Edited by Peter Hillerberg3 min readStories are generated from ORTEX data and reviewed by the ORTEX team. How we publish
Active ETFs took in $82B in a single week. That is the headline number from this week's fund flow data. It dwarfs every other strategy category and signals a clear shift in how institutional money is moving.
The US pulled in $85B over the past week. Flow imbalance sits at 74.7, well above the 65 threshold that marks strong buying pressure. Over three months, US net inflows total $269B, keeping it the dominant destination for global capital.
Japan was the week's standout surprise. It attracted $12B in the past seven days, with a flow imbalance of 79.2. That compares to just $7.6B over the full three-month period. The weekly pace has dramatically accelerated, suggesting fresh positioning rather than a continuation of a prior trend.
Brazil pulled in $2.8B on a flow imbalance of 94.9, one of the most one-sided readings in the entire dataset. Over three months it has collected $3.1B, so the weekly pace is running at a sustained clip.
China is a notable divergence story. Over three months it attracted $22.3B. This past week it collected only $54M. The three-month trend is intact, but the weekly data shows a sharp slowdown in fresh buying.
India flipped outright negative this week, losing $14M on a flow imbalance of 34.4. Over three months it has seen $1.1B leave. Mexico is another consistent loser, down $317M this week and $857M over three months.
Germany ETFs bled $20M this week and $776M over three months. That is notable given German car registrations just hit their largest September since 2021, with battery-electric vehicle registrations up 95% year on year, according to ORTEX Alt Data. The macro picture in Europe's largest economy is improving. ETF investors have not yet responded.
Financials suffered the biggest sector outflow of the week, losing $1.9B on a flow imbalance of 30.0. Over three months, Financials has shed $6B, making it the worst-performing sector by net flow across both timeframes.
Information Technology collected $745M this week. The three-month picture tells a different story: Tech has lost $11.1B, the largest sector outflow over that window. A one-week stabilisation does not yet reverse that trend.
Utilities took in $701M this week and $3B over three months. Health Care added $641M this week and $2.9B over three months. Both show consistent demand across timeframes, pointing to a defensive tilt running beneath the surface of broader market strength.
Industrials lost $742M this week. Over three months the picture is roughly flat, with only $231M of net inflow. The weekly pressure is a short-term reversal of what had been a stable sector.
Equities dominated at the asset class level, drawing $113B in a week. Fixed Income added $24B. Commodities were flat, losing $220M on the week after attracting $30.6B over three months.
Active strategies collected $82B this week alone, on a flow imbalance of 95.0. Over three months, active funds have taken in $174B. Vanilla passive strategies added $16.5B this week and $221B over three months, maintaining their long-term lead by volume.
Dividends are a notable reversal. They lost $146M this week after collecting $12.2B over three months. ESG is similarly stalling, down $34M this week despite $10.5B of three-month inflows.
The overall tone is risk-on but selectively so: money is flowing into the US and Japan with conviction, defensive sectors are holding their ground, and active managers are capturing the bulk of fresh allocations.
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.
