US equities dominated ETF flows over the past week. Net inflows of $412B into US-focused funds dwarfed every other geography. Flow imbalance hit 92.4 — a near-total skew toward buying. That headline number, however, masks a sharp story underneath: almost all of it was tech.
The US pulled in $412B net over the week. Japan was the only other standout, with $32.7B in net inflows and a 92.5 flow imbalance — matching the US in buying intensity. Both represent a clear preference for developed markets right now.
China bled $6.1B over the week. Its flow imbalance of 28.1 signals strong selling pressure. Over three months, China's outflow swells to $48.9B — the biggest regional drain by far. That 3m trend is not reversing.
Developed Europe also slipped into the red this week, losing $686M net with a 33.9 imbalance. Over 3 months it posted a modest $7.1B inflow, suggesting the week's move marks a fresh rotation away from European equities.
One notable shift: India flipped. Over 3 months, India showed a $1B outflow. This week it drew $178M in net inflows. Small, but directionally different.
Information Technology absorbed $104.9B in net inflows this week. That is the entire story. Flow imbalance of 93.1 means buyers overwhelmingly dominated. Over the prior 3 months, Tech also led sector flows at $99.5B — but its imbalance was only 64.1. Flows are accelerating and becoming more one-sided.
Financials flipped sharply negative. The sector lost $1.2B this week versus a $11.8B outflow over 3 months — meaning the selling pressure has been persistent. Imbalance of 27.3 this week is firmly in sell territory.
Industrials and Energy held small positive flows on the week ($521M and $63M respectively). Over 3 months both showed strong inflows — $17.9B for Industrials and $14B for Energy. The weekly slowdown hints at some near-term cooling in those trades.
Health Care sits near flat this week but is down $5.1B over 3 months. Investors continue to reduce exposure.
Equities drew $451.8B in net ETF inflows this week. Fixed income added $6.9B. Commodities lost $1.5B. Over 3 months, commodities are down a punishing $81.8B — the one asset class with sustained outflows.
On strategy, Growth ETFs led with $219B in inflows and a near-perfect 99.4 imbalance. Vanilla passive funds matched it at $218B. Active ETFs added $11.7B. Low Volatility and Equal-Weight strategies both saw outflows, with imbalances of 18.3 and 39.6 respectively. Investors are not hedging. They are chasing.
ESG continued its slow bleed — $564M out this week, $15.3B out over 3 months. Imbalance of 45.8 over the week and 44.3 over 3 months shows consistent net selling.
Overall tone this week is firmly risk-on: concentrated, momentum-driven, and tilted heavily toward US growth equities with little appetite for defensive or commodity hedges.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
