Article

April European ETF Flows

19 May 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

Resilient emerging market (EM) equities

EM equities continued to attract flows in April, supported by diversification away from concentrated US equity exposure, more attractive valuations and a broader growth story beyond commodities.

Clean energy gains fresh momentum

Clean energy is being reframed as an energy security and resilience story, not just a sustainability theme. Stronger flows, rising power demand and renewed focus on energy security after successive supply shocks are bringing the theme back into focus.

The role of AAA-rated CLOs

Given their attractive yields, low duration and high rating, AAA-rated CLOs may help diversify income portfolios and play a broader role in fixed income allocations over the long term.

ETF flow highlights in numbers

  • European ETFs gathered US$45bn in April, with positive flows across equities, fixed income and commodities.
  • Equities led the rebound, with broad global equity exposures attracting US$13.7bn of net new assets and core US exposures gathering US$7.3bn, spread fairly evenly across MSCI USA, S&P 500 and Nasdaq-100 ETFs.
  • Emerging market equities kept their momentum, attracting US$3.1bn in April and taking year-to-date flows to US$23bn.
  • Fixed income flows remained defensive, with more than 40% of the month’s US$10bn of fixed income net new assets going into government bonds. Investors continued to favour EUR-denominated exposures over USD.
  • Commodities returned to the spotlight, gathering more than US$3bn in April, with over US$2bn going into physical gold products.

FAQs

Which equity ETF exposures attracted the most inflows in April?

Equity ETFs led flows generally, with global equity exposures attracting $13.7bn and core US equity ETFs gathering $7.3bn, spread across MSCI USA, S&P 500 and Nasdaq-100 strategies.

Why are emerging market ETFs attracting flows in 2026?

Emerging market equity ETFs gathered $3.1bn in April and $23bn year to date, supported by diversification away from US concentration, improving valuations and broader global growth exposure.

What is driving demand for clean energy ETFs?

Clean energy ETF flows are being supported by rising power demand and a stronger focus on energy security, with inflows already exceeding full-year 2025 levels.

Are investors buying gold ETFs again?

Commodities saw renewed interest in April, with over $3bn of inflows, including more than $2bn into physical gold ETFs as investors responded to rising prices and inflation concerns.

What are AAA CLO ETFs and why are they used?

AAA-rated CLO ETFs invest in highly rated tranches of securitised loan portfolios and are used by some less risk adverse investors as a way to access potentially higher yields with lower duration within fixed income allocations.

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. 

  • EMEA5482095/2026