Equities Drive Record Summer Flows Into UCITS ETFs, Amundi

Amundi’s monthly data for July–August 2026 show European-domiciled UCITS ETFs received €49.4bn in July and €43bn in August. Equity ETFs were the largest contributor, adding €35.4bn over the two months, and net collection for 2026 is ahead of the same period last year, the firm’s note shows.

Within equities, US exposure drew €9.2bn in August. Global allocations were similar: all-country world (ACWI) ETFs added €9.2bn and developed-market world ETFs €9.1bn. European equity ETFs recovered, taking in €4.5bn in August, and emerging market ETFs recorded €2.6bn. Sector and style flows included information technology at just over €2bn in August and smart-beta income strategies that added €2.3bn.

Investors put €7.2bn into fixed income products in August. Government bonds accounted for about €3.2bn, roughly half of which went into US Treasuries. In the US, flows concentrated in short- and ultrashort-duration exposures. In Europe, allocations moved toward all-maturity government debt, with €266m into all-maturity euro government bonds. Corporate debt drew €1.7bn, split between European investment-grade all-maturity (€721m) and US shorter-term corporate paper (€126m). Money market strategies gained €1.2bn. Inflation-linked inflows fell from more than €700m in July to about €209m in August.

Gold ETPs attracted €6.3bn in August, taking year-to-date inflows to €8.1bn compared with €6.6bn for full-year 2025. Amundi noted rising gold prices and the US Treasury’s expanded long-dated buyback programme helped lower yields and weaken the dollar, supporting demand. Investors also increased holdings of listed gold miners.

Sustainable ETFs recorded €8.3bn of net new assets in August. ESG equity strategies added €7.2bn and now represent an estimated 15–20% of ESG flows, up from about 10–15% previously. ESG fixed income gathered €1.1bn, led by investment-grade corporate bonds with €939m of inflows.

Amundi’s analysis attributes the flows to a mix of diversification into global equity exposure and a defensive repositioning in fixed income because of concerns over inflation, rate policy and issuance dynamics. The firm also reported ongoing demand for income-generating strategies and instruments that offer inflation protection.