Global ETPs gathered a record $362.6B in July, surpassing the previous high of $326.6B in December 2025. The milestone was driven by a third consecutive month of increased equity buying ($288.8B), while fixed income flows fell for a third straight month to $64.8B.
Global ETP Flows
Highlights
01.
Anti-momentum?
Evidence of anti-momentum equity allocations builds across regions and sectors.
02.
Tech leads, again
Tech sector flows notched up a record $60.5B of inflows in July, smashing the previous record of $32.0B set in June.
03.
Rate it
Rates buying rose to $19.1B in July, driven primarily by a pickup in US-listed US Treasury (UST) flows.
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Risk bounces back
Commodity flows flipped back into positive territory, reaching $5.0B.
Anti-momentum?
With risk sentiment taking a breather over the summer and investors focused on concentration risk in their equity sleeves, evidence of anti-momentum allocations has been building. Regionally, European equity ($4.4B) and Japan equity ($6.1B) flows strengthened, while within developed market (DM) sectors, healthcare ($4.0B) and financials ($4.1B) posted meaningful inflows for a second consecutive month after negative sentiment bottomed out at the end of May.
Global factor flows also pointed to a growing preference for quality, with flows positive for a second consecutive month ($2.0B). In contrast, momentum flows slowed MoM from $3.3B in June to $1.0B in July, while value registered a second month of outflows for the first time since mid-2023.
CUMULATIVE FLOWS INTO DM HEALTHCARE AND FINANCIALS ETPs
January 2022-July 2026
Tech leads, again
At the headline level, tech has led sector flows YTD ($158.7B); this continued in July, with a record $60.5B added. In contrast to May and June, when active ETP strategies captured the majority of inflows, July's buying shifted decisively to index ETPs, which accounted for $53.6B. Delving deeper, tech flows in July and over 2026 to date have heavily favoured tech hardware and equipment, with software on track for a second consecutive month of outflows.
July’s headline tech flows were distorted by another pickup in APAC-listed emerging market (EM) flows, with China tech gathering $27.4B. Stripping this out, allocations remained geographically diverse, with US, global, and Korean tech ETPs seeing the most demand.
CUMULATIVE FLOWS INTO TECH SECTOR ETPs
January 2020-July 2026
Rate it
Flows into rates ETPs rose to $19.1B in July, driven primarily by a pickup in UST flows ($15.0B), which masked a meaningful pickup in eurozone rates flows. Investment grade (IG) credit flows moderated on the month to $7.3B, while high yield (HY) gathered $1.4B and emerging market debt (EMD) flows fell to flat globally.
Within rates, short duration flows rose to $19.8B, while long and intermediate duration flows also picked up, offsetting weaker demand for blended maturity ETPs. Long duration flows turned positive for the first time since April, registering positive monthly inflows for only the second time since August 2025.
While IG flows moderated globally on the month, this was driven by US IG, where flows more than halved MoM to $4.2B. In contrast, flows into European IG exposures have remained relatively consistent since April.
MONTHLY FLOWS INTO RATES ETPs
Jan 2025-July 2026
Flows into EMEA-listed equity ETPs moved in line with the global trend in July. Increased flows into EM ($3.5B), European ($3.0B) and Japan ($2.1B) equity came alongside $12.5B of inflows into US equity ETPs.
Sector flows highlighted a continued preference for tech ($1.6B), while healthcare flows persisted for a third month ($0.8B) and financials remained unloved, with a fifth consecutive month of outflows (-$0.8B).
In EMEA-listed fixed income, flows into rates rose for the first time in three months, with $5.3B added.
Risk appetite in fixed income moderated MoM, with lower flows into IG ($2.0B) and HY ($0.4B), although EMD bucked the trend with flows rising to $0.4B.
EMEA-listed commodity flows reflected continued conviction in silver, with fourth consecutive inflow month ($0.2B in July).
Gold flows returned to positive territory ($1.7B) after June outflows (-$1.2B), accounting for the majority of global gold flows ($2.8B).
This document is marketing material: Before investing please read the Prospectus and the PRIIPs KID available on www.ishares.com/it, which contain a summary of investors’ rights.
