ETFGI Report on ETFs and ETPs in Europe – May 2026

Assets under management in the European ETF industry reached a new high of $3.77 trillion at the end of May 2026. According to ETFGI’s monthly report, the sector recorded net inflows of $45.77 billion during the month. The figures bring total net inflows since the start of the year to $220.91 billion, surpassing the previous highs recorded in the same period of 2025 ($149.79 billion) and 2021 ($95.18 billion). May marks the 44th consecutive month of positive net inflows for ETFs listed in Europe.

Total assets under management have risen by 17.0% since the start of 2026, climbing from $3.22 trillion at the end of 2025 to the current $3.77 trillion. The figure at the end of May exceeds the previous high of $3.58 trillion recorded at the end of April 2026.

Deborah Fuhr, Managing Partner and founder of ETFGI:

“The S&P 500 index rose by 5.26% in May and has gained 11.27% year-to-date in 2026. Developed markets, excluding the United States, gained 5.20% in May and are up 15.33% year-to-date, with South Korea (+28.71%) and Luxembourg (+20.50%) posting the highest returns among developed markets for the month. Emerging markets rose by 3.77% in May and are up 11.44% year-to-date, led by Taiwan (+16.95%) and Peru (+11.75%), which recorded the highest gains among emerging markets in May.”

Market structure and listings

At the end of May, the ETF industry in Europe comprised 3,860 products and 15,931 listings. Assets are distributed across 159 issuers, with instruments listed on 32 stock exchanges in 26 countries.

Market concentration remains high. iShares retains the top position in terms of assets under management with $1,490 billion, representing a 39.6% market share. Amundi ETF ranks second with $468.60 billion (12.4% market share), followed by Xtrackers with $382.69 billion (10.1% market share). The top three issuers account for 62.1% of total assets under management in Europe. The remaining 156 providers each hold a market share of less than 8%.

Flows by asset class

Analysis of flows by asset class indicates a preference for equities, against a backdrop where investor demand has increased compared to previous months.

Equity ETFs raised $25.18 billion in May. Inflows since the start of the year amount to $151.29 billion, a figure higher than the $108.71 billion recorded at the same date in 2025.

Bond ETFs recorded net inflows of $13.91 billion in May. The year-to-date total stands at $45.80 billion, up from $24.26 billion in the corresponding period of 2025.

Commodity ETFs attracted $2.35 billion during the month, bringing the year-to-date total to $4.09 billion. This figure is slightly lower than the $4.16 billion raised in the same period of 2025.

Active ETFs raised $4.62 billion in May. Year-to-date inflows in Europe reached $20.27 billion, almost double the $10.89 billion recorded from January to May 2025.

The products with the highest inflows

Flows were concentrated in a limited number of products. The top 20 ETFs by net inflows raised a total of $19.53 billion in May. The Vanguard FTSE All-World UCITS ETF (VWRD LN) recorded the largest single inflow at $2.93 billion.

As for ETPs (Exchange Traded Products) in the broad sense, the top 10 products by net inflows totalled $2.03 billion for the month. The WisdomTree Agriculture (AIGA LN) saw the largest single inflow at $736.70 million.

The May figures confirm the trend among investors to allocate capital to equity ETFs, which continue to represent the main component of net inflows in the European industry.