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Key takeaways
01.
Global tech exchange-traded products (ETPs) attracted a record $31.1B in June, but demand varied by listing region.¹
02.
Muted flows into EMEA-listed tech ETPs reflect a wider gap in European portfolios.
03.
As of February 2026, EMEA investors saw the strongest AI opportunities among companies set to benefit from adoption.²
From January 2025 to late July 2026, EMEA-listed technology ETPs gathered just $22B, versus $129B in the US and $106B in APAC.3 European investors’ lower allocation to US equities may help explain their tech underexposure.
1,3 Source: BlackRock and Markit, as of 24 July 2026. 2 Source: BlackRock, as of 9 February 2026. Based on 743 EMEA client survey responses. Respondents could select more than one answer, so percentages don’t total 100%.
Technology took the spotlight, attracting a record $31.1B of inflows into ETPs in June alone4
But demand hasn’t been evenly spread across listing regions, according to BlackRock. Since January 2025, technology ETPs listed in the US and APAC have attracted significantly more assets than those listed in EMEA. This may suggest that demand from European investors has been more muted than in other regions.*
Chart 1: Technology ETP flows surge in the US and APAC, while EMEA-listed products lag
Cumulative flows by ETP listing region, January 2025 – July 2026
*Listing region can indicate where investor demand is coming from, but it isn’t a precise measure. Investors can also access ETPs listed outside their home region.
4 Source: BlackRock and Markit, as of 24 July 2026.
Muted flows into EMEA-listed tech ETPs reflect a wider gap in European portfolios
The softer demand for EMEA-listed technology ETPs was consistent with broader portfolio positioning, according to BlackRock research. As of February 2026, the average European moderate-risk multi-asset portfolio (investing across stocks, bonds and non-traditional assets) allocated 23% to technology stocks, versus 27% in the MSCI All Country World Index (MSCI ACWI), a commonly used benchmark for global equities.5
This gap may partly reflect European portfolios’ 14% underexposure to US equities.6 Given technology’s large weight in the US market, lower US exposure likely also reduced technology exposure. These portfolios may therefore have faced less downside when technology stocks have fallen, but also captured less of the upside when they have risen.
Chart 2: European portfolios have significantly less exposure to the tech sector, versus the MSCI ACWI
Average European moderate-risk multi-asset portfolio exposure to technology stocks vs. the MSCI ACWI, as of February 2026
However, tech isn’t the only way to access AI: EMEA investors see attractive opportunities in AI beneficiaries
In February, BlackRock polled 743 EMEA investors on their views on the AI opportunity. Nearly half of the respondents favoured opportunities in companies adopting AI, including companies in the financials and healthcare sectors. Semiconductor, hardware and data-centre leaders also ranked highly, along with energy providers and other businesses supporting the AI buildout.7
The results suggest that investors see the AI theme broadening beyond pure tech companies, spilling over into AI enablers and beneficiaries.
Chart 3: EMEA investors see the most attractive opportunity in AI beneficiaries
Share of EMEA investors selecting each response when asked “Where do you see the greatest opportunities from the AI buildout mega force?”
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