Risk Warnings
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time and depend on personal individual circumstances.
General Disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. References to specific company names, asset classes and financial markets are for illustrative purposes only and should not be construed as investment advice or investment recommendations. This material may contain estimates and forward-looking statements, which may include forecasts and do not represent a guarantee of future performance. This information is not intended to be complete or exhaustive. No representations or warranties, either express or implied, are made regarding the accuracy or completeness of the information contained herein. The opinions expressed are as of 10 February 2025 and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks.
In EMEA, this material is for distribution to Professional Clients (as defined by the Financial Conduct Authority or MiFID Rules) only and should not be relied upon by any other persons.
This document is marketing material.
In the UK and Non-European Economic Area (EEA) countries: this is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock. In the European Economic Area (EEA): this is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.
For qualified investors in Switzerland: This document shall be exclusively made available to, and directed at, qualified investors as defined in Article 10 (3) of the CISA of 23 June 2006, as amended, at the exclusion of qualified investors with an opting-out pursuant to Art. 5 (1) of the Swiss Federal Act on Financial Services ("FinSA"). For information on art. 8 / 9 Financial Services Act (FinSA) and on your client segmentation under art. 4 FinSA, please see the following website: www.blackrock.com/finsa.
For investors in Italy: This document is marketing material: Before investing please read the Prospectus and the PRIIPS available on www.blackrock.com/it , which contain a summary of investors’ rights. For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in Italian.
For investors in Israel: BlackRock Investment Management (UK) Limited is not licensed under Israel’s Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”), nor does it carry insurance thereunder.
In South Africa, please be advised that BlackRock Investment Management (UK) Limited is an authorized financial services provider with the South African Financial Services Board, FSP No. 43288.
In the Abu Dhabi Global Market (ADGM), the information contained in this document is intended strictly for Professional Clients. Issued by BlackRock Advisors (UK) Limited - ADGM Branch is a Branch of a Foreign Company registered with the Abu Dhabi Global Market Registration Authority (Registered number 21523), with its office at Floor 25, Al Sila Tower, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi, UAE, and is regulated by the ADGM Financial Services Regulatory Authority (“FSRA”) to engage in the regulated activities of ‘Arranging Deals in Investments’; ‘Advising on Investments or Credit’ ‘Managing Assets’; and ‘Managing in a Collective Investment Fund’ (FRSA Reference 240099)
In the DIFC, this material can be distributed in and from the Dubai International Financial Centre (DIFC) by BlackRock Advisors (UK) Limited — Dubai Branch which is regulated by the Dubai Financial Services Authority (DFSA). This material is only directed at 'Professional Clients’ and no other person should rely upon the information contained within it. Blackrock Advisors (UK) Limited - Dubai Branch is a DIFC Foreign Recognised Company registered with the DIFC Registrar of Companies (DIFC Registered Number 546), with its office at Unit L15 - 01A, ICD Brookfield Place, Dubai International Financial Centre, PO Box 506661, Dubai, UAE, and is regulated by the DFSA to engage in the regulated activities of ‘Advising on Financial Products’ and ‘Arranging Deals in Investments’ in or from the DIFC, both of which are limited to units in a collective investment fund (DFSA Reference Number F000738).
In the Kingdom of Saudi Arabia, issued by BlackRock Saudi Arabia, authorised and regulated by the Capital Market Authority (License Number 18- 192-30). Registered office: 7976 Salim Ibn Abi Bakr Shaikan St, 2223 West Umm Al Hamam District Riyadh, 12329 Riyadh, Kingdom of Saudi Arabia, Tel: +966 11 838 3600. CR No, 1010479419. For your protection telephone calls are usually recorded. Please refer to the Capital Market Authority website for a list of authorised activities conducted by BlackRock Saudi Arabia. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock.
In the United Arab Emirates this material is only intended for Professional Investors. Neither the DFSA or any other authority or regulator located in the GCC or MENA region has approved this information.
In the State of Kuwait, those who meet the description of a Professional Client as defined under the Kuwait Capital Markets Law and its Executive Bylaws.
In the Sultanate of Oman, to sophisticated institutions who have experience in investing in local and international securities, are financially solvent and have knowledge of the risks associated with investing in securities.
