Passive exchange-traded funds (ETFs) invested in equities boosted their assets under management by 17.7% in the second quarter to a record EUR 14.2 trillion, lifted by rising markets and net inflows of EUR 250.9 billion.[1]
Assets in all STOXX- and DAX-linked funds reached EUR 219.6 billion at the end of June, 12.9% higher than at the end of March and 16.1% higher than at the start of 2026.
Optimism over increasing corporate earnings and the productivity gains expected from the deployment of AI technologies outweighed geopolitical concerns during the quarter. The STOXX® World AC Universal index rose 15.1% in US dollars over the three months and is up 11.5% in 2026, headed for its fourth straight year of double-digit annual gains.
“Investors had a lot to contend with over the second quarter, with an all-out war between the US and Iran, concern over valuations in the US technology sector and shifting interest rate expectations,” said Serkan Batir, Global Head of Product Development and Benchmarks at STOXX. “Ultimately, equities continue to represent an attractive proposition given prospects for continued global economic growth.”
Figure 1: All equities ETF assets (AuM) and net new assets (NNA) Q2, EUR bn
Broad first-quarter trends
Equity ETFs investing globally, in emerging markets and in the US had positive net flows during the quarter, with the latter attracting EUR 251.7 billion, or 3.4% of assets at the start of the period.
Passive ETFs with exposures to Europe and APAC, by contrast, had net outflows. Funds investing in European equities had net withdrawals of EUR 2.1 billion, equivalent to 0.4% of assets at the end of March. The outflows came despite strong underlying markets: the EURO STOXX 50® rose 15.7% over the quarter when measured in euros and including dividends, while the pan-European STOXX® Europe 600 advanced 11.8%. Both benchmarks ended June at record highs on a price level and posted their strongest quarterly gross-return performance since 2020.
ETFs tracking an equity benchmark received a net EUR 173.2 billion in the quarter, the highest among all categories in the STOXX taxonomy (Figure 2). Thematic equity ETFs attracted the second-highest amount, with EUR 35.5 billion. Factor equity ETFs gathered EUR 24.5 billion over the three months.
Figure 2: Global passive equity ETFs’ Q2 NNA by segment, EUR bn
STOXX highlights
ETFs with a STOXX and DAX equity index increased their assets by 13.2% over the quarter to EUR 213.7 billion, 16.5% more than at the start of the year. Factor and thematic strategies received net inflows over the period, while benchmark ETFs registered outflows (Figure 3).
Figure 3: STOXX-linked ETFs’ Q2 NNA by segment, EUR bn
Funds tracking STOXX and DAX global and US[2] equity indices attracted a net EUR 1.5 billion over the April-June period, bringing total assets to EUR 36.3 billion. Funds mirroring STOXX and DAX European equity indices recorded EUR 2.3 billion in net outflows, but have attracted EUR 7.3 billion so far in 2026, or 29% of all money going into the region.
STOXX remains the first choice for underlyings in ETFs tracking a European equity strategy in 2026. Across index providers, the asset class has attracted EUR 25 billion in net inflows this year.
Figure 4 shows the top 12 STOXX and DAX equity indices ranked by net investments into linked ETFs year to date.
The STOXX Europe 600 is the most popular benchmark for European equities this year based on ETF demand, attracting EUR 4.29 billion in the first six months, more than twice the amount raised by the runner up.
Figure 4: STOXX, DAX equity indices – AuM and NNA, EUR bn
Funds tracking a STOXX or DAX equity index and targeting the global and US markets have attracted EUR 3 billion this year, reflecting interest in factor-based and thematic strategies. Among the top underlying sellers in June were the STOXX® Global Select Dividend 100, STOXX® U.S. Small-Cap Equity Factor and STOXX® Global Automation & Robotics indices (Figure 5).
Figure 5: STOXX, DAX non-EMEA equity indices – AuM and NNA, EUR bn
New launches
Five ETFs tracking a STOXX or DAX index were launched over the second quarter, all from BlackRock’s iShares: iShares Europe Foreign Focus, iShares Europe Domestic Focus, iShares STOXX Europe 600, iShares UK Domestic Focus and iShares UK Foreign Focus.
Halfway through 2026, the equity ETF industry continues to build on its remarkable expansion, with investors alternating between traditional benchmark exposures and more differentiated strategies. According to STOXX data, assets invested in equity ETFs have more than doubled since the end of 2022, underscoring the industry’s sustained momentum. Looking ahead, analysts expect the next stage of growth to be driven by the launch of new investment strategies and broader adoption of ETFs in regional markets beyond the US.
[1] Source: STOXX. Data throughout the article includes passive ETFs and starts in 2022.
[2] US is the dominant market in the Americas regional category.