US-listed ETFs pulled in a net $29.1B this week. That is the single largest geographic inflow by far. Global funds added another $19.0B. Those two combined account for the bulk of all weekly flows, signalling that investors remain firmly anchored to familiar, liquid markets.
The US maintained its top position over both time frames. Its $694B in net inflows over three months dwarfs every other region. Japan is a notable contrast: it is the second-largest inflow destination over three months at $290B, but it flipped to an outflow of $8.6B this week. That reversal is the sharpest geographic trend shift in the data.
China also bled again. It lost $8.6B this week and $49.1B over three months. The flow imbalance sits at just 30.7, deep in selling territory. Investors are not finding reasons to return. Switzerland and Taiwan also recorded modest weekly outflows, adding to a pattern of caution toward Asia and parts of Europe.
The bright spots outside the US are selective. Global ex-US funds posted a flow imbalance of 97.2 this week — near-total buying pressure on minimal volume. Developed Markets ex-US added $1.2B. Emerging markets as a whole edged positive, pulling in $282M.
Information Technology dominated sector flows at $8.6B net for the week. That matches the three-month trend, where Tech has attracted $98.9B — the highest of any sector by a massive margin. Investors are not rotating away from tech. They are doubling down.
Materials and Real Estate were the week's other winners, at $1.2B and $1.1B respectively. That is a notable short-term shift. Over three months, both sectors have seen net outflows — Materials lost $5.3B and Real Estate was barely positive. Buyers are returning to rate-sensitive and commodity-linked names this week.
Energy reversed sharply. It drew $10.5B over three months, but bled $1.4B in the past week. Industrials also flipped negative at -$791M weekly, despite $13.5B in three-month inflows. Those two rotations bear watching. Financials and Communication Services continued to see outflows across both time frames.
Equities dominated at $34.0B in weekly net inflows. Fixed income added $21.3B — a strong number showing bond demand remains firm alongside equities. Commodities pulled in $3.1B this week, a reversal from the three-month picture where commodities saw a $70.7B net outflow. That is a significant trend shift. Short-term commodity buying is emerging after months of sustained selling.
Active strategies were the week's standout, posting $21.9B in net inflows with a flow imbalance of 87.3. Growth ETFs added $4.0B. Over three months, Growth strategies have attracted $330B with a 93.1 imbalance — the strongest conviction signal across all strategy categories.
ESG continued to face outflows at -$804M weekly, extending its three-month loss of $24.6B. Vanilla passive funds saw a small weekly outflow of $3.1B despite dominating three-month totals at $462B. Investors appear to be tilting toward active and factor-based products in the near term.
Overall, the tone is risk-on. Equities, tech, growth, and active strategies are drawing cash. The main caution signals are in China, Energy, and ESG — where selling pressure persists across time frames.
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.
