Edited by Peter Hillerberg3 min readStories are generated from ORTEX data and reviewed by the ORTEX team. How we publish
The past week saw $33.9B flow into US-focused ETFs, making it the top geographic destination by a wide margin. China came second with $10.3B of net inflows. Both readings carry strong buying pressure, with flow imbalance scores of 66 and 77 respectively. The standout over the week was Taiwan, pulling in $5.3B with an imbalance score of 96, meaning almost all trading was on the buy side.
The US keeps its dominant position both over one week and over three months, where it attracted $276.6B of net flows. China has been consistent on both timeframes, pulling $16.9B over three months compared to $10.3B in just one week. That pace suggests acceleration.
The most notable reversal is Japan. Over three months, Japan sits in outflow territory with a net loss of $6.8B. This week it bounced back to $2.7B of net inflows. Whether that is a genuine shift or a technical rebound is unclear, but the three-month trend still points negative.
Developed Europe moved the other way. It attracted $7.4B over three months, but this week it slipped into outflow with a $897M net loss and a flow imbalance of just 36. Money is leaving Europe-focused ETFs right now, even though the broader three-month trend was positive.
Brazil drew $2.0B this week with a near-perfect imbalance score of 98. Singapore swung from outflow territory this week to a mild positive in three months, a smaller reversal worth watching.
Technology grabbed $9.2B of net inflows this week, the largest of any sector. Over three months, however, Tech sits at only $1.8B net, near neutral with a flow imbalance of 50. The week's burst has not yet changed the three-month picture.
Financials is the sharp contrast. It bled $2.5B this week, with a flow imbalance of just 19. Over three months, Financials is the biggest loser across all sectors, down $10.5B net. Selling pressure has been persistent.
Industrials also stayed in outflow, losing $1.5B this week and $3.1B over three months. The ORTEX Alt Data reading is relevant here: German car registrations, which lead GM revenue by 15 days, are running at plus 133% year on year in the quarter being reported on 20 October. That dataset points in a different direction to the Industrials ETF flow.
TSLA, which reports on 21 October, has the same German cars dataset as a revenue leading indicator, running at plus 269% on the same quarter last year across all three months of the quarter.
Health Care pulled $630M this week and has accumulated $2.9B over three months. Energy was positive on both timeframes, adding $495M this week and $2.3B over three months.
Real Estate was a clear three-month gainer at $3.2B but slipped into outflow this week, losing $273M. Utilities followed the same pattern: $3.1B net positive over three months but close to flat this week at $45M.
Equities dominate on both timeframes. This week saw $67.2B of net inflows into equity ETFs, compared to $15.1B into fixed income. Over three months, fixed income closed the gap considerably, pulling $298.4B versus equities at $498.5B. The ratio is narrowing. Commodities added $2.1B this week and $31.8B over three months, suggesting a steady bid rather than a sudden move.
On strategy, passive vanilla funds took the bulk of weekly flows at $48.5B. Active strategies pulled $4.3B. Over three months, the active picture is striking: $167.3B of net inflows, putting active at 81% of the vanilla total compared to under 9% this week. Active ETFs have had a very strong three-month run that has not translated into this week's top-line figures.
Growth strategies attracted $3.2B this week, ahead of value at $2.0B. Both showed strong buying pressure. ESG reversed from a positive three-month total of $9.6B to a weekly outflow of $493M, a notable short-term reversal against the longer trend.
The overall tone is risk-on: equities lead, buying pressure is broad, and even bond flows are healthy, suggesting allocation rather than defensiveness.
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.
