October marked the largest inflow month on record for global ETPs, with $393.1B added, edging above the previous record set in July this year ($372.9B). Flows into equity ETPs lead the charge ($281.9B), more than doubling the $134B added in September, but fell shy of the July record ($299.6B). Fixed income ETPs took in $107B – the highest ever – beating the previous record of $97B in September.
Global ETP Flows: October 2026
Highlights
01.
Another milestone for FI
The hunt for yield focused on rates, credit and emerging market debt (EMD).
02.
Equity momentum picks up
October marked the second-largest inflow month this year for equities.
03.
Precious metals lead
Gold remained the standout in October, as broader commodity buying cooled and energy equity flows began to recover.
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.
Explore flows by asset class
Another milestone for FI
No single category dominated flows in fixed income in October, but the common theme was the tilt to quality, with rates ($19.3B), munis ($19.5B), multi-sector ($19B) and investment grade (IG, $18.5B) buying effectively neck-and-neck. EMD buying also continued, with a further $10.7B added, taking the 2026 cumulative amount to $43B – on track to be the second-highest inflow year on record, albeit some way short of the 2025 total ($107B).
Within rates, flows into US-listed products nearly halved to $13.4B from $25.5B, while flows into EMEA-listed counterparts rose from $4.3B to $6.4B – the largest inflow month since August 2016 ($7B). Investors have been moving out of cash-like bills into moderate duration, while avoiding the long end: short-term rates exposure ($8B), in line with the trend this year, was the most popular exposure, but intermediate-term exposures ($5.3B) also saw their highest inflows since November 2025 ($7.7B).
It was a quieter start to the quarter for long-term exposures ($700m), after a solid Q3 that saw $16B added. Q3 marked the largest inflow quarter since October 2023 ($20.9B) – bucking the trend we’ve seen since October 2024, where quarterly flows into long-term rate ETPs have largely been negative/flat.
No single category dominated flows in fixed income in October
Source:
BlackRock and Markit, as of 31 October 2026. All figures in US Dollars unless stated otherwise. Source: Unless stated otherwise all data is sourced from BlackRock Global Business Intelligence and EPFR covering flows in the period 1-31 October 2026. Past flows into global ETPs are not a guide to current or future flows and should not be the sole factor of consideration when selecting a product. This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation to, offer or solicitation to buy or sell any financial instrument or product or to adopt any investment strategy. Investment in the products mentioned in this document may not be suitable for all investors. BlackRock has not considered the suitability of any product against your individual needs and risk tolerance.
Equity momentum picks up
US ($124B) and EM ($94B) drove equity flows in October, but Japanese equities also stood out, with $12.7B added – the highest since November 2016 ($18.2B), largely driven by APAC investors ($10.5B). US equity buying was again driven by US-listed ETPs ($106.3B). EMEA-listed products gained $9.5B – up from $3.2B in September but still continuing a broader trend lower from the June peak ($14.4B). Despite this trend lower, 2026 EMEA-listed US equity buying has been elevated versus 2025 levels.
Within EM, investors sought single-country exposure, with Chinese equities dominating ($57.6B), followed by South Korea ($4.3B). October was the second-highest month on record for Chinese equity flows, entirely driven by APAC-listed ETPs. Flows into European equities were positive ($1.9B), but down from $5.8B in September. EMEA investors remained net buyers ($2.6B), while US investors sold European equities (-$1B), after buying c.$5B from June to September.
Tech flows remained buoyant ($38.6B – the second-highest this year, behind July’s $60.6B). Momentum in broad healthcare appears to be strengthening ($3.3B), driven by net buying in US ($3B) and global ($300m) exposures. Beneath the hood, US healthcare ETPs have registered five consecutive inflow months since June – their best streak since March-July 2022.
EMEA-listed US equity buying recovered but remains below the Q2 peaks
Source:
BlackRock and Markit, as of 31 October 2026. All figures in US Dollars unless stated otherwise. Source: Unless stated otherwise all data is sourced from BlackRock Global Business Intelligence and EPFR covering flows in the period 1-31 October 2026. Past flows into global ETPs are not a guide to current or future flows and should not be the sole factor of consideration when selecting a product. This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation to, offer or solicitation to buy or sell any financial instrument or product or to adopt any investment strategy. Investment in the products mentioned in this document may not be suitable for all investors. BlackRock has not considered the suitability of any product against your individual needs and risk tolerance. *DM refers to EMEA-listed US Equity, European Equity, Japanese Equity, Broad DM Equity and Other DM Equity ETPs.
Precious metals lead
Flows into commodity ETPs fell to $3.3B in October – a sharp drop versus the previous month ($10.4B), as buying across broad market and precious metal ETPs pulled back. In line with the prior four months, gold drove the majority of commodity buying in October ($2.5B), with EMEA-listed products capturing 72% of the inflows ($1.8B). Interest in broad commodities dropped off ($450m in October versus $1.4B in September), while silver ETP flows picked up ($530m versus $230m prior).
After a strong Q1 for energy equity ETP flows ($21.4B), Q2 (-$5B) and Q3 (-$1.2B) were lacklustre. We’ve seen a tentative return at the start of Q4, with net inflows of $2.7B in October, driven entirely by US energy exposures ($2.9B).
Recent flows suggest a tentative improvement in appetite for energy equities
Source:
BlackRock and Markit, as of 31 October 2026. All figures in US Dollars unless stated otherwise. Source: Unless stated otherwise all data is sourced from BlackRock Global Business Intelligence and EPFR covering flows in the period 1-31 October 2026. Past flows into global ETPs are not a guide to current or future flows and should not be the sole factor of consideration when selecting a product. This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation to, offer or solicitation to buy or sell any financial instrument or product or to adopt any investment strategy. Investment in the products mentioned in this document may not be suitable for all investors. BlackRock has not considered the suitability of any product against your individual needs and risk tolerance.
Flows into EMEA-listed ETPs rose in October ($49B versus $42.7B previously),
driven by a pickup in fixed income ($15B versus $9.7B previously) and equity buying ($32.5B), while commodity flows continued to tail off ($1.5B in October versus $3B in September).
Within EMEA-listed fixed income flows, rates ($6.4B) and IG exposures ($4.9B) drove the buying. However, but the overall credit complex stood out:
flows into EMEA-listed IG ETPs were 2.1x the previous month and 2.5x the average monthly inflow this year; high yield (HY) flows also picked up ($1.3B – the third highest inflow month this year behind June’s $1.6B).
EMEA-listed equity flows edged higher in October, up from $29.8B to $32.5B, driven by a pickup in US equity buying ($9.5B versus $3.2B previously).
Broad DM buying remained steady ($9.4B) as European ($2.6B) and EM equity ($1.5B) buying tailed off from September levels, when flows were $4.1B and $2.1B, respectively.
Frequently asked questions about ETP flows
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1 Source: BlackRock and Markit, as of 31 October 2026. All figures in US Dollars unless stated otherwise. Unless stated otherwise all data is sourced from BlackRock Global Business Intelligence and EPFR covering flows in the period 1-31 October 2026.
Past flows into global ETPs are not a guide to current or future flows and should not be the sole factor of consideration when selecting a product.
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.