This Week in European ETFs: Gold Glitters, Credit Builds, Climate Themes Lose Ground

According to Trackinsight data, European ETF investors capped off the second week of September with conviction, pouring €5.7bn into equity funds.

Fixed income also drew solid interest (€1.4bn), led by investment-grade corporates, while commodities had a golden week with €876m of inflows—most of it into gold.

Cryptocurrency ETPs, though still small in scale, managed €64m of net new money, signaling risk appetite is creeping back across asset classes.

Sectors: Materials Shine, Tech Sees Red

The biggest story at the sector level was Materials ETFs, which gathered €356m while surging 4.4%, as metals prices jumped.

Industrials (+4.3%) and Tech (+2.9%) both delivered strong performance, but surprisingly saw each net outflows of €21m.

Financials were a steady draw with €91m in inflows, while Health Care and Consumer Staples both slipped into negative performance territory.

Global Rotation: US and EMs Dominate

Flows were heavily skewed toward U.S. equities (€1.6bn) and Emerging Markets (€1.0bn), with Developed Markets also taking in close to €913m.

Country-level performance painted a different picture: South Korea (+6.7%), Taiwan (+5.5%), and South Africa (+4.8%) led global equity gains, while China ETFs, despite €85m of inflows, delivered a more modest +3.6%.

The eurozone itself attracted €295m, but trailed global peers in performance.

Themes: Blockchain Boom vs. Green Retreat

It was a blockbuster week for thematic ETFs. Blockchain (+11.3%) topped the performance charts, followed by Europe Defense (+7.0%) and Cryptocurrency (+6.4%).

On the flow side, Strategic Metals ETFs captured €73m, while AI & Big Data ETFs enjoyed €39m.

The outlier was Net Zero 2050 ETFs, which saw a staggering €259m of outflows.

Solar Energy ETFs also struggled, down 5.2% on the week.

Fixed Income: Corporate Credit in Demand

Bond ETF flows highlighted investor preference for credit risk. Investment-grade corporates pulled in €633m, while high yield corporates added €544m. By contrast, government bond ETFs saw net outflows, particularly from investment-grade sovereigns (-€73m) and high yield sovereigns (-€48m), showing a tilt away from safety toward spread products.

Commodities: Gold’s Magnetism

Gold ETFs were the standout, absorbing €701m, by far the largest move in the commodity space. Silver ETFs added €89m, while multi-commodity products took in €41m, reflecting a broad-based hedge demand.

Standout ETFs: Credit and Global Equities on Top

Among single products, the SPDR Bloomberg 1–5 Year U.S. Corporate Bond UCITS ETF (SPP5) dominated with a massive €1.4bn in inflows, underscoring strong demand for short-duration credit exposure.

Equity allocations were led by global benchmarks, with the iShares Core MSCI World UCITS ETF (IWDA) attracting €538m, the BetaPlus Enhanced Global Sustainable Equity UCITS ETF (BPGE) pulling in €405m, and the Amundi MSCI World III UCITS ETF (AHYR) adding €388m.

U.S. equity exposure also drew investors through the iShares MSCI USA Screened UCITS ETF (SGAS, €266m) and the Amundi S&P 500 Screened UCITS ETF (U500, €245m), while core market allocations were boosted by the iShares Core S&P 500 UCITS ETF (CSSPX, €215m).

On the commodities side, the iShares Physical Gold ETC (IGLN) stood out, gathering €240m as investors sought refuge in bullion.

Crypto ETPs: Altcoins Steal the Show

Crypto-linked products dominated the performance charts last week.

The 21Shares Dogecoin ETP (DOGE) led with an eye-catching 23.7% gain, while the Global X Blockchain UCITS ETF (BKCG) followed closely at 22.7%, reflecting renewed enthusiasm for blockchain exposure.

Among altcoins, the 21Shares Solana Staking ETP (ASOL) and the 21Shares Avalanche ETP (AVAX) both delivered gains near +18%, underscoring investors’ appetite for higher-beta crypto assets.

Issuers: iShares Leads, Amundi Gains Share

At the issuer level, iShares cemented its dominance with €3.7bn of inflows, but Amundi (€1.0bn) and UBS (€849m) also had standout weeks.

Nordea (€581m) and Xtrackers (€462m) gained traction, while Vanguard (€394m) and Invesco (€337m) delivered steady contributions.

What about the U.S. ETF Market?

This week's U.S. ETF market recap is covered on ETF Central.

Please note this article is for information purposes only and does not in any way constitute investment advice. It is essential that you seek advice from a registered financial professional prior to making any investment decision.