Edited by Peter Hillerberg3 min readStories are generated from ORTEX data and reviewed by the ORTEX team. How we publish
US equity ETFs pulled in $25.7B in the past week, the biggest single-geography inflow by a wide margin. The tone across markets is firmly risk-on. Equities absorbed $63.6B in net ETF flows last week alone. Bonds added another $10.8B. Almost every major asset class is seeing buyers.
The most striking story is Asia's surge. China ETFs took in $10.4B last week, with a flow imbalance score of 77, pointing to strong buying pressure. South Korea drew $9.7B, with an imbalance of 84. Taiwan added $5.3B, with an imbalance near 96, close to the maximum.
These are not just one-week blips. Over three months, China has taken in $22.7B and Taiwan $16.2B. South Korea's three-month net stands at $10.1B. The momentum is consistent and building.
Europe is the mirror image. Developed Europe posted a $815M outflow last week, with a flow imbalance of just 36, indicating strong selling pressure. Over three months, Europe had recovered to a $7.6B net inflow, making this week's reversal a notable trend break. Spain and Singapore both saw outflows, with imbalance scores near zero.
India continued to bleed, with a $69M outflow on the week and a $1.2B net outflow over three months. Japan flipped negative on the three-month view, losing $8.1B, though it posted a modest $1.4B gain this week.
Information Technology ETFs took in $11.6B last week, the largest sector inflow by a factor of more than ten. The buying imbalance hit 78.5. Over three months, Tech is up $7.7B in net flows.
Financials told the opposite story. The sector shed $2.1B last week, with a selling imbalance of just 19.6. Over three months, Financials is the worst-performing sector, losing $8.8B in net flows. That is a significant reversal from the three-month picture for most other sectors. Industrials also turned negative this week at -$501M, despite being nearly flat over three months. Real Estate, Utilities, and Consumer Staples all posted small outflows this week.
ORTEX alternative data is consistent with the tech-heavy tone. German car registrations data, which has a strong historical fit with TSLA revenue and leads by 43 days, is running 269% above the same quarter last year through all three months. GM faces a similar reading at +133%. Both companies report within the week.
Equities led all asset classes with $63.6B of net ETF inflows last week. Fixed income added $10.8B. Commodities brought in $1.1B. Currency ETFs saw $381M of outflows, the only major asset class in the red.
Over three months, the gap narrows but equities still dominate at $524.7B versus $297.5B for fixed income. Both are seeing genuine institutional buying.
On strategy, vanilla index trackers remain the biggest channel, pulling in $43.6B last week. Growth strategies collected $3.3B with an imbalance of 87, the highest of any strategy. ESG posted a $531M outflow on the week, a sharp contrast with its $8.8B three-month gain. That reversal is worth watching. Active strategies brought in $3.3B this week and $168.7B over three months, the second-largest strategy flow across any period.
Low volatility strategies saw $259M of outflows with an imbalance score of just 16, the lowest of any strategy. That is a clear signal investors are not positioning defensively right now.
The overall tone is risk-on. Money is moving into equities, growth, and active funds. Asia is the geographic trade of the week. Financials are being sold. Europe has stumbled after three months of recovery.
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.
