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European ETP net flows accelerated to around $60bn in July, up from $45bn in June and the strongest monthly total of 2026 so far, taking the year-to-date figure to $323bn. Assets stood at $3.8tn, up 17% year-to-date. Equity again did most of the work, drawing $43.7bn, about 73% of the total, though sector flows were mixed: Financials (+$1.6bn) and Information Technology (+$1.5bn) led, while Defence stayed marginally negative at -$0.1bn. Trading volumes eased about 14% from June's spike to $487.4bn, still the third-highest month of the year behind June and April, with 50 new listings in July and 364 year-to-date.
Fixed income rose by more than a third
Fixed income flows rose to $13.6bn from $10bn in June. The driver was the return of ultra-short exposure, which drew $4.4bn of inflows after a pause in June. Government bonds were the single largest contributor at $5.2bn, with corporate at $1.6bn and high yield at $0.7bn.
Semiconductor ETPs: record RFQ, volumes still near peak
Semiconductor ETPs traded differently in July. Total volumes eased to $12.2bn from June's $13.4bn record, though that stayed the second-highest month on record and well above the $2–3bn that was normal early in 2026. Whole-market volumes also came in below June, so the pullback was not sector-specific.
The mix changed. On-screen (LIT) volumes fell to $6.2bn and off-book to $2.6bn, both down from June but still elevated, while RFQ set a record of $3.4bn. RFQ is the largest trade category market-wide, at $200.5bn in July against $156.9bn on-screen and $130bn off-book, and it is where larger negotiated tickets print. For semiconductors specifically it remains the smallest of the three, which makes a record month there worth a second look.
Net flows went the other way. Semiconductor ETPs took in $0.5bn in July, down from $1.3bn in June and the weakest month of the year. Record negotiated turnover alongside falling creations points to institutions repositioning existing exposure in size rather than adding to it.
What it signals
The more durable semiconductor signal is in the year-to-date column: net flows equal to 32% of segment AUM, the highest ratio of any sector in the table and roughly triple the next tier. Whatever July's single-month creation number does, the segment has been rebuilt from a much smaller base over seven months, and the negotiated market has grown with it: RFQ volumes have gone from $0.6bn in January to $3.4bn in July.
For a desk sizing liquidity provision or planning a semiconductor listing, that is the number to work from. July's flow month was the strongest of the year and fixed income returned across the curve, so the backdrop was broad risk-on demand, with large institutions active at the negotiated end.
The figures here are drawn from ETFBOOK's European ETP flow, AUM and trading data, which tracks daily net flows and volumes across the European ETP universe, segmented by asset class, sector and trade category. The full July 2026 European ETP Market Landscape, prepared by Davide Guberti, Head of Data Analytics, breaks the trade-category detail down by exhibit.
