ETFGI Reports Record US$396.84 Billion In Net Inflows In 2025 Drives ETF Industry In Europe Assets To All Time High Of US$3.22 Trillion At End Of 2025

ETFGI reports record US$396.84 billion in net inflows in 2025 Drives ETF industry in Europe Assets to All‑Time High of US$3.22 Trillion at end of 2025. During December the ETFs industry in Europe gathered net inflows of US$36.24 billion, bringing year-to-date net inflows to US$396.84 billion, according to ETFGI's December 2025 European ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.) ETFGI, is a leading independent research and consultancy firm renowned for its expertise in subscription research, consulting services, events, and ETF TV on global ETF industry trends.

Highlights

• Assets invested in the European ETF industry reached a new all‑time high of $3.22 trillion at the end of December, surpassing the previous record of $3.14 trillion set in November 2025. This milestone reflects a 41.8% year‑to‑date increase, rising from $2.27 trillion at the end of 2024.
• December alone saw $36.24 billion in net inflows, contributing to a record $396.84 billion in year‑to‑date net inflows for 2025. This marks the highest annual inflow total ever recorded, ahead of the previous highs of $270.42 billion in 2024 and $193.46 billion in 2021.
• The industry also celebrated its 39th consecutive month of net inflows, underscoring the continued strength and resilience of ETF adoption across Europe.
• iShares remains the largest ETF provider in Europe, managing US$1.30 trillion and holding 40.4% of the market. Amundi ETF follows in second place with US$401.74 billion and a 12.5% share, while Xtrackers by DWS ranks third with US$336.21 billion and 10.4%. Together, the top three providers account for 63.3% of total European ETF industry assets, leaving the remaining 139 providers each with less than an 8% share of the market.

“The S&P 500 rose 0.06% in December, finishing 2025 up 17.88%.  Developed markets outside the United States gained 3.30% in December and increased 35.10% over the full year, with Korea (+10.98%) and Austria (+7.89%) posting the strongest monthly gains among developed countries.  Emerging markets advanced 1.63% in December and were up 24.39% in 2025, led by Peru (+9.87%) and South Africa (+9.49%), which recorded the largest increases among emerging markets during the month.” According to Deborah Fuhr, managing partner, founder, and owner of ETFGI.

Growth in assets in the ETFs industry in Europe as of the end of December

The ETFs industry in Europe has 3,543 products, with 14,721 listings, assets of $3.22 Tn, from 142 providers listed on 30 exchanges in 25 countries at the end of December.

During December, ETFs attracted $36.24 billion in net inflows. Equity ETFs led the month with $23.59 billion in net new assets, pushing year‑to‑date inflows to $262.15 billion, well above the $201.58 billion gathered over the same period in 2024. Fixed income ETFs saw $6.55 billion in December inflows, bringing 2025 YTD inflows to $77.73 billion, compared with $58.21 billion by the end of December 2024. Commodity ETFs recorded $2.37 billion in December inflows and $14.44 billion YTD, a sharp turnaround from the $7.64 billion in net outflows reported at this point in 2024. Active ETFs gathered $3.70 billion in December and $38.58 billion year‑to‑date, more than double the $18.56 billion in YTD inflows reported in 2024.

Substantial inflows can be attributed to the top 20 ETFs by net new assets, which collectively gathered $16.01 Bn in December. Amundi MSCI Europe Climate Action - Acc (AE5B GY) gathered $1.88 Bn, the largest individual net inflow.

Top 20 ETFs by net new assets December 2025: Europe

The top 10 ETPs by net new assets collectively gathered $2.27 Bn during December. iShares Physical Gold ETC (SGLN LN) gathered $512.20 Mn, the largest individual net inflow.

Top 10 ETPs by net new assets December 2025: Europe

Investors have tended to invest in Equity ETFs during December.