Equity ETFs pulled in a net $75B in a single week. That is the dominant story in global fund flows right now. Risk appetite is firmly on.
The U.S. led all regions with $40.2B in net inflows last week. Flow imbalance hit 71.7 — well into buying-pressure territory. Japan followed with $14.1B net, its imbalance reading a strong 82.2. Both trends are consistent with the 3-month picture, where the U.S. has absorbed $380B and Japan $160.7B.
China surged to third place this week with $9.2B net. That is a notable acceleration. Over three months, China's net inflow was just $10.4B — meaning last week alone represented nearly the entire quarter's total. The 1-week flow imbalance of 73.2 confirms fresh buying pressure.
Taiwan attracted $2.7B this week with a striking imbalance of 94.0. That means almost all activity was buying, with barely any selling. Hong Kong stands out as the clearest outlier. It posted a $1.5B outflow this week, with a flow imbalance of just 20.6. That weakness has persisted over three months, where Hong Kong shed $9.3B net.
India reversed sharply. A $495M outflow this week contrasts with its broadly positive three-month trend. Flow imbalance collapsed to 6.3 — almost pure selling.
Technology led all sectors with $6.2B in net inflows last week. Over three months, Tech has absorbed $70.4B — by far the largest sector haul. The 1-week imbalance of 62.3 is solid but not extreme, suggesting steady accumulation rather than a rush.
Energy is the clear loser. It posted a $748M outflow last week. Over three months, it lost $4.9B. The imbalance sits at just 29.5 this week — strong selling pressure. This is a consistent trend, not a one-week blip.
Consumer Staples attracted $795M with a high imbalance of 76.3. That defensive bid sits alongside strong inflows into Utilities ($227M, imbalance 77.7) and Real Estate ($512M). Investors are buying growth and defensives simultaneously. That is an unusual combination, often seen when rate expectations shift.
Consumer Discretionary flipped over three months. It drew $562M net this week but was a $1.1B outflow over three months. Sentiment is recovering there.
Equities dominated with $75.4B net this week versus $9.9B into Fixed Income. Over three months, equities led with $801.8B against $234.7B for bonds. Both are positive — this is not a rotation out of bonds, it is a broad expansion of risk exposure.
Commodities stand out as a clear trend reversal. They drew $848M net this week, with a decent imbalance of 62.6. But over three months, commodities bled $31B — a heavy outflow. Last week may mark an early turn.
Active strategies pulled in $7.7B this week. Over three months, active has drawn $230.3B — second only to Vanilla passive. ESG flipped negative this week with a $189M outflow. Over three months it was a solid $8.8B inflow. That short-term reversal is worth watching.
Overall, this week's flows read firmly risk-on. Equities lead, bonds follow. The US and Japan anchor geography flows. Energy and Hong Kong remain the outliers selling pressure continues to build.
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.