In Qatar, for distribution with pre-selected institutional investors or high net worth investors.
In the Kingdom of Bahrain, to Central Bank of Bahrain (CBB) Category 1 or Category 2 licensed investment firms, CBB licensed banks or those who would meet the description of an Expert Investor or Accredited Investors as defined in the CBB Rulebook.
In Albania, Angola, Armenia, Azerbaijan, Botswana, Bulgaria, Egypt, Georgia, Ghana, Jordan, Kazakhstan, Kenya, Kosovo, Lebanon, Mauritius, Morocco, Mozambique, Namibia, Nigeria, North Macedonia, Pakistan, Rwanda, Serbia, Tanzania, Turkey, Uganda, Uzbekistan, Zambia and Zimbabwe this information contained in this document is intended strictly for Central Banks and Sovereign Investors only.
In Latin America and the Caribbean, no securities regulator within Latin America or the Caribbean has confirmed the accuracy of any information contained herein. The provision of investment management and investment advisory services is a regulated activity in Mexico thus is subject to strict rules. For more information on the Investment Advisory Services offered by BlackRock Mexico please refer to the Investment Services Guide available at www.blackrock.com/mx.
In Hong Kong, this material is issued by BlackRock Asset Management North Asia Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong. This material is for distribution to "Professional Investors" (as defined in the Securities and Futures Ordinance (Cap.571 of the laws of Hong Kong) and any rules made under that ordinance) and should not be relied upon by any other persons or redistributed to retail clients in Hong Kong.
In Singapore, this is issued by BlackRock (Singapore) Limited (Co. registration no. 200010143N) for use only with accredited/institutional investors as defined in Section 4A of the Securities and Futures Act, Chapter 289 of Singapore. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
In South Korea, this information is issued by BlackRock Investment (Korea) Limited for distribution to the Qualified Professional Investors only (as defined in the Financial Investment Services and Capital Market Act and its sub-regulations).
In Taiwan, Independently operated by BlackRock Investment Management (Taiwan) Limited. Address: 28F., No. 100, Songren Rd., Xinyi Dist., Taipei City 110, Taiwan. Tel: (02)23261600.
In Australia and New Zealand, issued by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975, AFSL 230 523 (BIMAL) for the exclusive use of the recipient, who warrants by receipt of this material that they are a wholesale client as defined under the Australian Corporations Act 2001 (Cth) and the New Zealand Financial Advisers Act 2008 respectively. BIMAL is not licensed by a New Zealand regulator to provide ‘Financial Advice Service’ ‘Investment manager under an FMC offer’ or ‘Keeping, investing, administering, or managing money, securities, or investment portfolios on behalf of other persons’. BIMAL’s registration on the New Zealand register of financial service providers does not mean that BIMAL is subject to active regulation or oversight by a New Zealand regulator.
In China, This material may not be distributed to individuals resident in the People's Republic of China ("PRC", for such purposes, not applicable to Hong Kong, Macau and Taiwan) or entities registered in the PRC unless such parties have received all the required PRC government approvals to participate in any investment or receive any investment advisory or investment management services.
In Japan, this is issued by BlackRock Japan. Co., Ltd. (Financial Instruments Business Operator: The Kanto Regional Financial Bureau. License No375, Association Memberships: Japan Investment Advisers Association, The Investment Trusts Association, Japan, Japan Securities Dealers Association, Type II Financial Instruments Firms Association) for Institutional Investors only. All strategies or products BLK Japan offer through the discretionary investment contracts or through investment trust funds do not guarantee the principal amount invested. The risks and costs of each strategy or product we offer cannot be indicated here because the financial instruments in which they are invested vary each strategy or product.
For Other Countries in APAC: This material is issued for Institutional Investors only (or professional/sophisticated/qualified investors as such term may apply in local jurisdictions).
THIS MATERIAL IS NOT TO BE REPRODUCED OR DISTRIBUTED TO PERSONS OTHER THAN THE RECIPIENT.
©2026 BlackRock, Inc. or its affiliates. All Rights Reserved. BLACKROCK is a trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.