lost $928M this week, extending a weak 3-month trend of -$2.8B.

The overall tone this week is risk-off. Money moved out of US equities, Tech, and Industrials, into bonds, China, and Energy — a classic defensive rotation.