ETFGI Report on ETFs and ETPs in Europe – June 2026

ETF inflows in Europe: a record $265.65 billion in the first half of 2026

ETF inflows in Europe reached a record high in the first half of 2026, with net inflows of $265.65 billion. The figure comes from the monthly report on the European ETF industry published on Monday 13 July by ETFGI, an independent research and consultancy firm based in London, which has been operating for fourteen years. In June, net inflows stood at $44.74 billion: this marks the forty-fifth consecutive month of positive inflows for ETFs and ETPs listed in Europe. At the end of June, the sector’s assets under management stood at $3.74 trillion (3,740 billion), below the all-time high of $3.77 trillion recorded at the end of May.

European ETF inflows: figures for June and the first half of the year

The $265.65 billion raised in the first six months exceeds the previous record for the same period, which stood at $176.09 billion in 2025. The third-highest figure remains that of 2021, at $111.95 billion.

The half-year figure is consistent with that for May: ETFGI had reported year-to-date inflows of $220.91 billion as at 31 May. Adding the $44.74 billion from June brings the total for the first half of the year to exactly $265.65 billion.

A comparison with the whole of 2025 helps to gauge the pace. In 2025, the European industry had raised $396.84 billion over twelve months, which was also a record. In just six months, 2026 has therefore already reached around 67 per cent of that annual total.

The run of positive inflows has been uninterrupted for forty-five months, i.e. since October 2022. In May, ETFGI had recorded the forty-fourth consecutive month; in December 2025, the thirty-ninth.

ETF assets under management in Europe: why they are falling despite positive inflows

Assets under management fell from $3.77 trillion at the end of May to $3.74 trillion at the end of June, a decline of around $30 billion. Inflows for the month stood at $44.74 billion. The combined effect of market performance and exchange rate movements has therefore eroded more value than the inflows have added.

On the market front, June was a negative month for the main equity regions, as indicated by the ETFGI data set out below. On the currency front, ETFGI expresses all figures in dollars: during June, the euro fell to its lowest level against the dollar in the last twelve months, and this reduces the dollar value of euro-denominated assets.

Since the start of the year, the picture remains positive. Assets under management have grown by 16.1 per cent, from $3.22 trillion at the end of 2025 to $3.74 trillion at the end of June, an increase of approximately $520 billion. Just over half of this increase ($265.65 billion) is attributable to net inflows; the remainder is due to market and exchange rate movements.

European ETF flows by asset class: equities lead the way

Equity ETFs led inflows in June with $31.48 billion. Since the start of the year, they have attracted $182.77 billion, compared with $120.65 billion in the same period of 2025: an increase of around 52 per cent. Equities therefore account for around 69 per cent of total inflows for the half-year.

Bond ETFs attracted $8.40 billion in June and $54.20 billion year-to-date, compared with the $32.69 billion accumulated by the end of June 2025. This represents year-on-year growth of around 66 per cent. The sector accounts for around 20 per cent of half-year inflows.

Commodity ETFs recorded net outflows of $1.04 billion in June. Year-to-date, they remain in positive territory at $3.04 billion, a figure lower than the $7.05 billion raised in the first half of 2025.

A methodological note: the figures quoted in the press release do not cover the full scope of flows. The sum of equities, bonds and commodities in June (38.84 billion) remains below the total of 44.74 billion, as ETFGI does not provide a breakdown of all product categories. The same applies to the year-to-date figures.

Active ETFs: inflows almost doubled compared with 2025

Actively managed ETFs listed in Europe attracted $6.36 billion in June. Since the start of the year, net inflows have risen to $26.63 billion, compared with $13.36 billion in the same period of 2025. Inflows have therefore almost doubled.

The European figure is part of a global trend. According to the ETFGI report published on 23 June, global assets under management in actively managed ETFs reached a record $2.49 trillion at the end of May, with inflows since the start of the year totalling $411.75 billion – also the highest on record.

ETFGI reports that equity, bond and actively managed ETFs have all recorded inflows since the start of the year that exceed those for the same period in 2025.

The top five ETF issuers in Europe

The five largest issuers control 75.1 per cent of total assets under management and have accounted for 66.7 per cent of net inflows since the start of the year, amounting to approximately $177 billion.

iShares: 39.6% market share and $1.48 trillion in assets under management. The BlackRock-owned issuer has attracted almost 30% of net inflows since the start of the year.

Amundi ETF: 12.5% market share and $469.4 billion.

Xtrackers (DWS): 10.2% market share and $380.7 billion in assets under management.

Vanguard: 7.3% market share and $274.1 billion in assets under management.

UBS ETFs: 5.4% market share and $202.6 billion in assets under management.

According to ETFGI, the fact that the largest providers’ share of inflows is lower than their share of assets under management suggests that investors are also channelling significant capital towards smaller, more specialised providers. The firm notes that large issuers continue to benefit from economies of scale, brand recognition and the breadth of their product range.

A comparison with ETFGI data from the end of 2025 confirms this trend. In December, iShares held 40.4 per cent of the European market with $1.30 trillion; today it stands at 39.6 per cent. The top three issuers accounted for 63.3 per cent of total assets at that time, compared with the current 62.3 per cent.

At the end of June, the European industry comprised 3,902 products, 16,148 listings and 160 issuers, across 32 stock exchanges in 26 countries.

Products with the highest inflows in June

The 20 ETFs with the highest net inflows raised a total of $26.19 billion in June, accounting for approximately 59 per cent of the month’s total inflows.

The single product with the highest inflows was the Vanguard FTSE All-World UCITS ETF (VWRD LN), with $4.04 billion. The same ETF had already topped the list in May, with $2.93 billion.

Among ETPs, the top ten products by inflows attracted $1.19 billion during the month. The top performer was the WisdomTree Physical Swiss Gold (SGBS LN), with $546.25 million.

Deborah Fuhr (ETFGI) commented: “Global equity markets saw mixed performance in June. The S&P 500 fell by 0.95 per cent over the month, but remains up 10.21 per cent since the start of 2026. Developed markets excluding the United States lost 0.91% in June, bringing the year-to-date gain to 14.28%. Among developed markets, Luxembourg and Israel recorded the sharpest falls for the month, down 14.45% and 11.93% respectively. Emerging markets fell by 1.50 per cent in June, but remain up by 9.77 per cent since the start of the year. Indonesia and the Czech Republic recorded the largest declines among emerging markets during the month, down 8.64 per cent and 6.03 per cent respectively.

The global picture

The European figures for June are released ahead of the global update, which ETFGI publishes in the second half of the month. The latest available data relates to May: global ETF assets had reached a record high of 23.08 trillion dollars, with year-to-date inflows of 1.07 trillion – also the highest on record – and marking the 84th consecutive month of positive flows.

Conclusions

In the first half of 2026, the European ETF industry attracted $265.65 billion, the highest figure ever recorded for the period and approximately 51 per cent higher than in 2025. Demand was concentrated in equities, which accounted for around two-thirds of inflows, whilst bonds grew at a similar rate in relative terms. Commodities remain marginal and ended June with outflows.

Assets under management fell to $3.74 trillion due to market and exchange rate movements, not inflows, which remained largely positive in June. Concentration within the sector remains high, with five providers accounting for three-quarters of assets under management, but the top five’s share of inflows is lower than their share of assets under management, and iShares’ share has fallen by around 0.8 percentage points since the end of 2025.

The next monthly figures will reveal whether the pace seen in the first half of the year is sustainable. With $265.65 billion already raised, 2026 is on track to exceed the $396.84 billion recorded in 2025, provided there are no reversals in the second half of the year.