Industry inflows fell by 64 percent last week, largely thanks to a big drop in net flows for U.S. stock funds, according to the latest data from the folks at a mutual fund industry trade group.

Today, the Investment Company Institute (ICI) team reported that an estimated $20.103 billion net flowed into ETFs and long-term, open-end mutual funds in the week ended January 21, 2026. (Money-market funds and funds of funds, as well as non-'40-Act asset management products like collective trusts and separate accounts, are not included.) That's down by $35.746 billion week-over-week from the week ended on January 14*.

Traditional, long-term, open-end mutual funds suffered an estimated $6.956 billion in net outflows in the week ended January 21, according to the ICI folks, down by $10.191 billion W/W. Meanwhile, ETFs brought in an estimated $27.059 billion in net inflows, down by $45.936 billion W/W.

Fixed income regained the lead last week. Per ICI's data, bond funds and ETFs brought in an estimated $18.432 billion in net inflows for the week ended January 21 (down by $4.647 billion W/W).$15.648 billion of that (down by $3.442 billion W/W) flowed into taxable bond funds and ETFs, while $2.784 billion (down by $1.205 billion W/W) flowed into taxable bond funds and ETFs.

Commodity funds (well, ETFs) brought in an estimated $1.669 billion in net inflows for the week ended January 21. That's down by $1.054 billion W/W.

Per ICI's data, equity funds and ETFs brought in an estimated $1.584 billion in net inflows in the week ended January 21 (down by $29.729 billion W/W). Domestic equity funds and ETFs suffered an estimated $7.879 billion in net outflows (a $28.445-billion net flows drop W/W), but world equity ETFs and funds brought in an estimated $9.464 billion in net inflows (down by $1.283 billion W/W).

On the flip side, hybrid funds and ETFs suffered an estimated $1.583 billion in net outflows for the week ended January 21. That's up by $316 million W/W.

*Editor's Note: The ICI folks note that they also regularly revise the past weeks' flows data, "because of adjustments, reclassifcations, and changes in the number of funds reporting." Thus, the week-to-week flows changes may not quite line up perfectly with the numbers in MFWire's coverage of prior weeks' flows. 

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