US-listed equity ETFs pulled in $135.8B last week. That dwarfs every other geography by a wide margin. Japan was the only other notable destination, adding $14.4B. China shed $8.5B — its outflow a sharp contrast to the broader risk-on mood. The China story is the clearest divergence in the data: a $37B net outflow over three months has now accelerated into a sixth consecutive week of redemptions.
The US dominates with a flow imbalance of 80 — well above the 65 threshold that signals strong buying pressure. Over three months, the US has accumulated $679B in net inflows. Japan is a reliable second, pulling $304.6B over the same period with an imbalance of 68. Emerging markets as a whole stayed positive this week at $531M. The story is more selective underneath: Latin America posted a near-perfect imbalance of 93 on small but entirely one-directional flows. Europe was effectively flat. Germany and Switzerland both posted outflows on the week, a pattern that has held over three months for Germany (-$3.8B).
Technology attracted the most gross activity this week — $11.8B in and $10.1B out — for a slim net gain of $1.7B. That near-balanced reading (imbalance of 54) suggests indecision rather than conviction. The cleaner rotation story is Materials and Health Care, both posting net outflows of roughly $800-900M on the week. Over three months, Health Care has bled $5.4B and Financials $11.3B. Industrials and Energy are the clear beneficiaries. Industrials took in $794M last week and $17.2B over three months. Energy added $406M on the week and $11.4B over the quarter. The rotation away from defensives and financials toward cyclicals is consistent and building.
Equities took the bulk of new money: $151.3B net last week, with a healthy imbalance of 74. Fixed income added $10.8B — a solid but secondary flow. Commodities were essentially flat on the week after a brutal three-month period that saw $79.5B in net outflows, the sharpest negative reading across all asset classes. Currency ETFs saw mild selling pressure. The Growth strategy was the week's standout: $95.1B in net inflows, with a flow imbalance of 98. That is near-maximum buying pressure. Active strategies added $6.5B. ESG was flat on the week after three months of steady $12.9B in net outflows — a trend that shows no signs of reversing. Low Volatility strategies, a classic defensive play, slipped into outflow territory this week, reinforcing the risk-on tilt.
Overall, the tone is firmly risk-on. Money is moving into US equities, cyclical sectors, and high-growth strategies. Defensive positions — Health Care, Financials, ESG, and commodities — are being trimmed.
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.
