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• The market is on course for a
record year following Q3 inflows
of €127.4bn, a 12% increase on
the second quarter.
• Equities posted inflows of almost
€100bn, led by all country world
and developed market world
strategies at €29bn and €25.5bn
respectively.
• Gold ETPs and ETCs collected
more than €10bn net new assets
in the quarter – which exceeds
the best full - year inflows for the
yellow metal of €7.6bn in 2022.
IN A NUTSHELL
SEPTEMBER 2026 AMUNDI ETF
Monthly Flows
ETF market records strong Q3 as investors seek
diversification* plays
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UCITS ETF FLOWS UCITS ETF
FLOWS
EQUITIES
EQUITIES
FIXED INCOME
FIXED INCOME
ESG
ESG
GOLD
GOLD
The third quarter of 2026 was another strong period for the
European - domiciled UCITS ETF market, with net new assets of
€127.4bn increasing the likelihood of a record year of asset
gathering.
Q3 inflows were well ahead of the €89.1bn in Q3 2025 and
above the €113.6bn recorded in Q2 2026. Total assets under
management in the market stand at €3.2 trillion at the end of
September.
Equities accounted for the bulk of allocations at almost
€100bn. With NNA of €26.4bn, fixed income continued to
attract meaningful interest amid a more volatile rate
backdrop. The quarter was defined by a clear diversification*
theme, with investors maintaining a preference for broad
developed market exposure, while also reallocating toward
Europe and continuing to allocate steadily to Japan and
emerging markets.
Gold was one of the most striking themes of the quarter.
Inflows into gold ETCs and ETPs accelerated sharply in August
and September, as investors responded to the bond market
sell - off, rising Treasury yields and a more pronounced risk - off
tone. Gold’s Q3 NNA of more than €10bn is driving the yellow
metal towards a record year – with the previous best full - year NNA of €7.6bn coming in 2022.
Source: Amundi, Bloomberg. Data as at end - Sept 2026 . European - domiciled UCITS ETF market only *Diversification does not guarantee a profit or protect against a loss.
Page 2
• The market is on course for a
record year following Q3 inflows
of €127.4bn, a 12% increase on
the second quarter.
• Equities posted inflows of almost
€100bn, led by all country world
and developed market world
strategies at €29bn and €25.5bn
respectively.
• Gold ETPs and ETCs collected
more than €10bn net new assets
in the quarter – which exceeds
the best full - year inflows for the
yellow metal of €7.6bn in 2022.
IN A NUTSHELL
SEPTEMBER 2026 AMUNDI ETF
Monthly Flows
ETF market records strong Q3 as investors seek
diversification* plays
Please update bullet
points on the first Slide
Master
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Please update leading
paragraph on the first
Slide Master
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EQUITIES
EQUITIES
UCITS ETF FLOWS UCITS ETF
FLOWS
FIXED INCOME
FIXED INCOME
ESG
ESG
GOLD
GOLD
Equities was the main engine of ETF flows in Q3, attracting
€99.3bn of NNA.
Investor behaviour was shaped by the search for
diversification*, with all country and developed world
exposures being the dominant allocation buckets at €29bn
and €25. 5bn respectively.
While US equities continued to gather strong inflows at
€25.5bn, there was no clear single regional bet.
But there was a rebound in European equities, which
collected €9.9bn after a weak Q2 when the asset class
recorded outflows.
Emerging market equities also remained constructive, with
inflows accelerating to just under €6.8bn, from €5.6bn in Q2.
Japan, as a value market, attracted steady inflows of €2.3bn
in Q3, broadly in line with the €2.7bn recorded previously.
Sector allocation was an important feature of equity flows.
Information technology gained NNA of €4.4bn - once again
leading the way, supported by artificial intelligence enablers
and positive earnings momentum.
Healthcare (€1.7bn) materials (€1.4bn) and industrials
(€1.1bn) also attracted notable inflows, reflecting the trend
for sector rotation.
*Diversification does not guarantee a profit or protect against a loss.
Page 3
• The market is on course for a
record year following Q3 inflows
of €127.4bn, a 12% increase on
the second quarter.
• Equities posted inflows of almost
€100bn, led by all country world
and developed market world
strategies at €29bn and €25.5bn
respectively.
• Gold ETPs and ETCs collected
more than €10bn net new assets
in the quarter – which exceeds
the best full - year inflows for the
yellow metal of €7.6bn in 2022.
