Edited by Peter Hillerberg3 min readStories are generated from ORTEX data and reviewed by the ORTEX team. How we publish
Fixed income is the story of the week. Bond ETFs pulled in $30.6B in net flows over the past seven days. That beats equity ETFs' $21.6B net intake. Over three months, equities still dominate with $474.7B in net flows, but the weekly divergence is a clear signal of caution creeping back in.
The US remains the top destination. American equity ETFs attracted $15.0B in net inflows last week. That figure dwarfs all other geographies. Taiwan and Global Ex-US ETFs also drew solid interest, with $1.4B and $1.5B respectively, both showing flow imbalance scores above 87, meaning buying pressure is overwhelming selling.
Japan stands out as the week's biggest geographical loser. Japanese ETFs shed $2.4B over seven days, with a flow imbalance of just 44.9. That is a sharp reversal from the three-month picture, where Japan sits near flat at minus $1.4B. The weekly outflow is outsized relative to the trend, suggesting fresh selling rather than a gradual exit.
Hong Kong also saw $977M in outflows this week, with a flow imbalance of just 17.1, one of the weakest readings across all geographies. Over three months, Hong Kong has attracted $5.3B in net inflows. The weekly reversal there is worth watching. China, by contrast, stayed positive on both timeframes: $745M net this week, $38.6B over three months.
Technology is taking the biggest hit. IT sector ETFs lost $3.1B in net flows last week. Flow imbalance sat at 36.9, firmly in selling territory. Over three months, IT has attracted $8.1B, so this week's move is a genuine reversal, not a continuation.
Financials and Industrials also bled out, dropping $2.0B and $1.1B respectively in the week. Energy lost another $800M. Consumer Staples fell $540M.
The defensives are picking up the slack. Utilities drew $641M this week with a flow imbalance of 76.5. Communication Services took in $573M. Materials attracted $293M. Both Utilities and Communication Services have maintained inflows over the three-month period too, giving those moves more weight.
Healthcare is worth a separate note. It is almost flat on the week at $42M, but over three months it has accumulated $3.8B in net inflows. ORTEX alternative data shows Medicare Advantage beneficiaries reached 36.1 million in June 2026, rising for six consecutive months, with penetration now at 51.1% of total Medicare enrolment. That structural tailwind may be underpinning steady long-term positioning in the sector even as short-term flows stall.
Fixed income's lead over equities this week is the clearest risk-off signal in the data. Bond ETF flow imbalance hit 74.1. Commodities were nearly flat at $64M, suggesting no strong commodity conviction either way.
On strategy, Vanilla passive flows led with $19.0B net. Active ETFs added $1.5B. The interesting flip is ESG: it bled $596M this week after accumulating $12.8B over three months. Momentum strategies also lost $179M on the week against a three-month outflow of $3.5B, confirming that trend-chasing money is stepping back.
Growth strategies attracted $1.5B this week. Dividends pulled in $538M. Both suggest investors are not abandoning equities entirely, just rotating toward income and quality over momentum plays.
The overall tone is cautious. Fixed income leads equities on a weekly basis, IT is being sold, and defensives are absorbing flows. That points to a market hedging near-term risk while maintaining long positions built over the past quarter.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data and reviewed by the ORTEX team. Content is informational only and does not constitute investment advice.
