Article

May European ETF Flows

15 June 2026
Benjamin Jones
Benjamin Jones
Global Head of Research
Chris Mellor
Chris Mellor
Head of EMEA ETF Equity Product Management
Paul Symns
Paul Syms
Head of EMEA ETF Fixed Income & Commodity Product Management
Overview of a roundabout

Explore our latest ETF Snapshot for detailed European ETF market trends and ETF flow highlights.

Key takeaways

Upcoming IPOs and US concentration risk

SpaceX could become one of the largest US public companies, but only a small portion of shares (~3-5%) is expected to trade initially. That limits its index weight relative to its size, meaning the IPO is unlikely to materially change passive index dynamics. For investors concerned about concentration, equal weight strategies may offer more balanced exposure.

Hedging costs may favour EUR-denominated bonds

With USD-to-EUR hedging costs currently around 1.6% p.a., the yield on USD-denominated bonds may not materially outweigh that cost for European investors. In asset classes such as AT1s and AAA CLOs, where the EUR yield can be comparable or potentially more attractive on a hedged basis, investors may find it more efficient to consider EUR-denominated exposures directly.

Outlook for gold: What if peace was around the corner?

Gold activity has been relatively muted, but the backdrop remains supportive. Central banks continue to balance inflation and growth risks and have resumed buying after earlier selling. If geopolitical tensions ease, lower volatility and greater flexibility in interest rate policy could create a more constructive environment for gold.

ETF flow highlights in numbers

  • European ETFs gathered US$45bn in May, with equities capturing US$28bn (62% of flows) and fixed income a further US$14bn.
  • Global equities led the way, with US$7.7bn flowing into All-World exposures and a further US$4.5bn into developed markets only. Core US equities attracted US$7.9bn, primarily into S&P 500 and Nasdaq-100 ETFs.
  • Thematic ETFs continued to see strong interest, with US$4.3bn of NNA in May and US$18.3bn year to date. Technology, defence and infrastructure remained the most favoured themes.
  • Fixed income demand was broad-based, with government bonds (US$3.5bn), investment grade credit (US$2.7bn), cash management (US$2.7bn) and high yield (US$1.2bn) all attracting meaningful flows.
  • Commodities gathered US$3bn in NNA, with signs that demand could be shifting towards broader exposures rather than a focus on single commodities. 

FAQs

Which equity ETF exposures attracted the most inflows?

Global core equity led with US$13.1bn, followed by US core equity with US$7.9bn and thematic ETFs with US$4.3bn (technology-related themes accounting for US$2.2bn of that total).

What is driving interest in cybersecurity ETFs?

Anthropic’s Mythos helped identify vulnerabilities in systems, boosting the performance of cybersecurity companies. A fragmented, more conflicted world is creating a structural, ongoing need for investment in security.

Will the SpaceX IPO increase US index concentration risk?

Only a small slice of shares, perhaps 3–5%, are expected to trade initially, sharply limiting SpaceX’s index weight relative to its headline size. The IPO and inclusion will do little to change the dynamics of the Nasdaq-100 or wider markets.

What is the outlook for gold?

Gold ETPs saw little activity in May (+US$0.2bn) but are up US$1.5bn year to date. Central banks resumed buying gold after some selling in March, and a potential peace settlement could allow for softer interest rate policies, a potentially bullish backdrop for gold.

Explore latest ETF Snapshot Opens in a new tab

Related insights

  • Investment Risks

    For complete information on risks, refer to the legal documents.

    The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations) and investors may not get back the full amount invested.​

    Important Information

    Data for all sources – Invesco, Bloomberg, as at 31 January 2026, unless otherwise stated.

    This is marketing material and not financial advice. It is not intended as a recommendation to buy or sell any particular asset class, security or strategy. Regulatory requirements that require impartiality of investment/investment strategy recommendations are therefore not applicable nor are any prohibitions to trade before publication.

    Views and opinions are based on current market conditions and are subject to change.

    For information on our funds and the relevant risks, refer to the Key Information Documents/Key Investor Information Documents (local languages) and Prospectus (English) and the financial reports, available from www.invesco.eu. A summary of investor rights is available in English from www.invescomanagementcompany.ie. The management company may terminate marketing arrangements.

    UCITS ETF’s units / shares purchased on the secondary market cannot usually be sold directly back to UCITS ETF. Investors must buy and sell units / shares on a secondary market with the assistance of an intermediary (e.g. a stockbroker) and may incur fees for doing so. In addition, investors may pay more than the current net asset value when buying units / shares and may receive less than the current net asset value when selling them.

    No action has been taken or will be taken in Israel that would permit a public offering of the Fund or distribution of this document to the public. This Fund has not been approved by the Israel Securities Authority (the ISA). The Fund shall only be sold in Israel to an investor of the type listed in the First Schedule to the Israeli Securities Law, 1968, who in each case have provided written confirmation that they qualify as Sophisticated Investors, and that they are aware of the consequences of such designation and agree thereto and further that the Fund is being purchased for its own account and not for the purpose of re-sale or distribution other than, in the case of an offeree which is an Sophisticated Investor, where such offeree is purchasing product for another party which is an Sophisticated Investor. This document may not be reproduced or used for any other purpose, nor be furnished to any other person other than those to whom copies have been sent. Nothing in this document should be considered investment advice or investment marketing as defined in the Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 1995 (“the Investment Advice Law”).  Neither Invesco Ltd. nor its subsidiaries are licensed under the Investment Advice Law, nor does it carry the insurance as required of a licensee thereunder. This document does not constitute an offer to sell or solicitation of an offer to buy any securities or fund units other than the fund offered hereby, nor does it constitute an offer to sell to or solicitation of an offer to buy from any person in any state or other jurisdiction in which such offer or solicitation would be unlawful, or in which the person making such offer or solicitation is not qualified to do so, or to a person to whom it is unlawful to make such offer or solicitation.

    For the full objectives and investment policy please consult the current prospectus. 

  • EMEA 5563104/2026