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Exchange-Traded Europe | Q2 2025

Headlines – European ETF assets surpass $2.6 trillion

  • European ETF market hits new all-time high: European ETFs are now over $2.6 trillion AUM, increasing 13.77% in Q2.
  • Core equity ETFs surpass $1.1tn: Core equity ETFs reached $1.19 trillion in assets, with $44.38 billion net flows in Q2.
  • Active and options based ETFs see strong relative growth: Active ETF AUM grew 37.80% in Q2, and options based ETF AUM by 59.39%.
  • Defence ETFs continue to soar: assets in defence ETFs have more than quadrupled in 2025, now at 13.57 billion.
  • No. European ETP brands continues to rise: In Q2 2025, there were 11 new entrants to the European ETP market and 3 exits, bringing the total number of brands to 138. HANetf accounts for approximately 16% of these.
  • Surge of enquiries to launch active ETFs: Of the approximately 345 enquiries received by HANetf, around 85% were regarding the launch of active ETFs.
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Flows snapshot – Q1 vs. Q2 2025

European ETPs Q1 2025 Flows Q2 2025 Flows QoQ Flows Change QoQ AUM Change Total AUM
ETFs $91.64 billion $71.37 billion -22.44% 13.77% $2605.76 billion
Core Equity ETFs $45.83 billion $44.38 billion -3.16% 16.12% $1186.46 billion
Fixed Income ETFs $15.19 billion $21.67 billion 42.62% 10.69% $598.13 billion
Commodity ETFs $0.68 billion $0.41 billion -39.19% 5.91% $47.62 billion
Active ETFs $5.67 billion $5.18 billion -8.42% 37.80% $78.52 billion
Options Based ETFs $1.14 billion $1.59 billion 39.30% 59.39% $4.61 billion
ETCs $3.79 billion $1.17 billion -69.32% 6.34% $116.84 billion
Crypto ETPs $0.22 billion $0.88 billion 298.31% 28.37% $17.86 billion
Q1 2025 Q2 2025 Entrants Q2 2025 Exits Net Change Total
130 11 -3 8 138

*All European AUM data sourced from ETFBook as of 30.06.2025. Global AUM data sourced from ETFGI as of 31.05.2025. No. brands calculated using ETFGI and HANetf data.

Options based ETFs outpace market

Options ETF Chart

In Q2, the AUM of options based ETFs grew by almost 60%, outpacing the broader market which saw growth of just over 13% (represented by the shaded area of the chart).

Active ETFs also continued to grow substantially, with assets increasing by almost 38%.

Crypto ETPs and core equity ETFs also outgrew the wider market, while fixed income and commodity ETFs fell short in Q2.

Active ETFs continue growth

Active ETFs Growth Chart

After a 68% AUM increase in 2024, active ETFs have continued to gain popularity in Europe.
In Q2, active ETFs saw $5.18 billion in flows, bringing their total assets to $78.52 billion – a new record.

No. European ETP brands continues to rise

Brand Growth Chart

Over the past four quarters, the number of European ETP brands has risen from 116 to 138 – an increase of almost 19%.
Currently, HANetf accounts for approximately 16% of these brands through its ETF partners.

While some brands have exited the market for various reasons, there continues to be a net increase in new issuers, demonstrating the health of the European ETP market.

So far this year, HANetf has had around 345 enquiries from asset managers looking to launch products in Europe.

Defence ETFs continue rapid growth

Defence Growth Chart

Defence Breakdown Chart

From the beginning of January to the end of June, assets in defence ETFs have more than quadrupled to reach $13.57 billion.

Flows slowed slightly in Q2 2025, with $3.81 billion added versus the $4.18 billion in Q1, but the rate of growth remains high compared to the broader market.

From Q1 to Q2, assets grew by an impressive 83.59%, and the number of ETFs more than doubled from 7 to 15.

HANetf’s Future of Defence UCITS ETF (NATO) now has $2.7 billion in AUM, and the recently launched Future of European Defence UCITS ETF (ARMY) has accrued over €140 million.

Source of all European AUM data: ETFBook as of 30.06.2025. Source of all US AUM data: ETFGI as of 31.05.2025. No. brands calculated using ETFGI and HANetf data. Additional sources available upon request.

Source of all European AUM data: ETFBook as of 30.06.2025. For professional investors only. Capital at risk.

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