European ETFs Week 39: Equities, Gold Lead Flows

European-listed exchange-traded funds and exchange-traded products recorded net inflows in week 39, covering September 21–25, with equity ETFs attracting €2.83 billion and gold ETPs €567.6 million, based on Trackinsight data. Fixed income products drew €940.2 million, commodities €363.1 million and cryptocurrency ETPs €92.2 million. Multi-asset strategies saw net outflows of €67.9 million.

At the sector level, Consumer Discretionary led inflows with €427.6 million, followed by Health Care at €306.4 million and Information Technology at €275.7 million. Financials experienced the largest sector outflow, with €1.03 billion withdrawn, and Utilities lost €137.1 million. Information Technology posted the strongest weekly performance, rising 4.57%, while Communication Services gained 1.97% and Health Care rose 1.73%. Utilities was the weakest sector, down 1.51%.

By geography, broad-market exposures were the main destination for flows. World equity ETFs added €1.76 billion and Developed Markets funds attracted €1.43 billion, while Switzerland-focused products added €292.1 million. Single-country funds recorded outflows from U.S.-focused ETFs of €280.5 million, Europe-focused ETFs of €257.7 million and Taiwan-focused ETFs of €226.1 million. South Korea led market performance, up 5.80%, and Taiwan gained 3.19%; Romania declined 4.42%.

Thematic strategies saw selective inflows. Cybersecurity themes gathered €143.1 million, Europe Defense-related ETFs €100.8 million and cryptocurrency-themed funds €100.5 million. Electrification strategies took in €76.6 million. The largest thematic outflows were China Disruptive Technology at €81.7 million and Net Zero 2050 at €70.4 million. Cryptocurrency thematic funds recorded the strongest weekly return at 6.50%, followed by BioTech & Genomics at 5.33% and Robotics & Automation at 4.74%; Solar Energy fell 3.38%.

Within fixed income, Corporate Investment Grade ETFs saw the largest inflows at €675.4 million. Government Investment Grade products attracted €276.5 million and Government Aggregate ETFs added €123.6 million. Outflows were concentrated in higher-yield sovereign debt, with Government High Yield down €101.4 million and Corporate High Yield off €23.1 million.

Commodities flows were dominated by gold, with physical gold ETCs drawing €567.6 million. Multi-commodity ETPs lost €45.8 million, crude oil ETPs €36.1 million and silver ETPs €23.3 million. In cryptocurrency ETPs, Bitcoin-led products collected €65.2 million, Solana €13.1 million and Ether €7.0 million; Avalanche and XRP added €5.3 million and €3.9 million respectively, while Uniswap saw an outflow of €8.8 million.

Asset managers with the largest net inflows were Amundi at €981.5 million and Vanguard at €896.4 million, followed by Invesco (€639.6 million), UBS (€325.7 million) and Xtrackers by DWS (€305.7 million). Other notable issuers included J.P. Morgan, VanEck, First Trust, Global X and Fideuram Asset Management. The top individual ETFs by net inflows were Vanguard FTSE All-World UCITS ETF Accumulating (VWCE) at €439.9 million and Amundi S&P World Consumer Discretionary Screened UCITS ETF (WELJ) at €434.1 million; Xtrackers S&P 500 Swap II (X500), Vanguard FTSE Global All-Cap (VALL) and iShares Physical Gold ETC (IGLN) also ranked among the highest inflows.

Trackinsight’s weekly dataset covers the September 21–25 reporting week and records flows and performance across asset classes, sectors, regions and themes for European-listed ETFs and ETPs.