Here’s a recap of European ETFs action between Jan.12 and Jan. 16, from our data partners, Trackinsight, highlighting how capital moved and performance varied across asset classes, regions, and themes.
According to data by Trackinsight, European ETF activity picked up sharply over the week, with equity ETFs absorbing over €10.1bn week-to-date, dwarfing flows into other asset classes.
Fixed income still played a supporting role, drawing €3.8bn, while commodities and crypto remained marginal in comparison, each attracting under €100m.
European Sector ETFs: Cyclicals Back in Focus
Sector-level flows showed a clear preference for economically sensitive areas.
Industrials (€570m) led the pack, followed closely by Financials (€452m) and Materials (€418m) — a trio that typically benefits from improving growth expectations and reflationary narratives.
Technology gathered modest but positive inflows, while traditionally defensive sectors such as Utilities and Real Estate remained secondary considerations.
Consumer Discretionary stood out as the only sector with notable outflows (-€54m).
European Sector ETFs Performance: Materials and Energy Do the Heavy Lifting
Performance trends broadly aligned with flows. Materials (+5.2%) topped the sector leaderboard, supported by strength in metals and mining, while Energy (+3.3%) continued to benefit from firmer commodity pricing.
On the downside, Consumer Discretionary (-2.1%) and Communication Services (-1.5%) lagged.
European Country and Regional ETFs: Global Diversification Favoured
Geographically, flows painted a picture of broad-based diversification rather than narrow regional bets.
Developed Markets ETFs attracted €2.1bn, while World and Emerging Markets strategies both gathered roughly €1.2bn each. Europe remained firmly in favour, with €1.16bn flowing into regional exposures and €646m into Eurozone-specific products.
Japan continued to see steady interest (€466m), alongside Switzerland and China.
In contrast, North America (-€73m) and Nordic-focused ETFs (-€42m) saw modest redemptions.
European Country and Regional ETFs Performance: Emerging and Frontier Strength
On performance, several non-core markets outpaced developed peers.
Turkey (+5.6%) and Romania (+5.3%) led gains, followed by Saudi Arabia, South Korea, Japan, Taiwan, and Mexico, all posting returns above 4% week-to-date.
At the weaker end, Frontier Markets (-1.4%) and France (-1.3%) underperformed.
European Thematic ETFs Flows: Defence, Decarbonisation, and Metals
Net Zero 2050 strategies pulled in €762m, by far the largest thematic allocation, while Strategic Metals (€304m) and Nuclear Energy (€109m) reinforced investor interest in the energy transition’s supply chain.
Defence themes were another standout, with Europe Defence (€207m) and Global Defence (€201m) both attracting strong inflows.
Not all themes benefited, however: Climate Action (-€35m) and Cybersecurity (-€27m) saw net outflows.
Fixed Income ETFs: Investment Grade Takes Centre Stage
Investment-grade corporate bond ETFs led the segment with €1.27bn of inflows, underscoring steady demand for yield without materially increasing risk.
Government bond ETFs followed with €776m, while aggregate investment-grade strategies gathered €422m, reflecting a preference for broad, diversified exposure.
Finally, high-yield credit attracted a more modest €307m.
Crypto ETPs: Bitcoin Dominates, Altcoins See Redemptions
Bitcoin products pulled in €66.6m, accounting for the vast majority of net inflows across the segment.
Ether ETPs added a further €14.7m, while flows turned negative for Solana (-€7.8m) and multi-cryptocurrency strategies (-€5.2m).
Commodity ETPs: Gold Inflows Contrast with Silver Outflows
Gold ETFs attracted €658m, reaffirming their role as a strategic allocation amid macro uncertainty.
Base metals (€84m), multi-commodity baskets (€68m), and copper (€54m) also saw positive demand.
In stark contrast, silver experienced heavy outflows of €539m, despite strong price performance — a reminder that flows and returns don’t always move in tandem.
Top European ETF Issuers of the Week
1. iShares: €5.33bn
2. Amundi: €2.27bn
3. Vanguard: €1.31bn
4. UBS: €1.13bn
5. SPDR: €0.86bn
6. VanEck: €0.65bn
7. Xtrackers by DWS: €0.62bn
8. WisdomTree: €0.52bn
9. Invesco: €0.35bn
10. BNP Paribas Asset Management: €0.33bn
Top Performing European ETPs of the Week (excluding Crypto)
1. Invesco Physical Silver ETC (SSLV): +17.08%
2. WisdomTree Core Physical Silver ETC (WSLV): +16.59%
3. Xtrackers IE Physical Silver ETC Securities (XSLR): +16.59%
4. iShares Physical Silver ETC (ISLN): +16.59%
5. Xtrackers Physical Silver ETC (EUR) (OXA6): +16.58%
6. UBS Silver ETF (SVUSA): +16.58%
7. WisdomTree Physical Silver ETC (PHAG): +16.58%
8. Xtrackers Physical Silver EUR Hedged ETC (XAD2): +16.14%
9. Xtrackers IE Physical Silver EUR Hedged ETC Securities (XSLE): +16.13%
10. ZKB Silver ETF AA CHF (ZSIL): +16.09%
Most Popular European ETFs of the Week by Net Inflows
1. Amundi Smart Overnight Return UCITS ETF Acc – USD Hedged (SMARTU): €419.51m
2. Vanguard FTSE All-World UCITS ETF Acc (VWCE): €401.75m
3. iShares Core € Corporate Bond UCITS ETF (IEAC): €394.72m
4. SPDR Bloomberg 1-5 Year U.S. Corporate Bond UCITS ETF Acc (SPP5): €346.06m
5. iShares MSCI USA Small Cap ESG Enhanced CTB UCITS ETF (CSUSS): €344.13m
6. Amundi EUR Corporate Bond 1-5Y ESG UCITS ETF Acc – USD Hedged (EBBU): €328.83m
7. iShares Broad Global Govt Bond UCITS ETF – USD Hedged (IGBUX): €300.47m
8. Amundi Core STOXX Europe 600 UCITS ETF Acc (MEUDN): €280.21m
9. iShares Core MSCI World UCITS ETF (IWDA): €237.02m
10. UBS Core MSCI World UCITS ETF Acc (UETW): €225.95m
