Global ETP buying rose to $245.3B in June, largely due to higher equity inflows ($187.9B) – offsetting a drop in fixed income buying to $70.0B.
Global ETP Flows
Highlights
01.
US equities score big
US equity inflows ($132.5B) returned close to December 2025 highs ($134.2B). Japanese equity inflows also jumped back into positive territory ($2.3B).
02.
Tech takes the cup
Global tech ETPs registered their highest inflow month on record in June ($31.1B). Healthcare flows also saw a significant turnaround ($3.7B).
03.
Game of two halves
Weaker rates flows slowed overall fixed income buying in June, despite increased interest in credit. Commodity exposures saw selling across broad market, crude, precious and industrial metals.
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 dipped back into negative territory at -$12.3B.
US equities score big
Global ETP buying rose to $245.3B in June, supported by a resurgence in equity inflows to $187.9B. US equity flows strengthened to $132.5B, nearing the recent high of $134.3B recorded in December 2025 and sitting just $20B below the all-time record set in November 2024, reinforcing persistent appetite for US equity exposure since April.
Asian equities also stood out, with South Korea and Taiwan attracting $8.9B and $6.4B, respectively. Together, this represented the second-highest combined monthly inflow into these emerging market (EM) technology leaders since March 2026. Japanese equity flows returned to positive territory following weakness in May, with net inflows of $2.3B.
European equity ETPs recorded a third consecutive month of outflows (-$1.5B), although the headline figure masked a notable recovery in US investor demand. US-listed European equity ETPs attracted $0.6B of inflows – the first positive month since February 2026 – while selling by EMEA investors drove the region's overall June outflows. Similarly, EM equities posted a third consecutive month of outflows, driven entirely by APAC-listed products, as US- and EMEA-listed EM exposures continued to register modest net inflows.
Tech takes the cup
Global technology ETPs surpassed their previous record set in October 2025, with June marking the strongest inflow month on record ($31.1B). Tech strength came through across listing regions but was primarily driven by US and APAC investors, with $18.7B and $10.7B added, respectively. Geographic exposure was well-diversified, with interest spanning global ($12.5B), US ($10.6B) and South Korean tech ($7.6B). China tech ETPs ($4.8B) saw renewed interest after three months of consecutive outflows.
Financials, industrials, and healthcare also attracted strong investor demand in June. Healthcare ETPs in particular experienced a sharp reversal in sentiment, with the strongest monthly intake ($3.7B) since January 2026. The recovery was driven by broad-based demand across regions, led by US-listed inflows into US healthcare ETPs and EMEA-listed buying of global exposures, while APAC-listed China healthcare ETPs continued to attract strong inflows, extending the trend seen in previous months.
Game of two halves
Fixed income ETP inflows moderated to $70.0B in June from $87.9B in May, driven by a slowdown in demand for rates exposures to $14.5B (from $26.4B previously). This moderation was partially offset by stronger allocations to credit, with investment grade (predominantly US IG) inflows increasing to $15.3B and high yield (predominantly US HY) inflows rising to $5.8B. The contrast between weaker demand for duration and continued strength in credit was a defining feature of fixed income flows across the month.
Elsewhere, EM debt ETP inflows nearly doubled month-over-month to $9.8B, while allocations to inflation-linked exposures eased to $2.1B from $3.3B in May.
Commodity ETPs also experienced a broad-based reversal, with synchronised outflows recorded across every major commodity segment. Selling was led by gold (-$9.0B), crude oil (-$1.1B), and silver exposures (-$0.1B), resulting in net outflows at the aggregate asset-class level.
EMEA-listed equity flows rose to $33.2B in June from $28.2B in May, driven a pickup in US ($12.0B) and broad developed market flows ($21.0B).
Flows into EM ($1.1B) and Japanese equity ETPs ($1.5B) also remained in positive territory. European equities were the outlier, with outflows of -$2.1B continuing from May, which was the largest outflow month since August 2022.
EMEA-listed FI ETPs captured $9.6B in inflows, moderating from April/May levels.
The slowdown was led by a drop in IG ($2.7B) and rates ($2.6B) buying. Flows into inflation-linked bonds also slowed to $123m in June (from $633m in May), as oil prices fell back close to pre-conflict levels, easing inflation concerns.
Flows into EMEA-listed commodity ETPs registered monthly outflows (-$1.4B) for the first time since February.
Flows into gold ETPs dipped back into negative territory (-$914m), while EMEA-listed crude oil ETPs registered outflows of -$175m.
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