The ETF market this week
Updated October 28, 2026
- Tech stocks rallied after Anthropic filed for an IPO, a defining moment for the AI boom.
- Micron Technology led the broad market's move, while Meta Platforms weighed on it.
- Tech Hardware rose 0.4% this week even as -$5.0B left it, the week's biggest money-versus-price split.
- Semiconductors is the most stretched area versus its own history at 26.6% above its 10-year median, with Health & Biotech next at 23.2% above its 10-year median.
The week
US stocks barely moved on the week, but the advance narrowed — 49% of funds rose, down from 76%. Outside equities, commodities and metals fell, energy rose, crypto dropped, and real estate gained.
Valuation
The S&P 500 is more expensive than 62% of the last 9 years on a price-to-earnings basis, which counts how much investors pay for each dollar of earnings. Inside the market, Semiconductors is the most stretched area against its own history at 26.6% above its 10-year median, while Communications is the cheapest at 21.2% below its 10-year median.
What drove the week
Tech stocks rallied after Anthropic filed for an IPO — a defining moment for the AI boom. Chipmakers also rose: Nvidia expanded supply-chain capacity, and Micron Technology gained after a rival reported a jump in quarterly profit.
Under the surface
Money moved into Developed ex-US and Emerging Markets even as they fell, and left Tech Hardware and US Small Cap while they rose.
Sector reads
- Asia Pacific
- Asia Pacific rose this week, even as it's been lower over the past month, with Samsung Electronics and SK Hynix climbing on an AI sector recovery after weeks of investor pressure on the infrastructure buildout.
- China
- China fell, extending a month of declines, as surging trading volumes in the nation's biggest ETFs pointed to possible state buying and major AI companies sought to soothe investors.
- Clean Energy
- Clean Energy edged down, extending its recent monthly decline.
- Commodities & Metals
- Commodities & Metals fell, as gold and silver dropped while WTI crude rose alone.
- Communications
- Communications fell this week, extending its decline over the past month.
- Consumer
- Consumer was little changed this week, holding onto its gains from the past month.
- Crypto
- Crypto fell, extending a sharp monthly decline, with XRP higher after Ripple won a final go-ahead to launch its own U.S. national trust bank.
- Deep Tech
- Deep Tech edged up this week, even as it has been lower over the past month, after Tesla bounced back from a difficult start.
- Developed ex-US
- Developed ex-US barely moved this week, extending a month of little change, and now sits pricier than usual.
- Dividend Global ex-US
- Dividend Global ex-US was flat this week while the broad market rose.
- Dividend US
- Dividend US extended its month-long rise.
- Emerging Markets
- Emerging Markets posted historic losses after Brazil's exchange halted trading on President Lula da Silva's reelection as his opponent refused to concede, extending a month of declines.
- Energy
- Energy edged up, adding to its monthly gain, as oil prices surged on fears of renewed US strikes against Iran.
- Europe
- Europe posted a decline, as France's budget talks and nationwide protests increased borrowing costs.
- Financials
- Financials were flat this week, extending their recent gains over the past month.
- Frontier Markets
- Frontier Markets edged down, extending a month of declines, and is now cheaper than it has been in years.
- Global Large Cap
- Global Large Cap barely moved this week, extending a flat month, while still trading pricier than usual.
- Health & Biotech
- Health & Biotech edged up, extending its month-long uptrend.
- Industrials & Materials
- Industrials & Materials edged up this week, outpacing the broader market.
- Japan
- Japan edged down this week, though the month has been little changed, and it still trades pricier than usual.
- Latin America
- Latin America fell this week, the weakest major area, after a Brazilian CIO cited election and country holdings concerns.
- Real Assets
- Real Assets barely moved this week. Gold dropped and silver fell, while WTI crude rose alone.
- Real Estate & Infra
- Real Estate & Infra barely moved this week, extending a flat month, and now sits pricier than usual.
- Semiconductors
- Semiconductors rose this week after agreements on American capacity expanded the depository chain.
- Software/AI
- Software/AI rose this week, the strongest major area, adding to its monthly gains, after reports that CrowdStrike was trimmed to right-size the position rather than over fundamental concerns.
- Tech Hardware
- Tech Hardware barely moved this week, extending a month that was also little changed, and now trades cheaper than usual.
- US Large Cap Blend
- US Large Cap Blend barely moved this week, while it has been little changed over the past month.
- US Large Cap Growth
- US Large Cap Growth edged down this week after Tesla cut its spending forecast and Lam Research issued a weak outlook.
- US Large Cap Value
- US Large Cap Value posted a gain this week, adding to its monthly uptrend, while the broad market rose on gains from Procter & Gamble and McDonald's among other Dow components.
- US Mid Cap
- US Mid Cap barely moved, extending a stronger month trend, and now sits pricier than usual.
- US Small Cap
- US Small Cap edged up this week, outperforming its large-cap peers as investors rotated toward smaller names.
- US Total Market
- US stocks barely moved this week, with a rally in tech stocks following Anthropic's IPO filing.
- Utilities
- Utilities edged up, extending its monthly climb, and now sits cheaper than usual.
Sector leadership & money
| Sector | Funds | Price, 1 week | Net flow, 1 week | Price, 1 month | Net flow, 1 month | Label |
|---|---|---|---|---|---|---|
| Latin America | 13 | -16.7% | -$311M | -5.4% | +$2.9B | Exiting |
| Communications | 16 | -4.6% | +$15M | -6.3% | +$2.0B | Accumulating |
| Software/AI | 15 | +4.5% | -$486M | +6.6% | +$808M | Price only |
| Crypto | 11 | -2.4% | -$120M | -16.1% | -$137M | Exiting |
| China | 22 | -2.2% | -$137M | -6.3% | -$845M | Exiting |
| Semiconductors | 9 | +2.1% | +$9.4B | -7.2% | +$6.4B | Aligned |
| Commodities & Metals | 25 | -2.0% | -$4M | -7.7% | +$400M | Exiting |
| Asia Pacific | 38 | +1.7% | +$222M | -5.4% | +$1.0B | Aligned |
What the labels mean:
- Aligned — price and money moving the same way
- Accumulating — money coming in without the price leading
- Price only — price moving without money following
- Exiting — money leaving
Valuation vs history
Cheapest versus their own past: Communications, Frontier Markets, China. Richest versus their own past: Semiconductors, Health & Biotech, Industrials & Materials.
Cite this
ETF Copilot, “ETF market breadth, sector leadership and valuations versus history”, as of October 28, 2026.
https://etf-copilot.com/pulse