Amundi: Equities drive a strong summer for European UCITS ETF inflows

European UCITS ETFs pulled in €43 billion in August 2026, building on a record €49.4 billion in July, as equity strategies kept leading inflows despite rising summer volatility, according to Amundi's latest monthly ETF flows report released this week.

Juan San Pío, Commercial Director of Amundi ETF, Indexing & Smart Beta for Iberia and Latin America, noted that 2026 asset gathering is running well ahead of last year's pace. Equity ETFs led the inflows, with investors rotating into US technology while gold ETPs saw fresh demand.

Equities extend their lead, led by a rotation into the US

Equity ETFs gathered €35.4 billion of August's total, as investors favoured diversification across regions. US equities took in €9.2 billion, roughly matching flows into All Country World (€9.2 billion) and global developed-market exposures (€9.1 billion).

Within the US allocation, information technology flows more than doubled month-on-month to just over €2 billion, suggesting investors remain reluctant to sit out the AI theme despite bubble concerns. European equities also rebounded, adding €4.5 billion, roughly double July's figure, while emerging markets took in €2.6 billion.

The rotation follows a similar pattern to Amundi's Q2 2026 monthly flows report, which recorded €113.6 billion in UCITS ETF inflows as US equities staged a comeback from the spring's geopolitical volatility.

Fixed income splits between European and US positioning

Fixed income ETFs attracted €7.2 billion in August. Sovereign bonds took in just over €3.2 billion, followed by investment-grade corporate debt with €1.7 billion and money-market strategies with €1.2 billion.

European investors rebalanced toward sovereign debt across all maturities, while their US counterparts continued favouring short and ultra-short duration amid uncertainty over Treasury issuance and interest-rate policy. Inflation-linked strategies slowed to €209 million, from over €700 million in July.

Gold ETPs and ESG flows extend their gains

Gold ETPs drew €6.3 billion in August, taking year-to-date inflows to €8.1 billion, already above the €6.6 billion collected in all of 2025. Amundi attributed the demand to fiscal tensions, reserve diversification and continued central-bank buying, alongside the metal's price recovery to around $4,600 an ounce.

ESG flows also rose to approximately €8.3 billion in August, mirroring the pattern seen in the broader market. Equity strategies represented the largest share of ESG demand, at €7.2 billion, while ESG fixed income gathered €1.1 billion, led by investment-grade corporate debt.