Thematic investments are back in favor among European ETF investors. In the first nine months of this year, themed ETFs netted around $17 billion. That means they have already exceeded the full-year inflows of $16.66 billion recorded last year.

(Graphic: HANetf)

This is according to HANetf's October report, based on ETFBook data as of the end of September. After outflows in 2023 and 2024, the segment's recovery is thus continuing.

Semiconductors overtake defense

Demand for memory semiconductor ETFs is particularly strong. According to the analysis, these recorded inflows of $7.1 billion since the start of the year. That puts them ahead of defense ETFs, which attracted $4.25 billion. Last year, defense was still by far the most successful theme in terms of inflows.

Other areas are also benefiting: infrastructure products brought in $3.97 billion, and industrial equipment $2.41 billion. Robotics and cyber themes accounted for another $2.27 billion.

Support from the broader ETF market

The return to thematic investments comes amid strong growth across the entire European ETF industry. According to a separate analysis by LSEG Lipper, net inflows reached 346.7 billion euros by the end of September. The previous full-year record of 332.5 billion euros from 2025 had already been surpassed after nine months.

Equity ETFs attracted the largest share of the new money, with 267.6 billion euros. Demand therefore extends far beyond specialized themes.