After strong inflows in September and October, the estimated net inflows into ETFs saw a setback over the course of November (+€21.4 bn). These inflows were way below the rolling 12-month average (+€30.3 bn). In fact, the inflows for November were the second lowest monthly inflows over the course of 2025 so far. That said, the European ETF industry is on the way to reach a new record for annual inflows at the end of the year 2025. In fact, the overall inflows for 2025 so far (+€303.5 bn) have already exceeded the record inflows of the year 2024 (€256.4 bn). If European ETFs can maintain their current level of inflows, the overall inflows for the year 2025 will reach a new all-time high, with estimated net inflows between €320.0 bn and €340.0 bn.
The inflows in the European ETF industry for November were once again driven by equity ETFs (+€14.0 bn), followed by bond ETFs (+€5.2 bn), money market ETFs (+€2.1 bn), mixed-assets ETFs (+€0.1 bn), and alternatives ETFs (+€0.03 bn). On the other side of the table, commodities ETFs (-€0.1 bn) were the only asset type with outflows for the month.
A closer look at the estimated net inflows by Lipper Global Classification shows that 110 of the 182 Lipper Global classifications covered in this review enjoyed estimated inflows in November 2025, while the remaining 72 classification showed no flows or faced estimated net outflows.
The 10 Lipper global classifications with the highest estimated net inflows for November 2025 accounted for €16.7 bn. In line with the overall sales trend for October, equity peer groups (+€11.6 bn) dominated the flows by asset type on the table of the 10 Lipper global classifications with the highest estimated net inflows, followed by bond peer groups (+€2.9 bn).
Given the overall fund flow trend in the European ETF industry, and especially after the strong inflows for October, it was surprising that Equity U.S. was not on the list of 10 best-selling Lipper global classification for November. In fact, European investors sold out of all three U.S. equity classifications, since Equity U.S. Small & Mid-Caps (-€0.7 bn) was the Lipper global classification with the highest outflows for November, bettered by Equity U.S. (-€0.4 bn), while Equity U.S. Income (-€0.1 bn) was the U.S. equity classification with the lowest outflows for November.
An interesting area to watch are differences in bond flow. As graph 1 shows, it looks like European investors have split opinions on this asset type, since the flows by currency (USD vs. EUR) vary quite a lot within the same type of bonds. One example for this are short-term bonds. While Bond USD Short Term (+€0.9 bn) enjoyed estimated net inflows, their EUR denominated peers faced outflows of (-€0.3 bn). The same is true for inflation linked bonds, while Bond Inflation Linked USD (+€0.2 bn) enjoyed inflows, Bond Inflation Linked EUR (-€0.1 bn) faced outflows. Another example is Bond USD Government Short Term which faced outflows of (-€0.4 bn), while Bond EMU Government Short Term (+€0.3 bn) enjoyed inflows.
Graph 1: Estimated Net Sales in Bond Classifications, November 1, 2025 – November 30, 2025 (Euro Billions)
Source: LSEG Lipper
The fund flow trend toward European equities seems to be further intact, since Equity Europe (+€1.7 bn) was the third best-selling Lipper classification for October 2025. That said, by looking on these numbers one needs to bear in mind that Lipper has merged the classification Equity Eurozone into Equity Europe, which may lead to higher fund flow numbers for Equity Europe.
Talking about European equities, as graph 2 shows, it looks like European investors have very strong views with regard to the single European countries and capitalization classes. Meanwhile, Equity Europe was the best-selling Lipper global classification with an investment focus on Europe. Conversely,, Equity Europe Small & Mid-Cap (-€0.02 bn) faced outflows. The same is true for Equity Switzerland (+€0.8 bn) and Equity Switzerland Small & Mid-Caps (-€0.02 bn). Conversely, Equity Germany Small & Mid-Cap (+€0.1 bn) and Equity Germany (+€0.1 bn) enjoyed inflows.
Graph 2: Estimated Net Sales in European Equities by Lipper Classifications, November 1, 2025 – November 30, 2025 (Euro Billions)
Source: LSEG Lipper
Even as money market is not a major asset type in the European ETF industry, both major money market classifications–Money Market USD (+€1.2 bn) and Money Market EUR (+€0.9 bn)—enjoyed estimated net inflows over the course of the month. This means the trend of inflows into money market ETFs continued during November.
In addition, it looks like European investors have taken profits, since the volatility of gold and other precious metals increased after the strong price increase of gold and silver. Overall, Commodity Precious Metals faced outflows of €0.2 bn for November 2025. These outflows made Commodity Precious Metals the classification with the third highest estimated net outflows.
The views expressed are the views of the author, not necessarily those of LSEG.
This article is for information purposes only and does not constitute any investment advice.
