ETFGI Report on ETFs and ETPs in Europe – September 2026

ETFs listed in Europe recorded net inflows of $432.45 billion between January and September 2026, the highest level ever recorded by ETFGI. The figure emerges from the September monthly report on the European ETF and ETP industry published by the independent research firm. In September alone, net inflows totalled $51.04 billion. The year-to-date total has therefore already surpassed the annual record of 396.84 billion set for the whole of 2025.

According to ETFGI, the result reflects continued strong investor demand across all major categories. Equity, bond and actively managed ETFs have attracted significantly higher net inflows since the start of the year compared with the same period in 2025.

Assets under management and inflows in September

At the end of September, assets invested in ETFs listed in Europe stood at $3,940 billion, below the all-time high of $3,970 billion reached at the end of August 2026. Since the start of the year, assets under management have grown by 22.4 per cent, up from $3,220 billion at the end of 2025.

September marked the 48th consecutive month of net inflows for the European market. Net inflows for the month, totalling 51.04 billion, were lower than the 57.83 billion recorded in August; at the end of August, the year-to-date total stood at 381.41 billion.

ETFGI also reports the historical ranking of inflows for the first nine months of the year: 432.45 billion in 2026, 290.92 billion in 2025 and 176.24 billion in 2024. Compared with the same period in 2025, inflows year-to-date have risen by 48.6 per cent, according to an analysis by the editorial team based on ETFGI data.

Flows by asset class

Equity ETFs accounted for the lion’s share of inflows in September as well. Figures released by ETFGI, in billions of dollars, show equity ETFs attracting 26.30 billion in September, 287.96 billion year-to-date and 196.33 billion in the first nine months of 2025. Bond ETFs recorded inflows of 9.41 billion in September, 82.28 billion year-to-date and 48.40 billion in the corresponding period of 2025. Commodity ETFs attracted 2.94 billion in September, 15.60 billion year-to-date and 15.81 billion in the first nine months of 2025. Active ETFs recorded 6.31 billion in September, 41.36 billion year-to-date and 27.14 billion in 2025.

Equity ETFs have attracted around two-thirds of total inflows year-to-date. Bond ETFs show the largest increase compared with 2025, at 82.28 billion versus 48.40 billion. Commodities are the only category with a year-to-date balance slightly lower than that of 2025, by a difference of 0.21 billion, despite the 2.94 billion raised in September.

Actively managed ETFs raised 6.31 billion dollars in September and 41.36 billion year-to-date, compared with 27.14 billion in the first nine months of 2025. ETFGI does not specify whether active ETFs are also included within the equity and fixed-income categories; for this reason, the figures for each category should not be added together.

The leading issuers

At the end of September, the top five issuers managed $2,930 billion across 1,420 ETFs, accounting for 74.1 per cent of total assets, according to ETFGI. In the first nine months of 2026, they accounted for two-thirds of new net inflows in the European market.

iShares is the leading issuer in Europe, with 514 ETFs, $1,530 billion in assets under management and a market share of 38.8 per cent. Since the start of the year, it has attracted $124.9 billion, accounting for almost 29 per cent of the sector’s total inflows. Amundi ETF is second, with 372 ETFs and assets under management of 489.8 billion; inflows since the start of the year stand at 51.8 billion, and ETFGI ranks it as the leading issuer in continental Europe. Xtrackers, the Deutsche Bank Group’s ETF platform, is third with 308 ETFs and assets under management of 397.2 billion, having attracted 36.3 billion since the start of the year.

Vanguard is fourth, with 49 ETFs and assets under management of 298.8 billion. It has the smallest range among the top five and has raised 46.6 billion since the start of the year, more than Xtrackers and UBS ETFs; ETFGI attributes this figure to demand for the issuer’s low-cost products. UBS ETFs brings up the rear with 177 ETFs and assets under management of 210.0 billion; inflows since the start of the year stand at 26.0 billion, more than double the figure for the same period in 2025.

The European market in figures

At the end of September, ETFGI recorded 4,126 ETFs listed in Europe, with 16,880 listings. The products are issued by 187 issuers and are traded on 31 stock exchanges across 25 countries. A year earlier, at the end of September 2025, ETFGI data reported by Funds Europe showed 3,413 products, 14,341 listings, 133 issuers, 29 stock exchanges and 24 countries. At that time, assets under management had exceeded 3,000 billion dollars for the first time, standing at 3,010 billion.

The 20 ETFs with the highest net inflows in September attracted a total of $17.54 billion. The top performer was the Vanguard FTSE All-World UCITS ETF (VWRD LN), with $3.07 billion; the same fund had also topped the rankings in August, with $3.58 billion. The 10 ETPs with the highest inflows raised $9.45 billion. ETFGI identifies the SG ETC Daily Short -3X WTI Oil Future (WTI3S IM), listed on Borsa Italiana, as the leader with 6.10 billion. This is a daily inverse leveraged product on WTI oil futures; it alone accounts for around 65 per cent of the inflows into the top ten ETPs for the month.

ETFGI notes that the figures are based on the most recent information available at the time of publication and that asset under management and inflow figures may be subject to slight variations as further data becomes available.

The market context

Deborah Fuhr, Managing Partner, founder and owner of ETFGI, explained that in September, equity market performance weakened in both developed and emerging markets. According to the data cited, the S&P 500 fell by 0.35% over the month and remains up by 12.75% year-to-date. Developed markets excluding the United States fell by 2.72% in September and remain up by 14.86% year-to-date, with the sharpest declines in New Zealand and Luxembourg. Emerging markets fell by 1.77% over the month and remain up by 11.26% in 2026, with the sharpest declines in Turkey and the Czech Republic.

The decline in assets compared with August occurred despite net inflows of 51.04 billion. ETFGI does not break down the change into market and currency effects, which is relevant for a figure expressed in dollars.

Conclusions

With net inflows of $432.45 billion over nine months, inflows into ETFs listed in Europe in 2026 have already surpassed the annual record set in 2025, according to ETFGI. Assets under management stand at 3,940 billion, just below the August peak, and the market has recorded its 48th consecutive month of inflows. Three factors remain to be monitored in the coming months: the proportion of equities in inflows, the growth of actively managed ETFs, and the concentration of inflows among the top five issuers.