Edited by Peter Hillerberg2 min readStories are generated from ORTEX data and reviewed by the ORTEX team. How we publish
US-focused ETFs pulled in $32.9B last week. That is the biggest single-geography inflow by a wide margin, with a flow imbalance reading of 72.5, firmly in buying-pressure territory. The picture over three months is equally clear: $303.7B has flowed into US funds in the past quarter, dwarfing every other region.
China drew $7.3B in weekly inflows. That is the second-largest geography by a distance this week, but the three-month number tells a more cautious story: only $19.5B over 90 days, compared with $303.7B for the US. Taiwan added $2.9B for the week, with a flow imbalance of 95.2, meaning almost all the money moving through Taiwan ETFs went in. Brazil was similarly one-sided at 97.1.
Europe is the clear weak spot. Developed Europe posted a $723M net outflow last week. Japan also lost ground, with $612M leaving. Over three months, Japan is down $11.9B, the sharpest regional outflow in the dataset. That divergence matters: Developed Europe and Japan were positive over three months ($8.0B and -$11.9B respectively), so the weekly reversal in Europe is a fresh turn rather than a continuation.
India flipped negative this week, losing $78M after already recording a $1.2B three-month outflow. The flow imbalance for India sat at just 7.1 this week, indicating heavy selling pressure.
Information Technology was the top sector by weekly inflows at $5.4B. Industrials tells the sharpest rotation story: it took in $1.1B net outflows this week, with a flow imbalance of just 30.3, a clear sellers' market. Over three months, Industrials was only marginally negative at $611M out, so this week's acceleration signals a change of tone.
Energy gathered $1.1B in weekly inflows and $1.9B over three months, showing consistency. Health Care pulled in $826M this week and $3.6B over the quarter. Consumer Staples added $581M for the week. Real Estate was notable on the three-month view: $3.2B of inflows, but swung to a $385M weekly outflow. Financials was the worst-performing sector over three months, at $6.6B net out, even while staying broadly flat for the week.
Equity ETFs absorbed $52.6B last week alone and $522B over three months. Fixed Income added $14.2B this week and $298.5B over the quarter. Both are running positive, but the equity-to-fixed-income ratio has tightened: at one week, fixed income is 27% the size of equity flows; at three months, it rises to 57%. Investors have been building bond exposure steadily.
Commodities were barely positive this week at $383M, despite $30.6B over three months.
On strategy, vanilla index funds led the week at $29.8B. Active ETFs brought in $4.7B for the week. The bigger story is the three-month comparison: active strategies hauled in $171.4B over 90 days, compared with $217.3B for vanilla, a much narrower gap than the weekly data suggests. Growth added $2.7B this week. ESG bled $409M over the past seven days after attracting $8.9B over three months, a meaningful short-term reversal. Low volatility strategies saw outflows of $257M this week, consistent with the week's broadly risk-on tone.
The overall picture is risk-on but selective. Money is moving toward US equities, tech, and bonds, while investors are trimming exposure to Europe, Japan, Industrials, and ESG.
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.