IN A NUTSHELL
SEPTEMBER 2026 AMUNDI ETF
Monthly Flows
ETF market records strong Q3 as investors seek
diversification* plays
Please update bullet
points on the first Slide
Master
Please update date on the first Slide Master
Please update leading
paragraph on the first
Slide Master
Please update copy on individual slides
EQUITIES
EQUITIES
FIXED INCOME
FIXED INCOME
ESG
ESG
GOLD
GOLD
UCITS ETF FLOWS UCITS ETF
FLOWS
Fixed income flows suggest a more cautious and selective
approach from investors, shaped by the volatility in global
bond markets and the reassessment of the outlook for policy
rates.
Government bonds remained in demand, accumulating NNA
of €11.9bn, but the pattern of allocation differed by region.
In Europe, investors preferred all - maturity government bond
exposures (€2.4bn), suggesting a reweighting towards core
duration. In the US, by contrast, investors remained more
defensive, favouring short - term (€1.4bn), and ultra - short
term (€1.7bn), duration.
Credit markets told a similarly nuanced story. There was a
slowdown in Euro high yield with a visible de - risking in Q3 to
€564m from €3.2bn in Q2.
Euro corporate bonds also moderated, attracting €3.7bn in
the most recent quarter compared to €4.4bn in the prior
quarter.
This suggests that investors are still looking for carry.
Money market and inflation - linked strategies remained
relevant throughout the quarter. Cash alternative ETFs
continued to attract assets, with inflows rising to €4.1bn in
Q3 from around €3bn in Q2, confirming the appeal of short
duration and liquidity - rich exposures in the current
environment.
Inflation - linked bonds also attracted renewed interest,
gathering €1.4bn versus €1bn in the previous quarter.
*Diversification does not guarantee a profit or protect against a loss.
Page 4
• The market is on course for a
record year following Q3 inflows
of €127.4bn, a 12% increase on
the second quarter.
• Equities posted inflows of almost
€100bn, led by all country world
and developed market world
strategies at €29bn and €25.5bn
respectively.
• Gold ETPs and ETCs collected
more than €10bn net new assets
in the quarter – which exceeds
the best full - year inflows for the
yellow metal of €7.6bn in 2022.
IN A NUTSHELL
SEPTEMBER 2026 AMUNDI ETF
Monthly Flows
ETF market records strong Q3 as investors seek
diversification* plays
Please update bullet
points on the first Slide
Master
Please update date on the first Slide Master
Please update leading
paragraph on the first
Slide Master
Please update copy on individual slides
EQUITIES
EQUITIES
FIXED INCOME
FIXED INCOME
ESG
ESG
GOLD
GOLD
UCITS ETF FLOWS UCITS ETF
FLOWS
ESG flows were broadly stable versus the previous quarter,
although the composition of demand is evolving.
In equities, ESG and non - ESG allocations remained relatively
balanced, with no major change in the overall pattern. ESG
equity inflows of €16.5bn in Q3 represent a 19% increase on
the prior quarter.
The more notable shift is occurring in fixed income, where
ESG’s share of total flows continues to decline. While ESG
once represented around 30% of fixed income allocations,
that share has now moved to roughly a quarter. Fixed
income ESG NNA came in at €5.5bn in Q3, down from €7.4bn
in Q2.
Page 5
• The market is on course for a
record year following Q3 inflows
of €127.4bn, a 12% increase on
the second quarter.
• Equities posted inflows of almost
€100bn, led by all country world
and developed market world
strategies at €29bn and €25.5bn
respectively.
• Gold ETPs and ETCs collected
more than €10bn net new assets
in the quarter – which exceeds
the best full - year inflows for the
yellow metal of €7.6bn in 2022.
IN A NUTSHELL
SEPTEMBER 2026 AMUNDI ETF
Monthly Flows
ETF market records strong Q3 as investors seek
diversification* plays
Please update bullet
points on the first Slide
Master
Please update date on the first Slide Master
Please update leading
paragraph on the first
Slide Master
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EQUITIES
EQUITIES
FIXED INCOME
FIXED INCOME
ESG
ESG
GOLD
GOLD
UCITS ETF FLOWS UCITS ETF
FLOWS
As investors pushed for diversification*, gold emerged as a
key asset in the third quarter. Around €6bn flowed into gold
ETPs and ETCs in August, followed by a further €3.5bn in
September.
This came as investors responded to the bond market sell
off, rising Treasury yields and a more pronounced risk - off
tone.
Year to date, gold flows reached approximately €10.4bn,
already comfortably above the previous annual record set in
2022.
