ETFGI Report on ETFs and ETPs in Europe – August 2025

ETF assets in Europe hit a new all-time high: $2.870 trillion

According to data released by ETFGI, an authoritative independent research and advisory firm, the sector’s assets under management reached a massive $2.870 trillion at the end of August, surpassing the previous high of $2.760 trillion set just in July.

This represents a jump of 26.2% since the start of the year, when assets stood at $2.270 trillion. This growth has been driven not only by market performance but also by an exceptional volume of new capital seeking refuge and opportunity in the transparency and efficiency of listed instruments.

Positive month, record year

August contributed significantly to this trend, with net inflows of $33.71 billion. This brought the year-to-date (YTD) total to $240.99 billion, a figure that represents an all-time high for net inflows from the beginning of the year and surpasses the previous record of $151.97 billion set in 2024. Furthermore, August marks the 35th consecutive month of net inflows, evidence of sustained and structural demand from both institutional and retail investors.

The driver: Equity ETFs

The rally was particularly driven by equity ETFs, which alone gathered $163.15 billion since the start of the year—also an absolute record and a signal of confidence in global stock markets despite geopolitical turmoil.

Provider rankings: iShares dominates unchallenged

The provider landscape remains dominated by one giant: BlackRock’s iShares. The American colossus consolidates its leadership with $1.180 trillion in assets under management, equal to an impressive market share of 41.1%. Following, but at a distance, are Amundi ETF with $350.88 billion (12.2%) and Xtrackers (DWS) with $303.04 billion (10.6%). These three giants, out of a total of 129 active providers in Europe, alone control 63.8% of the total market, indicating significant concentration.

Expert commentary: Global markets under the microscope

An analysis of the performance of the underlying markets provides the necessary context to interpret these numbers. As highlighted by Deborah Fuhr, Managing Partner, founder, and owner of ETFGI:

*“The S&P 500 index rose 2.03% in August, bringing its year-to-date gain to 10.79%. Developed markets outside the US were up 4.29% during the month and are now up 24.56% year-to-date. Among developed markets, Denmark (+6.37%) and Japan (+6.24%) posted the largest gains in August. The emerging markets index was up 2.48% in August, with a year-to-date performance reaching +16.04%. Chile (+9.63%) and Brazil (+8.46%) led the gains among emerging markets during the month”.

Breakdown of inflows by asset class

Drilling down into August flows:

• Equity: attracted $18.85 billion.

• Fixed Income: gathered $8.14 billion, confirming their role as tools for diversification and yield.

• Commodities: saw inflows of $2.51 billion, reversing the negative trend of 2024.

• Active ETFs: the category with the highest relative growth, with $4.43 billion in inflows in August. Since the start of the year, they have gathered $21.21 billion, more than double the same period in 2024, marking a clear shift in the industry’s value proposition.

The single ETF that attracted the most capital in August was the iShares Core MSCI World UCITS ETF (IWDA LN) with $1.29 billion in net inflows, while among Exchange-Traded Commodities (ETCs), the most popular was the iShares Physical Gold ETC (SGLN LN) with $877.21 million.

A mature and growing ecosystem

The report notes that the European ETF industry boasts impressive numbers: 3,333 products, 14,129 listings, 129 providers, and 29 exchanges in 24 countries. These figures describe a mature, liquid, and constantly evolving ecosystem, capable of offering investors unparallelled access to every corner of the global markets.

2025 is thus confirmed as the golden year for European ETFs. The combination of market performance and massive inflows is writing a new chapter in the history of the continent’s wealth management.