China Tops the Weekly Race as Growth ETFs Surge

China ETFs pulled in $22.5B in the past week. That is the single largest geographic inflow of any region. The US was close behind at $20.4B, but the story of the week is the rotation into China. Over three months, the US dominated with $297.5B of net inflows. China's three-month figure was $38.5B, solid but a much smaller share of the total. The one-week spike in China-focused buying shows momentum shifting, at least short-term, toward Asian markets.

Japan tells the opposite story. Over three months, Japan ETFs saw $8.7B of net outflows, one of the worst-performing geography categories. This week, flows flipped to $6.7B of inflows, the third-largest geography reading. That reversal is worth watching. A flow_imbalance score of 89.4 for Japan this week signals strong buying pressure with very little offsetting selling.

Geography Flows

The clearest divergence sits in Emerging Markets. Over three months the category pulled in $12.8B. This week it flipped to a $1.9B outflow, with a flow_imbalance of just 25.4, meaning sellers dominated. India was negative on both timeframes: minus $31M this week, minus $1.1B over three months. This comes despite TRAI data showing India's broadband subscriber base rose for six consecutive months to 1.11 billion as of September 2026, per TRAI. The macro picture is improving, but ETF investors are not chasing it yet.

Global Ex-US ETFs showed near-perfect buying pressure this week. A flow_imbalance of 95.0 on $1.6B of net inflows points to very clean, one-directional buying with minimal redemptions.

Sector Rotation

Information Technology led all sectors with $6.3B of net inflows this week. That reverses the three-month picture, where tech attracted $19.5B but with a flow_imbalance of only 53.8, barely above neutral. This week's imbalance hit 66.2, showing more conviction in the buying.

Industrials attracted $1.4B this week with an imbalance of 72.7. Over three months the sector was slightly negative at minus $559M. That is a meaningful reversal.

Utilities and Financials were the week's losers. Utilities shed $829M. Financials lost $1.0B, with a flow_imbalance of 35.3. Over three months, Financials were the worst sector by far at minus $9.4B of outflows.

Asset Class and Strategy

Equities took in $61.7B this week. Fixed Income added $21.8B. Both are healthy. Over three months, equity net flows reached $552.5B against Fixed Income's $299.7B. Bonds are keeping pace. Commodities flipped: plus $32.8B over three months but minus $2.3B this week, a clear short-term reversal.

Growth ETFs pulled in $4.8B this week with a flow_imbalance of 86.9, the strongest buying pressure of any strategy category. Over three months, Growth attracted $18.3B. Active strategies stood out over three months at $159.8B of net inflows. This week, active strategies took in a much smaller $1.96B. Passive Vanilla strategies remain the dominant vehicle at $39.2B of weekly inflows.

Momentum strategies lost $148M this week and $3.5B over three months. Investors are not paying a premium for recent winners.

The overall tone is risk-on. Equity buying is broad, growth is outperforming value on a weekly basis, and China is attracting fresh capital after months of US dominance. The Industrials reversal and Japan's rebound add a cyclical tilt to the week's flows.