Amundi ETF – Monthly UCITS ETF Flows – According to Amundi’s monthly report, net inflows exceeded those of the first quarter and rose by 80% compared with 2025. The period was characterised by a shift towards US equities and a recovery in the bond market following the March sell-off.
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Article created by the editorial staff of ETFWorld.co.uk
Amundi ETF Market Flows Analysis with data as at 30 June 2026
Flows into European ETFs accelerated in the second quarter of 2026. The market for UCITS ETFs domiciled in Europe attracted €113.6 billion in net new assets (NNA), according to Amundi’s latest monthly report on flows, published in early July 2026 with data updated to the end of June. This figure exceeds the €105.8 billion recorded in the first quarter, representing an increase of around 7 per cent, and marks an 80 per cent rise compared with the same period in 2025. Inflows were driven by flows into US equity ETFs and a rebound in the bond market, following the March correction linked to the war between the United States, Israel and Iran.
UCITS ETF inflows: figures for the second quarter of 2026
The second quarter closed with net inflows of €113.6 billion, up from €105.8 billion in the first quarter. The year-on-year comparison is even more striking: compared with the second quarter of 2025, the change reported by Amundi stands at 80 per cent.
Monthly inflows rose steadily throughout the quarter:
April: €36.2 billion;
May: €36.9 billion;
June: €40.5 billion.
June was therefore the strongest month of the period. The defining feature of the quarter was the rotation within asset classes. In equities, inflows into US strategies rose to €26 billion, up from €8.2 billion in the first quarter. In bonds, the preference shifted towards government bonds and, increasingly, towards investment-grade corporate bonds.
The monthly figures for June confirm these trends, with €12.4 billion in inflows into US equities and €2.4 billion into investment-grade credit.
Market context: from the March sell-off to the recovery
The broader context helps to interpret the flows. At the end of February 2026, the United States and Israel launched attacks against Iran, sparking a conflict that hit the markets in March. The tensions pushed the price of oil above $100 per barrel and disrupted traffic through the Strait of Hormuz, leading to increased volatility in equities and bonds. A partial ceasefire, reached on 7–8 April, eased the pressure on the markets.
Since April, the recovery has been driven by the stronger performance of US equities – particularly large-cap stocks – and by solid corporate results. According to market data, the S&P 500 index gained around 15 per cent in the second quarter, its best quarter since 2020, buoyed by a rally in semiconductor stocks and the artificial intelligence infrastructure theme. For the same period, analysts estimate S&P 500 earnings growth of over 20 per cent year-on-year.
US equity ETFs lead the quarter’s inflows
Equities attracted nearly three-quarters of the quarter’s total inflows, amounting to €83.9 billion. This figure is in line with the first quarter and significantly higher than the €45.1 billion recorded in the second quarter of 2025.
Geographically, the largest inflows once again came from all-country world strategies, at around €34.3 billion, followed by US equities. Emerging market ETFs continued to attract inflows, albeit at a slower pace, whilst European equities recorded net outflows. This marks a reversal from the €21.2 billion in inflows recorded in the first quarter, when Europe had been the main destination for capital flows.
In emerging markets, investors adopted a more selective approach, spreading their investments across broad, country-specific and sector-specific exposures.
Sectors and themes: technology and semiconductors
At sector level, the quarter saw a shift towards information technology, with €5.5 billion, and towards industrials, with €2.7 billion. Demand was weaker for defensive sectors such as utilities and healthcare. Among thematic strategies, ETFs linked to artificial intelligence, such as semiconductors, attracted €2.7 billion.
Monthly flows in June mirrored the trend seen over the quarter. US strategies led inflows with €12.4 billion, whilst European equities saw outflows. Information technology was the top sector by inflows for the month, with €1.7 billion, whilst semiconductors attracted €1.1 billion.
Bond ETFs: government bonds and investment-grade corporate bonds
The fixed-income sector had a solid quarter, with inflows rising to around €29.5 billion, compared with €19.5 billion in the first quarter and €18.3 billion in the second quarter of 2025. The rebound was driven by opportunistic buying following the March correction, particularly in government bonds, which attracted €11.5 billion.
Inflows into investment-grade corporate bonds were almost four times higher than in the first quarter: €6.9 billion compared with €1.8 billion. Amundi attributes this to a preference for carry with relatively low risk.
In terms of maturities, investment choices varied by geographical region:
European government bonds: a focus on all-maturity exposures, i.e. across all maturities, with €3.2 billion. Outflows were seen in the ultra-short term, with outflows during the quarter after inflows of 935 million in the first.
US government bonds: a preference for ultra-short duration, with 1.9 billion euros, in a market cautious about the Federal Reserve’s policy path and US inflation.
The picture remained consistent in June as well. For European government bonds, all-maturity holdings prevailed, totalling €656 million, against outflows of €321 million from the ultra-short end. The trend was similar for European corporate bonds, with €1.5 billion in all-maturity holdings and outflows from the ultra-short end. For US government bonds, the focus was on the ultra-short-term segment, with inflows of 632 million, whilst for US corporate bonds, short- and ultra-short-term maturities were favoured, with inflows of 380 and 315 million euros respectively.
ESG ETFs heading for a record half-year
The ESG segment recorded record inflows in the first half of 2026. In both the first and second quarters, net ESG inflows exceeded 21 billion euros, totalling nearly 43 billion in the first half of the year. Amundi reports an increase of more than threefold compared with the first half of 2025.
In the second quarter of 2026, equities accounted for two-thirds of ESG inflows, with bonds making up the remainder.
Conclusions
The second quarter of 2026 confirms the recovery of the European UCITS ETF market following the slowdown in March. Inflows grew compared with both the previous quarter and the same period last year, with a clear shift towards US equities and technology-related sectors. In the fixed-income sector, government bonds and investment-grade corporate bonds predominated, with differing duration strategies between Europe and the United States. The ESG segment maintained a high pace of inflows.
The data reflect market conditions as at 30 June 2026. The trend in inflows over the coming months will depend on the macroeconomic environment, central bank decisions and the course of the conflict in the Middle East, which is still the subject of negotiations.
Source: ETFWorld
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