- Europe-domiciled ETFs attracted a record $45.1 billion of assets in September as investors showed a strong preference for equity exposures.
- Equity ETFs collected $38.0 billion in new assets, while fixed income exposures saw $6.0 billion of net inflows.
- The Vanguard UCITS ETF range captured net inflows of $2.2 billion in September, with the majority of ETFs in the range recording positive flows.
Monthly recap: Equity ETFs drive highest monthly flows on record
Investor demand for ETFs accelerated in September as both global equity and bond markets rose during the month. The key US equity benchmark, the S&P 500, hit fresh all-time highs as trade tensions receded, AI enthusiasm persisted and expectations for US Federal Reserve rate cuts were realised. While potential challenges remain, such as soft labour data in the US and fiscal sustainability globally, September’s flows data suggests ETF investors remained focused on the positive. The $45.1 billion of ETF net inflows in September was nearly $10.0 billion higher than any other month this year1.
In this environment, investors allocated into equity ETFs at a record pace, with flows increasing month-on-month by more than $17.0 billion. The monthly equity net inflows total for September, $38.0 billion, is the highest we’ve seen to date in the Europe-domiciled ETF space. Since the start of 2024, only once have equity ETF flows topped $30 billion ($30.3 billion in November 2024). Core equity ETF strategies again dominated flows, with investors focusing mainly on US, developed market and global equity ETF exposures. While US equity ETFs saw choppy flows during the first half of the year, H2 has started with three straight months of net inflows, each higher than the last.
Fixed income ETFs, meanwhile, saw $6.0 billion of net inflows in September, close to the 2025 monthly average of $6.1 billion. Across the bond ETF categories that we track, government, high-yield and ultra-short maturity ETFs had the highest net inflows. Ultra-short-maturity bond ETFs have seen net inflows every month this year, now totalling $22.1 billion. On a regional basis, investors showed a clear preference for euro area and global fixed income ETF exposures last month.
As we enter the fourth quarter, total inflows in 2025 remain on a record-setting trajectory. Year to date, Europe-domiciled ETFs have had $267.8 billion of net inflows. At the same point last year, that figure was $183.4 billion. Equity ETFs account for $208.3 billion of this year’s total flows, while fixed income ETFs have added $55.4 billion.
In September, multi-asset and commodity ETFs enjoyed net inflows while alternatives had net outflows.
Total ETF market flows
ETF inflows gather momentum
European ETF cumulative flows – cumulative 12 months by asset class ($ billion)
Source: ETFbook, as at 30 September 2025.
Equity ETFs
Led by core exposures, equity ETFs see strong inflows
Equity flows by category: Month to date ($ million)
Source: ETFbook, as at 30 September 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 $18.8 billion in September – the highest monthly total seen so far in 2025. For the year, core equity ETFs have collected $142.8 billion of net inflows. Sustainable equity ETFs had $6.1 billion of net inflows last month while sector ETFs added $5.3 billion. None of the equity ETF categories we track saw net outflows in September.
US equity ETFs again top the table as flows accelerate
Equity flows by geographic exposure: Month to date ($ million)
Source: ETFbook, as at 30 September 2025.
US equity ETFs again topped the table, adding $10.3 billion of net inflows in September. This marks the first time this year that US equity ETFs have recorded three straight months of inflows. Developed market equity ETFs captured $8.6 billion of net inflows in September and global ETFs saw $6.7 billion of net inflows. Germany and Nordic region ETFs, meanwhile, endured net outflows of -$658 million and -$503 million, respectively.
Fixed income ETFs
Investors favour government bond ETFs in September
Fixed income flows by category: Month to date ($ million)
Source: ETFbook, as at 30 September 2025.
Government bond ETFs tallied $2.0 billion of net inflows in September, bringing the category’s YTD total to $13.5 billion. High-yield and ultra-short maturity bond ETFs picked up $1.3 billion and $1.2 billion of net inflows, respectively. Ultra-short maturity ETFs have seen net inflows every month of 2025, totalling $22.1 billion. We saw no net outflows last month across the fixed income ETF categories we track.
Inflows streak continues for euro area bond ETFs
Fixed income flows by geographic exposure: Month to date ($ million)
Source: ETFbook, as at 30 September 2025.
Euro area bond ETFs again had the highest net inflows among fixed income products, collecting $2.8 billion of assets in September, marking nine months of positive flows in 2025 for a YTD total of $29.8 billion. Global bond ETFs also saw healthy net inflows last month, totalling $1.4 billion. On the other side of the ledger, a selection of single-country bond ETFs weathered relatively modest net outflows.
Vanguard UCITS ETFs
Vanguard range sees net inflows of $2.2 billion in September
Vanguard UCITS ETF net flows: Month to date ($ million)
Source: ETFbook, as at 30 September 2025.
The Vanguard UCITS ETF range captured net inflows of $2.2 billion in September, with the majority of ETFs in the range recording positive flows. Inflows were split between Vanguard’s equity UCITS ETF range ($1.9 billion) and fixed income UCITS ETF range ($161 million), while the multi-asset UCITS ETF range ($59 million) also saw net inflows.
1 We saw $35.7 billion of net inflows in February 2025 and $30.1 billion in July 2025.
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