European ETF & Fund Flow Tracker: Euro Equity inflows remain resilient; US equity & US/Euro fixed income flows weaken

This UBS European ETF & Fund Flow Tracker covers the week ending 28 September 2026. European Large Cap Equity fund flows were +6% (annualised, as a % of AUMs) last week, the 12th consecutive week of inflows, averaging +4% since end-June versus +11% over Jan 2025-Feb 2026. European SMID Cap funds saw -2% outflows, the 4th consecutive week of outflows, in line with the -4% average since the Middle East conflict. European Fixed Income flows turned negative at -3%, the second straight week of outflows, a sharp reversal from the +13% July average. UK Equity flows were -3%, though September (-2% avg) improved from August (-6%). US Large Cap Equity funds saw -3% outflows, the weakest since early March, reversing the prior week's +6% inflow and leaving one-month flows at just +1%; US Fixed Income flows were +2%, averaging only +3% over the past 3 weeks versus the +8% 2026 YTD pace. EM Equity funds had -2% outflows, the second consecutive week, fading from the +8% mid-July/August average;