Analyse de 900+ ETFs avec AUM > $1B. Les flux révèlent des rotations institutionnelles majeures avec des implications directes pour le positionnement.
Rotations Majeures Identifiées
1. Risk-Off sur US Large Cap Growth
| ETF |
Flux YTD |
Perf YTD |
| SPY |
-$14.6B |
+1.59% |
| IVV |
-$7.7B |
+1.60% |
| QQQ |
-$5.3B |
+1.82% |
| IWF |
-$3.7B |
-0.45% |
En parallèle, accumulation sur:
- VOO: +$14.5B (même exposition, véhicule Vanguard)
- VTI: +$4.3B (total market, moins concentré)
- RSP (Equal Weight): +$5.1B — signal fort de rotation away from mega caps
Interprétation: Les institutionnels réduisent l’exposition aux indices market-cap weighted dominés par les Mag7 tout en maintenant une allocation equity US via des véhicules plus diversifiés.
2. Accumulation Massive: Emerging Markets
| ETF |
Flux YTD |
Flux 1W |
Perf YTD |
| IEMG |
+$6.9B |
+$1.9B |
+8.0% |
| EEM |
+$2.4B |
+$1.0B |
+8.1% |
| VWO |
+$1.9B |
+$1.5B |
+5.9% |
| EWY (Corée) |
+$1.2B |
— |
+20.7% |
| EWZ (Brésil) |
+$740M |
— |
+15.2% |
Flux total EM YTD: +$13.6B — Accélération marquée cette semaine (+$4.5B)
3. Métaux Précieux: Accumulation Confirmée
| ETF |
Flux YTD |
Perf YTD |
| GLD (Or) |
+$2.5B |
+17.3% |
| GLDM |
+$1.4B |
+17.2% |
| SILJ (Silver Jr Miners) |
+$563M |
+38.6% |
| SIL (Silver Miners) |
+$271M |
+34.1% |
| PPLT (Platinum) |
+$75M |
+32.4% |
⚠️ Divergence sur SLV: Outflow de -$953M malgré +52.7% de performance. Distribution sur l’ETF physique pendant que les minières accumulent. Le smart money préfère le levier opérationnel.
4. Commodities & Materials: Thèse Supercycle
| ETF |
Flux YTD |
Perf YTD |
| COPX (Copper) |
+$829M |
+22.7% |
| XME (Metals & Mining) |
+$760M |
+21.8% |
| REMX (Rare Earth) |
+$420M |
+31.1% |
| URA (Uranium) |
+$358M |
+28.6% |
| NLR (Nuclear) |
+$246M |
+19.6% |
5. Defense & Aerospace: Rotation Géopolitique
| ETF |
Flux YTD |
Perf YTD |
| SHLD (Defense Tech) |
+$1.0B |
+17.6% |
| ITA |
+$759M |
+8.7% |
| ARKX (Space) |
+$470M |
+14.1% |
| XAR |
+$418M |
+16.1% |
| EUAD (Europe Defense) |
+$290M |
+11.1% |
6. Obligations: Flight to Quality Modéré
| Catégorie |
Flux YTD |
| Total Bond Market |
+$13.1B |
| Government Bonds |
+$7.1B |
| Corporate Bonds (IG) |
+$7.0B |
| Munis |
+$2.1B |
| High Yield |
+$0.6B |
| TLT (Long Duration) |
-$2.5B |
Le marché reste méfiant sur la duration longue.
Signaux de Distribution
| ETF |
Perf YTD |
Flux YTD |
Interprétation |
| SOXL (3x Semis) |
+44.4% |
-$5.3B |
Institutionnels prennent profits |
| SLV (Argent physique) |
+52.7% |
-$953M |
Rotation vers minières |
| TNA (3x Small Cap) |
+21.6% |
-$372M |
Profit-taking sur rebond |
Accumulation Contrarian
| ETF |
Perf YTD |
Flux YTD |
| XLF (Financials) |
-2.5% |
+$3.5B |
| VUG (Growth) |
-0.2% |
+$2.3B |
| VGIT (Intermediate Treasury) |
-0.1% |
+$2.8B |
Signal: XLF à -2.5% avec +$3.5B d’inflows — Positionnement anticipé sur rotation value ou environnement de taux plus favorable aux banques.
Reversals Cette Semaine
| ETF |
Flux YTD |
Flux 1W |
Direction |
| IBIT (Bitcoin) |
+$813M |
-$421M |
🔻 |
| JEPQ |
+$629M |
-$446M |
🔻 |
| SMH (Semis) |
+$1.8B |
-$138M |
🔻 |
| IGV (Software) |
-$600M |
+$104M |
🔺 |
Momentum Confirmé: Top Performers + Inflows
| ETF |
Perf YTD |
Flux YTD |
| SILJ (Silver Jr Miners) |
+38.6% |
+$563M |
| SIL (Silver Miners) |
+34.1% |
+$271M |
| REMX (Rare Earth) |
+31.1% |
+$420M |
| URA (Uranium) |
+28.6% |
+$358M |
| COPX (Copper) |
+22.7% |
+$829M |
| XME (Metals & Mining) |
+21.8% |
+$760M |
| EWY (Corée) |
+20.7% |
+$1.2B |
| SHLD (Defense Tech) |
+17.6% |
+$1.0B |
| GLD (Or) |
+17.3% |
+$2.5B |
Synthèse des Flux par Catégorie
| Catégorie |
Flux YTD |
Tendance |
| Emerging Markets |
+$13.6B |
🔺🔺 |
| Large Cap Blend |
+$13.5B |
🔺🔺 |
| Total Bond Market |
+$12.8B |
🔺 |
| Foreign Developed |
+$8.6B |
🔺 |
| Government Bonds |
+$7.0B |
🔺 |
| Financials |
+$4.6B |
🔺 |
| Precious Metals |
+$4.1B |
🔺 |
| Large Cap Growth |
-$1.4B |
🔻 |
| Small Cap |
-$5.3B |
🔻🔻 |
| Leveraged Equities |
-$6.0B |
🔻🔻 |
Datas from Etfdb as of 27 January 2026