According to the report published by ETFGI, a leading research and advisory firm in the ETF industry, Europe’s ETF (Exchange-Traded Funds) industry reached a historic milestone, with assets under management totaling $2.61 trillion at the end of May 2025.
Deborah Fuhr, Managing Partner at ETFGI
This figure surpasses the previous record of $2.47 trillion set in April 2025, confirming robust and sustained growth.
Record-Breaking Flows
In May, the market attracted net inflows of $31.19 billion, bringing year-to-date accumulation to $149.79 billion—a new all-time high. This result exceeds previous peaks from 2021 ($95.18 billion) and 2024 ($82.42 billion), now ranked second and third in the historical rankings. It also marks the 32nd consecutive month of positive net inflows, highlighting investor confidence despite market volatility.
Market Performance: The Context
Deborah Fuhr, Founder and Managing Partner of ETFGI, emphasizes the macro backdrop:
S&P 500: +6.29% in May (+1.06% YTD).
Developed Markets (ex-US): +5.12% in May (+16.52% YTD), led by Austria (+11.40%) and the Netherlands (+9.12%).
Emerging Markets: +4.42% in May (+6.30% YTD), driven by Taiwan (+12.57%) and Greece (+10.99%).
Breakdown by Asset Class
Equity ETFs: Net flows of $20.02 billion in May (YTD: $108.71 billion), well above the $62.39 billion seen in the same period of 2024.
Fixed Income ETFs: $8.50 billion in May (YTD: $24.26 billion), slightly up from 2024 ($22.85 billion).
Commodity ETFs: $173.86 million in May (YTD: +$4.16 billion), versus outflows of $5.65 billion in 2024.
Active ETFs: $2.41 billion in May (YTD: $10.88 billion), triple the $3.78 billion seen in 2024.
Top Products
The 20 best-performing ETFs by net inflows attracted $15.86 billion in May. Leading the way:
iShares Broad Global Govt Bond UCITS ETF (IGBG NA): +$1.95 billion.
iShares Core € Corp Bond UCITS ETF: +$1.17 billion.
UBS MSCI ACWI SF UCITS ETF: +$1.10 billion.
Followed by Vanguard S&P 500, SPDR S&P 500, and Xtrackers MSCI World ESG.
Among ETPs (Exchange-Traded Products), the top 10 gathered $1.15 billion, led by Amundi Physical Gold ETC (GOLD FP) (+$315.75 million).
Market Structure
At the end of May, the European industry comprised:
3,244 products issued by 124 providers.
13,679 listings on 29 exchanges across 24 countries.
Conclusion: The record growth of European ETFs reflects a structural trend towards transparent and diversified investment instruments, driven by strong market performance and provider innovation. The consistent accumulation of inflows—now spanning nearly three years—signals an enduring shift in the preferences of both institutional and retail investors.
ETFGI is a leading independent research and consultancy firm covering trends in the global ETF/ETP ecosystem, based in London, England. Deborah Fuhr, Managing Partner, Founder, ETFGI website www.etfgi.com.
Source: ETFGI European ETFs and ETPs Industry Landscape Insights Report.Subscribe to Our Newsletter
