Amundi: European UCITS ETFs gather €127.4bn in Q3 2026 as investors seek diversification
14 OCT, 2026
By Joanna Piwko from RankiaPro Europe
European-domiciled UCITS ETFs attracted €127.4 billion in net new assets in the third quarter of 2026, putting the market on course for a record year, according to Amundi's quarterly flows report released this week.
The figure is 12% above the €113.6 billion gathered in Q2, noted Juan San Pío, Commercial Director of Amundi ETF, Indexing & Smart Beta for Iberia and Latin America, with diversification the defining theme of the quarter.
Equities lead as investors broaden their exposure
Q3 inflows comfortably exceeded the €89.1 billion recorded in the same period of 2025, while total market assets reached €3.2 trillion at the end of September. Equities absorbed close to €100 billion, and fixed income added €26.4 billion amid a more volatile rate environment.
The market is heading for a record year after registering inflows of €127.4 billion in the third quarter, 12% more than in the second quarter.
Juan San Pío, Commercial Director of Amundi ETF, Indexing & Smart Beta for Iberia and Latin America, Amundi
Equity ETFs gathered €99.3 billion, building on the equity-led summer flagged in Amundi's August ETF flows report. Rather than a single regional bet, All Country World and global developed-market exposures led allocations, while US equities still drew a strong €25.5 billion.
Equities recorded inflows of almost €100 billion, led by all country world and global developed-market strategies, with €29 billion and €25.5 billion respectively.
European equities rebounded with €9.9 billion after outflows in a weak Q2, and emerging-market inflows accelerated to just under €6.8 billion from €5.6 billion in the previous quarter. Japan, as a value market, drew a steady €2.3 billion, broadly in line with the €2.7 billion recorded before.
Information technology led sector flows once again with €4.4 billion, supported by artificial intelligence enablers and positive earnings momentum. Healthcare (€1.7 billion), materials (€1.4 billion) and industrials (€1.1 billion) also attracted notable inflows, reflecting a trend of sector rotation.
Fixed income turns selective as the ESG share narrows
Fixed-income flows point to a more cautious and selective approach, shaped by volatility in global bond markets and a reassessment of the policy rate outlook. Government bonds remained in demand with €11.9 billion of net inflows, although allocation patterns differed by region.
In Europe, investors favoured all-maturity government bond exposures (€2.4 billion), suggesting a readjustment towards core duration. In the US, by contrast, they stayed more defensive, preferring short (€1.4 billion) and ultra-short (€1.7 billion) duration.
In credit, euro high yield saw visible de-risking, slowing to €564 million from €3.2 billion in Q2, when high-yield demand had surged. Euro corporate bonds also moderated to €3.7 billion from €4.4 billion, suggesting investors are still seeking carry.
Cash-alternative ETFs kept attracting assets, with inflows rising to €4.1 billion by September from around €3 billion by June. Inflation-linked bonds also drew renewed interest, with €1.4 billion against €1 billion in the previous quarter.
ESG flows were broadly stable, though the mix is shifting. ESG equity inflows rose 19% quarter-on-quarter to €16.5 billion. In fixed income, the ESG share of total flows has slipped from around 30% to roughly a quarter, with ESG bond inflows of €5.5 billion against €7.4 billion in Q2.
Gold heads for a record year
Gold was one of the standout themes of the quarter. Around €6 billion flowed into gold ETPs and ETCs in August, followed by a further €3.5 billion in September, in response to the bond market sell-off, rising US Treasury yields and a more pronounced risk-off tone.
Gold ETPs and ETCs captured more than €10 billion in net new assets in the quarter, surpassing the yellow metal's best annual inflow record: €7.6 billion in 2022.
Year-to-date gold flows stand at approximately €10.4 billion, already well above the 2022 record. Amundi attributes the strength of demand to a mix of macroeconomic and technical factors, including concerns over the policy rate path, debt and deficit trajectories, and broader market volatility.
Diversification does not guarantee a profit or protect against a loss.
