European ETFs: 93.5 Billion Euros Raised in 2 Months, a 25-Year Record

Record Inflow Driven by Stocks and Risk Reallocation

Morningstar released its monthly analysis of European ETF and ETC flows, revealing an exceptional pace of accumulation: 93.5 billion euros in net flows over the first two months of 2026, surpassing the 91.3 billion euros recorded in the first quarter of 2025. Equity ETFs led this trend by collecting 41 billion euros in February (compared to 36.9 billion euros in January), representing nearly 88% of total flows.

Jose Garcia-Zarate, Senior Principal at Morningstar, stated that « equities continue to dominate the inflows, with investors favoring global, European, and emerging market allocations. » The study indicates that « in a more uncertain market environment, ETFs continue to be used as effective tools for reallocating risk and maintaining diversification."

Caution regarding major US stocks and notable gold sell-offs

Alongside these positive flows, Morningstar notes a cautious attitude among investors towards certain segments. Large-cap US growth ETFs saw outflows of 1.1 billion euros, while investors seeking US exposure shifted towards equal-weight approaches.
In the commodities sector, ETFs and ETCs on real assets experienced outflows of 3.2 billion euros in February, with precious metals ETCs recording a cumulative loss of 4.3 billion euros since the start of 2026. Inflows into bonds slowed to 5.2 billion euros in February (down from 8.8 billion euros in January), with Euro Corporate and Short-term Government strategies remaining favored. Assets under management are approaching 3 trillion euros, with 85.2 billion euros in active ETFs (less than 3% of the total), which gathered 2.3 billion euros in February.