- Europe-domiciled ETFs attracted $21.8 billion of assets in June in a broadly stable market environment.
- Equity ETFs collected $11.5 billion in new assets, while fixed income exposures saw $9.5 billion of net inflows.
- The Vanguard UCITS ETF range captured net inflows of $1.5 billion in June, with the majority of ETFs in the range recording positive flows.
Monthly recap: Investors continue to favour equity over bond ETFs – but not by much
While equity markets broadly continued their upward path in June, equity ETF inflows slowed. The $11.5 billion of net inflows marked the lowest monthly total of 2025, almost halving compared with May. Core equity ETFs continued to see the bulk of the inflows, with investors favouring geographic exposures such as global, Europe and developed market ETFs. For the fourth month this year, US equity ETFs weathered net outflows.
Bond ETFs, on the other hand, enjoyed their strongest month of net inflows this year, gathering $9.5 billion. In fact, going back to the start of 2024, there has been only one month with higher net inflows for bond ETFs – July 2024, when the category had $11.0 billion of inflows. Investors showed a preference for government, corporate and ultra-short-maturity bond ETFs in June, with euro area bond ETFs seeing the highest net inflows on a regional basis.
Total inflows in 2025 remain strong. Year to date, Europe-domiciled ETFs have had $163.0 billion of net inflows. At the same point last year, that figure was $115.0 billion. Equity ETFs account for $124.7 billion of this year’s total, while fixed income ETFs have added $36.0 billion.
In June, alternatives, multi-asset and commodity ETFs all enjoyed net inflows.
Total ETF market flows
ETF inflows continue but slow month on month
European ETF cumulative flows – cumulative 12 months by asset class ($ billion)
Source: ETFbook, as at 30 June 2025.
Equity ETFs
Core equity ETF flows dominance continues
Equity flows by category: Month to date ($ million)
Source: ETFbook, as at 30 June 2025. The ‘segment’ category includes equity exposures which target specific market capitalisation segments, such as small-cap, mid-cap and large-cap. The ‘market access’ category includes difficult-to-access markets such as emerging markets. The ‘basket’ category includes strategies that combine several stocks as the underlying exposure.
Core equity ETFs continued to attract strong net inflows, adding a further $11.1 billion in June. In a distant second place, market access and thematic ETFs each had $2.1 billion of net inflows. On the other side of the ledger, smart beta ETFs weathered net outflows of -$2.9 billion and sustainable ETFs had net outflows of -$1.5 billion.
Investors go global for equity ETF exposure
Equity flows by geographic exposure: Month to date ($ million)
Source: ETFbook, as at 30 June 2025.
Global equity ETFs captured $4.1 billion of net inflows in June while Europe and developed-market exposures saw $1.9 billion of inflows each. US equity ETFs suffered net outflows of -$1.4 billion; the category has seen outflows in four of the six months this year. Nordic region ETFs, meanwhile, weathered net outflows of -$363 million.
Fixed income ETFs
Investors favour government, corporate and ultra-short-maturity bond ETFs
Fixed income flows by category: Month to date ($ million)
Source: ETFbook, as at 30 June 2025.
Government bond ETFs tallied $2.9 billion of net inflows in June. Following closely behind, corporate and ultra-short-maturity bond ETFs picked up $2.7 billion and $2.5 billion of inflows, respectively. High-yield bonds, meanwhile, gathered $1.3 billion of net inflows. Across the bond ETF categories we track, we saw limited net outflows last month.
Investor affinity for euro area bond ETFs continues
Fixed income flows by geographic exposure: Month to date ($ million)
Source: ETFbook, as at 30 June 2025.
Euro area bond ETFs had the highest net inflows among fixed income products in June, collecting $4.7 billion in assets, marking six months of positive flows to start the year. Emerging market and global bond ETF exposures, meanwhile, added net inflows of $1.8 billion and $1.6 billion, respectively. We saw no meaningful net outflows in June.
Vanguard UCITS ETFs
Vanguard range sees net inflows of $1.5 billion in June
Vanguard UCITS ETF net flows: Month to date ($ million)
Source: ETFbook, as at 30 June 2025.
The Vanguard UCITS ETF range captured net inflows of $1.5 billion in June, with the majority of ETFs in the range recording positive flows. Inflows were split between Vanguard’s equity UCITS ETF range ($1.1 billion) and fixed income UCITS ETF range ($299 million), while the multi-asset UCITS ETF range also saw net inflows ($29 million).
Related ETFs
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