Amundi: European UCITS ETFs net €113.6bn in Q2

Data from Amundi show European-domiciled UCITS ETFs attracted €113.6 billion of net new assets in the second quarter of 2026, 7% higher than Q1 and about 80% above Q2 2025. June finished the quarter with €40.5 billion of inflows, versus €36.2 billion in April and €36.9 billion in May.

Equity strategies accounted for €83.9 billion of inflows, roughly three quarters of total net flows. All-country world allocations led regional demand with about €34.3 billion, followed by US equities, which gathered €26 billion in Q2, up from €8.2 billion in Q1.

European equity funds recorded net outflows in Q2, reversing €21.2 billion of inflows posted in Q1. Emerging market equities continued to attract assets but at a slower pace, with inflows spread across broad, country and sector allocations.

Sector flows favoured information technology, which attracted €5.5 billion, and industrials at €2.7 billion. Thematic strategies, including AI-related exposures such as semiconductors, gathered €2.7 billion in the quarter. In June, US strategies led monthly flows with €12.4 billion and information technology was the largest sector inflow for the month.

Fixed income inflows rose to about €29.5 billion in Q2, compared with €19.5 billion in Q1 and €18.3 billion in Q2 2025. Government bonds drew €11.5 billion as investors engaged in opportunistic buying after the March sell-off.

Within fixed income, investment grade corporate credit gathered €6.9 billion in Q2, up from €1.8 billion in Q1. In European government debt, all-maturity exposures led at €3.2 billion while ultra-short-term European debt recorded outflows after modest gains in Q1. US government debt flows favoured ultra-short duration with €1.9 billion of net inflows.

Monthly patterns were similar to quarterly trends. In European government bonds, all-maturity exposures added €656 million for the month while ultra-short-term exposures saw €321 million of outflows. US government and corporate credit flows concentrated in short and ultra-short maturities.

Environmental, social and governance funds recorded more than €21 billion of net new assets in both Q1 and Q2, giving a combined first-half total near €43 billion. In Q2, roughly two thirds of ESG inflows went to equities and the remainder to fixed income.

The figures cover the European-domiciled UCITS ETF market.