European ETFs and exchange-traded commodities (ETCs) attracted €36.9bn of net inflows in June, taking first-half inflows to a record €219bn as investors increased allocations to global and US equities, according to data provider Morningstar.
Assets under management rose to €3.23tn at the end of June from €3.18tn in May, driven mainly by investor inflows rather than market appreciation.
Equity ETFs remained the main driver of demand, gathering €29.8bn in June, up from €24.6bn in May. Global developed market and US large-cap blend and growth strategies led inflows as investors continued rotating towards US equities. US large-cap blend equity ETFs attracted more than €10bn during the month, while eurozone large-cap equity ETFs recorded €1.4bn of net outflows.
Technology sector ETFs attracted €1.8bn of inflows, supported by demand for strategies linked to AI and semiconductor production.
Bond ETF inflows moderated to €7.7bn in June from €9.9bn in May. Investor demand was concentrated in euro-denominated corporate bond, government bond and high-yield bond categories.
Fixed income ETFs gain ground amid market uncertainty
Active ETFs attracted €4.1bn of inflows during June, accounting for 11.1% of all European ETF flows for the month. Assets in active ETFs increased to €108.8bn.
Among asset managers, iShares attracted the highest net inflows in June with €10.5bn, ahead of Vanguard and State Street.
“European ETF flows finished the first half of 2026 on a high, with €219bn of inflows setting a record for the series. The headline story in June was the continued rotation back to global and US equities, particularly large-cap and technology exposures. Investors appear to be putting money to work rather than simply benefiting from rising markets, which is a notable change from the previous two months. Demand for AI-linked themes, including semiconductor production, also remains strong, while active ETFs continue to gain traction from a low base. Overall, the market looks selective, but firmly constructive,” said Jose Garcia-Zarate, senior principal at Morningstar.
