BlackRock: Global bond ETP inflows hit $78.8bn in August

BlackRock reported that global ETP flows fell to $238.2bn in August from a record $365.1bn in July, as equity buying dropped to $130.7bn from $290.3bn. Fixed-income inflows rose to $78.8bn in August, the second-largest monthly total on record.

Fixed-income gains were concentrated in US-listed funds, which drew $58.0bn of the August inflows. Rates ETPs on US exchanges attracted $15.7bn, of which $15.4bn went into US Treasuries. Multi-sector bond exposures accounted for $22.4bn, investment grade credit added $4.3bn and high-yield flows were largely unchanged. EMEA-listed fixed-income buying moderated to $8.1bn.

At the global level, rates ETP inflows reached $19.0bn in August. Short-term rate exposures attracted $19.9bn and longer-dated positions added $7.6bn, while intermediate-term ETPs recorded net outflows for the first time since June 2025. On EMEA listings, US Treasuries made up 61% of rates inflows, compared with 98% of US-listed rates inflows.

Commodity ETP inflows jumped to $20.7bn in August, more than four times July’s level. Gold led the surge: year-to-date commodity inflows total $31.9bn, with $23.5bn of that going into gold ETPs, including $17.8bn in August. Commodity flows rose across listing regions, with US-listed commodity inflows increasing to $8.3bn (from $0.2bn in July), EMEA to $7.5bn (from $1.8bn) and APAC to $2.2bn (from $0.9bn).

Equity flows showed selective demand. US equity inflows fell to $89.2bn from $108.6bn, while broad large-cap US exposures attracted $61.7bn. Sector shifts included a flip in US financials to net outflows of $5.0bn after $4.2bn of inflows in July, and US tech moving from $17.9bn of inflows in July to -$5.7bn in August. Global tech flows were negative for the first time this year at -$3.7bn; EMEA-listed tech flows were positive at $2.2bn. Energy ETPs recorded outflows across all listing regions. Healthcare flows were flat in EMEA, saw $3.3bn leave APAC-listed ETPs and $2.2bn enter US-listed ETPs, leaving the sector net negative in August.

Flows into EMEA-listed ETPs rose to $57.0bn in August, led by $7.7bn of commodity allocations, primarily into gold. EMEA-listed fixed-income flows eased from $12.1bn in July to $8.1bn in August. EMEA equity flows held at $40.7bn, with European equity inflows reaching $5.6bn, the highest since February, and emerging market equity flows slipping to $3.0bn from $3.5bn in July.