According to data released by ETFGI, an independent research and consultancy firm, the European ETFs Surpass $3.2 Trillion After Record Year for New Capital
Deborah Fuhr, Managing Partner at ETFGI
The European Exchange-Traded Fund (ETF) industry closed 2025 with a new all-time high in assets under management, reaching $3.22 trillion. This milestone was achieved thanks to record net inflows of $396.84 billion gathered over the course of the year, according to data released by ETFGI, an independent research and consultancy firm.
In December, the sector recorded an additional $36.24 billion in net inflows, marking the 39th consecutive month of growth. Total assets, which stood at $2.27 trillion at the end of 2024, thus increased by 41.8% over the twelve-month period. This figure surpasses the previous record of $3.14 trillion reached in November 2025.
The 2025 inflow exceeded the previous annual record of $270.42 billion set in 2024 by over $126 billion.
“The S&P 500 was up 0.06% in December, ending 2025 up 17.88%. Developed markets outside the United States gained 3.30% in December and increased 35.10% over the full year, with Korea (+10.98%) and Austria (+7.89%) posting the strongest monthly gains among developed countries. Emerging markets advanced 1.63% in December and were up 24.39% in 2025, led by Peru (+9.87%) and South Africa (+9.49%),” stated Deborah Fuhr, managing partner, founder and owner of ETFGI.
Flow Analysis by Category
In detail, equity ETFs drove inflows in December, with $23.59 billion. In 2025, this category totaled $262.15 billion in net inflows.
Fixed income ETFs gathered $6.55 billion in December, bringing the annual total to $77.73 billion.
Commodity ETFs saw inflows of $2.37 billion in December and $14.44 billion for the year, a reversal from the net outflows of $7.64 billion recorded at the end of 2024.
Active ETFs gathered $3.70 billion in December and $38.58 billion for the year, more than double the $18.56 billion recorded in 2024.
Market Concentration
The European market remains highly concentrated. iShares by BlackRock confirms its position as the leading manager, with assets of $1.30 trillion and a market share of 40.4%. It is followed by Amundi ETF, second with $401.74 billion (12.5%), and Xtrackers by DWS, third with $336.21 billion (10.4%). The top three managers thus control 63.3% of the total market, while the remaining 139 providers share individual stakes of less than 8%.
Most In-Demand Products
Approximately 50% of December’s net inflows ($16.01 billion) were concentrated in the 20 most in-demand ETFs. The product with the largest single intake was the Amundi MSCI Europe Climate Action – Acc (AE5B GY), which gathered $1.88 billion.
Among Exchange-Traded Products (ETPs), the 10 most popular gathered a total of $2.27 billion. The iShares Physical Gold ETC (SGLN LN) attracted the largest flow, with $512.20 million.
The European ETF universe comprised, at the end of December 2025, 3,543 products with a total of 14,721 listings, managed by 142 providers and traded on 30 exchanges in 25 countries.
ETFGI is a leading independent research and consultancy firm covering trends in the global ETF/ETP ecosystem, based in London, England. Deborah Fuhr, Managing Partner, Founder, ETFGI website www.etfgi.com.
Source: ETFGI European ETFs and ETPs Industry Landscape Insights Report.Subscribe to Our Newsletter
