Amundi: ETF Investors start 2026 focusing on diversification in a record-breaking January
23 FEB, 2026
By Joanna Piwko from RankiaPro Europe
The European ETF market kicked off 2026 with strong momentum. January became the best month in history for UCITS ETFs in Europe, with net inflows reaching €46.9 billion, according to data published by Amundi ETF. In an environment marked by geopolitical uncertainty, questions surrounding U.S. monetary policy, and debates over technology valuations, investors clearly chose to strengthen portfolio diversification.
Equities: the main driver of flows
Equities attracted the bulk of inflows, with €37 billion in new investments. However, positioning was more nuanced than in previous months.
Investors reduced their bias toward the United States – which gathered €4.4 billion – and increased allocations to global strategies. ETFs tracking ACWI (All Country World Index) led inflows with €9 billion, followed by Europe (€8.2 billion), emerging markets (€7.1 billion), and the World index (€7.9 billion).
Sector and thematic rotation
Sector flows were significant:
- Industrials: +€2.8 billion
- Materials: +€2.6 billion
- Financials: +€1.3 billion
From a thematic perspective, energy saw renewed interest, with €1.2 billion in inflows, driven by uncertainty surrounding oil supply from Iran and Venezuela.
In factor strategies, investors showed a clear tilt toward quality and small caps in the U.S., while dividend strategies in Europe recorded strong growth, attracting €2.2 billion (+30% month-on-month).
Fixed income: selective positioning and shorter duration
Fixed income also posted positive flows, though more moderate, with €10.6 billion in January.
U.S. government bonds were the primary focus, gathering €4.7 billion in new inflows, particularly in short maturities. This reflects caution regarding the growing fiscal deficit and uncertainty surrounding the Federal Reserve.
In Europe, flows were distributed across the maturity spectrum (€2.5 billion), with notable interest in short- and ultra-short-duration bonds.
Corporate credit and money market ETFs
Investment-grade (IG) corporate credit attracted €1.4 billion, split between the U.S. (€489 million) and Europe (€576 million). Meanwhile, money market ETFs gathered €1.4 billion, highlighting that part of the market continues to prioritize liquidity and stability.
Commodities: gold volatility
Commodities experienced a mixed month. Gold ETFs recorded €981 million in inflows, although there was a significant shift toward the end of the month, coinciding with a pullback in gold prices after reaching an intraday record high ($5,417 per ounce).
Beyond gold, metals and copper also attracted inflows amid discussions of a potential “commodities supercycle.”
Fewer tactical bets, more strategic allocation
One of the key takeaways from the month was the limited use of direct or tactical bets. Investors prioritized the structural construction of diversified portfolios rather than concentrated positioning.
The weakness of the U.S. dollar, stabilization of inflation in the U.S., and the earnings season supported this more balanced approach, in which global diversification played a central role.
