ETFGI Report on ETFs and ETPs in Europe – September 2025

Beyond the $3 Trillion Wall: European ETF Industry Hits Historic Milestone

ETFGI data reveals a record-breaking September for passive funds in the Old Continent, driven by steady flows and solid equity market performance. Deborah Fuhr comments on market trends.

This landmark achievement highlights the exponential growth and maturation of an investment instrument increasingly central to both institutional and retail savings strategies.

The numbers are clear: at the end of September 2025, the total assets of ETFs in Europe reached a record $3.01 trillion, surpassing the previous high of $2.87 trillion recorded in August. Growth since the start of the year is robust, up 32.6% from the $2.27 trillion at the end of 2024.

Unstoppable Flows and Consolidated Leadership

The driver of this growth is net inflows, which stood at $49.93 billion in September. This brings the year-to-date accumulation to $290.92 billion, a figure that represents an all-time high and surpasses the previous records from 2024 ($176.24 billion) and 2021 ($154.02 billion). It is significant that September marks the 36th consecutive month of net inflows, testament to enduring and uninterrupted appeal.

The provider landscape confirms iShares’ leadership, which with $1.23 trillion in AUM holds a 40.8% market share. Followed by Amundi ETF ($368.49 billion, 12.2%) and Xtrackers ($317.27 billion, 10.5%). These three giants, out of a total of 133 providers, control 63.5% of the total market alone, leaving each of the remaining 130 players with an individual share of less than 8%.

Comment from Deborah Fuhr

The strong performance of financial markets also helped drive asset performance, as noted by Deborah Fuhr, Managing Partner, Founder and Owner of ETFGI:

*”The S&P 500 rose 3.65% in September, bringing its year-to-date gain to 14.83%. Developed markets excluding the US increased by 2.50% during the month and are up 27.67% in 2025. The Netherlands and Korea led the gains among developed markets in September, rising 13.27% and 9.04%, respectively. Emerging markets advanced 5.49% in September and have gained 22.41% year-to-date, with Peru (up 12.80%) and South Africa (up 9.47%) posting the strongest monthly performance among emerging markets.”*

Breakdown by Asset Class: Equities Dominate

Analyzing September flows by category confirms investors’ clear preference for equities:

• Equity ETFs: Captured $33.18 billion, bringing YTD inflows to $196.33 billion, well above the $122.27 billion gathered in the same period of 2024.

• Fixed Income ETFs: Gathered $4.44 billion, with a YTD total of $48.51 billion, slightly up from the $48.20 billion at the end of September 2024.

• Commodity ETFs: Saw a strong rebound with $5.34 billion in inflows in September. The YTD figure is positive at $15.81 billion, a significant reversal from the $4.90 billion in net outflows during the same period in 2024.

• Active ETFs: Continue to gain ground, with $5.82 billion in inflows for the month and a YTD total of $27.03 billion, more than double the $10.71 billion gathered at this point in 2024.

The Most Popular Products

Substantial inflows were driven by the 20 most popular ETFs, which collectively gathered $22.52 billion. Topping the list was the SPDR Bloomberg 1-5 Year U.S. Corporate Bond UCITS ETF (SPP5 GY) with nearly $5 billion in net inflows.

Regarding ETPs (Exchange Traded Products), the top 10 gathered $3.69 billion. The most requested product was the iShares Physical Gold ETC (SGLN LN), with inflows of $1.44 billion, signaling renewed attention for the precious metal.

In a still uncertain financial landscape, the European ETF industry demonstrates extraordinary vitality, reaching milestones that seemed distant just a few years ago. With constant flows and an increasingly diversified offering, it confirms its status as a pillar of modern asset management.