Distilled — Weekly Flow Board

The Environment current market backdrop

Credit Appetite

HYG / IEF

Flat

neutral · trend +0.1%

Growth vs Defensives

QQQ / XLP

Falling

risk-off · trend -8.2%

Discretionary vs Staples

XLY / XLP

Falling

risk-off · trend -3.7%

Equities vs Bonds

SPY / TLT

Falling

risk-off · trend +2.2%

Small-cap Participation

IWM / SPY

Rising

risk-on · trend +1.6%

US Dollar (UUP)

UUP

Flat

neutral · trend +0.1%

Environment Reflation — 1 risk-on / 3 risk-off / 2 neutral of six signals (persisted).

What Changed This Week 4 items

Rank Movers

No sectors moved ≥6 positions this week.

New Acceleration

XLC: first notable inflow after 4 quiet weeks ($+432.6M; +1.90% AUM)

ITB (Homebuilders): first notable inflow after 4 quiet weeks ($+230.1M; +8.17% AUM)

Participation Narrowing

XLK: fresh Narrowing (was Stable last week)

Fresh Broadening:

XLE: fresh Broadening (was Stable last week)

The Sector Board flow ranks · everything else describes

Flow data as of 2026-07-03 · last 2 weeks preliminary, may revise

Sector

4-Wk Flow

1

IndustrialsXLI

+$1.2B+3.53% of AUM

Industrials (XLI)

	Jun 26	Jul 03	Jul 10	Jul 17
Flow	−$62M	+$398M	—^*	—^*
	Jun 26	Jul 03	Jul 10	Jul 17
RS vs SPY	+2.60%	-0.66%	-2.41%	+0.17%
	10D	21D	50D	200D
Breadth	51%	51%	65%	71%

Industries within Industrials

Industries loading…

2

FinancialsXLF

+$754M+1.46% of AUM

Financials (XLF)

	Jun 26	Jul 03	Jul 10	Jul 17
Flow	+$442M	+$601M	—^*	—^*
	Jun 26	Jul 03	Jul 10	Jul 17
RS vs SPY	+2.43%	+1.63%	-1.19%	+2.57%
	10D	21D	50D	200D
Breadth	78%	85%	90%	76%

Industries within Financials

Industries loading…

3

Real EstateXLRE

+$380M+4.65% of AUM

Real Estate (XLRE)

	Jun 26	Jul 03	Jul 10	Jul 17
Flow	+$63M	+$86M	—^*	—^*
	Jun 26	Jul 03	Jul 10	Jul 17
RS vs SPY	+5.66%	-3.33%	-1.85%	+3.79%
	10D	21D	50D	200D
Breadth	74%	71%	71%	74%

Industries within Real Estate

Industries loading…

4

MaterialsXLB

+$326M+3.99% of AUM

Materials (XLB)

	Jun 26	Jul 03	Jul 10	Jul 17
Flow	+$67M	−$49M	—^*	—^*
	Jun 26	Jul 03	Jul 10	Jul 17
RS vs SPY	+2.02%	-1.34%	-3.47%	+0.85%
	10D	21D	50D	200D
Breadth	56%	48%	56%	60%

Industries within Materials

Industries loading…

5

Health CareXLV

+$305M+0.75% of AUM

Health Care (XLV)

	Jun 26	Jul 03	Jul 10	Jul 17
Flow	+$527M	+$281M	—^*	—^*
	Jun 26	Jul 03	Jul 10	Jul 17
RS vs SPY	+9.94%	-0.04%	-3.09%	+1.73%
	10D	21D	50D	200D
Breadth	62%	74%	81%	64%

Industries within Health Care

Industries loading…

6

UtilitiesXLU

+$247M+1.07% of AUM

Utilities (XLU)

	Jun 26	Jul 03	Jul 10	Jul 17
Flow	+$387M	−$151M	—^*	—^*
	Jun 26	Jul 03	Jul 10	Jul 17
RS vs SPY	+5.73%	-3.05%	-2.10%	+1.03%
	10D	21D	50D	200D
Breadth	35%	39%	74%	77%

Industries within Utilities

Industries loading…

7

Consumer DiscretionaryXLY

+$9M+0.04% of AUM

Consumer Discretionary (XLY)

	Jun 26	Jul 03	Jul 10	Jul 17
Flow	−$37M	+$265M	—^*	—^*
	Jun 26	Jul 03	Jul 10	Jul 17
RS vs SPY	-0.00%	+0.23%	-1.25%	+0.01%
	10D	21D	50D	200D
Breadth	43%	39%	50%	46%

Industries within Consumer Discretionary

Industries loading…

8

EnergyXLE

−$183M-0.51% of AUM

Energy (XLE)

	Jun 26	Jul 03	Jul 10	Jul 17
Flow	+$88M	−$81M	—^*	—^*
	Jun 26	Jul 03	Jul 10	Jul 17
RS vs SPY	+2.57%	-3.25%	+2.10%	+6.36%
	10D	21D	50D	200D
Breadth	71%	71%	57%	86%

Industries within Energy

Industries loading…

9

Communication ServicesXLC

−$221M-0.97% of AUM

Communication Services (XLC)

	Jun 26	Jul 03	Jul 10	Jul 17
Flow	−$315M	+$433M	—^*	—^*
	Jun 26	Jul 03	Jul 10	Jul 17
RS vs SPY	-0.63%	+1.03%	+0.49%	+0.67%
	10D	21D	50D	200D
Breadth	59%	55%	36%	45%

Industries within Communication Services

Industries loading…

10

TechnologyXLK

−$390M-0.31% of AUM

Technology (XLK)

	Jun 26	Jul 03	Jul 10	Jul 17
Flow	+$116M	−$222M	—^*	—^*
	Jun 26	Jul 03	Jul 10	Jul 17
RS vs SPY	-3.09%	-2.40%	+1.49%	-4.00%
	10D	21D	50D	200D
Breadth	35%	39%	32%	59%

Industries within Technology

Industries loading…

11

Consumer StaplesXLP

−$529M-3.88% of AUM

Consumer Staples (XLP)

	Jun 26	Jul 03	Jul 10	Jul 17
Flow	+$123M	−$97M	—^*	—^*
	Jun 26	Jul 03	Jul 10	Jul 17
RS vs SPY	+4.17%	-1.80%	-2.36%	+2.86%
	10D	21D	50D	200D
Breadth	68%	68%	71%	62%

Industries within Consumer Staples

Industries loading…

Ranked by 4-week cumulative flow. Click a sector row to expand its cluster panel (Flow / Breadth / RS × 1W/1M/3M). The columns are a short→long lens — for Flow and RS that's a trailing time window; for Breadth that's the moving average. RORO does not rate, recommend, or predict.