The strength of these inflows reflects a combination of macro
and technical factors. This includes concerns around the path
of policy rates, debt and deficit trajectories, and broader
market volatility all contributed to the surge in demand.
*Diversification does not guarantee a profit or protect against a loss.
Page 6
KNOWING YOUR RISK
It is important for potential investors to evaluate the risks described below and in the fund’s Key Information Document (“KID”) and prospectus available on our websites www.amundietf.com.
CAPITAL AT RISK - ETFs are tracking instruments. Their risk profile is similar to a direct investment in the underlying index securities. Investors’ capital is fully at risk and investors may not get back the amount originally invested.
UNDERLYING RISK - The underlying index securities of an ETF may be complex and volatile. For example, ETFs exposed to Emerging Markets carry a greater risk of potential loss than investment in Developed Markets as they are exposed to a wide range of unpredictable Emerging Market risks.
REPLICATION RISK - The fund’s objectives might not be reached due to unexpected events on the underlying markets which will impact the index calculation and the efficient fund replication.
COUNTERPARTY RISK - Investors are exposed to risks resulting from the use of an OTC swap (over - the - counter) or securities lending with the respective counterparty( - ies). Counterparty( - ies) are credit institution(s) whose name(s) can be found on the fund’s website amundietf.com. In line with the UCITS guidelines, the exposure to the counterparty cannot exceed 10% of the total assets of the fund.
CURRENCY RISK – An ETF may be exposed to currency risk if the ETF is denominated in a currency different to that of the underlying index securities it is tracking. This means that exchange rate fluctuations could have a negative or positive effect on returns.
LIQUIDITY RISK – There is a risk associated with the markets to which the ETF is exposed. The price and the value of investments are linked to the liquidity risk of the underlying index securities. Investments can go up or down. In addition, on the secondary market liquidity is provided by registered market makers on the respective stock exchange where the ETF is listed. On exchange, liquidity may be limited as a result of a suspension in the underlying market represented by the underlying index tracked by the ETF; a failure in the systems of one of the relevant stock exchanges, or other market - maker systems; or an abnormal trading situation or event.
VOLATILITY RISK – The ETF is exposed to changes in the volatility patterns of the underlying index relevant markets. The ETF value can change rapidly and unpredictably, and potentially move in a large magnitude, up or down.
CONCENTRATION RISK – ETFs can select a large portion of their assets in a particular issuer, industry, stocks or type of bonds, country or region for their portfolio. Where selection rules are extensive, it can lead to a more concentrated portfolio where risk is spread over fewer stocks. Where selection rules are extensive, it can lead to a more concentrated portfolio where risk is spread over fewer stocks. This can mean both higher volatility and a greater risk of loss.
CREDIT WORTHINESS – The investors are exposed to the creditworthiness of the Issuer
DISCLAIMER
DISCLAIMER
Source: Bloomberg Finance LP – Amundi. Net flows calculations presented in this document are based on European primary market data, over the latest business week. Amundi Internal Database - each ETF of the database is allocated by Amundi AM to a classification based on its underlying exposure
This information is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities or services in the United States or in any of its territories or possessions subject to its jurisdiction to or for the benefit of any U.S. Person (as defined in the prospectus of the Funds). The Funds have not been registered in the United States under the Investment Company Act of 1940 and units/shares of the Funds are not registered in the United States under the Securities Act of 1933. The US person definition is indicated in the legal mentions section on amundi.com.
Promotional and non - contractual information which should not be regarded as an investment advice or an investment recommendation, a solicitation of an investment, an offer or a purchase. The exactness, exhaustiveness or relevance of the information, the prevision and analysis provided is not guaranteed. It is based on sources considered as reliable and may change without prior notice. It is inevitably partial, provided based on market data stated at a particular moment and is subject to change without prior notice. Please note that the management company may de - notify arrangements made for marketing as regards units/shares of the Fund in a Member State of the EU in respect of which it has made a notification. A summary of information about investors rights and collective redress mechanisms can be found in English on the regulatory page at https://about.amundi.com.
Information reputed exact as of 2 Oc t 2026 with data as at 31 Sept 2026.
Amundi Asset Management - French “Société par Actions Simplifiée” - SAS with a share capital of €1 143 615 555 Portfolio management company approved by the French Financial Markets Authority (Autorité des Marchés Financiers) under no.GP 04000036 - Head office: 91 - 93, boulevard Pasteur, 75015 Paris – France - Postal address: 91 - 93, boulevard Pasteur, CS 21564, 75730 Paris Cedex 15 – France - Siren no. 437 574 452 RCS Paris.
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