Fixed income took the top spot this week. ETFs tracking bonds pulled in $23.8B of net new money over the past seven days. That beats equities on a net basis, though equities still saw $20.7B of gross inflows. Investors are clearly running a two-track strategy: buying stocks selectively while padding bond holdings at the same time.
The bigger story is what is happening inside equities. Technology ETFs shed $2.0B on a net basis over the past week. That is the worst result of any sector. Over three months, tech had led all sectors with a $12.9B net gain. The reversal is sharp. Money that was comfortably parked in tech is moving out, at least for now.
The US remains the dominant destination. American-listed ETFs pulled in $19.9B net this week, with a flow imbalance of 61.8, indicating buying pressure is comfortably above neutral. Over three months, US-focused products have absorbed $231B, far ahead of every other geography.
Japan is the standout loser. Japanese ETFs bled $8.9B in a single week, with a flow imbalance of just 29.2. That signals strong selling pressure. Over three months, Japan managed only a slim $3.5B outflow, meaning this week's move is a fresh and significant deterioration.
Global Ex-US products attracted $2.6B this week at an imbalance of 94.3, nearly as one-sided as buying gets. Developed Europe added $862M. India told a different story: ETFs focused on India posted a net outflow of $108M this week, with a flow imbalance of just 2.4. That is near-total selling dominance. The ORTEX Alt Data platform recorded India's auto export unit sales rising 32% year on year in September 2026, reaching 304,857 vehicles. The strong real-economy signal has not translated into ETF buying.
The rotation out of tech and into defensive and income-linked sectors is clear. Financials led all sectors with $1.1B of net inflows. Consumer Discretionary added $806M. Healthcare took in $704M. Real Estate gathered $610M, and Utilities pulled in $421M.
Over three months, the picture was more balanced. Healthcare led with $5.2B, Real Estate followed with $3.3B. Communication Services was the only sector in outflow over three months at -$847M, and it continues to bleed this week too.
Industrials were essentially flat this week at near zero. Over three months they attracted $1.6B, suggesting last quarter's momentum has stalled entirely.
Alternatives saw $3.9B of net outflows this week. That contrasts with $10.6B of net inflows over three months. The reversal suggests risk reduction is underway at the margin.
Active management continues to gather assets. Active ETFs brought in $4.6B this week and $109B over three months. Passive vanilla products still dominate by volume at $19.3B this week, but active strategies are taking a growing share.
Price-weighted ETFs, which include large Japan-tracking products, lost $7.3B this week. That aligns directly with the Japan geography outflow. ESG saw $358M of net outflows this week, though over three months ESG is still in positive territory at $12.9B.
Dividend-focused products held firm at $447M of net inflows. Growth strategies added $1.2B. Value strategies, by contrast, lost $340M this week after attracting $9.4B over the prior three months. That shift from value to growth is a mild risk-on signal within equities.
The overall tone is cautious but not panicked. Bonds are winning the week, Japan is being sold hard, and tech faces its first meaningful ETF outflow after a strong quarter.
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.
