BlackRock reports that global ETPs gathered a record USD2.3 trillion in 2025, eclipsing the previous record set in 2024 (USD1.8 trillion). The firm writes that a record USD1.4 trillion was allocated to equity ETPs, including the highest annual inflows on record for European equities (USD91.1 billion).
AI valuation jitters at times throughout the year failed to prevent tech ETPs from gathering USD112.5 billion in 2025 – a record year, the firm says.
Equity – Record flows despite waning sentiment
BlackRock writes: “Our client surveys collected throughout 2025 showed waning bullishness over the course of the year. However, this didn’t stop global ETPs from registering a record inflow year (USD2.3 trillion) and equity ETPs gathering USD1.4 trillion, with US equities taking the largest share (USD740.8 billion).”
2025 also saw investors allocate to ex-US exposures in significant size, as they sought diversification from concentration risks in US indices, the firm says. “This led to record inflows for European equities (USD91.1 billion), nearly equalling total net flows into the exposure from 2015-2024 (USD94.5 billion). EMEA investors were the driving force behind the 2025 buying (USD72.9 billion), showing higher conviction towards European equities than US equities for the first six months of the year (USD45.6 billion) versus USD8.7 billion). In the second half of the year, allocations from EMEA investors were more balanced, with USD27.3 billion into European equities and USD30.9 billion into US stocks.
“Emerging market (EM) equities also saw significant inflows (USD152.3 billion). Allocations from EMEA investors reached a record USD38.5 billion, while US-listed EM equity ETPs saw their third highest inflow year on record (USD41.3 billion).”
Precision – Tech remains top
Despite ongoing ‘AI bubble’ headlines, tech ETPs registered their highest ever annual inflows in 2025 (USD112.5 billion – 65 per cent higher than the previous record of USD67.9 billion in 2020). These flows were more geographically diversified than in 2024: US exposures accounted for 25 per cent of total tech flows in 2025 (USD28.3 billion), versus 87 per cent in 2024 (USD47.2 billion). Hong Kong exposures took 34.5 per cent (USD38.8 billion) and global exposures recorded 24 per cent (USD27.0 billion) of total tech buying in 2025.
Certain cyclical sectors also saw increases in flows in 2025. Industrials ETPs saw USD25.7 billion of buying, versus USD9.0 billion in 2024. While US industrials remained the most popular geographic exposure (USD8.8 billion), European industrials saw a record USD7.7 billion of inflows (eclipsing the previous record of USD405 million in 2019). Financials ETPs also registered their second-highest inflow year (USD33.6 billion). Like tech, these flows were more geographically diversified: US exposures captured 6.8 per cent of the total, versus 74.4 per cent in 2024.
In factors, 2025 marked a change in leadership. The value factor registered its highest inflow year on record (USD28.2B), while quality saw net outflows (-USD5.1 billion) for the first time ever.
Fixed Income – Spread assets in focus
Fixed income ETPs also notched a record year, with USD668.4 billion of buying (up from USD438.5 billion in 2024) according to BlackRock. Rates remained the most popular allocation (USD186.2 billion). Data-dependent and diverging central bank policies globally led to short-duration exposures ranking the highest, with USD105.0 billion of inflows – a significant jump from USD38.0 billion in 2024. Long-duration exposures saw outflows (-USD143 million) for the first time since 2016.
Spread assets were a key focus in 2025, off the back of a rise in fiscal sustainability concerns across developed markets (DM). This led to record flows into IG (USD84.3 billion) and HY (USD33.5 billion) exposures. EMD ETPs recorded USD103.7 billion of inflows, with interest from EMEA and US investors shifting into net inflow territory after selling in 2024. EMEA-listed ETPs gathered USD3.2 billion in 2025, versus -USD2.0 billion in 2024, and US-listed exposures gained USD4.4 billion, versus -USD1.4 billion in 2024. Factors such as a weaker USD, developed market fiscal concerns and EM central banks having room to cut interest rates all fuelled greater appetite for the exposure.
Commodities – Gold shines
Commodities saw significant inflows in 2025 (USD100.8 billion) – registering a new record, BlackRock writes.
Given ongoing geopolitical tensions, demand for gold was strong in 2025. Investors allocated a record USD83.3 billion to the precious metal as they sought to build additional defence in portfolios. The drive for diversifiers benefited silver, which received a record USD8.7 billion of inflows, surpassing the previous record set in 2020 (USD5.1billion).
Investors also allocated USD45.7 billion to cryptocurrency ETPs – a new record after the exposure gained USD43.3 billion in 2024. Bitcoin ETPs received USD25.2 billion of 2025’s total inflows. Ethereum ETPs also gained USD12.6 billion, up from USD4.3 billion in 2024.
In energy commodities, global flows were flat – an improvement versus the USD3.4 billion of outflows in 2024.
EMEA snapshot
Flows into EMEA-listed ETPs reached a record USD388.9 billion in 2025, up from USD273.4 billion in 2024. The increase was driven by higher flows into equity (USD283.0 billion), fixed income (USD87.1 billion) and commodity ETPs (USD13.9 billion). The commodity flows marked a significant change from the prior year, when the asset class registered USD7.2 billion of outflows.
EMEA-listed European equity ETPs received a record USD73.0 billion of inflows, a significant rise from USD12.1 billion in 2024. These inflows significantly outpaced buying of EMEA-listed US equities (USD39.3 billion) – a trend that last occurred in 2017.
EMEA investors allocated to IG with higher conviction than their US counterparts. IG ETPs accounted for 27.3 per cent of EMEA-listed fixed income flows, versus 10.4 per cent for US-listed products. A similar trend was seen in silver ETP flows, which accounted for 16.6 per cent for EMEA-listed commodity ETP buying, versus 8.1 per cent for US-listed products.
