BlackRock Global ETP Flows : Global ETPs gathered a record $2.3T in 2025, eclipsing the previous record set in 2024 ($1.8T)
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BlackRock Global ETP Flows January 2025
Karim Chedid, head of investment strategy for iShares EMEA at BlackRock
- A record $1.4T was allocated to equity ETPs, including the highest annual inflows on record for European equities ($91.1B)
- AI valuation jitters at times throughout the year failed to prevent tech ETPs from gathering $112.5B in 2025 – a record year
Equity – Record flows despite waning sentiment
Our client surveys collected throughout 2025 showed waning bullishness over the course of the year. However, this didn’t stop global ETPs from registering a record inflow year ($2.3T) and equity ETPs gathering $1.4T, with US equities taking the largest share ($740.8B).
2025 also saw investors allocate to ex-US exposures in significant size, as they sought diversification from concentration risks in US indices. This led to record inflows for European equities ($91.1B), nearly equalling total net flows into the exposure from 2015-2024 ($94.5B). EMEA investors were the driving force behind the 2025 buying ($72.9B), showing higher conviction towards European equities than US equities for the first six months of the year ($45.6B versus $8.7B). In the second half of the year, allocations from EMEA investors were more balanced, with $27.3B into European equities and $30.9B into US stocks.
Emerging market (EM) equities also saw significant inflows ($152.3B). Allocations from EMEA investors reached a record $38.5B, while US-listed EM equity ETPs saw their third[1]highest inflow year on record ($41.3B).
Precision – Tech remains top
Despite ongoing ‘AI bubble’ headlines, tech ETPs registered their highest ever annual inflows in 2025 ($112.5B – 65% higher than the previous record of $67.9B in 2020). These flows were more geographically diversified than in 2024: US exposures accounted for 25% of total tech flows in 2025 ($28.3B), versus 87% in 2024 ($47.2B). Hong Kong exposures took 34.5% ($38.8B) and global exposures recorded 24% ($27.0B) of total tech buying in 2025.
Certain cyclical sectors also saw increases in flows in 2025. Industrials ETPs saw $25.7B of buying, versus $9.0B in 2024. While US industrials remained the most popular geographic exposure ($8.8B), European industrials saw a record $7.7B of inflows (eclipsing the previous record of $405m in 2019). Financials ETPs also registered their second-highest inflow year ($33.6B). Like tech, these flows were more geographically diversified: US exposures captured 6.8% of the total, versus 74.4% in 2024.
In factors, 2025 marked a change in leadership. The value factor registered its highest inflow year on record ($28.2B), while quality saw net outflows (-$5.1B) for the first time ever.
All figures in US Dollars unless stated otherwise. Source: Unless stated otherwise all data is sourced from BlackRock Global Business Intelligence and EPFR covering flows in the period 1 January – 31 December 2025. Past flows into global ETPs are not a guide to current or future flows and should not be the sole factor of consideration when selecting a product. This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation to, offer or solicitation to buy or sell any financial instrument or product or to adopt any investment strategy. Investment in the products mentioned in this document may not be suitable for all investors. BlackRock has not considered the suitability of any product against your individual needs and risk tolerance.
Fixed Income – Spread assets in focus
Fixed income ETPs also notched a record year, with $668.4B of buying (up from $438.5B in 2024). Rates remained the most popular allocation ($186.2B). Data-dependent and diverging central bank policies globally led to short-duration exposures ranking the highest, with $105.0B of inflows – a significant jump from $38.0B in 2024. Long-duration exposures saw outflows (-$143m) for the first time since 2016.
Spread assets were a key focus in 2025, off the back of a rise in fiscal sustainability concerns across developed markets (DM). This led to record flows into IG ($84.3B) and HY ($33.5B) exposures. EMD ETPs recorded $103.7B of inflows, with interest from EMEA and US investors shifting into net inflow territory after selling in 2024. EMEA-listed ETPs gathered $3.2B in 2025, versus -$2.0B in 2024, and US-listed exposures gained $4.4B, versus -$1.4B in 2024. Factors such as a weaker USD, developed market fiscal concerns and EM central banks having room to cut interest rates all fuelled greater appetite for the exposure.
Commodities – Gold shines
Commodities saw significant inflows in 2025 ($100.8B) – registering a new record.
Given ongoing geopolitical tensions, demand for gold was strong in 2025. Investors allocated a record $83.3B to the precious metal as they sought to build additional defence in portfolios. The drive for diversifiers benefited silver, which received a record $8.7B of inflows, surpassing the previous record set in 2020 ($5.1B).
Investors also allocated $45.7B to cryptocurrency ETPs – a new record after the exposure gained $43.3B in 2024. Bitcoin ETPs received $25.2B of 2025’s total inflows. Ethereum ETPs also gained $12.6B, up from $4.3B in 2024.
In energy commodities, global flows were flat – an improvement versus the $3.4B of outflows in 2024.
EMEA snapshot
- Flows into EMEA-listed ETPs reached a record $388.9B in 2025, up from $273.4B in 2024. The increase was driven by higher flows into equity ($283.0B), fixed income ($87.1B) and commodity ETPs ($13.9B). The commodity flows marked a significant change from the prior year, when the asset class registered $7.2B of outflows.
- EMEA-listed European equity ETPs received a record $73.0B of inflows, a significant rise from $12.1B in 2024. These inflows significantly outpaced buying of EMEA-listed US equities ($39.3B) – a trend that last occurred in 2017.
- EMEA investors allocated to IG with higher conviction than their US counterparts. IG ETPs accounted for 27.3% of EMEA-listed fixed income flows, versus 10.4% for US-listed products. A similar trend was seen in silver ETP flows, which accounted for 16.6% for EMEA-listed commodity ETP buying, versus 8.1% for US-listed products.
Source: ETFWorld.co.uk
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