Article

ETF Snapshot: Second biggest month for ETF flows

17 November 2025
Invesco
Overview of a roundabout

Key takeaways

Strong inflows continue

1

European ETF flows had another strong month with US$39.2bn of NNA in October, second only to the blockbuster amount from September.

Record month for fixed income ETFs

2

They saw US$16.8bn net new assets, with European corporate bonds leading the way.

ESG makes a comeback

3

Demand for sustainable-focused funds has rebounded after a slow start to the year, mirroring the trend seen in equities.

Recapping flows in October  

The US$39.2 billion (bn) of total net inflows gathered in October were second only to the blockbuster amount invested in EMEA ETFs in the previous month. Although equity exposures continued to take the lion’s share, fixed income ETFs arguably stole the spotlight with US$16.8bn of net inflows. That’s a new record for the asset class. Speaking of records, the gold price set yet another new high in the month, but the price correction that followed shortly thereafter led to profit-taking and net outflows from physical gold ETCs.

Equities: US makes a comeback

Global equity exposures (primarily those tracking either the MSCI World or FTSE All-World) have maintained a steady flow throughout the year, averaging around US$6bn per month. By comparison, we are witnessing a more recent revival in demand for US equity ETFs after three months of net outflows earlier in the year (from February to April). In fact, flows into US equities have outpaced those into global equities in each of the past three months. Those ETFs tracking the S&P 500 dominated flows in October and YTD, despite outperformance from the more tech-focused Nasdaq 100 this year. Thematic ETFs took second spot in equity flows in October and have amassed US$23.8bn of NNA year-to-date. Among the most popular themes have been China tech, AI and clean energy. 

Fixed Income: Corporate Bonds lead

European corporate bonds led the way in fixed income, followed by cash management ETFs while US and European government bonds also saw decent demand in October. On page 7 of the Snapshot, we discuss cash management including how a swap-based approach may be able to deliver enhanced returns versus the benchmarks being tracked. 

ESG: A quiet strength

Demand for sustainable-focused funds has rebounded after a slow start to the year, mirroring the trend seen in US equities. Quietly but impressively, European ESG ETFs recorded their second-best month of flows ever in October.

What to focus on this month

Markets remain shaped by falling rates, equity performance and ongoing de-dollarisation.

  1. Is gold still golden? Despite October’s price correction, factors supporting the gold story remain intact
  2. US earnings and inflows: Strong corporate earnings are boosting demand for core US equity exposures
  3. ESG’s quiet resurgence: Clean energy performance improves alongside renewed demand for ESG
Explore more in our latest ETF Snapshot Opens in a new tab

Spotlight ETFs

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Invesco Physical Gold ETC

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Invesco Global Clean Energy UCITS ETF

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Invesco Overnight Return Swap UCITS ETFs

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