European ETF demand surged in September, boosting expectations of a record year ahead, according to data from Efama, the voice of the European investment management industry.
Total net inflows into Ucits and alternative investment funds (AIFs) reached €88 billion in September, a dip from €100 billion in August, but still one of the strongest monthly figures of the year.
Ucits accounted for the bulk of activity with €78 billion in net inflows, compared to €87 billion the previous month. Long-term Ucits (excluding money market funds) gained €72 billion in inflows, slightly above the €71 billion recorded in August.
Ucits ETFs collected €36 billion in September, up from €27 billion in August.
Equity funds also gained momentum, drawing €27 billion (up from €21 billion in August). Bond funds gained €29 billion, compared to €38 billion the month before.
Multi-asset funds saw €9 billion of inflows, up from €7 billion in August, while Ucits money market funds gathered €7 billion, less than half the €16 billion recorded previously.
AIFs posted €9 billion of net inflows in September, down from €13 billion in August.
Overall, total net assets of Ucits and AIFs rose 1.7% during the month to reach €24.6 trillion, supported by both positive flows and market performance.
Thomas Tilley, senior economist at Efama, commented: “ETFs attracted more than €250 billion in net new money over the first nine months of 2025 and are set to reach a new high. As in recent years, investors are demonstrating a strong preference for ETFs when gaining equity exposure. Equity ETFs recorded €200 billion in net inflows so far this year, while non-ETF equity funds saw net outflows of €9 billion.”
