2025 was yet another record year for flows into exchange-traded funds domiciled in Europe. According to Morningstar data, European ETFs and exchange-traded commodities gathered EUR 337.5 billion of flows last year, up from EUR 234 billion in 2024. And total assets grew to EUR 2.72 trillion from EUR 2.18 trillion in 2024.
Equity ETFs netted EUR 245.6 billion in 2025, up from EUR 187.3 billion in 2024, while fixed-income ETFs attracted EUR 65.1 billion in 2025, up from EUR 47.3 billion in 2024. Commodity ETFs and ETCs gathered EUR 10.9 billion with high demand for gold exposure.
BlackRock’s iShares topped the flows league table with EUR 122 billion and remains the leading provider of ETFs in Europe. Amundi consolidated its position as second largest provider with EUR 46.8 billion in flows in 2025.
The Most Popular ETFs of 2025
Here are the three most popular ETFs within each of the 10 categories with the highest inflows last year. Eight of these are equity categories, with “Other bond” and “Commodities – Precious metals” making up the rest.
Global Large-Cap Blend Equity
Global large-cap blend equity ETFs were once again the most sought-after strategies, pulling in EUR 66.1 billion in 2025, an organic growth rate of 19.7%. Below are the three most popular ETFs in this category.
Europe Large-Cap Blend Equity
Pushed by low valuations and supportive monetary and fiscal conditions, European stocks have regained attention after years of underperformance. Europe large-cap blend equity ETFs took in EUR 23.3 billion last year, achieving a yearly organic growth rate of 28.6%.
Other Equity
The “Other equity” category – which includes strategies that do not qualify for inclusion in any other Morningstar equity category, typically currency hedged share classes – saw EUR 19.2 billion of net inflows in 2025. The organic growth rate for last year was 24.9%. This confirms the attitude of a large proportion of investors with regard to a weak US dollar, driven by fiscal concerns, policy uncertainty, and narrowed rate interest differentials, which prompted investors to consider hedging to protect foreign currency returns.
US Large-Cap Blend Equity
US large-cap blend equity ETFs attracted EUR 18.1 billion last year, with a yearly organic growth rate of 19.7%.
Global Emerging Markets Equity
With a gain of over 30% in 2025, emerging market stocks are back in the spotlight for investors, driven by dollar weakness, positive earnings and a general renewed appetite for risk. ETFs exposed to emerging market stocks netted EUR 17.9 billion in 2025, showing a yearly organic growth rate of 21.1%.
Eurozone Large-Cap Equity
Eurozone large-cap equity ETFs pulled in with EUR 14.2 billion last year. The organic growth rate for 2025 was 23.4%.
Sector Equity Industrial Materials
Ongoing conflicts in Ukraine and the Middle East, as well as governments around the world committed to increasing military spending, pushed defense stocks higher in 2025. ETFs exposed to industrial metals stocks brought in EUR 12.6 billion in 2025, showing a stunning yearly organic growth rate of 178.3%.
Other Bond
The “Other equity” category – which includes funds investing in bonds and that have currency exposures that do not qualify them for inclusion in any other Morningstar Bond categories – had EUR 11.0 billion of net inflows in 2025. The organic growth rate for last year was 20.2%.
Commodities - Precious Metals
Gold was one of the strongest asset classes last year. Driven by geopolitical uncertainties, high government debt and continued purchases by central banks, the price of gold reached record highs. ETFs and ETCs exposed to precious metals attracted EUR 9.1 billion in 2025, marking a yearly organic growth rate of 8.7%.
Sector Equity Technology
Technology stocks continued to outperform the market in 2025. Artificial intelligence was again the biggest driver of tech gains, with companies producing semiconductors and AI hardware experiencing booming demand as firms and cloud providers built out data centers and processing capacity. Tech equity ETFs attracted EUR 8.6 billion last year, with a yearly organic growth rate of 16.7%.
