US-listed ETFs pulled in a net $29B in the past week. The broader picture shows institutional money firmly in risk-on mode — but with some sharp reversals worth watching.
The US dominated 1-week inflows at $29B net. The flow imbalance reading of 62.8 points to continued buying pressure, not a blowout. Global funds added another $19B — a strong week with an imbalance reading of 83.8, showing near-one-sided buying.
The biggest reversals sit in Asia. Japan shed $8.6B in net outflows this week. That is a stark contrast to its 3-month picture, where Japan pulled in $290B net — the second-largest geography globally. This week's selling looks like profit-taking after a prolonged inflow trend.
China followed with $8.6B in net outflows this week. Over three months the picture is also negative: $49B net out of China-focused ETFs. The flow imbalance sits at just 30.7 this week, confirming heavy selling pressure. China is the clearest sustained outflow story across both time frames.
Switzerland also flipped to outflows this week, losing $575M. Over 3 months it had attracted $3.5B. That is a trend break worth monitoring.
Information Technology took in $8.6B net this week. It leads the sector table by a wide margin. Over 3 months, Tech is the undisputed winner at $98.9B net inflows — dwarfing every other sector.
The sharp reversal is in Energy. Over 3 months, Energy attracted $10.5B. This week it shed $1.4B net, with a flow imbalance of just 23.2. That is a clear rotation out.
Industrials also flipped negative this week at -$792M. Over 3 months it posted $13.5B in net inflows. Sellers stepped in hard this week.
Materials gained $1.2B this week, flipping positive after a poor 3-month run of -$5.3B net. Real Estate added $1.1B this week with a strong imbalance of 84.6 — consistent with its 3-month positive trend.
Health Care was flat this week at $198M net despite $6.4B in 3-month outflows — not yet a recovery, but the selling has paused.
Equities led with $34B in net inflows this week. Fixed Income added $21.3B. Both asset classes are posting consistent inflows over 3 months too — $1.18T and $193B respectively. Commodities pulled in $3.1B this week, but over 3 months they are deeply negative at -$70.7B. That divergence is striking.
On strategy, Active ETFs dominated the week with $21.9B at an imbalance reading of 87.3. Over 3 months, Growth strategies are the standout at $330B net with a 93.1 imbalance — the strongest buying signal in the dataset. Vanilla passive saw net outflows this week of $3.1B despite leading the 3-month total. ESG continued to bleed: -$804M this week and -$24.6B over 3 months.
Overall, the tone is clearly risk-on: equities and bonds both attract capital, active and growth strategies outpace passive, and the main pain points are China, Energy, and ESG.
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.
