European ETFs had already attracted $415.9 billion in new money in the first nine months of the current year. This means the previous annual record of $371.7 billion from 2025 was clearly surpassed three months before year-end.

In September alone, $41.8 billion flowed into exchange-traded funds, according to the latest monthly report from Jonathan Decurtins, Head of Wholesale Switzerland and Liechtenstein at asset manager Vanguard.

Although inflows slowed somewhat compared with the previous months, the strong demand in July and August still helped the third quarter reach a new high.

Equity ETFs remain the main growth driver

With net inflows of $29.2 billion, equity ETFs also dominated in September. For the entire third quarter, they took in $113.9 billion.

Broadly diversified equity strategies were especially in demand. Core equity ETFs accounted for $20.6 billion in September. Sustainability ETFs followed with $3.4 billion, and smart beta products with $3.0 billion.

On the regional front, global equity investments moved back to the top. ETFs on global stock markets recorded inflows of $12.1 billion. Products on equities from developed markets reached $8.6 billion, while US equity ETFs attracted $3.5 billion. Over the past three months, US stocks had been the most sought after; now they rank only third in terms of new money. With just over $1 billion in fresh money, Swiss equities are also in positive territory. 

ETFs on Chinese equities saw net outflows of $501 million, while Canadian equity ETFs lost $271 million. Smaller outflows were also recorded in markets such as Germany and Japan.

Government bonds instead of high yield

Bond ETFs also benefited from investor demand. In September, they attracted $9.2 billion, bringing net inflows for the third quarter to $30.9 billion.

Government bond ETFs were particularly in demand, with $4.0 billion in new money. Since the start of the year, this category has thus reached inflows of $35.1 billion.

ETFs on bonds with very short maturities collected another $2.0 billion, while corporate bond ETFs took in about $1.8 billion. By contrast, ETFs on high-yield bonds recorded outflows of $461 million.

Regionally, US bonds were in focus with $3.8 billion, followed by euro-denominated bonds with $3.0 billion. By contrast, money flowed out of French and Indian bonds, for example.

Commodity ETFs with an exceptional record

However, the most notable growth surge was seen in commodity ETFs. In the third quarter, they attracted $13.4 billion. This more than eightfold increase smashed the previous quarterly record of $1.6 billion from the prior year.

The demand came amid rising commodity prices and growing concerns about global energy supply. In addition, the asset class recorded five consecutive months of positive inflows for the first time since January 2024.