$36.3B flowed into US-focused ETFs in the past week alone. That dwarfs every other geography and sets the tone for where institutional money is parked right now. The broader picture is risk-on — but with notable cracks in tech and financials.
The US pulled in $36.3B on a weekly basis, with a flow imbalance of 71.7. That signals strong buying pressure. Over three months, US net inflows hit $382B, confirming this is a sustained trend, not a one-week blip.
Emerging Markets stood out this week with an imbalance of 88.2 — near-unanimous buying. Weekly net inflows reached $2.1B. Global Ex-US posted an imbalance of 88.9, adding $1.7B. Both categories suggest growing appetite for non-US exposure alongside the domestic surge.
Japan was the week's biggest loser geographically. It bled $3.9B in net outflows, with a flow imbalance of just 36.4. This is a sharp reversal. Over three months, Japan attracted $81.3B in net inflows. Money that flowed in over the quarter is now rotating out fast.
South Korea followed the same pattern. It collected $38.9B over three months. This week it lost $1.2B. Latin America and Brazil also saw selling pressure, with imbalances of 3.4 and 22.5 respectively.
The week's most striking sector story is the reversal in Financials and Tech. Financials suffered the heaviest weekly sector outflow at -$1.5B. Information Technology lost $1.2B in net flows. Yet over three months, Tech was the biggest sector winner at $57.1B in net inflows. Short-term sellers are hitting the sector that drove the quarter.
Energy and Industrials bucked the trend. Energy added $71.9M this week and lost $6.5B over three months — weekly buyers may be stepping into a beaten-up sector. Industrials posted modest gains of $50.8M this week on top of $5.1B over three months, showing steadier two-way support.
Health Care is quietly consistent. It gained $48.9M this week and $7.0B over three months. No dramatic swings — just steady accumulation.
All four major asset classes drew net inflows this week. Equity led at $42.6B. Fixed Income added $13.6B, with a flow imbalance of 72.7. That combination — strong equity AND bond buying — points to broad market participation rather than a pure risk-on rotation.
Commodities brought in $4.2B this week, a sharp contrast to their $28.5B outflow over three months. A potential trend shift is developing there.
On strategy, Vanilla passive strategies dominated at $32.8B weekly. Active strategies added $7.0B with an imbalance of 71.9, continuing their strong three-month run of $217B. The one standout reversal: Price-weighted funds lost $7.0B this week but gained $11.2B over three months. That is the sharpest weekly strategy outflow in the dataset.
Overall, the tone is cautiously risk-on. Equities and bonds are both attracting money. The US remains the primary destination. The week's key warning sign is the rotation out of Japan and Tech — two of the quarter's biggest winners.
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.
