US equities dominated ETF flows this week. American-focused funds pulled in a net $135B over the past seven days. That dwarfs every other geography combined. The flow imbalance hit 81, a clear sign of strong buying pressure with little resistance.
Japan was the only other notable winner. Japanese ETFs attracted $20.6B in net inflows this week. That compares to $306.8B over the full three months, so the pace remains firm. Both periods show Japan as the top non-US destination for institutional cash.
China is the sharpest pain point. Outflows hit $7.2B this week alone. Over three months, China ETFs have bled $36.5B net. That is a consistent, deepening trend. The flow imbalance of just 27.6 this week signals heavy selling pressure. There is no sign of reversal.
Germany also registered outflows of $202M this week. Over three months it lost $3.7B. Developed Europe as a whole is roughly flat on the week, with buying and selling largely cancelling out. Switzerland flipped — a $270M outflow this week contrasts with $4.5B of net inflows over three months. That is a notable short-term reversal.
India stands out as a trend flip. Over three months, India ETFs saw net outflows of $971M. This week, they pulled in $146M net. Small in absolute terms, but the direction has changed.
Technology led all sectors this week with $3.3B in net inflows. Over three months, Tech absorbed $103.4B — the largest sector flow by a wide margin. Investor appetite for tech has not wavered.
Industrials held firm in second place. The sector drew $716M this week and $17B over three months. Consistent buying across both timeframes signals durable demand.
Health Care is the biggest sector loser this week, shedding $888M. Over three months it lost $5.7B. The selling in healthcare has been persistent.
Financials gave back $566M this week and $12.1B over the quarter. Materials dropped $187M this week and $6.8B over three months. Both sectors are clearly out of favour.
Equity dominated all asset class flows. ETFs tracking stocks attracted $156.6B in net inflows this week. Fixed income added a steady $9.5B. Commodities edged into slight outflow on the week, a sharp reversal from three months where they bled $80.5B net — the commodity selling has been substantial.
Growth strategies are the standout winner in this week's data. Growth ETFs pulled in $96.4B with a flow imbalance of 99.4 — near-total buying dominance. Over three months, growth attracted $328B. Investors have leaned heavily into this style all quarter.
Active strategies added $9.4B this week and $131.7B over three months. ESG flipped negative over the quarter with $14B in outflows, though it nudged slightly positive this week.
The overall tone is firmly risk-on. Cash is flowing into equities, growth, and technology. China and healthcare remain under pressure. The move into US assets and Japan shows no sign of slowing.
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.
