Equity ETFs pulled in $66.8B last week alone. That dwarfs every other asset class. The overall tone is firmly risk-on, with institutions rotating into equities across geographies while bonds play a supporting role.
The US remained the dominant destination. It absorbed $37B in net ETF inflows over the past week. That aligns with the three-month trend, where US-focused funds have taken in $372.6B.
Japan is the standout international story. It drew $12.4B last week, with a strong flow imbalance of 81.1 — meaning buying pressure is overwhelming selling. Over three months, Japan has attracted $158.3B, making it the clearest international conviction trade right now.
China attracted $6.4B in the past week. However, its three-month picture is far more muted, just $5.9B net over the full quarter. Gross flows in and out are nearly equal over 3m, suggesting traders are active but not firmly committed.
Hong Kong is the notable outflow. It shed $729M last week. Over three months, outflows total $9B, a consistent pattern of institutional retreat.
India reversed sharply. It posted a small $319M outflow last week, despite being roughly flat over three months. That short-term flip is worth watching.
Technology led all sectors with $2.4B in net inflows last week. Over three months, Tech has pulled in a massive $66.5B — the largest sector flow by far. But the weekly flow imbalance of 55.3 is relatively weak. That suggests buying momentum may be fading despite headline-level inflows.
Financials added $1.1B last week. Consumer Discretionary and Materials both attracted over $400M each. These are new weekly leaders. Over three months, both Consumer Discretionary and Materials were actually in outflow territory — a clear near-term rotation.
Energy is bleeding on both timeframes. It lost $198M last week and $4.4B over three months. Its flow imbalance of 42.9 signals sustained selling pressure.
Real Estate is a quiet positive. It added $360M last week and $6.1B over three months. Steady and consistent.
Equities dominated again with $66.8B in weekly net inflows. Fixed Income added a healthy $9.8B. Commodities attracted $855M this week, but the three-month picture is starkly negative at -$31B outflow. Investors are not structurally committed to commodities.
Active strategies pulled in $6.8B last week, and a remarkable $228.5B over three months. That three-month figure rivals vanilla passive at $423.8B, a sign that active ETFs are genuinely gaining ground.
ESG is the key divergence. It saw $664M in outflows last week, yet over three months it remains modestly positive at $8.6B. Short-term selling pressure has emerged where longer-term flows were constructive.
Price-weighted funds flipped hard. They lost $1.8B last week but gained $4.7B over three months, suggesting recent profit-taking after a strong run.
Overall, the market is firmly risk-on. Equities dominate, the US and Japan lead geographically, and active strategies are taking share from passive for the first time in years.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
