The ETF market this week
Updated September 11, 2026
- Semiconductors helped offset losses from higher oil prices, while Meta climbed after a JPMorgan upgrade citing its AI assistant launch.
- Nvidia led the broad market's move this week, measured from fund holdings and stock returns.
- Tech Hardware rose +0.2% this week even as -$5.7B left it, the week's biggest split between money and price.
- Japan is stretched at 48.5% above its 9-year median, while Semiconductors is the most expensive area versus its own history.
The week
Fewer funds carried the market this week — 14% rose, down from 47% the week before. Outside stocks, commodities and metals fell in step, while energy and crypto moved the other way.
Valuation
The market is more expensive than 76% of the last 9 years on price-to-earnings, which counts how much investors pay for each dollar of earnings. Semiconductors is the most stretched area at 95.0% above its 9-year median, while Frontier Markets sits at the other end.
What drove the week
Semiconductors helped offset losses from higher oil prices, while Meta climbed after a JPMorgan upgrade citing upside from its AI assistant launch. Chipmakers lent support, though higher energy costs weighed on the broad market.
Under the surface
Money moved into Developed ex-US and Dividend US funds even as they fell, and left Tech Hardware and Clean Energy despite their gains.
Sector reads
- Asia Pacific
- Asia Pacific fell, as a jump in oil prices raised concerns about supply disruptions and inflation risks.
- China
- China fell, weighed by elevated oil prices and US Fed tightening expectations despite resilient earnings.
- Clean Energy
- Clean Energy was flat this week, holding steady while the broad market declined.
- Commodities & Metals
- Commodities & Metals fell this week, with copper retreating from elevated levels as concerns grew over a delayed tariff decision, and gold declining on a US inflation report that bolstered rate-hike expectations.
- Communications
- Communications barely moved, lifted by Meta after a JPMorgan upgrade, though other names pulled the other way.
- Consumer
- Consumer fell, weighed by surging oil prices and hot inflation data that dampened sentiment and spending outlooks, extending a month of declines.
- Crypto
- Crypto fell this week, even as it has been up sharply over the past month. Rising Treasury yields and oil prices left the area vulnerable ahead of the US inflation report.
- Deep Tech
- Deep Tech edged down, extending its month of declines, after Taiwan Semiconductor Manufacturing Co. reported surging sales from AI infrastructure demand.
- Developed ex-US
- Developed ex-US fell, as a jump in oil prices sparked concerns over supply disruptions and rising inflation risks.
- Dividend Global ex-US
- Dividend Global ex-US edged down this week, and has been little changed over the past month.
- Dividend US
- Dividend US fell this week, after rising Treasury yields created more investment competition from bonds.
- Emerging Markets
- Emerging Markets posted a barely-changed week, after oil prices jumped in a single session on supply-disruption and inflation-risk concerns, which weighed on the category.
- Energy
- Energy posted a flat week, as rising energy prices stoked inflation fears and lifted interest-rate expectations, extending its higher trend over the past month.
- Europe
- Europe fell this week, extending its decline over the past month.
- Financials
- Financials fell this week, though it has been little changed over the past month, and now sits pricier than usual.
- Frontier Markets
- Frontier Markets were flat this week, barely moving while the broad market fell.
- Global Large Cap
- Global Large Cap edged down, as a jump in oil prices fed supply and inflation worries, though Taiwan Semiconductor Manufacturing Co.'s surging AI-driven sales lifted some stocks.
- Health & Biotech
- Health & Biotech fell this week, continuing a period that has been little changed over the past month.
- Industrials & Materials
- Industrials & Materials fell, extending a month of declines, as copper prices slid on concern the US is delaying a tariff decision.
- Japan
- Japan edged up this week, outperforming the broad market which fell.
- Latin America
- Latin America fell, as soaring oil prices stoked inflation fears and sent global bond yields higher — yet the region remains up over the past month.
- Real Assets
- Real Assets fell, weighed on by concern the U.S. is delaying a decision on refined copper tariffs.
- Real Estate & Infra
- Real Estate & Infra fell, extending a month of declines, as higher Treasury yields create more investment competition from bonds.
- Semiconductors
- Semiconductors rose this week, the strongest major area, after helping to offset losses from higher oil prices — yet it has been lower over the past month.
- Software/AI
- Software/AI fell, extending its monthly decline, as a reversal in a key tech volatility metric signaled that bond-market moves may now outweigh AI optimism as the stock market's main driver.
- Tech Hardware
- Tech Hardware was little changed this week, extending a flat month, and now trades pricier than usual.
- US Large Cap Blend
- US Large Cap Blend edged down this week, extending a month of minimal change.
- US Large Cap Growth
- US Large Cap Growth fell, as a key volatility metric reversed and the bond market may now be a bigger driver than AI optimism.
- US Large Cap Value
- US Large Cap Value edged down, with higher oil prices from the Iran war adding to inflation fears and borrowing-cost concerns.
- US Mid Cap
- US Mid Cap fell, extending its monthly decline, as large-cap outflows spilled into net sales for mid-cap funds.
- US Small Cap
- US Small Cap fell this week, extending its month-long decline, and now sits pricier than usual.
- US Total Market
- US stocks edged down this week, as a jump in oil prices raised concerns about supply disruptions and inflation risks.
- Utilities
- Utilities edged down this week, extending its month-long decline, 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 |
|---|---|---|---|---|---|---|
| Semiconductors | 7 | +5.0% | +$3.4B | -3.8% | +$2.9B | Aligned |
| Commodities & Metals | 19 | -4.8% | -$875M | +4.5% | -$488M | Exiting |
| Health & Biotech | 26 | -4.5% | +$485M | -1.8% | +$1.7B | Accumulating |
| Software/AI | 15 | -3.6% | -$289M | -2.5% | +$80M | Exiting |
| Consumer | 22 | -2.8% | -$523M | -4.2% | -$138M | Exiting |
| China | 21 | -2.7% | -$141M | -6.1% | -$125M | Exiting |
| Crypto | 9 | -2.6% | +$80M | +10.3% | +$261M | Accumulating |
| Financials | 20 | -2.4% | +$543M | -1.8% | -$2.8B | Accumulating |
What the labels mean:
- Aligned — price and money moving the same way
- Accumulating — money coming in without the price leading
- Exiting — money leaving
Valuation vs history
Cheapest versus their own past: Frontier Markets, Latin America, Communications. Richest versus their own past: Semiconductors, Japan, Crypto.
Cite this
ETF Copilot, “ETF market breadth, sector leadership and valuations versus history”, as of September 11, 2026.
https://etf-copilot.com/pulse