ETFGI, a leading independent research and consultancy firm renowned for its expertise in subscription research, consulting services, events, and ETF TV on global ETF industry trends, reported that ETFs Industry in Europe set new record for YTD net inflows of US$432.45 billion through September 2026.

Assets of US$3.94 trillion were invested in the ETFs industry in Europe at the end of September, according to ETFGI’s September 2026 European ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. ETFGI, is a 14 year old leading independent research and consultancy firm renowned for its expertise in subscription research, consulting services, 6 annual ETFGI Global ETFs Insights Summits, and ETF TV on global ETF industry trends. (All dollar values in USD unless otherwise noted.)

Highlights

• Assets of $3.94 Tn were invested in the ETFs industry in Europe at the end of September, below the record high assets of $3.97 Tn at the end of August 2026.
• Assets increased 22.4% YTD in 2026, going from $3.22 Tn at end of 2025 to $3.94 Tn.
• Net inflows of $51.04 Bn in September 2026.
• YTD net inflows of $432.45 Bn are the highest on record, while the second highest YTD net inflows are $290.92 Bn in 2025 and the third highest YTD net inflows are $176.24 Bn in 2024.
• YTD net inflows of $432.45 Bn in Europe are beating the full year net inflows record of $396.84 Bn in 2025
• 48^th month of consecutive net inflows.

“Equity market performance weakened in September across both developed and emerging markets. While the S&P 500 declined 0.35%, it remained up 12.75% for the year. Developed markets excluding the U.S. fell 2.72% in September but continued to show strong gains of 14.86% year-to-date. New Zealand and Luxembourg experienced the largest declines among developed markets. Emerging markets also retreated, falling 1.77% during the month, although they remained up 11.26% in 2026. Turkey and the Czech Republic recorded the steepest declines among emerging markets,” said Deborah Fuhr, Managing Partner, Founder, and Owner of ETFGI. 

Growth in assets in the ETFs industry in Europe as of the end of September

Source: ETFGI data sourced from ETF/ETP sponsors, exchanges, regulatory filings, Thomson Reuters/Lipper, Bloomberg, publicly available sources and data generated in-house. Note: “ETFs” are typically open-end index funds that provide daily portfolio transparency, are listed and traded on exchanges like stocks on a secondary basis as well as utilising a unique creation and redemption process for primary transactions. “ETPs” refers to other products that have similarities to ETFs in the way they trade and settle but they do not use a mutual fund structure. The use of other structures including grantor trusts, partnerships, notes and depositary receipts by ETPs can create different tax and regulatory implications for investors when compared to ETFs which are funds.

ETF providers

At the end of September 2026, the European ETF industry had $3.94 trillion in assets invested in 4,126 ETFs, with 16,880 listings, assets of $3.94 Tn, from 187 providers listed on 31 exchanges in 25 countries at the end of September. 

The top five providers remained highly dominant, managing $2.93 trillion in assets across 1,420 ETFs, representing 74.1% of total industry assets.

The top five ETF providers captured two-thirds of all net new assets invested in European-listed ETFs during the first nine months of 2026, highlighting the continued concentration of flows among the industry’s largest firms.

• iShares is the largest ETF provider in Europe, managing 514 ETFs with $1.53 trillion in assets and a 38.8% market share. The firm attracted $124.9 billion in net new assets (NNA) year-to-date, accounting for nearly 29% of all industry inflows.
• Amundi ETF is the second-largest provider, with 372 ETFs and $489.8 billion in assets. The firm gathered $51.8 billion in net inflows year-to-date, maintaining its position as the leading continental European ETF provider.
• Xtrackers, the ETF platform of Deutsche Bank, ranks third with 308 ETFs and $397.2 billion in assets. The firm attracted $36.3 billion in net inflows year-to-date.
• Vanguard ranks fourth with 49 ETFs and $298.8 billion in assets. Despite having the smallest product range among the top five providers, Vanguard gathered $46.6 billion in net inflows, demonstrating exceptionally strong asset-gathering efficiency and continued demand for its low-cost offerings.
• UBS ETFs completes the top five with 177 ETFs and $210.0 billion in assets. The firm attracted $26.0 billion in net inflows year-to-date, more than doubling the amount gathered during the same period in 2025.

Net Inflows

• European-listed ETFs gathered net inflows of $51.04 billion in September 2026 bringing YTD net net inflows to a record $432.45 Bn are the highest on record and ahead of full year net inflows.
• YTD net inflows of $432.45 Bn in Europe are beating the full year net inflows record of $396.84 Bn in 2025
• Equity ETFs led asset gathering in September, attracting $26.30 billion in net inflows and bringing year-to-date net inflows to $287.96 billion, significantly higher than the $196.33 billion gathered during the same period in 2025. 
• Fixed income ETFs attracted $9.41 billion in net inflows during September, lifting year-to-date net inflows to $82.28 billion, compared with $48.40 billion at the end of September 2025. 
• Commodity ETFs gathered $2.94 billion in net inflows during September, bringing year-to-date net inflows to $15.60 billion, slightly below the $15.81 billion recorded over the same period in 2025. 
• Active ETFs continued to see strong investor demand, attracting $6.31 billion in net inflows during September and bringing year-to-date net inflows to $41.36 billion, well above the $27.14 billion gathered through September 2025. 
• Equity, fixed income, and active ETFs have all attracted significantly higher year-to-date inflows in 2026 than they had by the end of September 2025, highlighting continued strong investor demand for ETFs across Europe.

Substantial inflows can be attributed to the top 20 ETFs by net new assets, which collectively gathered $17.54 Bn in September. Vanguard FTSE All-World UCITS ETF (VWRD LN) gathered $3.07 Bn, the largest individual net inflow.

Source: ETFGI