Article

ETF Snapshot: A record month to kick off the new year

13 February 2026
Invesco
Overview of a roundabout

Key takeaways

Strong start to 2026:

1

January recorded the highest monthly net inflows on record, lifting EMEA ETF AUM to an all time high of US$3.38 trillion.

Does the rotation continue?

2

Value is still in play, with investors maintaining a preference for non US exposures.

Two new ETF launches:

3

Introducing EUR AT1 CoCo Bonds and Nasdaq-100 Income Advantage UCITS ETFs.

Recapping ETF flows in January

January delivered an exceptionally strong start for EMEA ETFs, with US$54.7 billion in net new assets, the largest monthly total on record, pushing overall AUM to a new peak of US$3.38 trillion. While early-year inflows are typical, this month stood out not only for its scale but also for the distinct shifts in investor positioning across asset classes. 

Equities – Risk appetite continues outside the US

Equity ETFs continued to dominate activity, attracting US$43.1 billion as investors added risk primarily through non-US exposures. Core global equities gathered US$9.4 billion, but their share of overall equity demand fell as flows tilted toward Emerging Markets and Europe. This rotation suggests investors are further diversifying away from US assets amid a weaker Dollar and geopolitical uncertainty. US equities remained in positive territory, with interest centered on equal-weight S&P 500 strategies as investors sought broader factor balance. 

Fixed income – Cash management extends its momentum

Fixed income ETFs brought in US$13.2 billion, led once again by strong demand for cash management solutions. These strategies accounted for US$2.2 billion of January’s inflows, reinforcing the trend seen throughout 2025 as investors look for higher-yielding, lower-volatility alternatives. Emerging Market and global government bond exposures also contributed meaningfully to fixed income demand. 

Commodities – Precious metals swing from surge to sell-off

A dramatic rally in precious metals early in the month was followed by an equally sharp reversal, prompting latemonth profittaking in gold and silver ETCs. This shift generated US$2.4 billion in outflows, marking a notable drag on what was otherwise a strong month across asset classes. 

What to focus on this month

  1. Precious metals shine through volatility
    The macro and geopolitical environment remain supportive for precious metals.
  2. The rotation continues
    US stocks continue to lag most other markets, and we see little reason for this ongoing rotation to reverse.
  3. New opportunities in AT1 CoCo Bonds
    For European investors looking to diversify away from USD assets due to a weaker dollar, EUR AT1s could be an exciting opportunity.
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