Edited by Peter Hillerberg2 min readStories are generated from ORTEX data and reviewed by the ORTEX team. How we publish
Active ETFs dominated the past week. They pulled in $79B net over seven days, with a flow imbalance of 86.5. That is the strongest buying pressure of any strategy category. Over three months, active funds drew $174B. The momentum is accelerating, not fading.
The U.S. remains the clear destination of choice. $67B net flowed into U.S.-focused ETFs in the past week alone. That compares to $253B over the full three-month period. Flow imbalance sits at 68.6, pointing to persistent buying pressure at home.
South Korea was the standout outside the U.S. this week. It attracted $3.5B net in seven days, with a flow imbalance of 83.1. Over three months the figure is $9.9B. Demand for Korean exposure is building consistently. Korea's air traffic data from ORTEX Alt Data shows the country recorded its largest September on record for international seats supplied, though domestic passenger numbers fell to a September low since 2023. That mix, outbound travel strength alongside manufacturing exposure, appears to be drawing investor attention.
Japan tells a different story. It received $1B net this week. But the three-month picture shows a net outflow of $5.8B, with a flow imbalance of 49.2, barely above neutral. Japan-focused ETFs saw $177B of gross inflows over three months offset by $183B of outflows. One data point worth noting: Japan's numerically controlled machine tool orders jumped 63% year-on-year in August, per ORTEX Alt Data. That jump has not yet translated into sustained ETF buying.
Brazil attracted $1.8B net this week with a flow imbalance of 94.5. Mexico went the other way, bleeding $254M at an imbalance of just 6.7.
Industrials took the top sector spot this week with $2.1B net inflow. Flow imbalance was 77.5. Over three months, Industrials drew only $1.3B, suggesting a meaningful acceleration in fresh money entering the sector.
Financials reversed sharply. $1.5B left the sector this week, with a flow imbalance of just 30.3. Over three months, Financials also bled $4.4B. Sentiment here is consistently negative.
Tech drew $1.3B this week. Over three months, however, the sector suffered a $6.7B net outflow, the largest negative figure across all sectors. This week's inflow looks like a brief pause rather than a trend change.
Energy picked up $546M this week and remains mildly positive over three months. Utilities added $451M, consistent with its positive three-month trend of $2.4B.
Both equities and bonds are receiving fresh capital. Equities pulled in $82B net this week. Fixed income added $37.6B, with a strong flow imbalance of 80.6. Over three months, bonds took in $305B net. Investors are buying both simultaneously, a broad risk-on posture with a defensive overlay.
Value strategies shed $777M this week despite taking in $7.7B over three months. The one-week reversal is worth watching. ESG lost $402M this week but is positive $13.2B over three months. Growth held firm at $2B net this week.
The overall tone is risk-on but selective. Capital is concentrating in the U.S., active management, and industrial names, while rotating away from financials and tech on a three-month view.
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.
